With the cost of living rising in the U.S. and retirement savings shrinking due to the state of the U.S. economy, lots of baby boomers are looking for tips on buying real estate in Costa Rica. While many South American locations have become popular retirement destination, Costa Rican real estate has a number of advantages over real estate in other countries.
Costa Rica has a democratic government, an easy low-key lifestyle, a beautiful coastline and temperate climate, and real estate prices that are far below those in California or Florida, even taking into account the current trend toward offshore retirement. When looking for real estate in Costa Rica it is worthwhile to have some general tips and guidelines in mind.
Here are several tips for buying real estate in Costa Rica;
- Make sure you know the actual value of the property. Don’t assume the property is fairly priced without first comparing your choice with other properties.
- Make sure you are dealing with a reputable real estate agent. Don’t assume you can trust your agent just because he or she speaks English.
- Make sure the property you are thinking of purchasing is not part of a National Park or a restricted use area.
- Make sure the land you are building on or on which the home is located does not have rain water run off or erosion issues that will cost you big money in repairs down the line,
- Make sure clean water and electric are available where you want to buy. It may be beautiful, but if the water supply has problems or you have to bring your own electric, that will add substantially to your costs.
- Know who your neighbors are and get a good understanding of the town or city you are in or near. Make sure you are comfortable with what you discover before you commit.
- Always, always have a thorough inspection of your property complete by a reputable contractor to make sure it is structurally sound and has property wiring and plumbing.
- Always get everything in writing, and have an attorney back in the states review your documents before you commit.
If you keep some common sense guidelines and tips in mind when shopping for real estate in Costa Rica, you will be richly rewarded with a retirement home that comes much closer to paradise than anything you could ever afford in the United States.