People visiting Costa Rica for a vacation find it very hard not to fall in love with the country that abounds in natural beauty and biodiversity. Soon the love deepens so much that they desire to have a home there and the government’s liberal property laws that welcome foreigners make it easy for them to turn the dream into reality. The tourist hotspot that it has been for years is now a hotspot for real estate investors too. Owning a condo Costa Rica – real estate is now a breeze for anyone no matter to which country they belong. The economics of investing in real estate draws foreign investors to the country because the rental returns of 8.6% for homes and 7.5% for apartments are too much attractive.
Americans especially find the destination most attractive for investment because they can own properties by paying just a fraction of what it would cost them in their country. Moreover, the cost of living is ridiculously low, and the proximity of the location to the United States is another reason for investors crowding on the little Central American country with coastlines along the east and west bordering the Caribbean and the Pacific. Despite tourists crowding the beaches, even the most crowded beaches are not the kind that could make you sulk.
The attractions are many
The local people are so much warm and welcoming to one and all that it creates an instant connection with the land where you want to set up a home. The local people live a simple life as peace abounds the place, which is a rarity nowadays, and their laid-back and carefree lifestyle creates an ambiance that compels people to fall in love with the place. Among other Central American countries, Costa Rica has the lowest crime rate, which may appear surprising but true. The moderate cost of living is another reason for buying a home in Costa Rica where you can lead a quiet and lazy life forgetting about carbon footprints and other environmental concerns. The air is clean and pure, and the pristine beaches with its crystal blue waters and the greenery of the rain forests assure stress-free and healthy living.
Affordable and safe investment
Costa Rica is an ideal place for investment for those who are looking for putting their hard-earned money in real estate in a safe place. Affordable property cost makes real estate investment a viable option even for those who do not have plenty of money. Moreover, the properties have clear titles that drive away from the fear of wrong investment in disputed properties.
An expanding real estate market
As foreigners are taking more interest to invest in Costa Rican properties, the real estate market is expanding very fast. The beautiful country with its breathtaking landscapes is just too much attractive for those who want to spend their retirement years in a tranquil and serene environment teeming with the possibilities of complete bliss. Such is the attraction of Cost Rica that fist-time tourists often extend their stay to finalize a property deal.
If you are planning to invest in real estate in Costa Rica, then the tips provided in this article should act as a guide.
Take a trial
Despite the growing demand for property, there are enough properties available, and you must never rush to buy anyone that seems good at first sight. Taking a hasty decision can sometimes be misleading. Even if you make up your mind on any particular property, before proceeding to buy it, start living on it on rent. You can live there for a few months to evaluate its pros and cons by standing on the ground so that you are sure that it meets all your requirements and leaves no room for any regret later. Only when you are convinced that the property is just what you want so that you can proceed to sign the contract.
Do not target government property
Some properties in Costa Rica are government properties, and before signing a deal, you must be sure that the one you choose does not belong to this category. Government properties are not for sale to the public, and you must be careful to stay away from it. In addition, there are some conditions attached to small properties up to 5000 square feet because you can buy such property only if it is located on the main road. Engaging a real estate agent who is conversant with the local laws should help to avoid choosing the wrong property.
Consider the overheads for big properties
When buying a property, you must consider the total cost of acquisition which not only includes the cost of the property, but also other overhead costs related to it. For example, if you are buying a big property of 3-4 acres located in a faraway place, you must consider the cost that you would incur in fencing the land, building roads that lead to the property, getting electricity connections, etc. Estimating the total cost will help you to negotiate for the best price so that you can stay within your budget.
Check the neighborhood
Run a thorough check of the neighborhood to gauge how safe the place is and ease of living. Despite a very low crime rate of the country, there are criminals active in certain areas of Costa Rica that have a poor crime record. Your own investigation of the surrounding places should help to ascertain how much conducive it would be for safe living.
Engage a local attorney
To stay clear from any legal hassles, you should hire a local attorney experienced in dealing with property transactions. It should help you to ensure that the process of buying is smooth, and all legal compliances met with. The attorney will handle the entire transaction on your behalf from the time of negotiations and entering into a contract until the time the ownership passes on to you. This should give you complete peace of mind which is invaluable for your investment.
When buying a readymade home or condo, getting it inspected before purchase is a sure way to know exactly what you are getting.
