Source: nprchamber.org

5 Things You Need To Know About Buying A Property In Puerto Rico

Buying a cottage or a house in some nice place where you can go on a vacation without the need to deal with agencies, searching the available hotels, and more is always a much better solution. Also, investing in a house in some popular destination can provide you with additional income since you can rent that place whenever you are not there. If you are looking for a property in some country near a beach, where you can spend your vacation every summer, we suggest you read more about Porto Rico, the Caribbean gem, that is one of the most popular places for tourists.

The main reason why so many people from the US are attracted to buy property on this Caribbean island is that Porto Rico is connected to the US, they are using the same currency, and US citizens don’t need a passport for traveling there. When it comes to the available property, you can visit Caribbean Escape to check some of the best deals currently open for sale. Also, before you decide to buy an asset in this country, you should learn more about various factors, regulations, and many other aspects that are important to make the right choice. Here are the most important things to know before buying a house in Porto Rico.

1. Buying Process

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In terms of required documentation and bureaucracy, the process of buying any property in Porto Rico is quite simple. First of all, you will have to do good research to be sure that you made the right choice. After you find the house, an offer should be in form of a document. Moreover, most owners will demand a deposit of at least 5% as protection. On the other hand, it is recommended to hire a lawyer that can help you to avoid any issues during the trade. When the deal is made, both sides will have to sign a contract in the official registry and to pay taxes related to the amount in the transaction. Moreover, you will also have to pay additional fees for notary, registration, lawyer, and property tax. In case you are not from the United States, the law in Porto Rico allows foreigners to buy property without any difficulties.

2. Available Property

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Since this place is so popular among tourists and investors, locals are selling all types of property besides houses. Therefore, you could buy land where you can build your villa or apartments. The biggest selection available are homes in different sizes, which price can vary from $100,000 to over a million, depending on size and condition. Also, you can find an empty hotel and renovate it. You should decide according to your budget.

3. Best Areas to Buy Property

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Most people will look for a house or other property that is near a beach. On the other hand, there are many towns where you can choose between crowded or places with a low population. Here are the best areas in Porto Rico.

  • Bahia Beach; This part of the island is the most popular for tourists. Therefore, investing in some real estate here could bring you the highest profit. Moreover, there are many luxurious hotels and restaurants around this place, which can affect your property to become more valuable over time;
  • San Juan; The biggest city on the island with around 2.5 million citizens is attractive because you can observe various styles of architecture and great contrast between local houses, historical monuments, and modern structures;
  • Palmas Del Mar; You can find various houses near a beach. People with families are especially interested in this place. Also, it is affordable for an average family from the United States to buy real estate here since the average price is around $250,000;
  • Dorado Beach; On the other hand, properties in this part of the state are much more expensive because most of them are luxurious villas, hotels, and other resorts;

4. Porto Rico Barrios

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When it comes to the official organization in this country it is divided into 78 districts. When it comes to foreigners, they mostly choose to live in only several parts of the state. In terms of security, you have to know that there is no reason to fear since the crime rates are even lower than in many other countries. However, you should be aware that car thefts are on the rise. Therefore, find a safe parking place. Moreover, most people here are native Spanish speakers, while many of them are not good at all in English. If you are planning to live there, there are parts of Porto Rico full of foreigners, with modern schools and infrastructure. Therefore, you should buy a house in some of those places.

5. Can You Get Full Citizenship?

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As we already said, people from the United States don’t need a passport or any other documentation for both buying property and moving to Porto Rico for good. On the other hand, visitors from the United Kingdom and the EU will have to get an e-authorization. If you are interested in getting full citizenship, you will have to live there for at least 183 days and have your legal property. The main advantage of becoming a citizen is related to lower taxes for your real estate and other businesses.

The Bottom Line

When we compare the official regulations and available assets in Porto Rico with some other popular destinations, many benefits make this place a great option to buy real estate here, especially if you are from the United States. While it can be a great solution for you and your family to build or buy a nice house here, it can be an excellent additional income as well. The average rent for a house with two bedrooms is around $1,000 per month, but it can be much more expensive if the house is more luxurious. Therefore, buying real estate to rent it most of the time is cost-effective.

About Jeanette Iglesias

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