| Finance Nicaragua Vacation Houses |
| Written by Jane Moore |
| Friday, 18 December 2009 08:28 |
|
Nicaragua vacation houses are more affordable than you would think. Each day brings more exciting financing opportunities to the market place.
Nicaragua vacation houses are more affordable than you would think. Each day brings more exciting financing opportunities to the market place. The Central American real estate market has exploded over the past few years. The area is beautiful and the land values are compelling. Retiring Americans have discovered that Nicaragua real estate offers the same great sun and sand that can be found in Costa Rica but for half the price. Nicaragua boasts great hiking and bird watching. It is the land of lakes and volcanoes and coffee farms. Nicaraguan vacation homes have really become popular amongst retiring Americans. Up until recently, the drawback with Nicaragua real estate was that most deals were done on cash only basis. Thankfully, this scenario has changed as the investment market matures and various new financing options have emerged. It is now possible for non-Nicaraguan nationals to secure bank financing in Nicaragua. Financing is offered by the well known names in Nicaraguan banking such as Bancentro, BDF and BAC. Buyers can now apply for financial assistance of up to 90% of the total purchase price! Interest rates float in the range of 9-12% per annum amortized over 10 to 15 years with an option to extend. Multiple resort developments are offering developer financing. This type of financing can provide the savvy purchaser with a great deal. For example, a brand new beach condominium project within walking distance of the shops and bars and restaurants of San Juan del Sur is offering 15 year financing at 9% interest. This development is upscale and located right on the beach. Other nearby developments are offering 7 year financing on condos, ocean view lots and completed houses at 8% with a 30% down payment. Even if it is not advertised you should ask about developer financing. Some of the bigger developments even offer another very familiar option. These developers have relationships with American style mortgage brokers. This type of American- style financing offers a longer term. The terms of interest related to these loans tend to be similar to those in the States which are very low right now. The least common but still available means by which to finance your Nicaragua vacation home is akin to private vendor take back mortgages. These days there are an increasing number of opportunities using this method of financing. Vendors know that the credit market has dried up and this might be the only way they can sell their home. Financial assistance in buying your Nicaragua vacation home is now available. These financing options have made Nicaragua real estate more attractive than ever. These options coupled with Nicaragua's low cost of living make investing in Nicaragua Real Estate more interesting than ever before. Financing your Nicaragua vacation is now a real possibility. About the Author: To discover more on retirement in nicaragua please visit http://nicaraguarealty.ca. |