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We are about to purchase a property in Costa Rica. Unfortunately we can only visit about twice a year (one week at a time). We are not buying into a gated community. Is it necessary to hire a property manager to check on our place and make sure no one robs it? Not to be paranoid but I just don’t know enough about this topic.
We are buying around Domincal area. Very excited!!! Costa Rica is amazing and we feel very lucky to be a part of it! Hope to some day soon be full time residents.
Please reply if you have suggestions on this topic.
Thanks, Jeffrey
You should have more than a property manager, if it is a stand alone house. You really should have a caretaker who is either living [i]very[/i] near or someone in the house.
Have you been to Costa Rica before or have you just visited via the internet? If the answer is no, I advise you to visit for an extended time before purchasing anything!I think Shirley is right. If you’re going to be here just twice a year, for a week each time, then you’d do well to consider both a property manager and a tenant. You could strike a deal with your tenant to have them vacate for the weeks you’ll be here (maybe).
[quote=”JRelon”]We are about to purchase a property in Costa Rica. Unfortunately we can only visit about twice a year (one week at a time). We are not buying into a gated community. Is it necessary to hire a property manager to check on our place and make sure no one robs it? Not to be paranoid but I just don’t know enough about this topic.
We are buying around Domincal area. Very excited!!! Costa Rica is amazing and we feel very lucky to be a part of it! Hope to some day soon be full time residents.
Please reply if you have suggestions on this topic.
Thanks, Jeffrey[/quote]
Hola Jeffrey,
I understand what you are going through since my wife and I went through the same dilema. To help you with your choices I would have to take up 3 pages of options to the boredom of many. Briefly I will say three things and if you would like to speak further we can elsewhere.
1. If you do not plan on moving here soon…buy the property but DO NOT BUILD. Have your real estate agent keep an eye on the property for you.
2. If you still want to build you will need the help of several qualified people before and after completion.
3. If you stiil want to build and then rent while you are away then you will need a property manager that can market and rent it out for you. Legalities are much different than in the states so you will need a good attorney here in CR.My wife and I just moved to CR after 12 years of visiting and are building our casa and 3-4 rental cabinas with a view of Diamante waterfall. I have over 25 years of project management experience and she has around 25 years of property management under her belt.
Thanks,
Brian[quote=”baontheriver”][quote=”JRelon”]
My wife and I just moved to CR after 12 years of visiting and are building our casa and 3-4 rental cabinas with a view of Diamante waterfall. I have over 25 years of project management experience and she has around 25 years of property management under her belt.
Thanks,
Brian[/quote]Always be careful when people state how much experience they have. It might be in the U.S. but here in Costa Rica it is a different world. Property management here is a lot different because of language, culture and practices of the local government and ticos.
Plus, make sure you are working with someone who is [i]legally[/i] entitled to work here. Ask to see their cedula which will state ‘sin restricción’.
I considered buying a house in Dominical several years ago. My intent was to use it as a vacation rental and then eventually live there myself when approaching retirement. The problem I had with that idea was this: Dominical and the areas around it are rather “remote”. There are very few realty firms there let alone property managers. It comes down to sheer numbers. Dominical is a much smaller community compared to, say, tows closer to San Jose. I came to the realization there is not a great selection of full time property managers in that area and if you find one and then they leave a year later then you have to go through the hassle of starting your search all over again. I love the areas around Dominical…Lagunas..Ojochal…Playa Ventanas and would not hesitate to own a home down there if I were living in it full timee but being far away and only visiting once or twice a year in an area like that may be asking for trouble.
I wonder if one might engage his or her own attorney to be the property manager. Attorneys’ fees are much lower than those of their American counterparts. They’re used to handling money and (generally) can be trusted. They have roots in the community and know folks.
I dunno, it’s just a thought . . .
Hi Jeffrey,
To me, it doesn’t make any sense to buy a house here if you’re only able to visit a couple of weeks a year. You’re much better off staying in hotels or vacation rentals until you have more time and know the country better.
If you are motivated by the investment opportunity, keep in mind that generally land appreciates, buildings depreciate. Consider buying raw land. Taxes and maintenance are fairly low here and it’s much easier for an absentee owner to watch over undeveloped land than a house and contents. You still need to be careful but its much less of a hassle.
[quote=”Jim S.”]Hi Jeffrey,
To me, it doesn’t make any sense to buy a house here if you’re only able to visit a couple of weeks a year. You’re much better off staying in hotels or vacation rentals until you have more time and know the country better.
If you are motivated by the investment opportunity, keep in mind that generally land appreciates, buildings depreciate. Consider buying raw land. Taxes and maintenance are fairly low here and it’s much easier for an absentee owner to watch over undeveloped land than a house and contents. You still need to be careful but its much less of a hassle.[/quote]
Big ditto to this! I don’t know what the home break-in issues are in Dominical, but here in Atenas no one leaves their house for any period of time without having a house-sitter or friend stay during the absence. Recently an expat left their home unoccupied for some weeks and came back to find their house COMPLETELY cleaned out…with the exception of a couch that was too big and heavy to get out the door.
It seems to me that this worry would be a burden, not a joy.
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