Baltrum

Advice on buying a vacation home in Puerto Rico?

I would like to take advantage of the buyers market that we're in right now and purchase a condo in Puerto Rico as a vacation home. I visit Puerto Rico frequently and am very familiar with the island. However, I only have $5,000 for a down payment, I've been repairing my credit for the past few years so my score is in the mid 600s and I am looking to get a small one bedroom condo in the Ocean Park/Condado area. Does this sound realistic? Also, if this sounds realistic how would one go about looking at property when they live out of the country? Any advice would be greatly appreciated. Thanks in advance.

Public Comments

1. seek a loan first. GET a commitment from a lender before you search for the ideal home.
2. to be honest $5,000 is not much and the Ocean Park area is not cheap. You will also pay property tax if its not your primary home. With that said, it wouldnt be a bad idea to save alittle more for your down payment. You can also do searches on many websites such as Century 21 to find a property in PR or try www.tiri.com.