Top 5 Things to Know to Not Overpay When Purchasing Property in Costa Rica

Purchasing Property in Costa Rica?

This list of what we consider to be the top 5 things that you need to know when purchasing property in Costa Rica will help you to make an informed decision. Are you looking for your perfect retirement location? Hoping to find the perfect piece of land to create a self-sufficient farm in a climate built for year-round growing?  Maybe you are eager to have your get-away bungalow so that you can break away from the hustle and bustle to enjoy the tranquility and beauty that the ‘pura vida’ lifestyle of Costa Rica has to offer you.  Whatever your plan is, be sure to be armed with the proper information and the best questions so that you can get the best deal for your budget on your property in Costa Rica.

Don’t Overpay

Paying too much for a property, ever, is something that all buyers want to avoid.  In order to avoid paying too much when tips for purchasing property in Costa Rica, there are questions that you need to ask yourself so that you get the best deal on whatever your next purchase is.  First and foremost, you need to be concerned with each property sale being the best deal for you as the buyer so that everyone is satisfied.  Follow these few simple guidelines to save money and be in the driver’s seat as you negotiate a great price with confidence.

Determining the best price for a property in Costa Rica is more challenging than in the United States

For example:  Costa Rica does not yet offer the tools to compare and evaluate the true value of property in Costa Rica which can otherwise make everything on a level playing field, comparing apples to apples, so to speak.  In the United States there is the MLS (Multiple Listing Service) which allows a realtor to search specific locations and land area, along with house size and amenities.

Property in Costa Rica

Having this information allows you to look at properties currently on the market as well as those that have sold and closed in order to get a good feel for prices to make a better, more informed decision.  If that wasn’t enough, there was always Zillow, which was an overview map that gave you the current lay of the land on value and pricing in a neighborhood.

How Do You Value Property In Costa Rica?   

Setting a value on real estate in costa rica can be a difficult task without tools at your disposal. The following tips and tricks can help serve as some basic guidelines to help you in the process of purchasing property in Costa Rica

1. Look At Plenty Of Comparable Properties

   Nothing takes the place of looking at several properties and comparing the value of each one.   Making a list of the best priced places as well as your favorite is an important step in keeping track and comparing all that is available.  If you do not spend time looking and comparing then you will be taking the word of the owners on value and that may not be in your best interest as a buyer.

2. Know The Communities You Are Considering 
   

   Familiarizing yourself with the various communities and the neighbors that make that community ‘tick’ allows you to have some of the inside scoop on things from a personal perspective.   Coupling this with your questions and investigation, the most accurate information about the area, pricing, and what has sold nearby as provided by the right professional, will add to your property decision list.

3. Know The Market

   Asking yourself if this is a buyers or sellers market is of the utmost importance.  The answer to that question can make all of the difference in your decision and the offer that you ultimately make.  If it is a buyer’s market, then you should be looking for favorable pricing, terms and things like owner financing to sweeten the deal and keep you ahead in the purchasing game.  It is always possible to make a win/win deal for both the buyer and seller.   Without the proper information it is easy to be on the losing side of a deal and it doesn’t have to be that way.

4. Get an Independent Appraisal
   

   After you implement the first three steps, if you’re still not confident in the pricing, hiring an independent property appraiser can be of benefit to you as a buyer.  An independent appraiser is outside of the deal and is able to give you their expert, unbiased opinion on the value of the property in Costa Rica that you are considering.

5. Find a Knowledgeable Real Estate Agent Who is Familiar With Your Intended Location
   

   Contact a knowledgeable real estate agent in the area that you are interested in.  Someone who has lived in the area for more than 5 years and is keenly aware of the current real estate market is who you want to work with.  Understanding  the current pricing of properties on the market, along with the knowledge of properties sold, the right agent will maintain a pulse on what is happening at the time and be able to share the true value of a property with you.  Having the knowledge of what past listings have sold for, not just what a seller has listed it for, allows you to be comfortable with the price that you decide to offer the owner.  The right realtor guiding you  to your property will be able to give you proper pricing and deal with you with honesty so that you can make an informed decision when purchasing property in Costa Rica.

To Sum Things Up

By being aware of, understanding, and applying all 5 of these tools when purchasing property in Costa Rica, you will have a recipe for success and feel confident with your purchase.

 Be sure to contact us to help guide you to your perfect place in paradise so that we can help you achieve your dream!

Click here to know in detail about San Ramon, Costa Rica Overview.

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Tim Burke
whynotcostarica.com
Email:  [email protected]
Phone: 8755-6743 Costa Rica | 509-570-1928 US

Whether you’re already established in Costa Rica, or ready to visit to investigate the possibility of purchasing a property in Costa Rica, contact us at Why Not Costa Rica to help you find your dream property.   As a realtor with over 20 years of experience in the United States with both residential and commercial properties as well as in personal investment opportunities, I look forward to working with you to help you to find the best price for your property in Costa Rica.