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If you are considering a beach property in Costa Rica, good chance one the best options will be condominium.
Why are Condominiums So Popular in Costa Rica?
Many have been choosing Costa Rica as a destination for a vacation or permanent residence over the past few decades. A more-than-favorable climate, multiple star-gazing havens and locations for surf enthusiasts, and ex-pats who are daily becoming turned on to the vibrant, yet laid-back “Tico” lifestyle are fueling the desire for folks to move here.
While many think that a condominium means that they will have to make sacrifices in the square footage department, it can actually make for a more convenient stay in the long run. Many condos in Costa Rica are furnished, and so when you arrive a bit on the exhausted side of things for the very first time, you aren’t struggling with the worry of where you will locate the basics to make your day-to-day life comfortable.
Close proximity to beach fronts, luxuries such as air conditioning, and on-site staff that helps with things such as maintenance and security are all reasons why condo living is a popular choice here. Some properties that you’ll find are located within gated communities, adding an extra-secure environment along with the opportunity to establish a strong bond with all of those around you.
The majority of those who purchase a beach property in Costa Rica are not here full time so condo developments help provide the security and services that are vital for absentee owners.
Condos also make the most convenient vacation rentals and for most owners who are not living in Costa Rica, securing rental income is one of their priorities.
What are Some Common Locations For Condos in Costa Rica?
The Capital of San Jose is one location that new residents pick to have a condo, as it is a hub of activity, and where much of the cosmopolitan culture of Costa Rica is found. Here you can find city living at its best, with many shops, restaurants, and a good choice for those who want to be around the hustle and bustle of a metro area. Many of the condos in San Jose run around an average price of $400,000 – $500,000.
There are some pretty extreme bargains to be had here, and some condos can be found for around $195,000. You still get amenities such as 2-3 bedrooms, location in close proximity to international schools, and the convenience of being nearby to coffeehouses, pharmacies, and supermarkets.
The Nicoya Peninsula is another area where you can find condos for sale: it is an area lush with jungle and options for sightseeing, as well as the common surf that brings so many here to live. Prices on this peninsula range from $300,000 – $500,000, with the higher end offering the option for a gated community or more square footage. Still one of the more unspoiled locations in the nation, Nicoya provides solitude along with the trademark views that make Costa Rica so special.
The areas of Atenas, Limon, Los Suenos, and Nosara are all other popular locations for condominiums: Atenas is popular because of its climate and small-town vibe: this is where you see the true Costa Rican tradition of life, and you can find condominiums here for an average price of around $250,000.
In Nosara, you can experience the full-on Yoga vibe with one of the top 20 surf locations on the globe, and some of the most gorgeous scenery in the nation. Prices are a bit higher here, and on average you can expect to spend around $400,000- $500,000 for a unit. This is one of the premier places in the world to own property, and buyers from any walk of life will enjoy having a new condo unit here.
What Benefits Do Condos Offer Over Private Homes?
There are many benefits to owning condos that you will realize while searching for property here. In Costa Rica, there is much lush jungle to explore, ocean to enjoy viewing, and wildlife to photograph. Owning a home is in essence what many want: you can enjoy your own large living area, backyard to lounge in and enjoy company with, and reap the benefits of a large dwelling.
After finding a condo property that suits you in Costa Rica, you will first realize that one great feature is not having to worry about maintenance and grounds keeping. There is a very sizable benefit to realizing that you can spend much more time enjoying the location you are in then having to constantly take care of and maintain it. Even though many homeowners at first are excited about having their space, they realize quickly what is required to take care of it. Many of the condos available in Costa Rica have resort-like amenities such as pools and fitness centers that many who are living the single or down-sized lifestyle will find helpful.
Condos Available On Private Developments in Costa Rica
When you have already made the decision to move to this sunny, friendly, and pleasantly tropical nation, the condo life may appeal to you because of the ease at which you can enjoy life, while at the same time having upper-end features. Private developments are available in many areas from the bustle of San Jose to the beautiful beach front locations such as Los Suenos.
The down payments required for condominiums in Costa Rica are considerably lower than for a large single-family home or luxury dwelling, and you still get a fantastic place to live in paradise. Within a private development, if there are any discrepancies or arguments between neighbors, a homeowner’s association will be on had to ensure compliance, which saves everyone involved time.
When you first arrive in Costa Rica, making the choice to live in a house could still be beneficial to you, but there are a lot of big decisions that are very important. Many that move here realize that with a condominium space, they are usually owning the entire interior space of the condo, and are free to make changes as they wish. This is one benefit of home ownership as well, but with a condo, you can alter your environment in a smaller setting, while renting does not provide this benefit.
Are there Similarities Here to Condos in the USA and Canada?
One way in which condos here are similar to those in the states and Canada is the issue of the HOA. The owners usually establish a monthly fee to cover costs of maintenance, and annual or quarterly meetings discuss issues that are important to everyone in the community. If you are traveling abroad frequently, it’s nice to know that this is an entity at the location who will take care of essentials while you are elsewhere.
A positive way in which condos in Costa Rica are not the same as in all areas of the states or Canada is definitely the ability to rent your unit. In states like Hawaii and Florida the ability to rent them is fairly simple, but if you own a condo in the Midwest or even Northeast, there may not be much extra rental opportunity at all.
Since Costa Rica is still developing in many areas where condo ownership is possible, this is a positive element of the purchase process. Airports are being revamped, and many roads are becoming more accessible by the day in Costa Rica. This will bring about an uptick in tourism and people coming here for activities like surfing: in the US and Canada, much of the development has peaked already, leaving the condo owner with the highest end of market share they may ever see within a purchase’s lifespan.
Everyone wants something for free, and many are a bit surprised of some of the fees that condo developments carry.
For many of the condo projects in Jaco these monthly fees average in the range of $450-550. Does this sound like a lot to you? Not to me, not at least when you break down what those expenses include.
Let’s look at an example, let’s take away those expenses and see what one would pay if it was just some stand alone property.
- Water $15
- Cable $30
- Internet $30
- Pool Maintenance $75
- Pool Electricity $50
- Landscaping $40
- Property Management $75
- Deferred Maintenance $50
- Insurance $30
That quickly adds up to $395 per month, while not including one the most important things that absentee owners need, security! Not to mention it does not include vacation rental management and marketing which will be needed to rent out your property.
Most likely the condo property will be more sought out as a vacation rental vs. a stand alone home as most vacationers also seek out the amenities and conveniences of the a beach condo. In fact, most often the rental income made from a beach condo will usually easily cover all of those fees.
And remember your property taxes for these beach properties in Costa Rica are usually in the range of $600-900 a year! So yes, there are going to be costs associated with owning a condo in Costa Rica, but with that comes assurance that your property is being maintained, looked after and rented out.
For more information about condos, homes and land for sale in the beach town of Jaco and surrounding areas please contact our Recommended Realtors in Jaco Shawn Fletcher and his wife Hannah Fletcher
using the simple form below:
[form realtor=”Shawn & Hannah” headline=”Get More Info on Condos in Jaco Today!”]
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