The real estate game is picking up in Puerto Rico.
In fact, the total home value in Puerto Rico rose 9% from January to September 2018.
Have you considered buying property in Puerto Rico? You might want to jump on that move right now, instead of waiting for the housing market to change. Check out these five reasons why you should buy property in Puerto Rico.
First things first. There’s no denying the beauty of Puerto Rico. From the sandy beaches to the cobblestone streets of Old San Juan, there’s so much to see and do in Puerto Rico.
Not only is it a beautiful place to live, but the climate is also incredible. You can expect temperatures to, be in the 80s during the summer months and the 70s during the winter months. The year-long warm weather attracts lots of tourism to the island.
Low Prices and High Return On Investment
Now is a good time to consider buying real estate in Puerto Rico to take advantage of property values and enjoy the return on investment. Investing in rental property has several advantages:
- passive income
- tax benefits
- diversity your holdings
It’s expected that the return on investment with properties in Puerto Rico will increase by at least 10%. Acting now may be a great investment opportunity for you.
The real estate prices in Puerto Rico have significantly dropped as a result of Hurricane Maria. Now, however, the housing market is showing signs of recovery and the interest in property is growing.
When you’re looking to invest in property, you want to get advice from seasoned realtors like those of Strong|Edge Realty to ensure you have the right plan in place.
When you buy land in Puerto Rico, you may be eligible for tax incentives. Puerto Rico introduced Act 20 and Act 22 to encourage and incentivize business owners and investors to purchase property.
Under Act 20, qualified businesses are only taxed 4% as opposed to the standard 39%. Under Act 22, individual investors who own a residence in Puerto Rico, have a personal tax rate of 0%.
Pretty awesome incentives!
Receive United States Territory Benefits
If you’re buying a house in Puerto Rico, you can receive benefits from being a U.S. Territory. As a territory of the United States, U.S. citizens can travel to and from Puerto Rico without a passport or visa.
This makes the act of owning property there much more convenient. You can travel back and forth without worry or hassle.
Puerto Rico also receives resources from the U.S. This helped with the devastation following Hurricane Maria. You can expect this type of help if other natural disasters occur.
Enjoy the Benefits of Buying Property in Puerto Rico
Joining the real estate game is an exciting process. Whether you’re buying property in Puerto Rico or down the street, you want to weigh your options and make the best decision for you.
Are you looking to buy property in the near future? Check out our property buying blog for tips and advice to help you through the buying process.