If you’re a long-term investor, 2013/14 may be the best opportunity in generations to purchase property in Puerto Rico.
Due to a ‘perfect storm’ of economic, political, social and structural concerns – Puerto Rico is experiencing the worse economy and real estate market than anyone can remember. While its not a market for short-term gain or the weak of heart – purchasing real estate at the ‘bottom of the market’ can be a very rewarding long-term strategy.
The past few years have been a buyers market in Puerto Rico. This has become even more important as we approach 2014.
It is difficult to obtain local bank financing without a significant down payment – at least 20% on residential properties and up to 50% for commercial loans. It is sometimes easier to obtain a loan from your local state-side bank. However, in this market CASH IS KING – and if you are an all-cash buyer who can close a deal quickly – you have a very strong negotiating leverage.
Private financing is not common in Puerto Rico. In some circumstances where there is no outstanding mortgage and an owner is looking for secured income. Some people will consider private financing – especially for commercial property. However, you should be prepared to commit to a high down payment and additional legal fees.
Puerto Rico Real Estate Sales: Agent & Broker Contact:
Richard Holm – Lic. v3090 | 787-374-5888 | firstname.lastname@example.org
Real Estate Broker :: Debra Ann Rivera – DARA Realtor :: License 16935