May 7, 2011 – For people who are thinking about making the plunge and move to Costa Rica, one of the big questions involved is on whether to buy real estate in Costa Rica or to simply rent a home or condo.
On top of that, owning a house in Costa Rica or anywhere is not necessarily right for everyone depending on not just financial reasons but also on the plans or area in their life the individual is currently in.
However, if you are currently in a position where you are not sure what to do here are some reasons as to why you should purchase real estate in Costa Rica:
Paying rent is fine on a short term basis
Paying rent is fine on a temporary basis like for a few years but on the long run, you will be financially losing.
Don’t look let the property tax in Costa Rica keep you from buying a house just to save a few thousand dollars a year. You need to take in the bigger picture that you will be owning a home in the area that you want to live in.
Even if you end up buying a condo in Costa Rica that has a monthly maintenance fee of let’s say $300 a month it will certainly beat renting because you will own the property.
The property you are buying can become a type investment in Costa Rica because you can always flip the property for a profit at a later date and then buy your dream home in Costa Rica.
In Costa Rica and in many places around the world, it is currently a buyer’s market which means that people are desperate to sell their house and are lowering their prices and having fire sales.
The main reason however as to why you want to buy a house in Costa Rica should be because you want the house; you need and plan to live in it. Back in the 1980’s buying a home was considered to be a money pit and many people that bought property as an investment are still recovering from the loss.
Thus, if you are thinking about buying a house in Costa Rica, be safe and do it because you want to live in Costa Rica and have found the house that is right for you.
So do yourself a favor, make sure that you are buying the house in Costa Rica for the right reasons.