Problems with Buying Real Estate in Costa Rica

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Problems with Buying Real Estate in Costa Rica

This is a testimonial from Jean McNight
I wouldn’t recommend buying land in Costa Rica unless it is already developed and has infrastructure. I bought 2 pieces of property in different places in 2006. The developer abandoned both properties. One of the properties was taken over by a Mafiosa guy who burned down the caretaker’s house an locked up the access road. The other piece of property is trying to be developed by an owner’s group but the government is dragging their feet with a well drilling permit. Apparently a neighboring property has waited 5 years so far. Real Estate in CR and all the associated legal business is a cottage industry. There is no incentive to resolve ownership or development issues. You just keep paying the taxes and attorney’s fees until you decide to give up, and they sell the property again to some other fool.

I have written several post related to buying property in Costa Rica.  And the main thing I emphasize is absentee ownership.  Even if you property is “managed by someone”

You should NOT leave your property unattended unless you have someone living on it–someone that you know and trust.

And as Mr. McNight states raw land that is not yet developed–well that is a No, No.

Land and home prices in Costa Rica are highly speculative..making it difficult to determine the “market price for a property”  There are no multiple listing like we have in USA to help investigate the going market price for property.  And real estate sale persons are not licensed by the government.

Please read this:  http://costaricalearn.com/learn-your-lesson-problems-with-buying-real-estate-in-costa-rica

 

 

 

 

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