Tuesday, October 25, 2022

How to Make Your Retirement to Puerto Rico a Reality


It is a goal that can take a lifetime to achieve – but ultimately, you will be able to retire on the island where you’ve always belonged. It’s not going to be easy, but with the right decisions and preparation, it’s entirely possible. If you’re starting to consider retirement, here’s what you need to do.

Find a Place to Live

Finding a location to buy or rent in Puerto Rico can be tricky. It’s a very popular location because of its tropical location and the fortunate tax breaks that all residents can take advantage of since it’s still officially a U.S. territory, and not a state. The vast majority of the island’s population live in San Juan, which is a beautiful city with a whole lot to offer – but there are several other locations with decent housing markets you can look into as well. Unless you’re planning to purchase a property with cash, you’ll need to be pre-approved for a loan before shopping.

Sell Your Current Home

It will be a lot easier to demonstrate the buying power to an agent or a Puerto Rican real estate broker if you have the liquid assets from your home sale. Even if your sale isn’t finalized, it’s a good idea to already have the process in motion when deciding to place an offer on a property. Selling your current home is likely best done with the expertise of a hired agent. However, if you’re in a rush, selling to a cash buyer is a much faster process than using an agent. With that payout, you can then in turn be a tempting cash buyer to a Puerto Rican seller.

Do Your Research

Especially in a place with a high rate of retirees and other people looking to get away from the mainland, it’s not necessarily going to be an easy process. It will be even harder if you don’t have any family on the island who can help you out. You should research and prepare as well as you can long before making a decision. Talk to real estate agents on the island. Use the internet to read about other retirees’ or residents’ experiences with buying property. It never hurts to be too prepared.

Retiring on that beautiful island of Puerto Rico won’t exactly be easy. But with some persistence, hard work, research, and a little bit of luck, you’ll find the home you’ve always wanted. Start looking now for whatever opportunities might turn up!

Check out this article on how to make your humble abode feel like a vacation home!

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