Many people in Europe, America, and Canada who are eyeing retirement and looking to set up a home in a peaceful country with endless natural beauty and laid back living style to spend their golden years choose Costa Rica as the most preferred destination. This has come up in the 2016 Global Retirement Index published by International Living that identifies Costa Rica as the fourth most preferred destination in the world for retirees.
The process of buying property is so easy that foreigners are making a beeline to invest in real estate. It is a country that embraces nature to enjoy its endless blessings in the form of dense jungles and endless coastline that are mesmerizing.
Foreigners are welcome
The Costa Rican government welcomes foreigners to invest in real estate as evident from its friendly real estate laws that make property buying a breeze. The process is so much hassle-free that you will not believe in its simplicity unless you go through it. Any foreigner can buy property even if he or she is a non-resident and wants to own the property all by themselves without partnering with any Costa Rican citizen. And this open attitude of the government in attracting foreigners to invest in real estate has given a big boost to property dealers who deal in Costa Rica Real Estate Properties.
Foreigners enjoy the same property rights as the natives in owning and transacting properties. The only difference with locals is that they do not have any voting rights in municipal or presidential elections. They must only ensure that they buy a legal property because almost all property in Costa Rica has a title, meaning that it is safe to deal in such properties. Except for land donated by the government to poor farmers known as IDA property and property located in a maritime Zone, foreigners are eligible for 100% ownership of other types of properties. The only proof that foreigners must furnish to become eligible for buying property is the visa that allows lawful entry into the country.
Seek the services of a real estate agent
Real estate agents can make it easy for foreigners to buy property in Costa Rica. They can help to identify the best properties in areas that have a high potential for growth to ensure a better return on investment. Besides identifying the most attractive properties, a qualified real estate agent helps foreigners to navigate smoothly through the regulations that foreigners are not aware of. However, it is essential to work with the right real estate agent. For this, foreigners must do some good homework to understand how to locate a genuine and trusted real estate agent.
Look an English speaking agent
To ensure proper communication with the real estate agent, foreigners must ensure that the agent has good command over English. Luckily, English being the most widely spoken language, this should not be a problem but better never take chances by simply assuming and instead verify the truth. It may happen that the agent though conversant with English, mixes some native idioms and dialects with it and make the language a bit confusing to understand. Instead, choosing a real estate agent with extensive experience of working with foreigners should make things easy and comfortable. It would ensure that as a foreigner, you do not face the language barriers that can make interaction difficult.
Credential verification
Costa Rican culture has the laid-back attitude ingrained in it as people lead a comfortable life without trying to compete with one another. It leads to fewer regulations and restrictions, as reflected in the real estate industry that remains unregulated. That means that you must research the agent very thoroughly. It will help to judge the credentials that show reliability because real estate agents in Costa Rica do not need any license to operate. However, some top agents still obtain a license to prove their credibility, but it requires some verification before accepting it by face value. The experience of the agent also matters because you need someone who has gone through the process several times and is thorough on the subject.
Inspect the agent’s office
As a part of the verification process, you must inspect the office of the real estate agent that should help to get a feel about the kind of business they conduct. Moreover, the office must be in and around the location where you intend to buy the property as it would be a sign of their familiarity with the local market and living conditions. Outstation agents might not have the kind of grip on the market and would not have enough options and insights to offer. Many large real estate companies have offices in multiple places that should help you to locate the property of your choice easily. However, it remains essential to visit the office at least once because it would give you confidence in dealing with them.
Ask for property listings
To judge how good a property agent is you must look at the listings they offer. A good property agent should offer elaborate listings of properties that expand the options. Scan the listings to find out if any property matches with your requirement. If you do not find anything suitable, you should check on later because property listings keep changing due to updates. If repeated attempts at finding the property of your choice fail, then it is time to look for some other agent. However, it is always better to work with one agent at a time instead of trying out many others simultaneously to avoid conflict of interest that can lead to confusion.
Be realistic when selecting properties so that you are ready to accept failures because deals can fall through anytime. Keep trying and after you choose one, proceed under the guidance of the agent to close the deal. Since you are a foreigner, the real estate agent should hold your hand through the entire process until closing the deal. But before you sign on the dotted line be doubly sure that you comply with all legal requirements.
