Costa Rica is one of the most popular destinations for foreigners looking to purchase the property. The country’s stable political environment, beautiful scenery, and friendly people are just some of the reasons why Costa Rica has become such a desirable place to live.
If you’re thinking about purchasing property in Costa Rica, there are a few things you should keep in mind. In this guide, we’ll cover the basics of buying real estate in Costa Rica, from the initial search to the closing process.
- Start your search online:
There are a number of websites that list Costa Rica real estate for sale, such as Encuentra24 and Costa Rica RE/MAX. These sites are a great place to start your search, as they allow you to narrow down properties by location, price, and other features.
- Work with a real estate agent:
Once you’ve found a few properties that you’re interested in, it’s a good idea to work with a real estate agent. A good agent will be able to provide you with information about the properties you’re interested in, as well as help you negotiate the purchase price.
- Get a loan pre-approval:
If you’re planning on financing your purchase with a mortgage, it’s a good idea to get pre-approved for a loan before making an offer on a property. This will give you an idea of how much you can afford to spend, and will also make the purchase process go more smoothly.
- Make an offer:
Once you’ve found the perfect property and have been pre-approved for a loan, it’s time to make an offer. Your real estate agent will help you negotiate a fair purchase price with the seller.
- Get a home inspection:
Before you finalize the purchase of your property, it’s important to have a home inspector take a look at the property to check for any structural or mechanical problems. This will give you peace of mind knowing that you’re not buying a lemon.
- Purchase insurance:
It’s also a good idea to purchase insurance for your property, in case of any unforeseen damage or accidents. Your real estate agent can help you find a reputable insurance company.
- Hire a lawyer:
In Costa Rica, it’s customary to hire a lawyer to handle the closing process of your real estate transaction. A good lawyer will make sure that all of the paperwork is in order and that you’re getting the best possible deal.
- Sign the contract:
Once all of the paperwork has been finalized, it’s time to sign the purchase contract. This is a legally binding document, so be sure to read it carefully before signing.
- Pay the down payment:
After the purchase contract has been signed, you’ll need to pay a down payment on the property. The down payment is typically 10% of the purchase price, but can vary depending on the lender.