The Costa Rica real estate market has seen an unprecedented boom in the last couples of years. The country is no longer a hidden gem where you could buy a spectacular house surrounded by the famed Costa Rican greenery for half the price of a home in the US.
The foray of investors from North and Central America has turned the small country into a real estate hot spot. The scenic beauty coupled with the lax laws pertaining to the ownership of properties by foreigners has made this is an investment destination to reckon with.
Costa Rica offers an ideal destination for real estate and business investments. The laws are almost equal for foreigners and locals with no foreign exchange control and no restriction on profit or capital repatriation. Unlike some of the other Central and Latin American Countries Costa Rica enjoys a stable political, economic and social environment which makes it a safe investment destination. The country boasts of more teachers than police men and has a compulsory free education system. The medical services, public transportation and other public amenities are among the best in the world making the country a perfect spot to own a second home or as a retirement destination.
The ecological diversity of the region coupled with its rich scenic beauty, vast expanse of beaches, numerous national parks and the low cost of living further add to Costa Rica’s allure. However, before you buy a home you need to consider several aspects such as:
• The amount of money you would like to spend: houses can range from $25000 to more than $2 million
• The amenities that you desire inside the home and in the town
• Proximity to an urban area
• It is wonderful to dream about peace and seclusion, but the question is that will you be able to endure it for 365 days a year?
• The type of house that you would like to purchase
• The amount of time you intend to spend in the house: If you are just buying it as an investment, you may want to consider going for houses in urban areas or those in areas with a high expat population which will see a greater price appreciation. If you intend to travel to your vacation home just once or twice a year and would like to give it on rent at other times you may want to buy a house in an area that is close to a major tourist attraction.
While buying a house make sure that you approach a reputed real estate agent. A license for real estate agents is not a requirement in the country and unless you speak Spanish fluently or know a local you may be susceptible to the rampant real estate related scams. Firms like Century 21 and RE/ Max have offices in Costa Rica and are very conscious about preserving their international reputations.
Make a list of the amenities based on the level of importance with the absolutely must-haves which may influence your buying decision on top of the list.
Once you have finalized a few properties check them out for yourself including the surrounding area and the facilities that it has to offer.
While you are in the area make friends with the locals and your prospective neighbors. They may be able to help you with the lesser known facts about the area.
And remember – hiring a lawyer while buying real estate in Costa Rica is imperative!
The best and of course the most expensive area is San Jose particularly Grecia and Atenas, but if you don’t mind living among the locals about an hour away from the major urban areas you may find good deals in Orotina, San Mateo, and San Ramon.
**Find the best Real Estate listings at Costa Rica Classifieds Craigslist.org
