For many people, the decision of buying a property for the first time, whether it is to live in it, as a second residence or simply as an investment, starts with the basic need to find a comfortable and safe place for them and their families. After all, we all want to improve our quality of life. There are many factors to consider: location, recreational areas, accessibility, schools and commercial areas. It is also very important that the sales price is affordable.

There is another element that makes very attractive buying a new home right now. The government has approved the Housing Incentives with benefits for buyers, sellers and landlords. This package includes the exemption of payment of the following:

• Tax properties

• Special state tax in regard of New Construction Property

• Capital gains that result from the sale of certain real estate property

• Income tax from renting a residential property for a term of ten years

• Public fees and duties

The main objectives of the new incentives are to encourage economic development and make it easier to sell and buy in the real estate market. Through these mechanisms, buyers can benefit from tax exemptions, better financing alternatives are promoted by the Housing Bank and private institutions, and there are significant discounts in notarial fees related to official stamps and deed of the property.

This law also stimulates the rent market because it offers direct benefits to the landlord, as well as those who rent because they can’t afford to buy right now. This means that you can rent with an option to buy while you prepare financially to buy the property if it’s necessary. In the meantime, the landlord has a tax benefit from the rent income. All parties win.

Remember that when you buy a property, you're acquiring a commitment that requires sacrifices, like not taking expensive vacations or go out frequently. But the reality is that these benefits are unprecedented. This is the best moment to buy. That’s why you should look for financial advice and pre-qualify to see how far you can go: how much financing would you need, the down payment required and how does your personal and family budget would be affected. A new home is not a guarantee to a good quality of life. It is important to have financial stability to enjoy all the things that we earn with our hard work and effort.

Besides the government incentives, right now there are very low interests rates and closing fees so the monthly payment will be low and easy. The properties values and prices are at their best, very accessible to any budget even in exclusive areas with very good accesses. Regarding the new projects, many of them offer special bonuses to help you buy the house of your dreams.

To reach your goals and progress, look for the expert advice that fit your particular needs. Consult with one of our financial consultants for more information about public and private incentives. Call 787-620-0000 or visit one of our more than 30 branches conveniently located throughout the island.