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Criteria when buying a Second Home
Some criteria that can guide you towards a correct evaluation of your investment are: - The growth potential of the geographical area in which you plan to buy.
A so-called fresh area (in full development), like for example Loíza, will make the value of your investment grow faster than an already developed one. Moreover, a region in development offers more attractive prices than the developed ones.
≈ - Direct access to the beach.
Beach houses or apartments with direct access (meaning you just have to open a gate to get to the beach) have a greater growth potential than the ones without this asset.
≈ - The location.
The distance to the beach is positively correlated to the growth potential of your investment; the nearer to it, the greater its potential.
≈ - The recreational facilities. (Amenities)
These facilities, if offered by the residential complex, are a great asset to families, specially for children, for example swimming pools, basketball and tennis courts and gazebos. The more of these entertainment areas are available, the more will be the growth of your investment and the greater will be the demand for it in the future, if you decide to sell your property in the future.
≈ - The tax benefit.
In Puerto Rico when you invest in a second home for the enjoyment of your family, you can deduct 100% of the interest rates from the mortgage credit of your property.
When planning to purchase your desired second home, always take into account the growth potential of your investment. Let a Real Estate Agent assist you and always ask for a prequalification at the bank of your choice.
By: Carmenchi García, Resort and Recreation Specialist, and Specialist in Beach Apartment Sales in Loíza.
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