7 Things To Consider Before Buying Property In Costa Rica
Buying property in Costa Rica can be a great investment, but it's important to consider several factors before making a purchase. Whether you're looking for a vacation home or a rental property, here are some things to think about before buying land in Costa Rica.
Location: One of the most important factors to consider when buying property in Costa Rica is location. Are you looking for a beachfront property, or something in the mountains? Do you want to be near a major city or in a more rural area? Consider the type of lifestyle you want and what amenities are important to you. Sometimes getting groceries or things of the sort might not be as straightforward or close as you are used to.
Infrastructure: Make sure to research the infrastructure in the area you're considering. This includes things like roads, water and electricity. Are there schools and hospitals nearby? Is the area easily accessible by car or public transportation? Just because a plot of land is available for sale does not mean that you can get utilities to it. Be sure to engage a good surveyor to help ensure your property can have the basics and any comforts you want.
Legal considerations: Before buying property in Costa Rica, make sure to do your due diligence and research the legal considerations. Make sure the property is properly zoned and that the title is clear. It is also important to have a good lawyer that can help you with the process.
Climate: Costa Rica is known for its tropical climate, but it's important to consider the weather patterns in the area you're considering. Some areas are more prone to flooding or hurricanes, while others may be more susceptible to drought.
Tax and fees: Be prepared to pay property taxes and other fees associated with buying property in Costa Rica. Make sure you understand what these costs will be and how they will be billed before making a purchase.
Property management: If you're planning to rent out your property, consider hiring a property management company to handle the day-to-day responsibilities. This can include things like marketing the property, finding tenants, and handling maintenance. Make sure to CAREFULLY vet your any property management group you use. The Costa Rican pura vida mentality is not the same as the NYC grind mentality. Make sure you get a reputable management company that is proactive about keeping your property in good working order.
Residency: If you plan on living in Costa Rica or spending a significant amount of time there, it's important to research the requirements for obtaining residency.
By considering these factors, you can make an informed decision when buying property in Costa Rica. Remember that it's always best to consult with a lawyer and a real estate professional before making any purchase.