Spending your retirement in Costa Rica is a real dream come true! It's an exotic tropical island full of beautiful scenery, sunshine and smiles! Buying Costa Rica Real Estate for your retirement is definitely a desirable game plan. But in order for your investment to go smoothly, there are a few things you will need to know:
1. Costa Rica Real Estate is a totally unregulated market. They do not have the education and licensing requirements we have here in the United Sates, the UK, or Canada. Any individual is free to be a 'Realtor.'
2. All legal contracts will most likely be written in Spanish. If you're not familiar with the language, you should learn or find someone you trust who is fluent. Unless you really know what's going on, you'll need to do some serious research.
3. Investing in any real estate can be risky, so don't be fooled by the beautiful scenery, Costa Rica is no different. Seek advice from trusted sources to avoid getting scammed.
For most retired individuals, the price of living plays a role in how they determine where they will spend their retirement. Here are a few things you will want to know before moving to Costa Rica.
How much does the food cost?
Food in Costa Rica is comparable to that in the United States. Fruits and vegetables like bananas, mangos, beans and oranges are usually locally grown and less than or equal to the US in price. Many feel the taste, texture and freshness are even better than that in the US.
Eggs and meats are readily available as well. Eggs are sold by the Kilo (There are usually 16 eggs in 1 Kilo) and are usually just over one dollar. Because they are farm fresh eggs they are better tasting than the supermarket eggs Americans are used to. Chicken is affordable as well- a 5lb chicken will be about $3, and grown entirely naturally with no force feeding or chemicals.
Costa Rica is an amazing island so it's no surprise that delicious fresh fish are on large supply. Fish can be delivered regularly and cost between $2.50 and $3.00 a pound.
What kind of affect does the 'view' have on the Real Estate price?
The view of any home or apartment directly affects the price. This is a reoccurring theme in real estate everywhere. The price of one apartment in a New York building that faces the back of another building can be as much as half of an apartment in that same building that has a view. Many Australian Realtors believe that the view is in fact 50% of the value of the house.
When it comes down to judging a 'good view' from an 'excellent view' it is a matter of opinion. Technically speaking, an 'excellent view' has no visible obstructions or foreseeable obstructions in the future. One study showed that homes located within 300 feet of the water generally sell for 28% more than homes located inland.
Don't buy on an emotional whim! This always works out great for the seller but rarely for the buyer. Make sure the amazing view doesn't rush you to buy a home that is far from the regular amenities you will need on a weekly basis. Decide how much you're willing to pay for an amazing view of the ocean long before you go and see the house!
A few things you should know about Costa Rica Culture:
1. Appearance is important. Costa Ricans take appearance very seriously and it is the axis much of their society revolves around. Personal hygiene, clothing, courtesy, manners, cleanliness of your home and car will all be used to help determine who you are as a person.
2. Money Talks. Costa Rica has a solid middle class who have considerable assets, however by European and North American standards this is a relatively poor country. The cost of living is not particularly low, however the wages, by comparison, are.
3. It's all about the attitude. Leave your bad attitude at home because Costa Ricans don't appreciate it! Here, it's considered not only silly but will actually lower their opinion of you.
4. Costa Ricans are Patriotic! Costa Ricans are fiercely patriotic much like Americans are during times of war or crisis. They will struggle to understand individuals who don't share their enormous pride for their traditions and culture.
5. The humor of it all. Costa Ricans have a great since of humor and will expect you to as well. If you take yourself very seriously and are of the humorless sort, Costa Rica probably isn't the retirement destination for you. Humor is a deep part of Costa Rican culture- they find it in everything and use it as a way to explain the turn of events in their lives.
Finding your retirement real estate can be an exciting project- find a trustworthy company that really knows the area well. Don't settle, it's your retirement!
Source: http://www.apalaseattle.org/costa-rica-real-estate-buying-for-retirement.html
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