“Dos and Don’ts”
Costa Rica’s lush landscapes, idyllic beaches, and warm, welcoming culture make it a sought-after destination for real estate investment. Whether you’re seeking a vacation home, a rental property, or a permanent residence, navigating the real estate market in a foreign country requires careful consideration. Here are the essential dos and don’ts to guide your property purchase in Costa Rica.
Dos When Buying Real Estate in Costa Rica
Do Work with a Reputable Real Estate Agent
Choose a licensed agent with extensive local knowledge and experience in the Costa Rican market. A trustworthy agent will help you navigate the process, identify properties that meet your needs, and negotiate effectively on your behalf.
Do Conduct Thorough Due Diligence
Hire a reputable attorney to perform a detailed title search and ensure the property is free of liens, encumbrances, or disputes. Confirm that the property is registered correctly in the National Registry.
Do Understand the Local Market
Take the time to research property values, demand trends, and regional differences. Markets like Guanacaste, Central Valley, and the Southern Zone each offer distinct opportunities.
Do Verify Zoning and Building Regulations
Check with local municipalities to ensure the property complies with zoning laws and has permits for your intended use. Some areas, especially near the coastline, have specific restrictions.
Do Plan for Additional Costs
Budget for closing costs, property taxes, legal fees, and potential maintenance expenses. It’s crucial to factor these into your overall investment.
Do Get a Survey of the Land
Have a professional surveyor confirm the property boundaries and ensure the land matches the legal description.
Do Consider a Property Management Company
If you’re purchasing a rental property or will not reside full-time, hire a reliable property management company to handle maintenance and rentals.
Don’ts When Buying Real Estate in Costa Rica
Don’t Skip Legal Advice
Avoid handling the purchase without a qualified attorney. Costa Rican real estate law is unique, and professional guidance is essential.
Don’t Assume You Own the Land by Possession
Unlike some countries, possession does not automatically confer ownership in Costa Rica. Always ensure proper documentation and registration.
Don’t Overlook Water Rights
Water availability is crucial. Verify that the property has legal access to water through a registered concession or municipal supply.
Don’t Rush the Process
Take your time to understand the property and the surrounding area. Visit the property multiple times and at different times of the day to assess its suitability.
Don’t Rely Solely on Online Listings
Pictures can be deceiving. Visit properties in person or through a trusted representative to ensure they meet your expectations.
Don’t Ignore the Community
Engage with locals and neighbors to understand the area’s dynamics, infrastructure, and safety. Their insights can be invaluable.
Don’t Neglect Environmental Considerations
Costa Rica places high importance on environmental conservation. Ensure that the property complies with environmental laws and is not in a protected area.
Buying real estate in Costa Rica can be a rewarding investment, but it requires diligence, planning, and the right team of professionals. We can help you deal with all these aspects with our internal teams of real estate experts we have at Real Estate Suma. By following these dos and don’ts, you can navigate the market with confidence and find the property that best suits your goals. At Real Estate Suma, we’re here to guide you every step of the way. Contact us to begin your journey to owning a piece of paradise in “Pura Vida” land
