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Buying A Piece Of Paradise - Real Estate In Costa Rica
It certainly looks like paradise - miles of unspoiled beaches, tropical rain forests, quiet fishing villages, beachfront villas and luxury condos. It's hardly a surprise that has quickly become one of the hottest spots for both investment property and vacation homes.
Costa Rica whose name aptly means rich coast has many advantages
to offer. This small country of around 4 million people is just a few hours flying time from many parts of the United States, and several US airlines offer direct flights. The country boasts a strong economy, a stable government and surprisingly good schools and medical facilities. Because of its excellent standard of living, is sometimes called "the Switzerland of Central America".
Despite the real estate boom, housing in is still affordable compared to most parts of the United States. It's possible to buy a perfectly adequate family home in a decent neighborhood for less than $100,000 - compared to the US where the average cost of a home is now around $230,000. Rentals and short term accommodation are relatively inexpensive too a typical family rental house can be rented for under $500 a month; a larger home or a luxury house or condo rents for as little as $1000 a month.
As an investment, Costa Rica real estate is hard to beat. Some properties have increased in value almost ten times over the last decade, a trend likely to continue. Beachfront property in particular is a safe investment because of the constant high demand. Luxury beachfront properties - still one of the most sought after investments in - can be purchased for significantly less than in the United States. If you are looking for a beachfront home, houses on the Caribbean coast are generally less expensive than those on the Pacific coast.
Purchasing a home in is a relatively straightforward experience. There are virtually no restrictions on owning private land and foreign citizens have the same rights as citizens of the country. Purchasing and owning a piece of land can be accomplished without having a presence in the country.
Financing is readily available from private and public banks for homes in the country, although you usually have to become a resident. Foreigners may also use the pre-tax IRAs from the US to purchase property a procedure that is both acceptable and perfectly legal. Property taxes are low in Costa Rica, varying from 0.5% to 1.5% of the total property value.
And if you are thinking of living in your investment, has one of the highest standards of living in Latin America. The capital, San Jose is among the least expensive capital cities in the world, and costs tend to decrease the further away you get from San Jose. Basic utilities such as electricity and water are inexpensive and heating isn't generally needed because of the warm climate the year round average temperature is 76 degrees. Entertainment, groceries and dining out are all cheap by US standards, and public transportation is efficient and affordable. And a gallon of gas costs around $2 one of the lowest rates in the Americas.
Investing in real estate can be a risky business. Whereas nothing is guaranteed, the housing market shows no real signs of slowing down. Grab that secluded beachfront property while you can there are only so many to go around!
This article was authored by this Costa Rica Real Estate website
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