Why Puerto Rico is a Good Place to Invest for a Real Estate Property
While everyone opt to stay indoor during winter in U.S., people in Puerto Rico are enjoying the beach with its 80 degrees temperature. That is why this place has been the home of the best beaches in the world. And the good news is; you can buy a 3 bedroom property house here at lower than $100,000. “I perceive Puerto Rico to be the next Miami”, billionaire John Paulson said. That is why if you are to sell your house, invest the money earned at Puerto Rico’s real estate property and expect to earn a lot of profit in the long run.
The reason why properties here are sold at affordable costs is because many of its locals are fleeing the island after they have experienced prolonged economic crisis. Similar thing happened in Detroit in 2013 when most of its inhabitants filed for bankruptcy. “There are so many vacant houses here”, declared locksmith Joaquin de la Noceda. His mother’s ancestral home is among the many properties sold for only $100,000. It has 2 bathrooms and 3 bedrooms. Its actual appraisal cost was $215,000 and this was bought by his month in 2009 at $177,000 dollars. Despite the lowered property prices in Puerto Rico, many are still hesitant to buy them. This is simply because the place is in its crisis mode. There are no jobs available and their government has so much debt to repay. Many of the residents here have decided to transfer to Texas, Florida and other states.
More than 10% of its population is now gone in the past 10 years and this is estimated to reach around 440,000 people. And more people are still going. “These people even left their keys in the house after they have emptied their home. This is done so as to let the bank deal with it”, retiree Maria Milagros Rodriguez stated. Maria is an owner of a gated home in San Juan. This property has 5 bedrooms with big garage and pool. Though these properties used to cost $1 million dollars back a few years then, they are now for sale for only $400,000. There are so many foreclosed homes in Puerto Rico. In fact, it comes next to US when it comes to home foreclosure rates. In Maria’s block, there are so many vacant properties and since these are repossessed by the bank, no “for sale” sign can be seen.
Prouty just relocated his family to Puerto Rico and this is what he said; “when it comes to prices, Puerto Rico properties are excellent”.