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Do Your Due Diligence When Buying Property in Costa Rica
By Vic Hurlstorm | October 14, 2008
As with any major investment, when investing in Costa Rica, it is important to do your due diligence.
This means getting all the facts and figures, about all facets of your transaction. This means you need to understand what exactly you are buying, what the purchase includes and what the limitations (if any) are. In many areas, there are limits to building heights, depth of setbacks, and other details which you need to be aware of before purchasing there.
While the Internet has made real estate investing and land purchasing easier, it is wise to approach any large transactions from a perspective of information gathering and fact-finding. Don’t buy homes or land sight unseen.
It can be tempting to try and purchase a beautiful piece of land from the Internet pictures, but you can make a grave mistake if you end up paying for land, or a home, or some property which is not what you actually take ownership of at the completion of the sale.
Some areas in Costa Rica can not be built upon, but since there are few regulations on who can sell land; the unwary buyer may end up purchasing land which can never be built on. This is why doing your due diligence is vitally important when investing in Costa Rica.
Save yourself some grief- work with professionals who know the details of investing here. Select a company or individual who has experience in this area, who has successfully sold to other happy customers, and, who, ideally, has purchased property in the country him or herself. Find someone with whom you can work well, and don’t be shy about asking a lot of questions and seeking a great deal of advice.
The more you know, the better prepared you will be to make a good decision.
Topics: Real Estate Investing | Comments Off
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