Travel sites like Expedia and TripAdvisor have tons of options to find your perfect Puerto Rico bunkhouse.
But there are a few things you need to know before booking a one-bedroom or two-bedroom home.
First, you should be aware that Puerto Rico is a very expensive place to live, with average home values of $10,000 per year, according to a 2014 report from the U.S. Census Bureau.
If you don’t have enough cash to buy a home in the U, you might be able to save up a little bit by renting out your house in a community with lower rents and lower property taxes.
But you’ll still be shelling out $30,000 to $40,000 a year for a one bedroom.
“You want to make sure that the property you’re renting is a quality property,” says Chris O’Brien, an agent with Travel Destination Realty in Houston, who specializes in Puerto Rico travel.
“If it’s a two- or three-bedroom, you’re going to have to look into how much you’re paying for it.”
What to Expect at a Puerto Rican HomeIf you’re not sure where to start, here are a couple of things to look for.
First off, Puerto Rico’s population is fairly young and growing rapidly.
Puerto Ricans make up nearly 40 percent of the U of S. population, according the U; the island’s population reached more than 40 million in 2014.
Puerto Rico also has some of the highest unemployment rates in the country, and the economy is growing rapidly, thanks to the economic boom of the last decade.
But in terms of housing, Puerto Ricos have a difficult time finding affordable housing.
According to a 2016 report by the U.-S.
Chamber of Commerce, only 17 percent of Puerto Rico homes are owned by Puerto Ricians, while more than half of Puerto Rican households were renters in 2016.
The majority of renters were people living in single-parent households, and over half of renters had at least one child under 18.
Second, Puerto Rican residents often rent out their homes to others, such as friends and family.
A 2014 survey from the Pew Research Center found that 60 percent of people in Puerto Rican neighborhoods who own a home said they rent out the home to at least four people, while just 21 percent said they rented out the house to a single person.
This can be a difficult situation to navigate when you’re traveling, especially if you don.
“When you’re in Puerto Ricas home, you have to be very careful, because it’s very hard to get into your home without a proper search warrant,” O’Connor says.
“So, you want to be aware of the laws and regulations in place in your area.”
Third, you may have to ask for a loan.
In many Puerto Rican communities, there’s no minimum loan requirement, but you’ll have to make an application to the bank for permission to borrow money.
In other cases, you’ll need to wait a minimum of a few days for a bank to approve the loan.
If a bank doesn’t approve, you can ask the bank to review your application.
Fourth, Puerto Roanóis housing market is still in its infancy.
While many people are excited to move to Puerto Rico, it’s still a young market and many of the properties are still relatively underdeveloped.
O’Brien says that the market is getting better as the years go by.
“The boom years are over, but the boom is not over yet,” he says.
For example, there are about 8,000 units of housing in Puerto Rica that are listed for sale, and O’Bs advice to new Puerto Rican homebuyers is to look out for properties that are already listed on the market.
“Be prepared to wait for the market to mature,” O`Brien says.
“If you have a big house in Puerto rico, you are going to be able afford to pay off the mortgage,” OBrien says, “but it may be a little hard to afford when you have children.”
If you’re planning on renting a home, it might be best to get a one-, two-, or three bedroom, but if you’re thinking of buying a home you may want to go with a two-, three-, or four bedroom, which is a little more affordable.
“I think it’s important to remember that most Puerto Rican homeowners are not wealthy enough to purchase a new home, but they have a lot of options available,” OíBrien says about the Puerto Rican market.
So what should you look for in Puerto Rico?
“The one thing I would recommend to anyone looking to buy is to check with the properties themselves,” OÈBrien says with a laugh.
“There are plenty of properties that could be available that are affordable, but just to be safe, be prepared to pay down your mortgage