October 1, 2015 | No Comments Yet
Costa Rica’s thriving real estate market is constantly attracting both foreign and national investors. One of the main draws for international real estate investors is that the property laws protect foreign owners as much as they do Costa Ricans. The legal protection and low property tax of only .25% of the declared value makes Costa Rica an enticing place for those looking to invest in land or a second home.
A recent article in the Costa Rican English newspaper, The Tico Times, points out that although purchasing property in Costa Rica is a pretty transparent process, foreign buyers still need to inform themselves of the basic rules.
“Thanks to the strengthening housing market and economy of the United States, everybody is now more confident to buy real estate properties in the mainland and abroad, with Costa Rica seeing most of the sales. However, you have to understand that buying real estate is more than just finding a new place you can call home as it can do wonders to secure your financial future, so it is imperative that you know all the legal processes and procedures you need to follow when buying a property especially if you are doing it in a foreign country like Costa Rica.” Costa Rica Real Estate 101; Advice for Buying Property in Costa Rica | Tico Times
A general rule of thumb for those who have their eye on a specific house or lot is ‘do not delay’. The real estate market is really strong right now in Costa Rica and good deals do not last long. Even though you’ll want to act fast, make sure you have your lawyer and real estate broker check on the title of the property. Costa Rica does a wonderful job of protecting their beautiful beaches and natural resources so a lot of land is protected by the government. Performing the proper due diligence and working with a reputable broker will make sure you avoid any issues with the titling process.
When you are ready to close on a property you have to remember that things in Costa Rica do not operate at the same speed as they do in the United States and other countries. Kevin Brass, an international real-estate writer for The New York Times, points out in House Hunting in Costa Rica that:
“While the system for buying property in Costa Rica is straightforward, international buyers will need patience, local experts say. “In Costa Rica, everything takes longer,” said Hernán Cordero, a partner in Cordero & Cordero Abogados, a law firm with offices in Liberia.” http://www.nytimes.com/
Navigating the waters of finding a home and purchasing property in Costa Rica can be daunting for the first time investor. Understanding the market and having a reliable source to help out is essential for anyone that is seriously looking into buying a home or investing in land.
For the past few years not only have we been helping home owners rent out their vacation rentals, but we have helped new owners find their perfect vacation homes.If you would like more information about purchasing property in Costa Rica, especially in the Santa Teresa /Mal Pais beach communities and surrounding areas, please feel free to contact Costa Rica Beach Rentals to find out more.
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