At 37, I Purchased My Oceanfront Dream Condo in Puerto Rico

Puerto Rico is home to various cities, each offering unique advantages. I chose to focus on the eastern coastal town of Luquillo. With a mere half-hour commute to the capital, it attracts surfers and beach enthusiasts while being in close proximity to El Yunque, the sole rainforest in the U.S. Forest System.

Aware of the risks posed by hurricanes and flooding in single-story homes, I opted to search primarily for condominiums and apartments. To familiarize myself with the area, I booked several stays in local AirBnBs.

Since I was managing the search remotely from Florida, my real estate agent accommodated me by arranging property viewings. We utilized Facetime for virtual tours of potential homes.

However, I soon recognized the challenges posed by Puerto Rico’s distinct banking, legal, and regulatory framework, particularly the limitations on working with conventional U.S.-based lenders. I concluded that being a cash buyer would likely simplify the process.

As a result, I decided to pause my search in January 2022 to save enough funds to make a cash purchase. I resumed my search in November of the same year.

Once I had saved enough, I contacted my realtor. Serendipitously, she informed me of a seller eager to part with an oceanfront condo they had inherited.

I was granted an early viewing of the condo before it officially hit the market, which prompted me to schedule a trip to Puerto Rico. Upon entering the property, I was captivated. The process unfolded rapidly thereafter—my verbal offer of $180,000 was accepted by the owners almost immediately.

After formalizing my offer, wiring the deposit to the realty firm, and coordinating with my agent for a reliable inspector, I completed a successful inspection and notarized the necessary legal documents. I instructed my bank to transfer the remaining funds to finalize the deal.

Remarkably, I closed on the property in just nine days, marking a historic moment in my financial journey.

My 760-square-foot, one-bedroom, one-bathroom condo, dating back to the 1970s, boasts a balcony facing the ocean. The building offers 24/7 security, a private pool, laundry facilities, and assigned parking.

One appealing feature of the condo was that it came furnished, which saved time and effort in my transition.

The view from my balcony is breathtaking, providing an unobstructed perspective of the ocean. Recent zoning changes prevent further construction near the shoreline, ensuring this view remains pristine.

This tranquil spot has served as my writing retreat; indeed, I composed much of my book while seated on that balcony.

I currently pay $157 monthly in HOA fees, which encompass maintenance, pool and beach access, garbage collection, and security services. My utility costs come to about $130 monthly, covering cable, internet, electricity, and water. Additionally, I spend roughly $1,800 annually on a comprehensive property insurance policy that protects against liability, flood, theft, and more.

Since the condo is not my primary residence, I opted to list it as a short-term rental through platforms like AirBnB and VRBO beginning in May 2023. Initially, I didn’t envision using the property this way, but after a trial run, I discovered it was successful.

The bathroom required renovations, which I undertook in the fall of 2023 with the help of local contractors. My parents contributed to the design, selecting all the new tiles and finishing touches.

I have enlisted a local cleaning crew to manage the property between rentals. They use a lockbox for entry, providing me with time-stamped photos after each cleaning session, and I compensate them through PayPal.

For maintenance and repairs, I have a reliable local contractor who updates me with photos of his work.

The condo has also evolved into a family gathering spot, with my parents decorating and personalizing the space as a gift to me.

My primary goal was to offset the annual expenses associated with the condo, and any profit realized would be an added bonus.

In 2023, I earned over $7,500, sufficiently covering my HOA, cleaning, maintenance, property taxes, and utilities. I am optimistic about matching or surpassing that income in 2024.

Acquiring property in Puerto Rico has proven to be an invaluable investment, both emotionally and financially. I now possess a personal sanctuary that I can share with family and friends.

My parents frequently visit the condo, making it their preferred vacation spot, and I have welcomed countless friends and family as guests.

The breathtaking views never cease to amaze me.

Although I don’t often stay with family due to the condo’s one-bedroom layout, I personally travel to the island up to five times each year for week-long visits.

Each time I step into my home, I am reminded of the journey that enabled me to realize this dream: becoming the first in my immediate family to own property on this stunning island, and doing so independently. This achievement has been the most gratifying aspect of my experience.