Costa Rica Real Estate FAQ | Tips on Buying | Tips on Selling | Tips on Building | Financing

Why Buy Real Estate Property in Costa Rica

Property values in Costa Rica have shown good appreciation in recent years, and this trend is bound to continue as the country continues to be a popular tourist destination. At Tico Realty.com, we can help you with all your real estate and relocation needs. We have a team of experts to guide you through the process and answer any real estate in Costa Rica questions. When you’re ready to look at real estate, contact us and let us help you make your dream a reality.

Costa Rica Real Estate Buying Frequently Asked Questions and Answers

1. As a foreigner, can I own real estate in Costa Rica? - Yes you can! It is very easy to go about buying real estate in Costa Rica. There are no restrictions for foreigners.

2. Why is Costa Rica a better place to live than other Central American countries? - Costa Rica is more developed and politically stable. Additionally, Costa Rica has no military. Money that would have supported a military is spent on health care and education. Costa Rica Real Estate Property Ownership

Private hospitals are comparable to those found in the United States. Public education in Costa Rica is also high-quality. Students who qualify are given a university education without tuition, resulting in an educated population.

Costa Rica’s infrastructure, while lacking in the development of roads and highways, provides electric and telephone service generally far superior to other Central American countries. Over 25% of the land is protected areas, national parks and protected preserves.

Costa Ricans are very concerned about the ecology of their diverse country and all these benefits make Costa Rica real estate properties great investments.

3. Are beach areas the most desirable locations to retire in Costa Rica? - When people first arrive to Costa Rica, they are usually attracted to Costa Rica Pacific real estate; however, many change their thinking and find San José real estate for sale more desirable.

Costa Rica Real Estate AnswersThe Central Valley (San José area) offers a perfect year round climate, making central heating and air conditioning unnecessary. Beach areas like Jaco, Dominical, Tamarindo, Guanacaste, Flamingo, Puerto Viejo Malpais are hotter and more humid. Quite a few people find the small beach communities lacking in culture and entertainment.

Also, those who move to the beach for peace and solitude may find their paradise disrupted with a new development nearby.

Some people are more comfortable being closer to the city’s modern medical facilities

The best advice to prospective buyers of Costa Rica exclusive real estate is to rent in the area you are attracted to and make sure you are totally satisfied. Don’t let someone push you into making a decision you’re not ready for or comfortable with.

There will be plenty of Costa Rica real estate properties available when the time is right.

4. Is it possible to own commercial real estate in Costa Rica? - Yes, you can buy and operate a business in Costa Rica. With some government approved businesses in the tourist sector, an investment of $50,000 will qualify you as a “rentista” and allow you to obtain residency. Other sectors require $200,000 to qualify for “rentista” residency.

5. Why is a Costa Rica real estate investment a good idea? - Because of its desirable climate and political stability, Costa Rica is a popular place for Americans to vacation and retire. The cost of living is significantly lower in Costa Rica than in the U.S. In the San José (Central Valley) area, the temperature is so pleasant year-round that there is no need to have air conditioning or heating, making utility costs inexpensive.

Property taxes are also much lower than in the U.S., and real estate prices show good appreciation. Essentially, buying real estate in Costa Rica is a solid investment.

6. What will I do about health care if I buy property in Costa Rica? - Costa Rica has great health care. In fact, a 1995 World Health Organization report placed Costa Rica third in life expectancy, behind Japan and France. Most of Costa Rica’s doctors trained outside of the country and many are bilingual. Some people who move to Costa Rica find patient care even better than in the U.S. Doctors tend to take their time to provide more individualized care. Costa Rica Real Estate Answers

In terms of health insurance in Costa Rica, there are a few different options for foreigners. Those who have financial interest to protect will want to choose an international insurance company that can guarantee a minimum of $5,000,000 lifetime coverage available anywhere in the world. Look for a reputable company with a long history of protecting individuals without cancellation or restrictions on renewal.

The Caja Costarricense de Seguro Social (CCSS) is Costa Rica’s social security system that provides health services to Costa Rican citizens and also applies to any foreign resident or visitor. CCSS has a government-sponsored network of 29 hospitals and more than 250 clinics throughout the country. Foreigners can join CCSS by paying a small monthly fee, based on income. Prices for treatments are generally way below those of the U.S. For example, a private office visit to almost any medical specialist costs around $30.00.

CCSS has some drawbacks, however. Costa Rican hospitals tend to be overburdened and backed up. CCSS only pays for public hospitals on their registry, leaving individuals to pay out of their own pockets if they go to a private hospital.

Health insurance can also be purchased from the State monopoly, Instituto de Seguro Nacional (INS). Their plans are valid with over 200 affiliated doctors, hospitals, labs and pharmacies in the private sector. Unfortunately, the largest INS Medical policy only provides $17,000 protection, which would fall short of protecting you in case of major illness.

7. How can I be sure my purchase is secure? - To guarantee that your purchase is completely secure, you should work with a reputable real estate attorney. We recommend First Costa Rica Title and Trust and Stewart Title.

An attorney can make sure you enter into a purchase agreement that guarantees all the conditions of the sale and maintenance of the property until closing.Costa Rica Real Estate Answers

All monies should be deposited and held in an escrow account. For extra security, you can also purchase title insurance. Within a few days of the closing date, you should be able to look in the national registry to make sure the property is recorded.

Essentially, transferring a property from one owner to another should be no problem as long as you employ a professional to help with the process and protect your money.

Costa Rica Real Estate FAQ | Tips on Buying | Tips on Selling | Tips on Building | Financing

 

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