Tips for Buying a Home in Puerto Rico

June 3, 2015

From the stunning ocean views to the lush rainforest to the pristine golf courses, Puerto Rico is easily one of the most gorgeous locations on the planet. And now, with the new Puerto Rican tax incentives, it’s an even more tempting place to live. Here some things to keep in mind when looking at homes for sale in Puerto Rico:

Allow Ample Time

Give yourself time to explore the island and figure out exactly where you want to live. The culture and lifestyle can seem vastly different depending on where you choose. At Bahia Beach, we are all about luxury and relaxation, but that can’t be said about everywhere on the island.

Get a Home Inspection

Most homes for sale in Puerto Rico are sold as-is (which makes the new homes at Bahia Beach that much more enticing), but experienced buyers will tell you to get a home inspection from a licensed inspector. Even though sellers are supposed to disclose any damage, there is no standard form that they are required to fill out. Instead, you have to trust that the seller will disclose everything—if they are aware of the issues. Have an inspection before signing the dotted line, and if you feel so inclined, negotiate repairs with the seller before closing.

Plan on Working with Several Agents

For most homes for sale in Puerto Rico, you will work with the agent that listed the home. Buyer’s agents aren’t commonplace because most listing agents aren’t jumping at the opportunity to split their commission. Instead, they will work with you directly to sell the home, which can greatly limit the inventory if you only want to work with one agent.

Hire a Lawyer

Since the real estate market in Puerto Rico is less regulated than it is in the mainland—there is no MLS system, people try to sell their homes illegally, and you probably won’t have a buyer’s agent—having a reputable, Spanish-speaking lawyer on your team is vital. Once you have done your negotiating and have your contract in place, have the lawyer look it over to make sure your interests are protected.

Purchasing a home in Puerto Rico can be an interesting process, to say the least. A lot of the regulations and systems you are used to on the mainland just don’t exist. However, at Bahia Beach, a lot of the stress is taken away. You can enjoy the ocean view as we work out all the details.