Financing Property in Puerto Rico

If you are searching for Puerto Rico Real Estate, chances are you will also be looking at options for financing.  There are a number of options for foreign or US based investors, as the banks in Puerto Rico operate separately from US banks.  The normal requirements are 20% down with a good credit score.  It is often helpful in your search if you can pre-qualify or show proof of existing funds.

 

One of the easiest and fastest ways to get financing is taking a secondary loan on your property in the US.  Many of our clients have enough equity in their homes in the states to draw on an equity loan that is then used to pay for a condo or home here in Puerto Rico outright.  

 

If you do not have that option, you will need to finance using a Puerto Rico based bank or finance company.  I recommend First Bank or Oriental Bank as their mortgage units seem to move fast and most have an English speaking representative.  Another option is the local co-op, here in Rincon, we have the Rincon Co-op that offers higher rates, but a rebate on the interest each year that make it very competitive.  Also, the co-op knows the Rincon market best and may be more willing to loan on some properties that may not be appraised as well by the out of town banks.

 

If you want to get pre-approval before you come to Puerto Rico, Fembi Mortgage is another great option, they can help get you rate info and pre approval over the phone.  

 

However you decide to obtain financing, it is always wise to consider a number of sources and get details of points, early payoffs and loan costs before going with any company.  Feel free to contact us for any questions about Western Puerto Rico Real Estate!

Best Property Bargains in Rincon

Rincon is one of the most popular towns on the West Coast of Puerto Rico, and for good reason!  The surf, beautiful beaches, hills and rural atmosphere provide a beautiful natural setting, add in a vibrant art community and some of the best restaurant not in San Juan and you will find Rincon to be a truly special place.

 

So if you want to get your piece of paradise, the time is now, while properties are still affordable and there are some fantastic ocean view lots still available for under $100k.  

 

I've compiled a list of a few properties that I feel are great opportunities for investment in or relocation to Rincon.  

 

Condos:

The condos near the Balneario (Public Beach) are some of my favorite properties in RIncon.  Offering close beach proximity without the threat of beach erosion, they are also close to the downtown plaza with its Sunday Farmer's market and great restaurants.  At Chalet del Mar, there is a 2 bedroom condo listed for $140k.  This property allows short term rentals and has low HOA fees,a great investment opportunity!

 

Land:

There are 3 pieces of land just up the road from Pools Beach that have recently been offered for sale, lots that vary from 850 sq meters to 995 sq meters for asking price of $135k.  I like these lots because they are walking distance to great surf and can offer views of the Aguadilla Bay.  For a more unique and private lot with a beautiful Bay view, there is an unlisted 1/4 acre lot for $300k, located just a short walk to Sandy Beach.  This is the type of lot to build your Caribbean dream home; private, breezy, beach close and with fantastic views!

 

Homes and Multiple Units:

Puntas is a very good place to invest if you want to have rental property.  There will always be surf and along with that surfers who need a place to say.  There is a 3 bedroom home, completely remodeled with a studio apartment that is listed for $350k.  It has a nice valley view and a short walk to great surfing.  Also available is a 2 unit home with apartments on each level, needs some work, listed at $230k.  Located in puntas just up the hill from great surf beaches.  

 

For more info on any of these or other great Rincon properties, contact me, your Rincon Buyer's Agent, with details of what you are looking for, islavidarealestate@gmail.com.

 

 

 

 

Best Vacation Property Investments in Puerto Rico

Investing in property in Puerto Rico can be tricky, you really need to know the area you are investing in.  What is the economic situation?  What is the forecast for future units or inventory?  Are rents stable?  Is the tourist market consistent and will it continue to be?  Of course many of these questions cannot be answered definitively, but they need to be asked.  

 

Having lived in Western Puerto Rico for 9 years and worked with vacation rentals in Rincon for over 6 years, Jim Westfall and Isla Vida Real Estate understand the market on this side of the island.  We can help you find a great investment property and will offer a market analysis of rental income and expenses.  Whether it is a condo, vacation villa or land to build on, making a sound investment in income property starts with understanding the market.  Contact us to help you start your Puerto Rico investment property search, islavidarealestate@gmail.com. 

Where if the Best Place to Buy a Condo in Western Puerto Rico?

Isabela or Rincon for a condo investment?

Western Puerto Rico offers a few great areas to own a condo near the beach but which one is the best?  We are focusing on Isabela and Rincon because while there are other beachside towns, these two offer more choices for condo buyers and vacation home investment.

Isabela is a beautiful town built on the cliff over a stretch of beach with a road running along the beach.  Among the beautiful stretch of beaches is a nice long bike path, plenty of good restaurants and on different beach, plenty of condo properties.  It's important to note, that the beaches of Isabela are all very different, some have great surf, some are rocky, other have sand or calmer lagoon type bays.  Your choice for the location should at least in part be determined by what kind of beach you like.


Jobos Beach is the most popular area, but no condominiums. Montones Beach is a very nice, mostly calm bay with a few large condominium developments nearby.  Huadimar Beach, closer to Aguadilla also offers a few different developments.  

 

Isabela is closer to San Juan than Rincon and is also just minutes form the regional Aguadilla airport (BQN) which has flight from Jet Blue, United and Spirit airlines coming in from Ft Lauderdale, Orlando, JFK and Newark airports, very convenient!

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Rincon Land For Sale

New plottage of this Puntas Lot just above Pools Beach, 3 lots for sale, each for $135k.  A fantastic opportunity to own land close to the great surfing areas of Rincon!  Contact us for more info, islavidarealestate@gmail.com.

Location

Carr 413 Interior

Bo. Puntas

Rincon, PR 00677

 


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5 Great Reasons to Invest in Puerto Rico Real Estate

Puerto Rico has been in the news lately, not for the best reasons, but if you look deeper into what is going on in Puerto Rico you may find a Caribbean location that is poised for a rebound.  With many abandoned properties and plenty of open land, the price is right for investors.  Here is our favorite reasons to invest in Puerto Rico real estate now.

1. Puerto Rico is a part of the United States.

The status of Puerto Rico is that of a "territory" of the US, Puerto Rican's are US citizens and the laws are based on Title 48 of the United States Code.  The currency is the US dollar and banks operate within the same banking system as the US, with some differences.  The ties to the US are strong through years of open travel between Puerto Rico and the United States, there are over 5 million Puerto Ricans living in the United States.


2. The "Promesa" Law Will Bring Economic Stability

Although most news about the Puerto Rican economy lately has been dire, the passage of an instrument that will help Puerto Rico deal with its debt will be a welcome sign to investors, banks and businesses that the problem is being dealt with and while it is not an easy fix, the hemorrhaging debt will be stopped and incentives will be put into place to get the Puerto Rican economy growing.


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Rincon Estate for Sale

Private Rincon Estate for Sale

This breezy, hillside villa overlooks the finest beaches in Rincon on 3 acres. Surrounded by lush tropical landscaping and a secure gated entrance, Villa Caracol Che offers spacious living areas, spectacular ocean views 5 Master Suites, each with a full, private bath, lagoon pool, large outdoor patio and decks.

Details

  • Secure Gated Property with House Alarm
  • Electric Gate
  • 3 Private Acres of Lush, Landscaped Property with Panoramic Views
  • 50kW State of the Art Backup Generator
  • Helipad on property
  • Heated “beach entry” Lagoon Swimming Pool with Waterfall, Grotto
  • Secluded Jacuzzi with Panoramic Ocean View
  • 1400 Square Foot Sundeck & Wrapping, Open Terraces Overlooking the Caribbean
  • Rooftop Deck with 200-degree Ocean View
  • Wet Bar in Lounge Area off Swimming Pool, Overlooking the Caribbean
  • Tropical Gardens with Meditation Spots
  • 2 Outdoor Dining Areas
  • Outdoor Tropical Kitchen Overlooking the Caribbean
  • Short Walking Trails

Information is deemed to be correct but not guaranteed.


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