Some key considerations when investing in Costa Rican property

It’s easy to see why so many people decide to leave their home countries to move to Costa Rica. The country offers a little bit of everything, from miles of stunning coastline to friendly residents. Between the placid Caribbean Sea to the east and the wild Pacific Ocean to the west are mountains, jungles, rivers, and lakes.

Expats can easily discover their ideal home in Costa Rica, and the country’s thriving expat communities are a great resource for anyone looking to settle there.

However, purchasing real estate in Costa Rica is still a major life decision, just as it would be back home. You should consult a lawyer and an accountant before getting started so that you have all the facts.

After you’ve mastered the fundamentals, you may focus on picking out the finer points that may have escaped your attention before. In this article, we’ll go over five things to bear in mind while looking for a home in Costa Rica.

First, mortgage can be obtained in Costa Rica, albeit doing so is likely to be arduous and costly.

When it comes to buying property in Costa Rica, most expatriates already have the necessary funding in place, either in the form of cash savings or a mortgage back home. That being said, non-Castro Ricans can now apply for a mortgage loan in the country. However, it’s reasonable to assume that the difficulty involved would outweigh any benefits.

When it comes to making loans, Costa Rican banks are among the most cautious in the world. Before looking into mortgages in Costa Rica, it is recommended that you exhaust all possible financing avenues in your own country. There is still a chance you could be approved for a mortgage on your new house, though.

Second, he availability of utilities at your home is not certain

Some of the conveniences of home may not be readily available, especially if you’re trying to construct from scratch or are relocating to an older property distant from the center of activity.

Electricity, water, and other services should be verified as existing and easily connectable before any final decisions are made. Any service that must be run from a significant distance away from the property will incur astronomical costs when it finally comes time to connect.

Renewable sources of energy, such as solar electricity, are another viable choice, and the weather in Costa Rica is perfect for solar panels. However, before installing solar panels, you should check that your property complies with all local building codes and has adequate space and sunlight exposure.

Third, the weather will be drastically different.

The tropical climate of Costa Rica features both dry and wet seasons. However, it is crucial to investigate the microclimates because of the wide variation in weather conditions. Temperatures drop dramatically in the mountains at night and at higher heights.

On the other hand, there is a greater possibility of flooding during the wet season the closer you are to rivers and lakes. Be sure to verify the microclimate of the areas surrounding the properties you’re considering.

Fourth, while the risk of sunburn is low in Costa Rica, it does exist.

Even though Costa Rica is one of the safest countries in Latin America, there are plenty of property-buying scam artists who prey on unsuspecting foreigners wanting to realize the American dream.

Use a reliable real estate agent who can guide you through the process and help you locate the home of your dreams. Advice from current Costa Rica residents might also be useful for avoiding scammers and untrustworthy service providers like lawyers and accountants.

Fifth, your property’s entrance may not be how you imagine it to be.

Even though majority of the roads and basic infrastructure in Costa Rica are good, there are still exceptions. It’s important to verify the accessibility of any off-the-beaten-path or older properties before making a purchase. It’s possible that you won’t be able to drive your SUV to your new property until the muddy jungle paths or crumbling mountain roads are fixed.

Contractors and repairmen may have trouble getting in if the property needs maintenance. Finally, if the access path is on your property, you may be responsible for repairs, which might be costly.

Last Words

Investing in real estate in Costa Rica is something very special. A chance to buy property in a country known for its beautiful scenery, year-round balmy climate, and kind people. However, before making any final judgments, it is vital to conduct thorough study and think things through from every angle.

The services of a reliable real estate agent, attorney, and accountant should be sought. This will make the procedure much less daunting and help you avoid any pitfalls along the way. The property’s accessibility and the proximity to necessary services should also be considered, as should the local climate and weather. Finally, mortgages in Costa Rica should be carefully evaluated, and it is usually advisable to research options in your own country first.

If you do your homework and come prepared, purchasing real estate in Costa Rica may be a wonderful experience. And once you’ve settled on the perfect piece of land, you can start taking advantage of everything this stunning country has to offer.

Compare listings