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As the U.S. economy recovers from the COVID-19 pandemic, the real estate market is growing more vibrant than ever before. Individuals across the country are flocking to buy new homes, thereby significantly driving up prices everywhere. Prices have become especially high in major U.S. cities such as New York and Los Angeles.
For this reason, Puerto Rico—which offers low luxury home prices, a beautiful location, U.S. territory status, and many other benefits—has proved to be an extremely attractive location for U.S. homebuyers. Moreover, relocating to Puerto Rico can also result in numerous tax benefits thanks to the Act 60 Investor Resident Individual Tax Incentive. Under this program, qualified U.S. citizens can enjoy the benefits of having 4% income tax and 0% capital gains tax with only a few restrictions. As a result, many individuals are considering moving from the United States to Puerto Rico.
Deciding to buy a home is an important and serious choice. Just as in the United States, the homebuying process in Puerto Rico can be overwhelming and tedious. Moreover, having to learn about the Puerto Rican real estate market and facing potential language barriers can significantly hinder a U.S. resident’s chances of purchasing a high-quality home in Puerto Rico at a fair price. Therefore, U.S. expats in Puerto Rico often hire buyer’s agents, who can provide invaluable guidance during the homebuying process.
What Services Do Buyer’s Agents Provide?
Buyer’s agents will work with you closely to help you find your dream home, and they will act only to advance your homebuying interests—they are required to do so by law, since buyer’s agents have fiduciary duty toward their clients. Choosing to buy a home through a direct transaction with the seller or their agent can put you at a significant disadvantage. Enlisting the services of a buyer’s agent is one of the best decisions potential homebuyers in Puerto Rico can make.
Since buyer’s agents owe you fiduciary duty, they can alleviate you of many responsibilities, save you significant time, and help you find the best deals in Puerto Rico. For example, since Spanish is the first official language of Puerto Rico, many legal documents and negotiating procedures are in Spanish. A buyer’s agent who is proficient in both Spanish and English can tell you all the details about potential properties and help you find the most promising deals.
Further, your buyer’s agent will take care of all the tedious paperwork, coordinate property showings between you and the sellers, and point out the best options. They will also give professional advice and offer personalized strategies to address your specific needs—including potential issues in the properties you are viewing. Note that buyer’s agents are not allowed to use the information you give them to sell you a bad deal.
Perhaps the most important service that buyer’s agents can provide in Puerto Rico is to show you home listings that would otherwise be unavailable. The Puerto Rican real estate industry is quite different from that of the United States—many properties are for sale by owner (FSBO) and are only available to certain buyer’s agents, who could thus give you exclusive access. Additionally, Puerto Rico does not have a thorough Multiple Listing Service (MLS), which makes finding homes more challenging. Buyer’s agents can overcome this hurdle by searching for suitable properties and leveraging their local connections.
In light of the many benefits of working with a buyer’s agent, potential homebuyers may assume that such services are very expensive. In reality, however, homebuyers may not need to pay immediately for a buyer’s agent’s services: when a property is bought through a buyer’s agent, the agent is paid through a commission on the home sale or lease. Therefore, potential homebuyers generally do not have to worry about paying the buyer’s agent up front.
PRelocate offers high-quality buyer’s agent services to prospective homebuyers looking for a property in Puerto Rico. As of July 2021, buyer’s agent services are not extremely widespread on the island, making PRelocate’s services even more valuable.
As members of a licensed real estate brokerage firm (license C-21696), PRelocate’s team is professional, friendly, responsive, and experienced with the Puerto Rican real estate scene. Our staff is fluent in both English and Spanish; we can help you overcome the language barrier and relocate to this beautiful island. Don’t hesitate to phone us at 787-503-8184, email us at pilar@relocatepuertorico.com, or schedule a call.
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