Searching for a Home in Costa Rica

Most likely if you are searching for a home in Costa Rica, you plan to relocate. You are probably not native to Costa Rica but either wish to retire or start a new life in a majestic country alive with wildlife and rain forests. The very first thing to do before actually looking for a specific home is to travel to Costa Rica for a week or two to ask questions, see the lay of the land, get a general idea about neighborhoods and understand the infrastructure. For example:

• Is the country broken down into areas like states or provinces?
• Are there areas that might be better suited to families or professionals?
• Are the costs relative across the country?
• Are certain areas better for working if you plan to capitalize on business opportunities?
• Would you enjoy living seaside either on the east near the Caribbean Sea or the west on the Pacific Ocean?

All of these factors are important when looking for a home in Costa Rica.

Once you have a general idea of where you might like to live, while you are in Costa Rica, it would be a good idea to scout out a real estate agent and let him/her know that you will be looking. Make arrangements with him/her to send you photos and internet links to see homes that available in your range. Also, if you see anything you like while conducting your own search, let the agent know so that he/she can visit the home on your behalf. One thing to do is be very specific in your details. Many times your perception may be different than the local perception and this leads to miscommunication.

Costa Rica is a buzzing, happening place. Plenty of real estate and mass investment from foreign sources help to make the market competitive. Because Costa Rica is so viable as an investment, for those searching for homes in which to reside, they have a multitude of websites to consult. The Multiple Listing Services is available and this is a must-review for people looking for homes. Also, the Costa Rica Real Estate Brokers Board offers an extensive array of listings including properties for sale, condos for rent, commercial buildings and parcels of land. They will help you by recommending a legitimate real estate agent.

Important points to consider and remember when purchasing a home in Costa Rica are:

• The contracts are generally in the native language Spanish.
• The housing market can appear as though it has no rules. This will be especially true of you hook up with someone who is not qualified to help your house search. Stick with the official agents through the Costa Rica Real Estate Brokers Board or agents associated with the Costa Rica Chamber of Real Estate Brokers.
• If purchasing a new home, look for developers with solid track records.
• Before purchasing and maybe before starting your search, obtain information about mortgages. Will your local bank mortgage the property if it is outside of the country and you are outside of the country while living in the home? If you need to obtain a mortgage from a Costa Rica bank, you should go in person to meet with them as the banks have very different views on how a person’s ability to repay is determined. For the most part, applying for a mortgage will require certified bank statements for a twelve month period as well as a full physical exam and battery of blood tests to be performed by the bank’s doctor.