Buying property in Costa Rica is a decision that should not be taken lightly. There are many factors to consider when making this critical purchase. To help you make an informed decision, we have compiled vital things to think about before buying property:
Consider the Location
The first factor to consider is the location of the property. You will want to think about proximity to a town, the ocean, and other amenities. It is also essential to research what kind of climate you are looking for and make sure the property is in an area that offers that type of weather.
The down payment options are critical to ensure you have all your financing in place so that when it comes time to make an offer on a property, you are ready. You will also want to research what kind of payments are required each month and how long they usually last before another payment or deposit is due. The most common down payment option in Costa Rica is a 30% deposit, with the remaining balance to be paid over some time.
Find Out the Purchase Process
When buying property in costa rica, it’s critical to consider the purchase process. Make sure to research how long the entire process will take, what documentation you will need, and what fees are associated with buying property in Costa Rica. You will also want to find a reputable real estate agent who can help you through the buying process. Moreover, examine the potential for future projects. For example, if there is an opportunity to add another room or building to your home, this could increase the value of your investment. However, it would help if you kept in mind that this will also increase the cost to maintain and upgrade the property over time.
Establish Size of the Property
Make sure to think about how much space you will need and what kind of layout you are looking for. If you plan on living in the property full-time, it is crucial to find one that meets all your needs. However, if you are only planning on using the property as a vacation home, you may want to consider buying something smaller.
Make sure to research how much you can expect to pay in property taxes each year, as well as what kind of upkeep the property will require. Also, Costa Rica is known for its lush jungle landscape, which means that properties often need regular maintenance to keep them looking their best.
