5 Mistakes to avoid when buying Real Estate in the Caribbean Costa Rica

From selecting the right agent to understanding the nuances of the local market, each step plays a pivotal role in ensuring a seamless transaction and a rewarding investment. Join us as we delve into these essential strategies designed to empower buyers like you to make confident and informed choices in the pursuit of your Caribbean Costa Rican dream property. Let’s embark on this journey together.

1. Not choosing an agent that listen to your needs.

Highly Important. A certified Real Estate Agent will ask you a lot of questions to understand exactly what you are looking for. Most important …the Agent must be local, speak Spanish.  Why?  because must communicate with local entities, attorneys, and local owners to make sure that property you are interested in is in good condition. Agent must assist a buyer from beginning to end during the transaction. Must have knowledge of local Laws and Regulations and how to assist a client with the Purchase Process which will save you time and money.

There are also Real Estate Companies you must stay away from. Their agents do not know what they are doing do not certified their Agents in Costa Rica or just because they come from USA and have a Licensed there, they think they can help but do not speak Spanish nor have knowledge of our Laws and Regulations. BE CAREFUL! Two different things buying property for example in USA and buying in Costa Rica.

2. Telling everybody you are buying property.

BAD! If you go visit restaurants, bars in town, please do not tell everybody you are buying property. The bartenders and people around you are listening and will offer you a bunch of options that might not have the paperwork in order. From taxi driver to restaurant clerk everybody thinks they are Agents. Will drive you around wasting your time. Get their information and give it to your Agent to research it for you before wasting your time.

3. Not understanding the Real Estate Market.

Important before you visit properties. We are in a Touristic zone. Most of properties are vacation rentals, investment properties, vacation second home. We start getting buyers when winter begins in USA, Canada, and Europe so there are specific times during the year to purchase properties, and maybe the property sits on the market for a while.

4. Think construction is the same as it is in your home country.

We live in the tropics with humidity, rain, and the sun. Which we love this warm weather all year!! Depending on the area the construction must be lift from the ground in case of a heavy rain your property does not get flooded. It does not happen too much, but it is always important to listen to the local experts advise. We can arrange a meeting with a local engineer and contractor for better building understanding.

5. Deposit to the seller directly when decide of a property you want.

Never deposit money directly to seller or attorney unless you are Costa Rican and live here. If you are from another country opening an Escrow is a MUST! to protect you during the purchase process and due diligence period.