Anyone has the potential to succeed in terms of investing in Costa Rica real estate. This is, however, provided you have put in the time and effort to gain the crucial information needed to understand how the process works. If you’re ready to step into the world of real estate investment, follow local advice.
Get to know the area
Find out how to use the Registro Nacional – local land registry with lots of great public information
Get a good attorney
Bargain, get financing and be creative!
Make sure that you set realistic goals based on the budget that you have. You should not set a goal to buy ten houses in the span of a month if you only have a hundred thousand dollars to your name. Set reasonable expectations to avoid setbacks at all costs.
Always be on time when you set up a meeting with a potential client. This will indicate that you mean business and will show no disrespect to your potential customer. Coming to a meeting late shows that you are unorganized and do not care about your customers, which will cause you to lose them.
Make sure that you devote a lot of time to your investment. There are many issues that you may face with the tenants. If you are getting swamped with trying to manage it all, it can be wise to hire a company to manage your properties for you.
Choose places that are relatively well known where people might want to move or live. Our advice has always been in the best known areas of Escazu – near Multiplaza, Rohrmoser – any area, Santa Ana – but far from the traffic, Ciudad Colon is nice but far and for the ones with no set hours look at the houses near the Route 27. You will find this important when you are addressing the resale value of a property you have purchased. Also, look for low-maintenance properties.
If you are looking into rental property, make sure that the monthly note will be covered by the rent that it will bring in. This can help you get on the right foot. There is nothing worse than paying out of your own pocket because a renter is behind.
Don’t let your emotions cloud your judgement. Choosing a property to invest in should be a …
When it comes to learning about the Costa Rica real estate you want to always keep up to date with the latest local development trends. Getting the most information you can is always beneficial, so make sure you read as much as you can. Here you can find some useful tips you can use when buying real estate.
You should never accept a mortgage offer without having a second offer to compare it to! Comparison shopping is just as effective with home loans as with any other consumer product. Considering the major effect a mortgage is going to have on your financial situation, it’s vital to shop around and ensure you get the most favorable mortgage terms. The local market in Costa Rica is very opaque with banks making it as hard as possible for you to compare options.
Beach property is also very popular. Be sure to look at property in Manuel Antonio, Samara, Guanacaste or Jaco to get the best possible deals in the country.
When purchasing real estate, you should be realistic in thinking about your resale options. If you are not going to stay in the home for the duration of the mortgage, like many first time buyers tend not to do, then weigh the cost vs. resale of the property, so you have a clear idea of the life of the purchase. High end areas such as Escazu, Santa Ana, Rohrmoser or Ciudad Colon in the west part of town have tradionally been the best investment options.
To find the perfect home, you should establish a list of features that you will be looking for. This can include the size, the number of rooms or the location. Knowing what you want should help you go through a large number of ads quickly and select the homes that correspond to your needs. Here you can take a look at La Nacion (leading daily newspaper), Encuentra24 (popular website) or Inmobilia (real estate only magazine).
Look at a lot of houses before you buy, even if you love the first property you tour. It can be easy to fall in love with the idea of buying a house and then, consequently, the first property you see. Make sure to tour many other properties for comparison, just to make sure that the house you choose has everything you want or need.