- Written by Christopher Howard
Once you have explored Costa Rica and decide that you want to live here permanently, you may choose to look for a home to purchase. The $1,000,000 question is , "How do I find a property?"
Fortunately, there many tools at your disposal for locating your own slice of paradise. Below are a few ideas to get you started assuming you have decided where you want to look for a home.
1. The help of a broker. This is perhaps the most difficult part. A good broker can help you find a property and assist you with all of the steps in buying it. But first you should know that real estate brokers are not regulated in Costa Rica. You should also be aware that there is no licensing for brokers or watchdog organization to keep an eye on the business practices of real estate agents. So what you get is everybody and their mother selling real estate in Costa Rica. There are a few established real estate companies like Remax, Coldwell Banker and Century 21 operating in Costa Rica. However, just because a company has purchased the right to use one of the aforementioned names, it doesn't equate to the company being reputable. What you get is something like the wild west when it comes to real estate here. There are a few good and honest brokers and you just have to take your time and find one. Luckily a lot of the unscrupulous brokers were weeded out when the world economic crunch of 2008 hit. Nevertheless, you should ask for recommendations and be cautious if you choose to have a broker help you find a property.
No matter what you do, be sure to use brokers with local expertise, good references, and residency. During the boom many tourists without papers sold real estate here. You should also avoid pushy and high-pressure brokers and never pay an hourly, up-front fee to them.
Once you’re satisfied that you’ve found a good broker, then the real fun begins, as he or she shows you around to different properties that meet your criteria. Remember to use only one broker per region.
Many expats and retirees hire a trustworthy Tico to act as fixer, interpreter, and intermediary when searching for property. Doing this can be risky, for any number of reasons. Language and cultural barriers will prevent you from really know what’s going on and you’ll therefore be more exposed to fraud risks. But there are still plenty of honest Ticos out there just looking to make a living, and especially in more rural, undeveloped areas, hiring a local can be the best way to find a deal.
2. The Internet. There are tons of properties listed on the Internet. However, when seen in person many will not meet you expectations. NEVER buy a property sight-unseen over the Internet. At one time there was an outfit called Paragon Properties that made a living selling land in Costa Rica to naïve foreigners over the Internet.
3. Newspapers and other print sources. You can look in the local Spanish newspapers or on-line publications like AmCosta Rica to find property.
4. Word of mouth. Talk to people in the area you like to see if the know of any property for sale.
5. Drive around the area of interest and look for signs that say, "Se vende (for sale)." You can often find some real gems this way that are not advertised in the newspaper or with brokers.
Finally, as you embark on your mission to invest in property in Costa Rica, lots of people will appear out of nowhere to sell you things. Whatever else you do, be sure to take your time and shop around. There are a lot of deals out there, but they take time to find.
Posted in Real Estate
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