Things to Know When Investing in a Property Somewhere

The housing market in Costa Rica remains abuzz due to its robust tourism business. Tourists from North America, Germany, France, Berlin, and other parts of the world arrive here for a memorable vacation. Since they fall in love with this place so much, they end up buying properties here. The evidence of it lies in the double-digit growth of the property market in the country since 2013. The economic condition of the country is another factor, which can see a 2.9% raise this year and 2.8% in 2020. Additionally, foreign investments receive a warm welcome.

As per studies, investors from California and Florida are attracted to the beach real estate in Costa Rica compared to the US for affordable pricing. Due to this, even luxury condos are easily accessible. Favorable trade policies and political atmosphere are the other reasons why investment doesn’t feel like a burden here. Of the various locations, Tamarindo in Guanacaste is particularly popular among buyers for its tourist infrastructure and coastal charm. People see it as a party and surfing destination. Occupying a strategic place in the Nicoya Peninsula on the northern pacific coast, the town offers exciting fishing, horseback riding, swimming, snorkeling, and scuba diving opportunities.

The blend of natural charm and facilities has made it a sought-after real estate market where comfort and peace are easy to experience. According to Forbes Magazine, it is one of the famous beaches in the country. Today, both investors and developers come to this place in search of the rising business opportunities and scope for returns. If you find Tamarindo Costa Rica real estate market interesting, you may want to learn some essential things about it. In this article, you can read about most of them to gain a quick insight into the overall scenario.

Property taxes

.25% to .55% tax or more may apply to the declared value of the property. The owners have to announce the worth of their property every five years. If they don’t, then the local municipality examines the property and declares its value. You can pay the tax on Tamarindo property at the Caja window, Santa Cruz. At the time of the payment, you need to carry last year’s tax receipt. If you forget to bring it, you can request the cashier to refer to the Finca filial number. Besides, there can be corporation and luxury taxes also. But, whatever the rates are, you can rest assured that the amount that you pay here is quite low compared to most other parts of the world.

Plus, you can avoid fines and extra fees by evaluating the value of your property and paying your tax on time.

Legal system

Investing in a tropical destination can seem both fun and daunting too, mainly because of the differences in legal framework, culture, and language. As such, there is no need to go deep into the civil laws of the country for property buying. But, having basic awareness can be useful for your confidence.

At the time of purchasing property, you have to sign a contract, which can be a sales contract or a reciprocal promise agreement. After signatures, the lawyer who looks after personal and real property transfers prepares a draft for the entitlement. The documents have to reach the public registry within thirty days for new registration.

As per the standard rules, the buyer can do cash transactions for the real estate through the notary or the lawyer. The lawyers enjoy public faith; hence, they perform their duty without taking any sides whether it comes to property transfer or registry. However, he cannot help you find the property. For that, you can approach a licensed real estate agency.

Home utilities

Electricity, water, phone, cable, and internet form an integral part of the utility services of any home. CoopeGuanacaste is the local body that provides power. You can pay the amount online, at a Costa Rican bank, or in one of the CoopeGuanacaste’s offices or supermarkets in the province. You have to give your contact number for faster processing of the bill. For water supply, you have to depend on AyA and the ASADAS boards. There can be water charges to pay. The phone line service providing company is The Instituto Costarricense de Electricidad (ICE). Other than that, there are a few more providers also. Only citizens and permanent residents can get the phone line facility.

If you are an expat and need this service, you can overcome this hurdle by registering on behalf of a Costa Rican corporation. For cable and internet services, you can visit CableTica, Tigo, and Kolbi.

Insurance

Whether you buy a constructed home or condo or build a new home, you have to make sure your investment is safe. Fire and earthquake are the two disasters that can cause damage to your property. Hence, for protection, you need insurance coverage. You can get it from a recognized government agency with ease. The typical covers include home theft, homeowner’s liability, and fire and natural disasters. Other than that, there can be packages for cyclones, floods, lightning, landslides, and hurricanes also. But you can avoid them. Fires and earthquakes are common incidents in Tamarindo. So, better focus on them.

Recreation

The range of recreational activities available in this town will keep you always happily busy. It is a place for both loners and family people. The scintillating beaches, water sports, and surfing are the prime attractions. If you don’t want any adventure in the water, you can switch to adrenalin pumping land activities, such as horseback riding, zip-lining, and hiking. Besides, national parks and wildlife are also there to explore. For a leisurely day, you can indulge in dining and entertainment options. If you don’t mind tasting local flavors, then go for a meal of beans and rice, salad, yucca, and meat of your choice. Seafood is another exciting option. Once your dinner is over, you can head for a local music and dance performance or a nightclub.

Considering all this, Tamarindo can be your perfect real estate investment destination. Still, do your research well before spending money.

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