The most overlooked state for property investment in Puerto Rico. It has been ignored by Americans for so many years and was not popular since 2017. But since 2017, Puerto Rico’s property investment has seen a huge spike. Due to low property value and fewer tax incentives, it is really a gold mine for the real estate investors.
In this article, we will let you know the tips that will help you to do Puerto Rico real estate investment. Before you get started, we would like to give you some suggestions also that you should keep in mind while purchasing the property.
The first thing that came to our knowledge is that Hurricane Maria struck in 2017 in Puerto Rico which give much damage to the properties. But after a few years, the island is coming back to its perfect stage and is the best place for the buyers and investors.
According to a study after hurricane maria, the prices of properties in Puerto Rico have decreased by 15 percent due to which it becomes a gold mine for investors. After 2017, it has increased in the investor’s interest due to its price loss in 8 years.
Easy to Purchase Property
Like other real estate investment places that are not easy to invest in, Puerto Rico is easy to invest in a place with less price and fewer tax incentives. The second thing is it is easy to move from Puerto Rico to the mainland and vice verse.
The property in Puerto Rico is very easy for U.S. citizens. The travel flights are also less time taking and available most of the time which makes it the best place as you can travel anytime from other cities to Puerto Rico.
According to our study, Puerto Rico is the next investor’s place which is becoming a trendy place. The song which is hit till now “Despacito” by Luis Fonsi and Daddy Yankee” was shot in Puerto Rico that gave awareness to the people to buy property there.
The island has its own historic forts, lively art scene, lush rainforest, and breathtaking scenery that attracts the tourists also. More than 82% of the hotels are back to business after hurricane damage. It makes Puerto Rico the best place for investors and it is the right time for them to invest in.
A Tax Haven
Due to the economy of Puerto Rico, the government gives tax breaks in order to stable the economy and bring investments in this place. In 2012, the law tax was passed. In order to reduce your tax to zero, you need to live for at least 183 days a year in Puerto Rico.
If you want to know where to buy property in Puerto Rico, then you should go with the ones which we recommend as we have done deep research on it and you will definitely like it.
The first place is San Juan which is the largest city in Puerto Rico and is located in Atlantic on the northern coast of the island. The second place is Aguadilla which is located on the northwest coast of Puerto Rico. The most attractive thing is white sand which stretches for miles. The third and last is Fajardo that is the most beautiful place on the island and is the most visited place by tourists.
Tips on Buying Real Estate in Puerto Rico
In order to invest in real estate property in Puerto Rico, you must follow these tips that we know will help you a lot. The tips are below:
- Hire a professional real estate agent because he will help you to get the right place at the right price.
- Hire a tax professional who can save you from the tax incentives of Puerto Rico. You should talk to an enrolled tax professional.
- Do online marketing on Facebook or Instagram in order to get your investment property at the best price.
- Talk to a financial advisor who can save you a lot of cash and can give properties in less cash with some mortgage.