|
|||||||||||||||||||||||||||
» Buying real estate in Costa Rica
Commercial Real Estate Buying Tips and Hot Deal
Tuesday, August 9th, 2011
Buying Tips
Step 1. Find a qualified agent in the area of interest. Experience is the most important factor in selecting a real estate agent in Jaco Beach. Using a qualified and licensed agent in Costa Rica will save you time and money. Not only will he/she do much of the grunt work, your agent will possess a deeper market knowledge, which is especially important in a market without a multiple listing system.
Step 2. Define your interest. Start by developing a complete definition of your requirements. Clearly communicating your requirement with your agent in advance will save you time, and avoid starting in the wrong direction.
- Are you going to occupy it or are you buying it strictly as an investment?
- What area and vicinity is of most interest to you?
- What are your investment objectives?
- Are you paying cash for the property if you need to finance it do you have a lender that you work with?
Step 3. Conduct inspection tours. Your broker will help sift through all the undesirable properties to narrow down your search so you can determine which best meets your expectations. As you view the properties try to rank them based on which meet your most important requirements (ie anything you cannot live without vs. what you might be able to work around and those desirable-but-not-necessary items.
Step 4. Make an Offer. Once you are ready your broker can help you write a successful purchase offer opening up open negotiations in order to reach an economic agreement. It will typically two weeks to thirty days to review the legal documentation and complete the due diligence on the corporation and property.
Hot Commercial Deal
Listing ID: L809 * BEST COMMERCIAL DEAL!! 7 High End Finishes
Click here to view more!
Property Features: FINANCING AVAILABLE!! PRICE REDUCED !! Includes 7 retail spaces with high end finishes and 7 more with permits. Within walking distance to the Jaco Beach. Perfect for an office branch or small business locals. 1.410 m2 Invest now! Fire Sale: $350,000.00
Request Info from : Hannah Fletcher with RE/MAX Connection
Thank you for choosing REMAX Connection.
Jaco Beachfront Condo Deals
Wednesday, June 29th, 2011Jaco Beach, Costa Rica, offers many oceanfront oceanview condo options and now is the time to take advantage of the slower market and motivated sellers.
Here are just a few examples of some affordable one and two bedroom Jaco condos for sale. These are also great vacation rentals due to the amenities Jaco has to offer the constant flow of tourism including nightlife, restaurants, tours and much more.
|
|||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||
Property Tax in Costa Rica
Wednesday, June 8th, 2011
The yearly property Tax in Costa Rica is only 0.25 percent of the registered value of the property. This is remarkably lower than most North American countries and one of the benefits of buying real estate in Costa Rica.
Annual payments are most common, but it is also possible to make biannual or quarterly payments. If you are able pay the yearly fee in advance you can take advantage of the prepayment discount which is normal offered by the local government.
Capital Gain Tax
Along with the low property taxes, there is no capital gains tax in Costa Rica. This is another factor that makes real estate investment a viable opportunity for foreign investors and retirees alike.
Costa Rica is attractive to foreign investment and there has been a vast increase over the past decade. The stable government and the financial policies have helped to boost the local economy. The real estate tax law sallow for any investor, whether local or foreign to make gains through buying and selling real estate.
Transfer tax
There is a standard tax of 1.5% of the value of the property when selling real estate in Costa Rica. In addition, there are stamps that need to accompany the final title deed, which is an additional 1% of the recorded real estate value.
This tax can be avoided when the property is purchased in a corporation. Your real estate lawyer can help advice you in this matter. Contact us for help finding a reputable real estate lawyer here in Costa Rica.
Real Estate Sales tax
At closing, a real estate sales tax, equaling approximately 1% of the value of the property, is also charged. Normally this tax is charged as part of the closing cost and split evenly between the buyer and seller. For more information on closing cost click here.
Foreigner Rights in a Costa Rica Market
Thursday, April 28th, 2011Costa Rica’s plan for economic expansion of the country along with the continued development of mid- to high-end residences, accommodations, services and amenities will continue to enhance the overall economic stability of the area. In addition to financial security, many ex-patriots, Europeans and Canadians are moving to Costa Rica due to the lower cost of living, which includes health care, dentistry and up-to-date technology in comparison to the U.S., but costing an average of 50-70 percent less.
The Costa Rican Constitution fully protects foreign ownership of property making it a safe emerging market for international real estate investors. Purchasers of property can also obtain a title guarantee from internationally recognized title insurance companies.
Nonetheless, those who purchase in Costa Rica should receive professional advice from both a licensed Realtor and a qualified real estate attorney to assurance the transaction is handled correctly and your investment is safe.
Hot deals to consider:
Jaco House, Walk to the beach:
Casa Palmas – 2 bedroom, half a block to Jaco Beach, 562 meters (6050 square feet) of landlisted at $175,000. view more
Beachfront Condos:
La Paloma Blanca F4 – 2 bedroom, 4th floor with ocean view listed at $254,500 with 70% financing. view more
Bahia Azul 10C – 2 bedroom, 3rd floor with private roof-top terrace, ocean view, listed at $275,000 and motivated. view more
The Palms 502 – 2 bedroom absolute ocean front on the 5th floor listed at $350,000 and motivated. just reduced view more
Bahia Encantada J1 – 3 bedroom 1st floor with ocean view listed at $359,000. just reduced view more
Diamante Del Sol 2, 302 – 2 bedroom absolute ocean front on the 3rd floor listed at $410,000 and motivated. Financing available. view more
Costa Rica Cost of Living
Wednesday, March 9th, 2011
Costa Rica is a great relocation option whether you are an American looking for an international retirement alternative and a slower pace of life, Canadian looking for warmer year-round weather, or an adventurous spirit.
Almost once a week I have the “Cost of Living” conversation with someone considering the possibility so I have been inspired to share my experience. Naturally your cost of living will depend a lot on your lifestyle so let me give you a little background on mine with the associated cost:
Food & Dining: The Farmers’ Market (Ferria) is a wonderful place to find inexpensive and fresh produce, plants, meat, and a variety of other items. If you are looking for a Tico (Costa Rican) meal with the traditional rice and beans with meat or fish, take in one of the many sodas around for about $4.
My husband and I don’t cook! Well maybe once or twice a month, which means that I am your go to girl on restaurant recommendation and that my food bill is my chosen area to splurge. (We spend approx. $1000/month)
Health Care: Costa Rica’s public health care system (CCSS, or Caja) is inexpensive and offers medical care from highly trained physicians. Monthly rates are calculated on a sliding scale depending on income. Paying for medical services out-of-pocket is another alternative, as services are a fraction of what they are in the United States. Private insurance is also an affordable option.
We have private international insurance. (We spend approx. $290/month)
Utilities: The costs of services such as water, phone, and cable are also considerably lower than those in the United States, although electricity is considerably higher if you run the A/C all the time and have a dryer in our house.
(We spend approx. $180/month Electric, $35/month for 2 Cell phones, $55/month for home phone and DLS- high speed internet, $24/month on Cable TV)
Transportation: Purchasing a car is one of the more costly investments you will make in Costa Rica. Tax on new cars are especially high. The local transportation is not a bad option. For example: Bus tickets from Jaco to the airport only cost $3 and a taxi ride across town will cost $2-5.
My husband and I both work in Real Estate so we invested in new cars which would not be necessary if it was not for our jobs, especially since we live within walking distance to everything in town. . (We spend approx. $310/month for general car maintenance, Car tax and gas for two cars)
Property: Low property tax rates are one significant benefit when living in Costa Rica. Property tax rates can be as low as 1/25th of the rates of some areas in the U.S. Various regions in Costa Rica have different tax rates for each. \
We don’t live in a luxury condo on the beach. Instead, my husband and I found a small condo within walking distance to town with reasonable monthly fees and low maintenance cost. (We spend approx. $21/month on property taxes and $204/month on HOA fees)
Services: Labor is relatively inexpensive in Costa Rica. You can hire a housekeeper for an average of $25 per cleaning, gardeners, nannies and other skilled laborers are a great way to pour into the local economy and spoil yourself at the same time.
We have a maid come in to deep clean once or twice a month and I firmly believe that a monthly trip to the spa is one of the finer things in life. (We spend approx. $15/month on maid service, $100/month of other services including: Tolls, international P.O. Box, Vonage international phone in our house, dentist, spa treatments, haircuts, entertainment, etc. and $72 on legal and accountant services)
There will be a variance from region to region. We live in Jaco which is known for being one of the most developed and attractive tourist town on the coast of Costa Rica. This means more imported goods, higher property values, higher rent cost, a higher concentration of amenities and more convinces then you would find in comparison to a smaller town in the middle of Costa Rica somewhere.
Let me know if you have any questions or if I can help you find your little piece of paradise.
Hannah Rico Fletcher
714-369-8133 from the US/ Canada
2643-6010 CR office
Sellers Handling a Lowball Offer
Wednesday, February 2nd, 2011In today’s market, sellers commonly have to deal with the infamous Lowball offer. The best strategy is to keep emotions out of the mix and “consider it” as a starting point for negotiations. Regardless of what kind of offers you receive, you can’t take it personally.
Your motivation is to sell your property and the highest amount the current market will allow for! Start by asking how the offer compares with recent sales. This will assure you are negotiating with realist expectations. Many times a low offer is not an indication of what your property is worth, but rather what the buyer can afford.
Price is not the only way to turn such a situation around in your favor to achieve a successful sale. Try to find wiggle room by negotiating the terms, here are a few questions to ask:
Is the buyer making a cash offer? Cash offers are very rare in this market. If not, try to negotiate as much down as possible.
Is the buyer willing to close quickly? The average closing time is 30 to 45 days but it only takes the lawyers an average of 15 business days to finish the due diligence process. A quicker closing can help offset the extra holding cost you would otherwise be paying.
Is the buyer willing to paying closing cost? Normally closing cost are split equally between the buyer and seller and can add up to a total of 5.2% of the finial. This may be a good way to negotiate 2.1% extra.
Is the buyer willing to take the property AS IS? Normally buyers will want to do a walk through and may request repairs or a punch list? Adding a “AS IS” clause to the offer can save you both money and time.
You have nothing to lose if you property has been on the market longer then 6 months and you are not getting a lot of showings. Do whatever you can to keep the negotiations open and the terms in your favor.
With a little teamwork, a conclusion that everyone’s happy with can be obtained.
Contact us if you would like us to help you negotiate the sell of your property.
Gated Communities in Costa Rica
Tuesday, December 21st, 2010
Gated Communities can be a very important thing to consider when purchasing a vacation or second home. When you don’t plan on being at your house year round, you want to know that your things will be safe and your house will be undisturbed. These are some of the benefits that come along with living in a Gated Community. Luckily, they have become very popular in Costa Rica and we have a few really great Lot Developments on the Central Pacific Coast.
Costa Esterillos, Costa Montana and Costa Reserva
Whether or not you are aware, a ready to build lot with out a history of legal issues and infrastructure in and complete is harder to find then advertised in The Central Pacific of Costa Rica. These Costa Developer’s lots are all re-sales, all infrastructure is complete, they are located in a fantastic accessible area and ready to build! Costa Developers also overcomes the obstacle and daunting process of building by providing all of the resources for you.
Ready to build lots starting at $29,500 Click here for more details
The New Highway from San Jose to Jaco is open again!
Wednesday, July 14th, 2010
Now it is just a quick hour trip from Jaco Beach to San Jose! 11 kilometers of Ruta 27 are now repaired and opened back up for travel. The road had been closed since June 12th due to multiple landslides and rock falls. And with the rainy season beginning they wanted to fix the exposed rocks and steep angles before they get worse. In order to fix the damaged parts of the road they had to erect steel mesh and fix the construction of the gutters in an attempt to stop the debris and materials from falling all over the road. From now on there will not be any machinery on the highway, however there will be workers maintaining and fixing the road as time goes on. Of course there was plenty of congestion this weekend due to the re-opening, but it should return to easy sailing soon.