People come to visit…and return again to stay. The environmental, cultural and economic diversity of Costa Rica has many travelers returning to purchase real estate in this tiny Central American country. The idea of owning a part of this natural beauty is attractive for those seeking a retirement or vacation dream home. Costa Rica is economically healthy and continuing to emerge as tourism increases. Real estate is still affordable in Costa Rica and readily available to potential buyers.
Condos, also known by locals as “fincas” are often the best choice for those seeking a vacation home or have a limited income to work with. Real estate agents will tell you owing a condo in Costa Rica is an investment, which is absolutely true. If you choose to purchase a condo as a vacation home it can make your payments for you simply by renting it out to travelers like yourself. And to add, with the housing market value increasing, the investment can only get better. There are tax advantages to owning a home in Costa Rica, making it another plus to buy. More reasons for a condo would be the gated community, someone else responsible for maintenance and management, shared amenities, and protective covenants. Current listings for available condos range from $130,000 up to $575,000.
If you feel the lure of ownership of home, expect to spend around bottom prices of $115,000 up to $3,000.000 depending on location, market, and home design. There is much to know about home purchasing in Costa Rica. Ocean beachfronts cannot be purchased or titled, only leased from municipalities. It is important to understand the processes involved in home buying. Buyers need to know about zoning plans, maritime zone concessions, municipal beach leases and permits. One preferable way to purchase a home in Costa Rica is to form a corporation name thru a lawyer and purchase the home through the corporation. The reason for this is primarily dealing with taxes. Capital gain taxes that are applied if you choose to sell the home and to avoid paying property transfer taxes a second time. There is also a real estate registry available to potential home buyers to make sure there is a clear title to the property, as well as any other information that may effect the sale, such as restrictions on property. Costa Rica now offers Title Insurance too. How to buy the home is a lot like traditional home buying in America. You make an written offer, with a small ‘good faith’ deposit, usually around 10% of purchase price. Closing dates are typical, being around 30-60 days. Unless, you have spotless credit, you may have to finance the home in America. Although those with perfect credit can find financing in Costa Rica.
The hottest places to buy property in Costa Rica are the North Pacific Province of Guanacaste, which boasts of long luxurious beaches, dry climates, and the famous town of Tamarindo, and in the Central Pacific region, San Jose and Jaco. Both have thriving economies. In the Central Valley area, there is Escazu and Santa Ana, the most popular cities in which to live in Costa Rica.
As the world seeks out places for quality of life, Costa Rica is fast becoming the place just to do that. The standard of living in this tropical paradise predisposes one to no stress, a aesthetically pleasing environment and healthy endeavors. It is no wonder real estate and home ownership in Costa Rica are booming.
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