For many, it’s the fulfillment of a lifelong dream in retirement, for others, the chance to own a holiday home in a little slice of paradise, and for a few savvy investors, the opportunity to turn a profit in a fast-growing market. Whatever your motivations for purchasing property in Costa Rica, there’s plenty to think about before you take the plunge.
In fact, this rich and diverse country holds such a wealth of opportunities for buyers of all kinds, navigating the markets is no easy task. From the cosmopolitan atmosphere of San Jose to the idyllic beach properties of Tamarindo, expats considering a taste of Tico life need to make a number of crucial decisions. Additionally, taking a little time to review the realities of buying property in Costa Rica is an ideal way to decide whether this new and exciting adventure is the right choice for you. Here, we consider some of the pros and cons of buying property in Costa Rica, helping you prepare for everything the journey may throw at you.
Pros
- Legal Rights – One of the biggest draws for expats buying property in Costa Rica is the fact that they can enjoy exactly the same rights as locals. This means that you can purchase property or land with constitutionally assured rights for increased peace of mind.
- Avoid Planning Issues – When buying existing property in Costa Rica, as opposed to attempting to build your own, you will avoid having to navigate planning permissions and building codes. In essence, this means you can move in an start enjoying your new home right away.
- Existing Infrastructure – Most existing properties in Costa Rica will have some access to electricity, water, gas and other utilities. Additionally, properties in more popular areas will give you access to public services and entertainment.
- Sense of Community – For anyone looking to move into a property close to other like-minded expats, then there are plenty of communities already calling Costa Rica home. This means you can get some good advice from those already living there, plus enjoy a little neighborly convivence when you make the move.
Cons
- Tied to a Property – Unlike purchasing land, when buying a property in Costa Rica, you will be tied to a general layout and build quality. Some investors or retirees may find that building from scratch is more suited to their specific needs.
- Shared Spaces – Particularly when purchasing condominiums, shared spaces can be an issue. These will need to be maintained, either by the residents or by a third party for a fee. Additionally, you may have to sacrifice a certain amount of privacy.
- Maintenance Costs – Older properties may require significant amounts of money to restore or maintain. This can also be an issue for parts of the country where infrastructure has not been well maintained, causing issues within the property.
- Limited Investment Opportunity – For investors, purchasing existing property may incur a variety of unforeseen costs that eat into your investment. As a general rule, new-build is the more lucrative option.
These are just a few of the pros and cons to consider when thinking of buying existing property in Costa Rica. For more information, this guide to buying a property in Costa Rica is an indispensable resource to help you navigate the realty market and make the right decision. Finally, whatever your choice when it comes to realty in Costa Rica, always ensure you inform yourself well and stay abreast of the latest laws and regulations for expat investors.
