Tips on Buying a commercial real estate project in Puerto Rico
Posted: Jun 15, 2020
Commercial real estate is property obtained or purchased exclusively for business. Getting the right piece of property depends on the type of business you want to set up. Puerto Rico is a big island with lots of diversities. Both locals and foreigners are encouraged to acquire properties on the island. You can purchase property as an individual or as a company. Luckily, the island is investor-friendly. Here are some Tips suggesting by Edmond Masjedi.
1. Be clear about your needs
When you decide to buy and not rent commercial real estate, it means you are in it for the long haul. This is probably something you have been planning for a while. You should, therefore, have an idea of the location, budget, and general aesthetics of the property.
2. Get a real estate agent
It’s always a good idea to get a real estate agent when you want to buy a property. Real estate agents know the area well, and they are likely to find you a suitable property in a short time. They can also help you get a good deal within your budget. You can find out from any reliable source about a good real estate agency in the area and use their services. It is advisable to find agents who are bilingual in Spanish and English.
3. Involve an Attorney
It is recommended that you seek the services of an attorney before making any transaction. They are an invaluable asset when it comes to purchasing properties in Puerto Rico. Having an attorney on your side means one less person in the corner and will make the closing process less frightening. It is expected that a fee, a small percentage of the value of the property, will be paid. Having an attorney to advise you through this process is necessary.
4. Inspection of the property about to be purchased
It is essential to inspect the property you are about to buy. It is always best to hire a licensed inspector for the job. When it comes to commercial property inspection is very important. You have to make sure that your commercial real estate in Puerto Rico complies with the law.
5. Finance Plan Considerations
Puerto Rican local banks have a higher interest and a mountain of paperwork. You do not have to pay cash to purchase the property. There are mainland banks from the United States that have an extended line of credit when buying land, a house, or any other property. Additionally, you can get to enjoy tax breaks if you stay on the island for 183 days between January and December every year.Puerto Rico enjoys lower real estate prices than other Caribbean islands. The predicted total returns on real estate investments ranging from 14 to 21%. If you happen to be unfamiliar with the local market, it is best to hire a third party service. It is good to obtain reports and compare the quality and costs of any property that captures your interests.
Edmond Masjedi, a name on which every businessman can rely on very easily as he has the power of operating business with success and helped others in taking their business from the ground to a height which is not possible even by the people who have.