New issue in Costa Rica:

    One-parking space condos, a problem to sort out

    Now, in the Central Valley, we can see a lot of new condo buildings. In those places, zoning obligation is nonexistent and parking is likely to become a nightmare in those new condos due to the fact there are not enough parking spots built yet and as bad as it seems real estate agents are not interested in going about the problem as it should be.

    For this reason, it is always recommended to inquire into how many parking spots a condo building has before purchasing. Unfortunately, most people do the opposite; they commonly buy the condo without even asking how many parking spaces they will count on.

    When you are in talks with a real estate agents, you realize they know what words to use to get you to buy the condo. Some things they don’t mention is precisely the parking issue, especially if the condo only has one parking space. They fail to talk about this with the customer as they assume they will be at a disadvantage if they bring up the talking-point owing to the fact that they are clear enough that customers are looking for comfort, even at the moment of parking their two or three cars.

    However, and luckily for many buyers, there are other honest businessmen who don’t conceal facts like these and broach these topics when negotiating the condo. These straightforward real estate agents offer 20 percent discount and often explain the situation involving parking spaces so that the purchaser is clear before proceeding.

    Parking facts to consider before a condo purchase in Costa Rica

    It isn’t common that real estate agents offer a package that includes a lot of parking spaces. Be careful and take measures because that’s not the norm in Costa Rica. They usually come up with the one – parking spot package + the condo, and that’s something you have to be prepared to listen to. So, in the case of having two cars, you will need to buy an extra space. The problem with opting for an extra space is the money as it is a costly thing. It is estimated that most real estate developers charge $10,000 for an extra parking space and, let me tell you, that’s a lot of money and I personally think that goes beyond many people’s mean.

    How things used to be three decades ago

    In Costa Rica, old houses and buildings generally have a small garage. When I say small garage, I’m referring to a one parking space. The reason those houses have garages that size is because families didn’t tend to have more than one car 30 or 40 years ago. So, they only settle for a small garage to park their car (their only car). Now, things have changed (perhaps, buying power has changed a little bit) and families have two or three cars (mother’s car, dad’s car, the oldest child’s wheels and so forth).

    The solution to this problem may be in sharing expenses to be able to pay for that extra space in a condo.

    Two parking spaces to be fair

    In Costa Rica, people may be facing something unfair. There’s a fact that real estate developers should consider, and it’s related to current people’s purchasing power and the growth of middle-class population in the country. Although they know the number of wealthy people is surprisingly growing (not too fast but it’s increasing), they keep on constructing and offering one-parking space condos. What are they up to then?

    Gay couples, straight couples, barely legal teens own two cars due to the fact they are self-employed or they were handed down some wealth from their parents or grandparents or whatever. As a result, Costa Rican lawmakers should be on the prowl for a new law that lays down the obligation for the construction of at least two parking spaces per condo.

    CONTACT US for help when buying Real Estate in Costa Rica.

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    VIAThe Costa Rica News (TCRN)
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