When you’re browsing for luxury homes for sale in Puerto Rico, it might be tempting to consider a newly built home, constructed to meet your specifications. After all, there’s nothing quite like that new home smell, especially when it mingles with the fresh ocean breeze.
However, there are a lot of benefits to buying a resale home in Puerto Rico. Consider these four:
When you’re buying property in Puerto Rico or anywhere else, there’s a waiting period for new construction. When you buy a resale home, you can move in right away and start living the resort lifestyle you’ve been dreaming of.
Buying a resale property in Puerto Rico can save you money that you can put toward other areas of your Caribbean lifestyle. And now with generous tax incentives for U.S. citizens and an active luxury home real estate market, Puerto Rico has rapidly become the premiere Caribbean residential resort lifestyle destination.
The tax incentives for investing in Puerto Rico real estate provide a way for you to hold on to more of your money. Puerto Rico’s Act 22, The Individual Investors Act, provides 100% exemptions on interest, dividends and certain capital gains to eligible applicants who become bona fide Puerto Rico residents. Unlike other “tax shelters,” like Singapore or the Cayman Islands, when you become a resident of Puerto Rico you maintain your U.S. citizenship. In addition, you are not required to pay a painful 23.8% exit tax on your unrealized capital gains. Moving to the beach is looking better than ever.
The big allure of building a new home is the opportunity to customize, but don’t forget that you can customize an existing home with simple renovations. Bahia Beach offers generous guidelines for renovations that allow for individual preferences within a cohesive community.
Join the Rental Program
Maybe you’ve already purchased a piece of Puerto Rico real estate, but you’re not ready to move to the beach just yet. Or perhaps you’re a snow bird and only plan to spend your winters in Puerto Rico and your summers in your home town. Either way, you can place your home in the Bahia Beach rental program and earn rental income while you’re not there.
U.S. News and World Report ranked Puerto Rico #3 on the list of Best Family Vacations in the Caribbean (and in the top 10 in six other vacation destination rankings); with hundreds of flights arriving in Puerto Rico every week, there are a lot of vacationers looking for a luxury beachfront resort where they can spend a week or two. Let your Caribbean property earn its keep while you dream of your return to Bahia Beach.
Buying a resale over a newly built home is a personal choice, but with the variety of existing luxury homes for sale in Puerto Rico, we think you’ll be able to find the perfect one for you and reap the benefits of buying a resale home.