By
Richard Lacey
Special for A.M. Costa Rica
Thinking about buying a condo in Costa Rica? Read
our 5 tips to get started on your journey and get
one step closer to your Tico dream.
Buying a condo in Costa Rica can be a little
intimidating for expats just starting out on their
Pura Vida adventure. There are not only the usual
concerns and potential pitfalls to consider, but
also you need to be savvy enough to navigate new and
confusing bureaucratic and legal systems, and in
many cases, an entirely new language.
However, there’s no reason to be discouraged, and
today, there’s plenty of great advice and support
available online to help you navigate the process.
There’s no denying it, relocating to Costa Rica is
truly the adventure of a lifetime, and even the most
inexperienced expat shouldn’t be put off. To help
you get started on your journey, take a look at our
five top tips for buying a condo in Costa Rica and
turn that Tico dream into a reality.
Get a trusted real estate agent onside
The first step for anyone who is looking to purchase
a condo in Costa Rica is to ensure that you have a
trusted real estate agent on your side. Of course,
it is possible to search and purchase property
independently, but passing up a wealth of experience
and local contact is something of a no-brainer.
Search for your dream condo at
home and then request a consultation from an
experienced real estate agent. You can then begin to
build a rapport, enabling you to benefit from much
more than just the opportunity to view multiple
apartments. After all, Costa Rica is a small
country, and locals and expats alike pride
themselves on being warm and friendly (even the real
estate agents!).
Check what is shared and what is private property
You’ve been wowed by the glossy brochures and
compelling photos of a potential condo, and you’re
already imagining your day spent relaxing by the
pool and watching the sunset from the terrace.
However, photos can be misleading. Is that a private
terrace depicted in the photo, or one that’s shared?
Is that green space accessible to all residents? Are
the neighbors grilling on the BBQ really as friendly
as they look? Well, of course they are! However, the
point still stands. Whenever you are considering
purchasing a property that is within a shared
building, it is important to double check which
areas and facilities are shared and which are
considered private property.
Remember the HOA fees
Speaking of shared buildings, buying a condo is a
little different to buying any other type of
property in Costa Rica. After you’ve totaled up the
cost of the condo, the purchasing and legal fees,
the cost of moving or relocating, and laid out your
budget for the year, it’s very easy to forget the
Household Owners Association (HOA) fees. These are
usually paid either monthly, quarterly, or yearly,
and cover the maintenance of the building and its
grounds, alongside other regular costs such as
swimming pool maintenance and sceptic tank
management. Also, in most cases these fees cover
insurance against fire, flooding, and earthquakes—so
that’s one less thing you need to worry about when
you’re ready to move in!
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Inspect the property
before you commit
Inspecting any property before you commit to buy is
a crucial step when on the purchasing journey
however, it’s perhaps even more important when
purchasing a condo. Ok, you won’t have to worry
about structural issues or things like plumbing
problems, however, getting a real-world perspective
on the building itself and the area you will call
home is very important. Spend as much time in the
property as is possible when viewing. Check to see
if you can hear the neighbors through the walls. Is
the elevator working and is it quiet during
operation? Is the pool clean and well maintained?
Checking out the local area is also very important
when considering your new condo. Are there enough
amenities in the area? Are there plenty of social
activities and things to do? All of these factors
will help make your new condo feel like home—and
ensure paradise doesn’t become unlivable after your
first week.
Speak to your potential neighbors
One of the benefits of condo living is the sense of
community it provides. For retirees in particular,
this can be hugely beneficial, literally putting
like-minded people of a similar age on your
doorstep. To get a feel for a place and your
potential new condo, try to speak to people who
already call Costa Rica home. Whether it’s your
first visit to the building or you’re already
getting close to closing the deal, tactfully and
gracefully introduce yourself to anyone who seems
receptive. Ask them to tell you their experiences of
the building, the area, and Costa Rica as a whole.
Nothing beats that first-hand knowledge to help you
paint a picture of an authentic Tico lifestyle.
If you interested in learning more about investing
in Costa Rica in general, check out this guide: The Ultimate Guide to Buying Property in Costa Rica.
Editor's
note: Mr. Richard Lacey Richard is a licensed
Realtor and is a member of the National Association
of Realtors (NAR). Richard founded Coldwell Banker
Tamarindo in 2011, and in a few short years it has
grown to become the most successful Coldwell Banker
office in Costa Rica, and Richard is one of the
highest grossing sales agents in the country. He
comes from a corporate background, having spent many
years with blue chip corporations including KPMG,
Time Warner and Sony Corp. He has run businesses in
Costa Rica for 20 years and is a fluent Spanish
speaker. His focus is on hotel sales and high-end
beach residential properties.
Mr. Lacey is available to respond to any inquiry
related to his article or any information related to
real estate properties in Costa Rica at: richard@cbtamarindo.com or call : +506 8918 1144.
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The views or opinions
expressed by the author are the sole and
exclusive responsibility of the sender and do
not necessarily represent the opinion of A.M.
Costa Rica. Therefore, the newspaper does not
accept liability for reader's opinion letter
content.
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