www.CostaRicaTicas.com :: View topic - Would you buy a place in CR?

Thinking of buying a condo between Quepos and Dominical. To start with looking to use 4 times a year and renting it out for the balance. As my K*ds get older I plan spending more time there. Used to living in the countryside of Virginia so bother by quiet. Also lived in NJ/NY/Long Island for years so used to the big city as well.

I am young enough where I am very active in swimming, hiking etc.

Would you buy a place? Why?

It all depends on the price of the house, the rental market and the expenses ie; maintenance, taxes, utilities and managment fees.

I've owned rental property before in CR and did just fine with it. I would recommend posting your question on an international or costa rica real estate forum- most of the people here are very negative towards the concept.

Jsmythe23 wrote:

You should add, most of those on the real estate forums have a vested interest in talking you into buying. They are FAR from objective, and well stocked with agents and sellers trying to unload their bad decisions. Have you ever had a salesmen or seller tell you NOT to buy (unless it is to sell you something they make a better profit on)?

Author:	Dsbubba [ Mon May 23, 2011 11:09 am ]
Post subject:	Would you buy a place in CR?
Thinking of buying a condo between Quepos and Dominical. To start with looking to use 4 times a year and renting it out for the balance. As my K*ds get older I plan spending more time there. Used to living in the countryside of Virginia so bother by quiet. Also lived in NJ/NY/Long Island for years so used to the big city as well. I am young enough where I am very active in swimming, hiking etc. Would you buy a place? Why?

Author:	Icantstayaway [ Mon May 23, 2011 11:40 am ]
Post subject:	Re: Would you buy a place in CR?
viewtopic.php?f=20&t=35736

Author:	PacoLoco [ Mon May 23, 2011 4:13 pm ]
Post subject:	Re: Would you buy a place in CR?
I like watching House Hunters International but always scratch my head at people spending 500k on a vacation property. If you don't mind me asking; why would you buy instead of just renting 4 times per year?

Author:	Bilko [ Mon May 23, 2011 4:31 pm ]
Post subject:	Re: Would you buy a place in CR?
Short answer, no. If have a lot more money than you can spend, then maybe. If you think it will be an investment, it won't be. If you think you can't get ripped off, you are delusional. Even if you want to live here, you are better off renting. The only exception I can see is if you are filthy rich and want a giant rancho with no neighbors and can afford a small army to keep the thieves out. If that's you... can you loan me a few thousand on account? On account of I'm broke!

Author:	BlueDevil [ Mon May 23, 2011 6:49 pm ]
Post subject:	Re: Would you buy a place in CR?
Dsbubba wrote: Thinking of buying a condo between Quepos and Dominical. To start with looking to use 4 times a year and renting it out for the balance. As my K*ds get older I plan spending more time there. Used to living in the countryside of Virginia so bother by quiet. Also lived in NJ/NY/Long Island for years so used to the big city as well. I am young enough where I am very active in swimming, hiking etc. Would you buy a place? Why? I wouldn't buy a vacation or investment property.. as a primary residence it would depend upon the deal. I didn't realize development has started on the stretch of Hwy 36 between Quepos & Dominical. Did the road finally get paved?

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Author:	DGD [ Mon May 23, 2011 7:15 pm ]
Post subject:	Re: Would you buy a place in CR?
The road has been paved for quite some time, a real pleasure now compared to the bumpity bump horror 'tween Quepos and Dominical. I wouldn't buy anything in CR unless I was there all the time and then only with an abundance of caution. Lots of bailouts now, same thing happened in Cr as what happened to USA, people bought way too high and now are stuck. Bargains to be had if not now, next year. You chose a cool area, it's beautiful and relatively undeveloped, Playa Montapalo comes to mind. But no way own and rent it while your gone with a guy watching your property there.

Author:	Jsmythe23 [ Mon May 23, 2011 9:58 pm ]
Post subject:	Re: Would you buy a place in CR?
It all depends on the price of the house, the rental market and the expenses ie; maintenance, taxes, utilities and managment fees. I've owned rental property before in CR and did just fine with it. I would recommend posting your question on an international or costa rica real estate forum- most of the people here are very negative towards the concept.

Author:	Lennydo [ Mon May 23, 2011 10:33 pm ]
Post subject:	Re: Would you buy a place in CR?
I've owned and sold a condo in Costa Rica. What I made on the condo, I lost on the furniture. Had I not sold it when I did, I would have been stuck or lost my ass. In Florida, I've held a real estate brokers license since 1978 and have been selling businesses for 30 years, but in CR I would be afraid to own real estate again. Unlike in the US where you can read the law and rely upon it protecting your rights, in CR the interpretation of the law depends upon who the parties are that are in disagreement. If one party is a gringo and the other a tico; most always the gringo loses. If both parties are gringo, it's better to settle it with dueling pistols-twenty paces-winner take all, than it is to go to the courts. It will take the rest of your life to reach a resolution either way. HOWEVER, If you insist upon owning in CR, I can give you the name of several very capable and honest real estate attorneys in CR and suggest that you use Stewart Title to do your title work. BTW, Stewart Title is in the building right across the street from the Sportsmens Lodge in San Jose. PM me if you want contact info.

Author:	Dsbubba [ Mon May 23, 2011 11:44 pm ]
Post subject:	Re: Would you buy a place in CR?
Damn - timed out Here are a couple points/questions 1. What real estate forums would you recommend J? How do you get to write off the airfare etc? I am looking at the gated community with over 400 condo/houses - pools, beach club, horses, tennis etc... Do you think this should address the security concerns? Rent vs own - My family is young so they expect a more resort lifestyle. If I rent it would cost me at lease 250 a day. If I was single they renting might make more sense. The house association in theory takes care of the exterior and there is onsite mgmt company to handle rentals. They have agreed to take only 20-25%

Author:	Flacoduro1 [ Tue May 24, 2011 7:53 am ]
Post subject:	Re: Would you buy a place in CR?
I always wanted to buy a condo there, but it never happen, my friend bought a place in Rhormoser(sp) . Has had his town house up for sale for the last 2 years. Can't wait to get out after this last earthquake. Says it just better to rent for couple months a year. Although he did find an honest attorney who handled the transaction, a rarity in CR, but then again he had another friend who was familiar with the process and spoke spanish looking over his shoulder. A long past away friend who lived in CR ,(rented) once said "if it floats , flys or fucks, its better to rent it" in CR

Author:	Jsmythe23 [ Tue May 24, 2011 9:41 am ]
Post subject:	Re: Would you buy a place in CR?
Here are some forums: http://forums.arcr.net/index.php?/forum ... osta-rica/ http://groups.yahoo.com/group/CostaRicaLiving/ http://www.propertycommunity.com/forum/ As to writing off airfare, your accountant will be able to tell you all about when and how that is applicable. A gated community of that size should offer decent security (crime related), still best to be a bit careful though as sometimes the criminals work in conjunction with the guards- doesn't sound like too much bad would happen there though. As someone mentioned, do a lot of research on which attorney you'll use- that can be a killer. Whether from dishonesty or incompetence many of the lawyers in these countries can really mess things up for you. As was also mentioned, it's very different buying in CR than it is in the U.S. Go over your contract voraciously and don't leave anything to chance. The only thing worse than some of the lawyers down there are the developers. I'd recommend only buying if the development was completed or close to being so.

Author:	Bilko [ Tue May 24, 2011 2:18 pm ]
Post subject:	Re: Would you buy a place in CR?
Jsmythe23 wrote: It all depends on the price of the house, the rental market and the expenses ie; maintenance, taxes, utilities and managment fees. I've owned rental property before in CR and did just fine with it. I would recommend posting your question on an international or costa rica real estate forum- most of the people here are very negative towards the concept. You should add, most of those on the real estate forums have a vested interest in talking you into buying. They are FAR from objective, and well stocked with agents and sellers trying to unload their bad decisions. Have you ever had a salesmen or seller tell you NOT to buy (unless it is to sell you something they make a better profit on)?

Author:	Icantstayaway [ Tue May 24, 2011 2:34 pm ]
Post subject:	Re: Would you buy a place in CR?
Bilko wrote: Jsmythe23 wrote: It all depends on the price of the house, the rental market and the expenses ie; maintenance, taxes, utilities and managment fees. I've owned rental property before in CR and did just fine with it. I would recommend posting your question on an international or costa rica real estate forum- most of the people here are very negative towards the concept. You should add, most of those on the real estate forums have a vested interest in talking you into buying. They are FAR from objective, and well stocked with agents and sellers trying to unload their bad decisions. Have you ever had a salesmen or seller tell you NOT to buy (unless it is to sell you something they make a better profit on)? Jsmythe23 is in this category .

Author:	Dsbubba [ Tue May 24, 2011 3:18 pm ]
Post subject:	Re: Would you buy a place in CR?
This in response to JS The development is called Hacienda Matapolo http://www.haciendamatapalo.com/ http://www.prweb.com/releases/costarica ... 191674.htm http://www.haciendamatapalo.com/hm_construction.htm The community is building out the roads, utilities, potable water, storm sewers now until end of year. Construction of building Jan 2012. They indicate they 18-24 months Phase 1 buildout.

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Author:	Thirdworld [ Tue May 24, 2011 3:40 pm ]
Post subject:	Re: Would you buy a place in CR?
You are going to get black and white answers and it isn't, it's grey! Best is to actually go spend some time in the area you are considering. Meet some people, find some you find decent. Get some opinions on things. Most of the people that got burned and are bitter down here were speculating and trying to ride the bubble. The prices were ridiculous but each thought they could make their profit before the bubble burst. Will say one thing, not all of them are bad, but "developments" generally raise a red flag. Last piece of advice to folks: don't use whores to help you real estate hunt. Should be a given, but you don't know how many times I've seen it over the years.