Have you thought about moving abroad? This is a wise decision. There is a good chance that you’ll be able to find a country that provides you with lower cost of living. On top of that, you’ll be able to surround yourself by new people and new cultures. This can be very exciting. However, you have to move forward carefully to ensure that you do not make any mistakes. Moving to Costa Rica is a good idea but you’ll need to purchase property first. Within this guide, you’re going to find tips for buying property in Costa Rica.
Research The Neighborhoods
Before trying to buy real estate in Costa Rica, you need to make sure that you know the neighborhoods. You need to understand that Costa Rica is just like other big countries. Some of the neighborhoods are upscale and safe. Others are downright dangerous. With that being said, you need to make sure that you choose a safer neighborhood. This is why you should spend some time getting to know the area in question. Do that and you can rest assured knowing that you’ll move to a neighborhood that is safe and friendly.
Visit First
Have you visited Costa Rica? If the answer is no, you’ll want to change that immediately. You should never buy land in a foreign land unless you’ve visited that land first. After all, you’ll want to make sure that the land is gorgeous and inhabitable. If it is not, you’re going to be wasting your money. Be cautious and visit the property first. This will ensure that you’re getting your money’s worth.
Incorporating
Another thing to note is that you’ll be required to jump through numerous legal hurdles. Until you do that, you will not be able to buy land in Costa Rica. This is why you should think about obtaining a corporation’s name first. You need to purchase the name. In general, you’ll be acquiring a limited liability company. This is very similar to an LLC in the United States. Remember that the shares can be transferred once you’ve obtained the corporation. Or, you can obtain and maintain all shares. Either way, being incorporated in Cost Rica will make buying property here much easier.
Check Folio Real
Another thing to remember is that you’ll need to know where to look. The good news is that this shouldn’t be too difficult. Most properties that are listed for sale in Costa Rica can be found in the Folio Real computer system. This will make it very easy for you to find what you’re looking for. You can access the computer system by visiting the Public Registry offices in San Jose. It is vital to use the system to check the property’s title before moving forward. This can help you determine what type of title is held. You might be able to find properties using other methods but you should always rely on the Folio Real system.
Try Renting First
When it comes down to it, you should not dive in head first. Doing so could result in major problems in the long run. With that being said, you should think about test driving the property first. One of the best ways to do this is by renting the property first. This can make a big difference. It’ll ensure that you’re able to get a feel for the neighborhood and your neighbors. If you do not like the area, you’ll be able to move out without committing to the purchase. Either way, it is a good idea to rent the property before making the purchase.
Save Money At the end of the day, buying property is going to be expensive everywhere. With that being said, there is a good chance that you do not have enough money right now and you’ll likely need to take out a loan. Well, you should try to save up. If you’re able to cover the closing costs and more, you’ll have a much easier time buying the property in question. With this in mind, you should not rush the process. Save you money for as long as humanly possible before moving forward. This will help make the process much easier. And, you’ll be able to move into the property with less debt on your shoulders
