Costa Rica News – Everyone wants more for their money. That makes perfect sense. What doesn’t make sense is the way some people go about achieving that goal.If you’re thinking about moving oversees to cut your cost of living and upgrade your quality of life you are not alone. It’s a great idea but beware of two common ways NOT to buy property overseas.Falling in love with a country or home-site is easy. Like falling in love with a person, falling in love with a country can make you blind to the negatives for a while. Everything seems perfect. Excited real estate agents make you promises and help you dream of what your new glamorous life will be like. When you’re standing on the beach watching the sunset it’s easy to ignore the challenges that lie ahead of you.
To avoid making the common mistake of buying under this influence and feeling regret later, simply slow down. Talk to everyone you can, do your research, know the foreign market, see many properties before choosing one. Balance your romantic notions with hard facts.
The other common pitfall is to buy based on what will be in the future. To avoid falling for this trap only buy what you can see. You may be shown a master plan for the condo that will be finished “soon.” Don’t fall for the glossy brochures! You can end up waiting years or, worse, never seeing the clubhouse, spa, and golf course they promised and you paid for.
Unfortunately a few real estate scammers in Costa Rica have given the market a bad name in general, but that does not mean you should have blind trust with your agent. Remember they are out to make a dollar too.
A couple of other quick tips for potential Costa Rica real estate buyers are the following:
- Always hire your own lawyer, many times the real estate projects in Costa Rica will ask you to use their development lawyer. Many times this lawyer is getting a % of the sales and will tell you exactly what the developer wants him to say.
- Never send a penny to anyone in Costa Rica until you have seen the property and had your own lawyer do due diligence. Keep the money is escrow with your lawyer until the property is closed.
Make sure you compare facts and dreams and pay only for what you see. Base your decision on the value of what is actually there. Then enjoy putting your feet in the sand in front of your new, well-picked home!
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