Was able to get to PR last year and was pretty impressed with San Juan and Vieques. Need some info on rent vs. buy for a possible change of scenery. Retired military with SSDI. Thought I could get within a reasonable distance of Buchanan to take advantage commisarry and health facility, 15 miles or closer, beach community preferred. I read PR didn't pay federal individual income tax on pensions and all passive income (Social Security distributions, stock dividends, bank interest, royalties) were also not taxed. Economy seems reasonable, especially when you consider the shipping costs involved getting goods to an island. I'm just south of Boston and hope to relocate sometime in 2018. Could use some discussion on 1 bd/1 bath condos/ apts in or near Condado/ San Juan. Thanx.
Looking at the options
Hi retire1,
Welcome to the forum and hopefully to Puerto Rico soon.
We always recommend that you rent first before you buy. Real estate is cheap now and will get somewhat cheaper in the next few months due to the exodus of people from the island as jobs are not there and electricity in a lot of areas is still missing after 90 days.
Renting also gives you an opportunity to be boots on the ground and find out where you really want to live and the life stile and makes you happy. It also helps with locating the right property since a lot of the properties are never advertised and are found simply by driving around the neighborhood and word of mouth.
As to close to a VA hospital, it depends on your health, if you only need visit a few times a year, it may pay off to be far from the hospital and get a better housing deal. If you are in bad shape, then close by is the way to go.
I would suggest you check with the social security office, it is my understanding that SSI (supplemental) is not payed to people living in the island which may represent a pay cut for you, yes I know SSDI is different but I am not an expert in that area and it is better to check.
Here are some possible Metro area prices for 1 bedroom 1 bath condos. Note that the site is not updated often so some of these may no longer exist. http://www.clasificadosonline.com/UDREL … pose%EDdas
When checking make sure they have power and that the place meets your disability needs, things like the bathroom, the halls and kitchens being too narrow and lack of an elevator may be deal breakers. Also you may want to consider how you will do when power is lost, some people in condos today have not been able to use an elevator in 90+ days.
Hi Retire 1,
I'm a local mortgage banker here on the island and I mainly work with people from the states that are looking to relocate and/or invest or buy second home/vacation property here. I agree, with Ray and others that I have seen post here in the group that it may be better to rent initially as you get a feel for where you want to be. I think either way you will find there are plenty of options available in the San Juan area suitable for your needs. You can search on your own, however there are many real estate agents that can assist with finding a rental for you as well. Depending on the area there are still many bargains on Real Estate here and since the storm many sellers have been more open to negotiating. Many people do choose to pay cash for real estate here, but financing is available (even on condos!!!) and we can utilize the same guidelines for fixed income that you would see from banks in the states.
Happy Holidays to you and I hope by this time next year you will be able to call PR home!!
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