Costa Rica is one of the top countries to live in for various reasons like the weather, cost of living and price of real estate. This is why many expats are flocking to Costa Rica in search of a better and more accessible lifestyle. At the moment, the real estate sector in Costa Rica is on the move and the growth level is on par with the real estate market before the 2008 global crisis.
This said, last year the construction of properties increased by 8.2% and real estate brokers in Costa Rica have noticed that more investors are willing to put in more money in Costa Rica. This is why many real estate companies are actually seeing an increase in people looking to buy or rent a home in Costa Rica as they are aware of the current shift in the housing market.
This is why right now is the time to buy that home in Ciudad Colon, Costa Rica or in Escazu. tPeople are seeing the signs and they are acting before the market in Costa Rica becomes a seller’s market. To help you out with this important decision, we decided to give you these do’s and don’ts of buying a house in Costa Rica.
Make a Pre-Checklist
Whether you are a first-time home buyer or an experienced one, you should always make a list of what you will need in order to buy that house. If the list is all checked, then you are ready to go. Here is an example of a good and reliable home buying re-checklist:
- Is your credit good enough to get a loan at good interest rates?
- Do you know how much you can afford for monthly payments?
- Do you have at least 10% saved for a down payment?
If the answer is yes to all of the above, the logical the next step is to get pre-approved for a mortgage and to find the house you want.
Find a Lawyer
The next thing you should do is talk and to retain a lawyer. It is not necessary but it is a good rule of thumb to protect yourself from fraud or from making common mistake that will work against you. Of course, most professional real estate agents in Costa Rica can walk you through this but when you think about the cost of buying a home and of hiring a lawyer, the cost of hiring a lawyer is very small. Especially when compared to the cost if the home you are buying is in foreclosure or in probate.
Find a Good Real Estate Agent
The job of a real estate agent is to connect people to the home they want to buy or sell. A good realtor will use his or her experience to sell the right home to the right buyer. That is why you should look for a realtor that has experience in the neighborhood that you want to live in as they will know exactly if they property you are looking for is a good deal or not.
Once you have found the real estate agent of your choice, make sure that you describe in detail to them exactly what you are looking for in a home like: how many bathrooms, how many bedrooms, garage size, yard, land space and so on.
Want more tips about buying a house in Costa Rica? Then check out these Costa Rica Real Estate Tips