Second, the majority of real estate purchases here involve the deposit of 100% of the cash payment into escrow to complete your purchase. There is a minimum of traditional bank financing with much higher interest rates than you may be accustomed, and even in preconstruction properties, most builder financing is limited to the time of the construction and requires cash payments, usually over 18-24 months. As with any second home, security in being able to continue to own the property without subjecting yourself to undue financial strain is paramount. Spending what you can comfortably is the way to go, and if that means starting with a smaller property or starting now to accumulate that cash “nest egg” for buying in the future, then so be it.
Third, think outside the box about the type of home you might purchase. Many arrive here wanting “single-family homes” only to find the price-points and designs for such are geared to the rental and vacation markets, and are not necessarily conducive for you to actually reside in for several months. Our condos (and yes, many are the size of private villas) are frequently the best option for those of you who may not be here full-time, who may be traveling in-and-out over the course of a year, or who, if staying here throughout our summer, may need some climate-control options like air-conditioning.