If you are looking for an investment property, consider Costa Rica. Now is the time to buy because many expats and locals are dumping properties due to the economic crisis. Many expats refinanced homes in the U.S. to buy in C.R. and now find themselves in dire straits.
A few good sites to located ocean and/or mountain properties are amcostarica.com, ticotimes.net and cr-home.com. These sites often give you a good idea of what’s out there. But, before you buy, consider these tips.
- If buying a lot or farm, investigate if electricity, telephone and water are on the property. If not, it could be very costly to bring it in. Also, what is the access road like? Some properties require a 4×4 vehicle because the road is not paved.
-Another question to ask before buying a lot or property is the restrictions on building. Don’t assume you can start cutting away trees and moving earth around at will. Many times you will be limited to the size of home you can build and how much of the property can be developed.
-Buying condo’s can also be tricky. Sometimes projects will sell before they are complete. This can be a problem if the government decides permits are not in place and shuts them down. Some projects can not finish along the pacific coast because there is no water. It may be wise to wait until a project is complete, units are occupied and your attorney reviews all the paperwork before making a deposit.
-Purchasing homes along the coast has it’s share of issues too. Many homes built within 200 meters of the water can be expensive because of taxes. Also, you will not own the land, as it will be leased from the gov.t. They decide how long the lease will be and may or may not grant an extension.
Even though there are pitfalls to avoid, owning property in C.R. can be a rewarding experience. Ensure you have a bilingual C.R. attorney and do your homework and you should be fine. If you enjoy nature with all of it’s exotic animals and beautiful scenery, you will love C.R. Pura Vida!
Timothy Laskis, Ph.D. is the author of Finding Your Costa Rica: 5 Powerful Steps to Personal, Professional and Financial Success. He can be reached at www.findingyourcostarica.com.
