May 13, 2023 in Discover Costa Rica, Life in Costa Rica, Real Estate in Costa Rica

Escaleras, Costa Rica is a place that promotes a sense of wellbeing, deep relaxation, and helps you attune yourself with the natural world. This is a popular community in the South Pacific that exudes architectural grandeur blending elegantly with the exotic landscape. Those who have searched Costa Rica’s coastlines for the perfect location to begin the dream of living in a tranquil, natural, and breathtaking location will often conclude that Escaleras is it.

The Escaleras Environment

The mountainous community of Escaleras begins at around 1000ft elevation, with homes nestled amongst old growth rainforest and its abundant wildlife. This region of Costa Rica is home to families of sloths, toucans, monkeys, exotic insects, and enchanting birdlife. Wildlife corridors have been preserved as much as possible in the developed regions of Escaleras, where large acreage properties are left mostly forested for privacy and maintaining a connection with the local wildlife. Living in Escaleras can often elicit the feeling that you are living up in the tree canopy as you see the stunning wildlife pass by at eye-level daily. The select tracts of land that were cleared for development are open to the full magnificence of the hillside jungles, untouched by man, as well as the jaw-dropping ocean view reaching out below. The ruggedness of nature becomes a gentle blanket of green stretched out as you look down towards the rolling Pacific Ocean. This area is known for its dramatic views of the dynamic coastline, including the world-famous Whale’s Tail beach formation, Caño Island, and the Osa Peninsula. The mountainous terrain in Escaleras is home to an abundance of winding rivers and some of the most sensational waterfalls in all of Central America. Several properties in Escaleras have rivers and waterfalls within walking distance of their front door with picturesque backdrops and serene, ambient sound. In this sensational environment, hardly a sound other than nature’s cacophony can be heard. 

Envision lounging on your elevated terrace while monkeys and toucans visit travel across the treetops above you. The sounds of the rain forest in perfect harmony with the ocean below. *Click the image to visit this Escaleras listing for sale.[/caption]

Homes in Escaleras

The incredibly pristine environment around Escaleras is decorated mainly with the type of homes that blend seamlessly with the surrounding nature. Houses in Escaleras sit high on the cliff sides, positioned in reverence of the coastal views. Infinity pools merge cool water with the ocean view sunsets on the horizon. Bedrooms and living spaces are built to face the gorgeous Pacific Coast and the green valley below. Large glass sliding doors allow breezes to filter through homes and remove boundaries between the home’s interior and the natural exterior landscape. Homes in Escaleras are built for living life to the fullest. Large, sun-soaked terraces with ample room for lounge chairs, BBQ areas, and dining spaces under the stars are essentials for unforgettable family gatherings or elegant soirees. Gourmet kitchens with intelligently utilized spaces and extras such as walk-in wine cellars are the details that make Escaleras homes the pinnacle of luxury living in Costa Rica. Locally-sourced natural materials like cedar wood and river stone are popular aesthetic choices reflecting the majesty of the surrounding environment. Building materials are carefully selected for their natural beauty in the luxury homes in Escaleras. Green/eco-friendly architectural designs are also immensely popular, fostering a peaceful and tranquil atmosphere while maintaining a small environmental footprint. The goal for many is to create a space to live in harmony with the land and nature that is designed well to last in this environment.  Landscaped entrances to Escaleras properties welcome you home with swaying palms fronds and perennial colorful flower blooms. Most homes and condos in Escaleras are gated for your protection, although most properties are so ample that they do not feel at all confined. Escaleras estates often have additional spaces for development and plenty of room for parking and stretching out. Properties are designed with an emphasis on privacy and space for life to flourish. Whether you are stargazing from your tub on the balcony at night or spending your morning searching for whales breaching the coastal waters during calving season, Escaleras homes allow you to live close to nature while being safely tucked away in immaculate structures. 

From its picturesque perch in coveted Escaleras, the Jade House brilliantly blends naturally inspired materials with state-of-the-art amenities to guarantee the highest standard of tropical luxury living in Costa Rica. *Click the image to visit this Escaleras listing for sale.

Lifestyle in Escaleras

Escaleras is conveniently located between the coastal towns of Dominical and Uvita, making it centrally located while being out of the main bustle of tourists. Life in Escaleras is all about feeling like you are in a remote location that is actually just a short drive to everywhere you want to be. This is the ideal location from which to embrace doing what you love doing and living life to the fullest.  Living in these coastal mountains can feel like one of life’s greatest thrills. Unforgettable views span the stunning coastline and remind you that you are within easy reach of the fantastic beaches and exciting adventures in the area. Escaleras has the best of everything for avid adventurers and world travelers who want to surf, zip-line, river raft, hike, and search for wildlife. 4×4 vehicles open the door to driving up the windy, mountainside roads that lead to incredible precipices that overhang jaw-dropping coastal views from high up in the mountains, as well as "secret" river and waterfall spots that are off-the-beaten-path but well worth the journey. 

4x4 trails above Escaleras will lead you on wild adventures to some epic roadside waterfalls and lookout spots high in the mountains.[/caption] Mornings have never been so exquisite as day breaks through large windows in your Escaleras residence. Every day brings close encounters with nature and healthier indoor living. Architects strive to make the interior and exterior landscapes feel as one so that residents can feel immersed in the vibrant blues and greens in the day and cotton candy colored sunsets in the evening. Escaleras is home to some of the most high-end estates in the region and is therefore blessed with amenities like high-speed internet, robust security, and solid infrastructure. There are quality services available like concierge, spa and massage, and private chef catering. This is the home of modern luxury living in a dream come true location. Try upscale gourmet restaurants, gorgeous jungle-enveloped cafes, and shop at boutique stores carrying high-quality, Costa Rican made products all located within the community of Escaleras. Life here combines the comforts of modern, upscale living with the creative flow of the jungle. Outdoor spaces on Escaleras properties are perfect for yoga or bird-watching. It’s easy to reconnect with nature as toucans soar lazily overhead while you meander through courtyards surrounded by tropical gardens, where coconuts and bananas are almost always within reach.

Market Report on Properties in Escaleras

The way things are going in today’s Costa Rica real estate market, if you don’t buy that Escaleras estate you have been eyeing, someone else will. There are only so many homes and land for sale in this tiny Costa Rican town. There are currently 15 homes and lots for sale in Escaleras totaling around $22 million in value. The average price for a lot for sale in Escaleras is around $400,000 for just under 2 acres of land. The average home price for sale in Escaleras is about $1,580,000 and most homes are high-end luxury estates. So far in 2022, 17 homes and lots have sold in the area since the start of the year. Of those that sold, the average sale price was about $1,792,133 and properties sold for around 95% of asking price. While many purchase real estate in Escaleras to live in an exceptional location, others use their Escaleras residence primarily as a lucrative rental property. According to AirDNA, an average night’s stay on Airbnb for an Escaleras rental is around $372/night with many homes renting for over $1000 per night. There are many smaller homes for rent and some fantastic mansions that compare to the top luxury properties in the world. There may not be any five-star, all-inclusive resorts in the area but there are a number of super-luxury vacation home rentals available that are booked at a high occupancy rate throughout the year. Escaleras is the home of yoga retreat centers and boutique homestay experiences. Visitors choose Escaleras vacation home rentals because there are many concierge services in the area and property managers are ready to curate an entirely unique luxury vacation experience for their guests, including personal chefs, spa services, and boutique tours. This is the perfect destination for wedding celebrations and honeymoons because of the availability of numerous luxury multi-home properties in this spectacular region. Experienced local property management companies make rental income an easy and almost effortless pursuit.

This multi-home, luxury Dominical property features a prime location in the upscale Escaleras neighborhood, near Playa Dominical, that is great for rentals. The detailed wood interior makes for impressive listing photos. *Click the image to see more listing details.[/caption] People come from all over the world come to Escaleras to explore the wonders of this serene landscape. Escaleras’ luxury views and community amenities increase the profitability of vacation rentals that are turnkey income producers. Customers who rent properties in Escaleras return yearly to experience more of the magic, reliving in a new way each time, because why go somewhere else when you’ve found a place that speaks to the depths of your soul? This is the kind of place you visit and create memories that last a lifetime.

May 13, 2023 in Real Estate in Costa Rica

Homes in Ojochal are what the real estate market in South Pacific Costa Rica is seeking. Property prices are rising and everyone is wondering how far they will go. Real estate investors and those seeking a new style of living are converging in Costa Rica and prices for homes and land in this country are elevating. Global real estate markets are shifting due to changes in the work environment and more people are working from home. But while markets in other boom areas are declining as mortgage rates go up and stock prices go down, Costa Rica is not quite as affected this time around because the reasons people are moving here are beyond financial gain. As a result, many property sellers in Ojochal today are seeing strong gains, anyway. Property sellers in the current market are justified in asking for much higher prices than what they purchased for in recent years because there is a serious lack of inventory in a lot of key markets in Costa Ballena. Buyers who are unable to find a turnkey home in their desired area are more willing to buy fixer-uppers and raw land than in previous years and properties that used to sit on the market for a long time are now getting snapped up soon after listing (and sometimes before!) Property value increases in Costa Ballena are being seen across the board, from basic single-family homes to income properties and luxury houses. When looking at what properties are selling for today versus what they have sold for in recent years, we can see a strong shift in prices that ranges from around 6% per year to over 23% year-over-year. Some of these gains are achieved through significant investment like renovations or adding new features. Other properties have simply found their time to shine in today’s real estate boom.  To better understand what is happening in the real estate market in our area, we have put together this comparative market analysis that shows what properties have sold for recently versus what they were purchased for in years past. We have chosen to focus on Ojochal and the surrounding area for this particular analysis, although we have the data to create more reports for Uvita, Dominical, and even more niche markets. The selection of homes in this report sold at least twice in recent years and will show the increases in property values across recent years.  Property owners selling their real estate in Costa Rica quickly do so for a variety of reasons, be it speculation, opportunity, or unforeseen circumstances in their lives propelling them to sell more quickly than the average real estate investor. And with the changes in the market, more people are coming out with big gains, giving motivation to others to consider selling now while the market is hot.

Comparative Market Analysis for Homes In Ojochal (2017-2022) 

Based on the seven unique properties in this report, the average value increase of homes in Ojochal and the surrounding area over the last five years is 15.5%. We do not know all of the renovations and additions that were done to these seven homes but based on our knowledge of local real estate and our observations of the following listings then and now, we have given our assessment of the investment the properties received between their sales prices in previous years compared to the past year. Minimal investment would include cosmetic items and would be less than 5% of the purchase price. Moderate investment might include some replacement and refurbishment up to 10% of the property's purchase value. And high investment (which this particular report does not show) would be entirely new additions to the structure or replacement of major items like the roof. It is important to note that of the majority of the properties in our market being resold, the ones that make the most gains are the properties that received some improvement. Land buyers who subdivide, make building plantels, and bring utilities onto the site or home buyers who add onto the home or renovate are the future property sellers who stand to make the biggest gains. On the other hand, just because the market is hotter in general doesn't mean that every property is what buyers are looking for today. Not every property in Ojochal is positioned for what the majority of the market wants. And with the exception of one property, each of these homes in Ojochal underwent at least some renovations to better position them for today's buyers. We do not have a crystal ball and we cannot claim to know with certainty what our Costa Ballena real estate market will do in the future. What we perceive, however, is demand increasing every day as buyers and fellow realtors in our region contact our office asking for properties for which there is no more inventory. Ocean view homes in Ojochal and other unique properties like the ones below are what the market is demanding. It is not our opinion about what the market wants – it is what buyers are willing to pay for these properties in Ojochal today.

Pura Vida Paradise Home

Location: Ojochal Size: 2 Bedroom home and studio cabin on 0.64 acres Sold 1: 2019 for $186,000 Sold 2: October 2021 for $309,000 Estimated investment: Moderate for paint, new furnishings, and pool refurbishment Price difference: $123,000 (increased value of 66% over 3 years or 22% average value increase per year) This small and simple home with studio cabin sold most recently in October of 2021, kicking off last year's high season of real estate, selling for $10,000 more than asking price within a month of listing. This unusually fast sale for higher than list price was a portent for things to come, telling us that the market was shifting and that older properties in need of renovation are suddenly a hot commodity. This property is old but so private, tranquil, and with beautiful mountain views. When this home first sold in 2019, it was listed for about three years and sold for basically replacement value of the construction. Those buyers spent time and money in updating the furnishings and painting in light colors. Their efforts brightened up this home and cabin, which didn't need any major work to make it comfortable and move-in ready, other than refurbishing and tiling the pool and strategically limbing some trees to expose more of the mountain view. It is now being used as a short-term rental home that earns a steady income in Ojochal's hot rental market.

Perfect Vacation Rental

Location: Ojochal Size: 3 Bedrooms on 0.25 acres Sold 1: March 2021 for $612,500 Sold 2: February 2022 for $754,000 Estimated investment: Minimal Price difference: $140,000 (increased value of 23.2% over 1 year) Casa Sea La Vie in Ojochal was sold in March of 2021 and without changing a thing, it was put back on the market in June of 2021 for $759,000. Despite the popularity of the size and design of the home, the market was not yet ready to stomach such a price spike at that time. However, the home did receive a successful offer by the end of 2021 and closed in February of 2022 for $754,000. Built in 2020, this brand new three bedroom home on a small lot was one of the most expensive properties to sell in Ojochal the first time around and sent shockwaves through our market about the growing potential of spec homes in Ojochal, where young, wealthy families are opting for turnkey modern homes to rent so they can earn an income while deciding on their next move.

Family Home And Guest House

Location: Ojochal Size: 4 Bedroom main house and 2 bedroom guest house on 0.6 acres Sold 1: 2019 for $600,000 Sold 2: December 2021 for $800,000 Estimated investment: Moderate for new pool tiling and small property upgrades like decorative stonework and landscaped garden paths Price difference: $200,000 (2 year increase of 33% or 16.5% average increase per year) This four bedroom family home was in excellent condition when bought in 2019 and most of the interior was unchanged between sales. The pool was retiled and extensive stonework was added to the exterior of the property, including garden paths.  This style of home with an additional guest house is popular with the multi-generational families moving to Costa Rica and those looking for additional income, whether renting out the smaller or larger house and living in the other.

Easy Living Home In Ojochal

Location: Ojochal Size: 3 Bedrooms  Sold 1: March 2021 for $285,000 Sold 2: March 2022 for $340,000 Estimated Investment: Minimal Price difference: $35,000 (1 year value increase of 19.3%) This home sold for $285,000 in March of 2021 after 1 month on the market (at 96.6% of its list price of $295,000). It was then listed again in October of 2021 for $349,900 and received a contract in February and closed in March for 97% of the list value. Not much was changed in the three bedroom home other than about half the furniture changed out for a more modern style and a coat of paint was applied to the interior and exterior. The location on the paved road has made this a popular property for those who really want ease of access (a rare quality in Ojochal real estate) and who don’t mind being located close to their neighbors and many North Americans are used to this style of home.

Ocean View Contemporary Home

Location: Ojochal Size: 3 Bedrooms on 0.21 acres Sold 1: 2019 for $429,000 Sold 2: March 2022 for $580,000 Estimated investment: Minimal Price difference: $151,000 (3 year value increase of 35.2% or 11.7% average increase per year) This three bedroom contemporary bungalow with a mid-sized pool, funky decor, and absolutely incredible views sold at the start of 2019 for $429,000 after being listed on the market for around two years. Since then, it has continued to operate as a vacation rental, generating a solid income. This year’s sellers made very few changes to the rental before selling it again in March of this year. This property was a great long-term rental during the pandemic that has now led to a net sales profit, too.

Chontales Modern Bungalow

Location: Chontales Size: 3 Bedrooms on 0.54 acres Sold 1: 2017 for $525,000 Sold 2: June 2022 for $695,000 Estimated investment: Minimal Price difference: $170,000 (5 year value increase of 32.4% or 6.5% average per year) This Chontales bungalow sold in 2017 after having spent almost a full year on the market. Listed again in June of 2021, this home sold one year later for full price as the area surrounding was seeing an increase in action. Very minimal changes/upgrades were made to this 3 bedroom contemporary home with an ocean view and the price increase is a result of comparable homes in Ojochal and Uvita being sold for much higher prices, pushing buyers with slightly lower budgets further south.

Luxury Home In Chontales

Location: Chontales Size: 3 Bedrooms on 0.46 acres Sold 1: December 2020 for $597,000 Sold 2: April 2022 for $715,000 Estimated investment: Minimal Potential price difference: $123,000 (increased value of 19.7% over 2 years or 9.8% average per year) This modern home in Chontales closed was relisted in January 2022 with very few changes made to the property since it was purchased in 2020. It was listed this year for $769,000 originally and reduced to $715,000 in April due to a need to sell quickly. Despite being the most expensive property for sale in Chontales at the time, the sale closed in August as the comparable listings in Chontales sold earlier in the year. Interested to know our take on today's value of your home in Ojochal, Uvita, or Dominical? Whether you are buying or selling, our team of agents are here to offer expert advise on how to maximize your real estate investment in Costa Ballena. Contact us below for more info. 

May 13, 2023 in Selling Process, Buying Process, Real Estate in Costa Rica

2020 has been quite the year, no less in Costa Rica real estate. Our Osa Tropical Properties year end market review has shown our team that people still decidedly want to move to Costa Rica and their intention is only impeded by logistics. As such, like many other real estate teams, we took to a more digital approach in 2020 that has proven to help many clients of Costa Rica real estate find their way here. We know that people are very enthusiastic about moving to tropical, luxury markets in coastal regions around the world for cleaner air and a more coastal-rural environment. Everyone is searching for their own little utopia in a laidback and sunny location. Below are some of the reasons why people chose Costa Rica in 2020, a general picture of what the majority bought, and what we see for real estate in Costa Rica in 2021 amid an uncertain future.

What sold in Costa Rica real estate in 2020

New construction luxury homes in key markets like Escaleras often sold prior to completion in 2020. Property investors in Costa Rica wanted larger and more luxurious homes. We saw a 50% increase in multi-million dollar homes being built in some developments in Costa Rica and larger new luxury homes sold fastest. Real estate buyers in 2020 wanted a home gym or a yoga studio and they plan to have family stay with them. These are also the places that are booked the most frequently by the more selective travelers in Costa Rica who were seeking the most exclusive relaxation experiences in 2020. Popular properties this year have also been well-built homes on acreages. New or old, these tropical refuges offer privacy and tranquility in a place away from others. Extra space was the number one thing that real estate buyers in 2020 were looking for and buyers have wanted homes that are already built and ready to go. Our Southern Zone region has extremely low crime rates and the safety, tranquility and beauty of this location attract visitors from around the world time and again. Tourists and expats love the blend of high-end amenities with a country lifestyle. The weather is lovely year round and there are a huge amount of leisure activities amidst lush, green scenery. Closing prices have grown close to asking as the market has gone down in inventory. Since the resale market in Costa Rica is historically so strong, sellers in 2020 saw their investment in Costa Rica property as an opportunity as a strongly valued asset that offers an improvement in lifestyle with the added benefit of lower property taxes. This year allowed many seller’s to reassess their stake in Costa Rica and many have held out for full asking price or decided to take their property off the market altogether. 

Who was buying real estate in Costa Rica

In 2020, densely populated cities became perceived threats to health and freedom. Many are choosing to flee their urban and even suburban homes in favor of a less hectic pace of life with more elbow room. Many transplanted urbanites have begun working from home, making their choice to move less complicated. And these urban and suburban home sellers are cashing in on their exit plan. Foreign buyers of property for sale in Costa Rica are looking for resort-like homes that are practical and sophisticated. Americans from the US were increasingly moving south in 2020 to places like Arizona, Texas, California, and Florida, where the luxury home market continued to see skyrocketing prices and sales activity throughout 2020. As a result, those who already lived there were offered a boost in sales prices, meaning that clients of ours who were selling in those key markets were able to come to Costa Rica with greater means than they could have in the past.  Retirees who were drawn to Costa Rica in 2020 came seeking to simplify their lives while maintaining independence. Costa Rica’s universal health care is an easy and inexpensive option with excellent public medical facilities and world class private hospitals that are still generally a fraction of the cost of private medical care in the United States. Those who are choosing to spend some or all of their retirement in Costa Rica want to live in an attractive setting that doesn’t feel like retirement. Ojochal, Uvita and Dominical all have a great mix of residents that include locals, young families, entrepreneurs, and retirees. Seniors who move to Costa Rica are looking to avoid a late-life crisis by staying active and healthy in a vibrant community. According to our web analytics, people are reaching our website via searches for Costa Rica versus Panama, what it’s like to own a vacation property in Costa Rica, and lifestyle topics like gardening and raising a family in Costa Rica. The practical aspects seem to be less important to online searches although these are the questions that our team of agents would most likely field. People don’t want us to tell them what they should like and want. They seek out our help with the main logistics for how to make their dreams come true. And reading our company’s testimonial page has convinced enough potential buyers that we are a great team to trust as being helpful and in the know.

How the pandemic affected the sale of properties in Costa Rica

The year 2020 started out strong in our local real estate sector with a lot of tourists visiting our region and plenty of interested buyers of Costa Ballena real estate. Around March is when the pandemic started to impede travel into and out of Costa Rica and offers to purchase that were on the table before that largely fizzled out. A lack of certainty in various economic markets and in the ability to travel took all of the growing certainty in the value of investing in Costa Rica out of the picture. But this year has also taught many people that a long time being forced indoors and away from others has given them a different perspective on their priorities. People who contacted us in 2020 knew that they wanted to be in Costa Rica. They wanted an escape plan, whether they were ready to move here full time or desired to have a place in reserve. A large reason for people wanting to secure a property in Costa Rica is because they have heard that this small country has handled the pandemic swiftly and with relative ease. There have not been huge spikes in cases like in neighboring Latin American nations. Panama, for instance has had 80,000 more cases than Costa Rica with almost twice as many deaths despite having only 4/5ths of the population of Costa Rica. Hospitals in Costa Rica have also been managing caseloads well. Costa Rica is also one of the first nations offering its adult population of citizens and residents the opportunity to receive the Covid-19 vaccine’s 2 doses before the end of 2021, although it will not be a requirement. Frontline workers, those over 58, and those with underlying conditions will be first on that list to receive the vaccine. In spite of Costa Rica’s relatively tranquil circumstances this past year and international borders opening completely in November, people around the world largely chose to hunker down and forego travel. The cooling weather and the new wave of virus cases have created stronger lockdown scenarios around the world meaning that even though people can travel fairly freely when in Costa Rica (while abiding by national sanitary requirements), they would be subject to stronger quarantine measures when returning home. This has resulted in most potential buyers hesitating to travel at the moment if they will be required to quarantine for a length of time upon returning to their home country.  However, those who are desperately seeking to live a better life on their own terms chose Costa Rica in 2020. This year heightened a strong global desire for more space. There have been mass exoduses from many urban centers all over the world and a big trend for people moving to suburbs and more rural areas. Those who can get away with taking things a few steps further via remote work or early retirement still chose to try a life in the tropics. During this pandemic, we learned in Costa Rica that if we keep things local and stay mostly within our small communities that we can retain a sense of freedom. Whether this pandemic lasts a few more months or years, those of us who have spent enough time in the South Pacific, especially this past year, feel fortunate to have been away from the majority of hysteria. Our universal health care system is not overrun with Covid cases and it seems that the fresher and healthier lifestyle that people in the tropics tend to live has helped our situations. The silver lining of coronavirus in Costa Rica real estate is that it has decreased the number of window shoppers. Both potential buyers and agents are taking extra precautions and so people touring properties are seriously interested in purchasing. Realtors and sellers know that they are potentially risking Covid-19 exposure and have been taking significant steps to stay safe, including wiping down all home surfaces. This has made realtors in Costa Rica more likely to qualify buyers before spending the extra effort to show properties, focusing instead on creating virtual property tours. These video showing of homes and lots in Costa Rica have helped potential buyers get a feel for walking through a property even though they can't physically be there.

What we predict for Costa Rica homes and lots in 2021

A Costa Rica realtor’s main role in 2021 is likely to continue to develop into helping buyers find a desired property, as well as negotiating a price. Clients are less interested in learning about a neighborhood from the agent, having already likely researched an area before contacting an agent. For this reason, we continue to find our weekly blog posts and our video tours very helpful in reaching potential buyers who want to get a feel for this region before reaching out to an agent. Alongside this more distant role, virtual tours and communication will continue to expand. Affluent consumers are making more health-driven lifestyle choices that will continue to share the luxury real estate market and fuel growth for residential properties that can improve their quality of life. Coming back to the city will be difficult after living in what was your second home. If people find that they can continue to work and socialize from home in a flexible way, it is likely that second homes will become the more permanent primary residence, at least until the pandemic subsides.  Realtors are predicting even more vacation home purchases in 2021. People are vacationing differently than they were before. There is a bigger focus on privacy, cleanliness, exclusivity and luxury. A good vacation home can provide the confidence and travelers will always return to a clean and safe place. And a good, consistent rental income can offset the expenses associated with second home ownership. This means that our second-home markets will continue to see buyers, even in the off-seasons. Work from home has allowed people new flexibility to enjoy perks of resort life on an ongoing basis, not just during vacations. Kitchens and bathrooms are helping to sell homes now more than ever and we predict that these qualities will only increase in demand. With people spending much more time at home, kitchens are becoming higher traffic areas. This has increased the demand in kitchen remodels, with many people favoring minimalist aesthetics.  For the same reason, extra bedrooms are becoming legitimate home offices and the stronger WiFi connections that you can have at home in Costa Rica will continue to draw in the younger professional crowd. Temporary sofa or kitchen table setups aren’t cutting it anymore and working from home takes on a whole, new, positive aesthetic when your workspace is in the tropics. People will also continue focusing on decluttering in 2021 due to spending more time at home and homebuyers are prioritizing more space for storage purposes. Organized spaces can help boost productivity and creativity while reducing stress and anxiety. Social distancing continues to inspire many to rediscover their love for nature. Decks and patios are being put to good use. Having a great outdoor space makes it possible to get a change of scenery without leaving the property. Garden spaces and outdoor entertainment areas will continue to rise in popularity while also making our homes feel like a safe sanctuary.  Costa Rica is poised to continue to be a place to flirt with your dreams and desires again in 2021. So much so that it was recently named the #1 retirement destination on the planet by International Living. Based on reports of our 2020 real estate clients, if you can find your way here, we can almost guarantee that you won’t want to leave. 

May 13, 2023 in Real Estate in Costa Rica, Life in Costa Rica

We are so grateful to have found our home in Costa Rica and we are proud to share this gift location with all of our real estate clients.

As this year comes to a close, we are invited by tradition to recall what we are grateful for about our lives. It has been a challenging year for many if not most of us but there is at least one thing that our team at Osa Tropical Properties are thankful to have: a home in Ojochal. No matter how many places you may have visited or lived in the world, Ojochal moves people. It draws us in with its simple charm and spectacular beauty. Here, we are reduced to a more primal version of ourselves — one that appreciates nature and its many wonders with full attention.

A place of tranquility

Many of us grow tired over time of our daily routines. We get worn out by the pressures of sticking to deadlines and keeping up with the Joneses. Seeking out the latest gadgets and competing with our friends for who has the best quality of life stops feeling so important after a year where the safety of our health and happiness have been called into question all at once. More people are feeling the call to find a different way to live. Some of us are lucky enough to know that it’s out there. Others have yet to find it. But those who feel adventurous enough to begin their quest, it is from this place of wanting “something more” that we begin our travels to find the place that feels like home. Costa Rica’s natural wonders and rich culture make this nation a dream destination on more than a few bucket lists. Our Southern Zone home, Ojochal, is still fairly low on the global radar even though most people who do make it here will instantly fall in love. Those who visit our small coastal region called the Costa Ballena ⁠— where the mountains meet the sea ⁠— become enamored by the spirit of this land and community. The warm climate is matched equally with the warmth of the people who inhabit this fertile and dynamic landscape. Here, you will find small yet flourishing communities amid true, natural beauty, which altogether encompass the best qualities of life in the tropics.

Living the scenic lifestyle

Those who find us after searching all over the world know that there is no place like Ojochal. This is a tranquil, serene culture and the home of pura vida. The essence of this phrase is embodied in the gentle flow of this small, conscious and connected population who collectively value the environment that we feel so blessed to live within. It doesn’t matter how long it took us to get here. We feel privileged to live near pristine mountain rivers, waterfalls and the enchanting displays of wildlife that keep us living in the here and now. It is a simple yet fulfilling indulgence to walk the grounds of our green properties, taking in the gentle and beautiful routines of the nature that surrounds us. Fantastic flowers and their intoxicating smells are only some of the many wonders that Ojochal exhibits. In the thick, green carpet covering the foothills of this mountainous region are paths that will take you to secluded waterfalls that look like they’ve never been seen by anyone else before. Or a breathtaking lookout spot high above the jungle valley, looking down at the vivid display of nature's wonders. Birds of multi-colored plumage and monkey troupes with howls as loud as jet engines parade across the jungle’s canopy. We have almost every luxury here ⁠— stores, spas, clinics, first-class restaurants, high-speed internet. But spending time in the lush nature at our doorsteps is a daily reminder to breathe the fresh air deeply in gratitude.

A one-of-a-kind community in Ojochal

This area has a history of purposeful development that was slow enough to grow and maintain a strong focus on environmental ethics. It hasn’t always been perfect but today Ojochal is a Blue Flag community with goals for continued improvement to the health of our environment. We work collectively to ensure the maintenance of our roads, schools and services. And we have recently grown an exciting number of new businesses that serve the whole of our international population. We are proud of every accomplishment that we make and we celebrate our successes together. After spending enough time living here, we tend to fall deeply in love with our home in Ojochal for its exceptional community. What we really do best is support one another in our ideas to benefit our home as a whole and our attempts to bring these ideas to fruition. There are a number of groups and forums that help us stay connected to our local community. We easily learn about the many classes, get togethers and volunteer opportunities that occur regularly. Each of us came here to live a better life and we know that teamwork makes the dream work. [gallery columns="2" size="full" ids="41710,41709"] Two recent community initiatives that are bringing vast improvements to our collective lifestyle: the newly paved road through Ojochal (left) and the children’s playground in the village center (right). If Ojochal sounds like it might be your dream destination in the future, we invite you to get in touch with our office. We are a local and independent real estate office that has been operating in Ojochal, Costa Rica and the whole of the Costa Ballena since 2005. Our agents are happy to answer any questions you have about our local region and what it’s like to live here. Our website is also filled with helpful articles to get you started on your journey to Costa Rica. Sign up to our newsletter below for weekly market updates, showing you what’s happening in our area from local experts. Talk to you soon! 

May 12, 2023 in Discover Costa Rica, Discover Costa Ballena, Real Estate in Costa Rica, Life in Costa Rica

The northern coast of Costa Rica has long been the place that the majority of tourism comes into the country from around the world.

May 12, 2023 in Real Estate in Costa Rica, Tips for Buyers

When looking at purchasing real estate in Costa Rica, it is helpful to know that some properties make excellent investments, while others are sold for much less than what the buyers paid, even after many years on the market. Choosing wisely what to buy -- whether a lot to build on or a home to renovate and make your own -- is important. And that choice needs to be based on a number of factors that differ depending on your desired location and price point. Working with an educated, informative real estate agent is key to making the right, informed decisions, and avoid losing money in real estate in Costa Rica.

It's All About Location

When buying a new lot in Costa Rica, pay attention to if it has access to water and electricity. Not every lot for sale in Costa Rica has these items covered. And if it does, it may have less than ideal aspects. For instance, test your water source before you buy for chemicals and water pressure. Or do you like to save on electricity costs? Pay attention to the direction of the breezes on a plot of land. If you can orient your windows to allow for good cross-flow, you can minimize on cooling bills.  Is security of your personal items very important to you? It might sound like a strange question because everyone wants to feel safe. In general, our Costa Ballena communities are quite safe. But there are areas and types of homes that are more targeted by opportunists. If you intend on filling your home with expensive art or electronics, or if you plan to host high-end renters, it can be a good idea to choose to be located within a gated community with 24/7 security staff on site.  The drive can be a big factor in determining a buyer’s long-time love for their property. There are some dirt roads in the Costa Ballena (although fewer every year) that can feel like they go on forever when you are driving up the first time to see a property. But many of these new clients will feel differently going back down, having gotten to know the drive. A good rule of thumb is that if you hate the drive there the first few times, you’re probably not going to grow to like it. Does the property you are looking at have a view easement? Will you continue to have the same view that you have right now in the future? These are questions that an expert agent will know to ask but an uneducated buyer may not think about until it is too late. Expats who stay for an extended period of time may find that access to services becomes more important as time passes. Being nearby police, hospitals, gas stations, or your favorite restaurant may become the key to your satisfaction with your location. Whatever it is, it is best to think over all of the details of your life and plan your location based on your individual needs, not necessarily the most popular locations. One other big item to consider for the location of real estate in Costa Rica is wireless communication. While most properties in Costa Ballena have very good cellphone service and high-speed internet, be sure you test the cell service on your phone and a wifi test when you look at each property to be sure it has these services. Don’t buy a property in a dead zone for cell phone or internet without the expectation of spending a lot of money putting in infrastructure. Look for businesses or houses within line-of-sight that have internet and a wifi receiving dish if you’d like to live more remotely. This would involve buying bandwidth from your neighbor and is therefore a solution that may not always be available for very remote properties.

Building the Perfect Rental Home in Costa Rica

If you are planning to have a rental property in Costa Rica, remember to keep in mind what renters are looking for in our unique Costa Ballena region. Renters in the South Pacific are either looking for proximity to attractions or breathtaking natural beauty and tranquility. Don’t try to please all renters here and make the mistake of building an “eco-paradise” located 5 minutes from the beach where you can hear all the highway noise and don’t have the fresh breezes and privacy of the higher altitudes.

Saving Room For Nature

Preserving nature is an interesting and important issue that is really burgeoning in our local Costa Ballena communities and all around the world. Costa Rica’s South Pacific is a lush, mountainous terrain that is not really in danger of being clear-cut. But it is still very important to be mindful of maintaining biological corridors that are traditionally used by migrating wildlife. Making sure you choose an ethical site development is a priority that most new buyers don’t consider until after they move in and realize that the monkeys they heard when they looked at their uncleared lot are no longer visiting this spot. Erosion control should be planted immediately and actually more beautiful and solid using plants, not the very expensive geo-textile plastic fabrics. If the lot is properly done these expensive fabrics are not necessary. The perfection is in the planning. A poorly designed and cut lot or road can do immeasurable damage not just to the forest but to the watershed below. It is about the way the land is incorporated into the whole project. Taking care to only remove certain trees and hold onto the rare important and threatened trees. Also taking care of trees which feed animals. So many people are so focused on the house but do not focus on the land. 

Utilizing Creative (and Inexpensive) Building Ideas

Building a hot water shower outdoors doesn’t require hot water plumbing in this sun-friendly nation. Using something like a big black barrel or thick black water tubing coiled up above is a great alternative. Make sure it mixed with the cold water at the shower head so that you don’t burn yourself. Bamboo is one of the most sustainable building materials in the world. You can start harvesting bamboo within 3 years of planting and new shoots come out of the cut clumps.

Hiring A General Contractor (Or Not)

Most people who build for a second time and have the time to do so will choose to do their own general contracting on the project. A big clincher is needing to speak Spanish to really negotiate and get your points across. This is because local contractors can be difficult to trust because there is no legal protection for their clients’ interests, unlike with architects in Costa Rica. As such, those who choose to build often have to be very involved in managing the project despite having hired a general contractor. In saying that, a general contractor’s job is to obey the laws governing building codes, enforcing US standard building codes (as per client spec), paying workers fair wages and social security. But if you can handle these things, you can probably get your home built much faster than depending on a General Contractor working on multiple projects.

Hiring a Local Architect

If you already know the design for your dream house in Costa Rica, you do not need an architect at all. "You can save time and money (50%) by hiring an Engineer to draw up the blueprints for the project," says Osa Tropical Properties agent Rebecca Rowntree.  "For me that was the biggest learning of my entire building process.  I overspent by $10,000!" True tropical architecture is being given a backseat to amateurs coming to the jungle with computer programs producing pretty pictures without accounting for the elements in that specific location. Seeing the architect's physical work and asking their previous clients about what they would change about their build is essential if you want to hire a local architect.  In case of an eventual controversy during the design and construction process the Federate College of Architects and Engineers is empowered by law to protect the client's​ interests, which well is not the case with builders/contractors.

Renovating Instead Of Building From Scratch

Renovation is a much simpler process than new construction. Sorting out electrical, plumbing, septic, and floor plans are common challenges when building in Costa Rica. Many builders can have sub-par ideas on what works based on local standards, which can be a far cry from high-end international expectations. Those who choose to build from scratch will often term their project as a labor of love that they would not do again. Time frames are not what people expect, meaning that move in dates get pushed back often. This can add up in rental expenses, as opposed to renovating an existing home where you can live, albeit on a minor construction site. For those who are wanting to build at a rapid pace, some new builders are creating container homes in Costa Rica that can be built and ready within 90 days. Efficient to build regarding cost, insects, weather, electricity and temperature control, they can be placed on any lot, including steep ones on stilts, rather than carving into the landscape.

Top Things People Want To Change In Their Costa Rica Homes

Osa Tropical Properties’ agent, Marcia Oro, had rented a few houses before moving to Costa Rica. However, they were traditional tropical vacation homes that turned out to be less-than-ideal for long-term living. She learned the importance of building walk-in closets instead of adding in armoires. And dehumidified closets/rooms go a long way towards protecting your less-used items. Although it seems like an indoor living rooms is not important, many of us who choose to live in Costa Rica full time will want to spend some evenings on the couch in front of the television. Adding big overhangs is much more important for a home than a rental because you want as much shaded real estate you can have when you are here full-time and want to enjoy afternoon meals outside without cooking in the sunshine yourself! This is a feature that high-end rental homes do consider because shaded space is key to enjoying the tropics in style. Placing a pool right outside of your patio doors is the best way to ensure that it won’t go neglected or underused. Marcia says that the location of her pool is the biggest thing she would change about her home because even though it's just 20 paces away, it is tucked behind her beautiful floral gardens, making it 'out of sight, out of mind'. And if you are looking for resale value, don’t take the inexpensive route when outfitting your Costa Rica home for sale. Install the beautiful granite countertops and add the nice window dressing because it all counts a great deal towards presentation. A covered carport goes a long way towards protecting your car and other vehicles from long-term sun damage. This space can also double as extra storage, laundry, and more things that you don’t want in your main living space.

Don’t Import Your Whole Life

Don’t bring all kinds of furniture, art, and expensive clothing that is susceptible to mold and mildew growth. Black mold stains will appear all over natural fabrics that are untreated. And mildew will cover all of your clothes and shoes that do not get used frequently. Using Lysol and dehumidifiers are two temporary fixes. It’s best to adapt and shop local, buying materials that are have been proven to stand the test of time in these elements. There are many more stores today than there were even a couple of years ago and you can get anything in Costa Rica cheaper and faster than you can by importing it yourself, most likely with a guarantee. Want to know more about what we would do differently if we were in your shoes? Email our office to chat with one of our agents about their experiences of moving here and some of the things that their clients learned, too. We are a great resource in your journey over here so please feel free to use us! Contact sales@osatropicalproperties.com today. 

May 11, 2023 in Tips for Sellers, Tips for Buyers, Real Estate in Costa Rica

If you spend any time reading expat message boards about buying property in Costa Rica, you will see a lot of commentary about how important it is to rent first and try it out. This may have been advisable since the global economic recession in 2009. But for the few years prior to that, development in Costa Rica was booming. A huge number of houses in Ojochal were built between 2004 and 2008. After that, investment and development virtually came to a halt for a number of years. This has changed in a big way over the last two years.

Commercial development in the Costa Ballena

New, modern construction is happening everywhere in our Costa Ballena region. Beautiful ocean view homes in scenic mountainside locations are being built at record pace, with numerous local construction companies and architectural firms cropping up to fill those job orders. These companies and the materials that they use did not exist 10 years ago, showing the swift pace that this region is modernizing.

Just in the last year, a number of new stores and restaurants have opened. Ojochal has the newly-built Plaza Tangara (replacing one that burned down in an accidental fire 2 years ago) with a doctor’s office, pharmacy, salon and spa, and the iconic Citrus Restaurant, one of many culinary delights in the international community of Ojochal. The highway side Jucaloa supermarket is also being upgraded to a new larger location behind its current one. And the Cinco Ventanas plaza is about to get a revival, including the reopening of the gas station, which is incredibly exciting for the local community.

The Costa Ballena's commercial hub, Uvita, is currently witnessing a substantial upgrade to its BM supermarket. This nationwide chain supermarket already stocks many imported items and will likely see expansion of that list. And the long-standing Pacific Pool business is moving to a new standalone location with a massive showroom, showing that business must be going well.

One of the biggest pieces of recent local news is that Walmart is coming to the second biggest city in Costa Rica: San Isidro de El General, also known as Perez Zeledon. The Costa Ballena is about a 40 minutes drive from Perez and there is much excitement about this store opening. The opening of this store will likely pave the way for more big box stores to open in this already large city. Perez Zeledon is also the likely site for a future international airport, which will open our beloved South Pacific communities even more to the rest of the world.

Furnishing a new home in our region

When it comes to furnishing a new home, buyers used to either import furniture (often at great cost and with little success of the furniture surviving this climate) or traveling to San José. The capital of Costa Rica has long had most of the quality items that expats expect, but it also used to be the only place in Costa Rica where you could find many items. This 3 hour drive from the Costa Ballena used to take 4-5 hours only 10 years ago, which was a lot of time to spend driving for just shopping. It also used to be difficult to find a moving company that would bring items from the city to our region. Thankfully, this is no longer the case.

Bodegon de Asia is one new furniture store near Jacó (less than a 2 hour drive away) and it is huge. They recently expanded to 10x their original size and deliver to our area. Riviera Home Center is another notable furniture store in Jacó. It has a small showroom but a huge warehouse that they will take you to and many catalogs to shop through. Basically, you can find any shape, size, material, quality and color you want. The famous Sarchi furniture manufacturers have also opened a location in Jaco so you don’t have to drive to Sarchi to bring their iconic pieces into your home.

And when it comes to shopping in San José, the company Varma will deliver everything you need to our region. Just give them your receipts and they’ll go to any number of stores to pick up the items you purchased and deliver them to your door.

Increases in investment

New roads are being planned for many local communities in the Costa Ballena. These new roads will cut the driving distance to the highway from 20 minutes to 5 minutes in some instances and making for smoother, safer drives. Dominical, Uvita and Ojochal have all had significant portions of their main roads paved in the last 2 years, welcoming more traffic to each of these communities.

All of the above indicators point to a surge in new construction and refurbishing old construction. This means that investment in Costa Rica is growing and this is reflective of our Costa Ballena region. For these and many other reasons, we suggest to potential buyers that maybe they don’t rent for a year. Instead, we recommend that potential buyers travel around the different regions of Costa Rica and to pick the community that inspires them the most. Our buyers have often traveled most regions of Costa Rica before visiting here and immediately falling in love. This is a dramatically beautiful region where the mountains meet the sea, with pristine coastlines and wild, unpopulated beaches that are absolutely breathtaking. 

Renting long term is not ideal in a rising price market and this is where we are finding ourselves today with many prospects for continued growth. But when it comes to those who use their Costa Rica property for income while they are away, local property managers are reporting that there are often more short-term renters than there are rentals, especially during the high season between December and April. Luxury vacation rentals in Costa Ballena with spectacular ocean views and amenities are rented at least 50% of the year, according to Christine Schiferl from Jaguar Property Management.

Starting around June, we receive a boost in tourism in Costa Rica, with a number of North American and European families using their summer holidays to visit. European businesses often require their employees to take holidays in the summer and many of these visitors will use this time to explore real estate and the possibility of enjoying a Costa Rica property over a longer period of time. With the growing number of airlines and ports opening regular direct flights to and from Costa Rica, the possibility of owning a property in Costa Rica has expanded to more parts of the world.

Expanding prospects

Now is a great time to jump in and build a new home or buy an existing home while prices are still climbing. It is difficult to predict what the world economies will do in the near future, but for now, in Costa Rica, the trends in real estate are pointing towards growth.

Our Osa Tropical properties agents have recently had a number of closings mainly on homes within the $350,000 - $450,000 range. This average range has already grown around $50,000 from this same period last year. We have also had a record number of luxury home closings in our office and in the region in general. Coupled with the huge number of brand new modern homes coming onto the market, we are excited to see much more foreign money coming into the country.

Thanks to development in our region, the growing number of expats coming to our region are bringing jobs and growth, which is plainly evident in the housing and commercial improvements being made in our local communities and the upgrades in the cars that local Costa Ricans drive. Thanks to more foreign money coming in, many locals are directly benefitting and hoping for additional growth.

Excitingly, despite all of this development, Costa Rica has doubled its forest cover in the last 35 years. Thanks to a change in government regulations, Costa Rica’s priorities shifted from logging to promoting eco-tourism in 1983. These initiatives have led to Costa Rica having 52% forest cover and a wide variety of abundant natural wonders that continue to draw the world to marvel at the beauty and purity of this land.

This feeling of inspiration lingers in more than a few people and we are witnessing an increasing pull for many to embrace the pura vida way of life more fully by investing in real estate in Costa Rica. When you are ready, we welcome you to contact us with any questions about real estate or life in general in Costa Rica.

May 11, 2023 in Buying Process, Real Estate in Costa Rica, Tips for Buyers

People frequently talk about "good bones" when it comes to purchasing a home in Costa Rica —and everywhere else in the world!  But it's not always crystal clear what that actually means. It can be an argument for purchasing a superficially unattractive home, but there are also plenty of residences that have been badly designed, poorly remodeled, or are not flexible enough for your lifestyle. It takes a bit of coaching to train your eye to see the possibilities—while also avoiding pitfalls. Below, we walk you through the process of spotting a diamond in the rough.

1. Look Out For Structural Weaknesses

When sniffing out a home in Costa Rica with hidden potential, make sure that the structural elements of the home are in good shape. These are technically the “bones” of the structure and it’s important to confirm that there are no rotten columns, beams, or other damaged supporting elements; no termite damage; nor any other structural issues. Although these areas can be difficult to spot without a close inspection, there are some subtle hints you can look for: water damage on floors and ceilings can indicate areas of possible mold or rotten wood, while buckling or swelling floors or walls may indicate termite damage. 

While not always a deal breaker, these problems can be extremely expensive to repair, and if you’re going to be putting money into a home, you ideally want it to be in places where you’ll see or feel the result, not in areas that are hidden under floorboards or behind walls. 

2. On Location

No matter how much work you do to a home in Costa Rica, you simply can’t change its location. The the site and orientation on the property are critical elements to the feel of the home and what it’s like to live there. Is there are room that is particularly hot at a certain time of day?  Do you catch afternoon breezes in your main living areas?  Is there a lot of traffic at a certain time and you are looking for privacy?  It may be important to you that the kitchen gets good morning light and therefore has a lot of east-facing windows, or that the home has great natural cross-ventilation, where it’s been oriented to take advantage of prevailing winds. These elements are intrinsic to the home and are very difficult, if not virtually impossible, to change without significant work.

3. Check For an Efficient Floor Plan

Elements like square footage and a working layout can be very subjective— 1,000 square feet might be plenty of space for one person, but not nearly enough for another buyer—but wasted space and inefficient uses of rooms and circulation are objectively not desirable. 

That’s not to say that a few non-structural walls can’t be removed or relocated in a home with good bones, but rather that the general flow from one room to another works well. It’s also important that space isn’t wasted on oddly shaped, non-functional spaces or redundant rooms. Otherwise, you’re paying for square footage that simply isn’t useable. 

4. Longevity and Character 

While it’s not imperative for all homes in Costa Rica to be built of super-high quality materials or to be filled to the brim with historic character or uniqueness, many home buyers are looking for some original or character-defining features. It might just be hardwood floors throughout the home, or a brick wall with some original molding, but these kinds of elements suggest that the home has history, and also that these features will stand the test of time, living long into the future. They can also work as focal points in the home, giving them personality and flair that would be hard to find elsewhere.

5. Let Go of Undesirable Cosmetic Finishes

One of the hardest things to do when looking at potential homes is to overlook finishes, colors, and materials that you don’t like, because they can really impact how you see the space. While it’s hard to pretend that a space with bold 1980s wallpaper doesn’t exist or that a dirty, smelly shag carpet doesn’t cover the entire second floor of a home, try to tap into your imagination. 

Envision the room without the offensive finish, and focus on the shape of the room, the existing windows and daylight, the flow of the space, and perhaps even what it would look like with your favorite paint color on the walls and your own furniture in the room. Feels better already, doesn’t it?

May 11, 2023 in Buying Process, Tips for Buyers, Real Estate in Costa Rica

The process of buying a property in Costa Rica can be a long one — especially when beginning your search from outside of the country. You may become greatly reliant on the relationships that you have built with your realtor to provide you with any and all information that you need to make your decisions.  So, in the spirit of providing information to potential buyers, this article is to inform you about how long the buying process takes in Costa Rica once you get started.

On average, serious Costa Rica property buyers spend anywhere from two weeks to 2 months “shopping” for a property with intent to buy. Prior to the shopping stage, we estimate that our clients spend anywhere from 2-5 years on average thinking about and seriously considering buying a property in Costa Rica. We have clients who have come to our Southern Zone region of Costa Rica on the South Pacific coast nearly every year for almost a decade to see a few properties.

There are also those who fall in love on their first visit and poke their heads into our office—just to get a feel for the market. We show them a couple of properties, they are about to head home... and they surprise themselves and make an offer!

There is a whole array of potential buyer types in between, but what this article will focus on is how long the process takes once a personal commitment to buy property in Costa Rica is made.

Right off the bat, two steps can be skipped in a Costa Rica property search. These are: obtaining your credit report and getting pre-approved for a home loan. The easiest and most economical way to buy property in Costa Rica is still cash in hand. You may be able to get a loan against an existing property in your home country, a private loan, or use a fund like an IRA to invest in a property.  However, this article will not focus on these options. Rather, this is a timeline of what the average client experiences when buying a property in Costa Rica.

Finding a real estate agent (1-30 days)

There doesn’t appear to be a 'best method' for choosing an agent. People frequently stumble into our office saying that they were driving by and saw our sign, remembering that they had seen a video or article where we seemed to know what we’re talking about. Others will walk into the office that is nearest to where they are staying; or visit the agent who was recommended by someone they met. One time a client picked one of our agents because they shared a last name. Now that’s serendipity!

Regardless of what anyone else is doing, we recommend spending a few weeks’ time researching the different agencies in the region. Buyers need to trust their agents, so we recommend vetting anyone you are looking to hire to ensure that they are diligent, competent and honest. Ask for references from your family, friends, neighbors, or anyone you’ve met and like in the area. Look to hire someone local who has intimate knowledge of the area in which you want to buy property in Costa Rica. Some questions to ask:

How long have you been in the business?
Is real estate your full-time job?
How many buyers do you work with at once, on average?
Can I please see some of your references?

Researching potential houses and neighborhoods (3 weeks)

Thanks to the many uses of the internet, the process of searching for property in Costa Rica has become much more streamlined. With websites such as Point2Homes and Casa Costa Rica Real Estate, buyers can often create a short list of properties before reaching out to an agent that they like. Multiple listing sites like these can be used to filter specific search parameters that you may be looking for.

Because there is no official MLS in Costa Rica, it is difficult to search in the whole of the country, and even in the whole of an area. Brokerage websites like ours will have a large majority of the listings in our region. There are some properties that we chose not to list for a variety of reasons that include proximity, price, size of the property, location, etc. We focus our attention and efforts on listing properties that meet the standards of our typical client base. We feature the best properties the Costa Ballena region has to offer and we regularly reevaluate. Our goal is to keep abreast of what properties are available in the region at all times.

With a good realtor, you should be able to give them your search parameters and receive back more refined suggestions than what you might get through searching on your own. But first, it is a good idea to spend time breaking up your housing criteria into needs, wants and desires. Find out what you can’t live without (your needs), what amenities might be nice to have (your wants), and what amenities would be absolutely wonderful if you can find them (your desires).  Spend time with yourself and your family doing research and discussing options. Be prepared to revise your criteria after learning what’s available on the market within your budget.

Many buyers get a good idea of what they want in their Costa Rica property after spending some time renting a variety of houses in different areas. You may already know what you want and that's fine, too. Neither way is better, as long as you are fully educated. This is where a good realtor comes in and helps you learn everything there is to know about the local real estate market that is valuable to you.

Find a house and make an offer (time frame varies)

After your initial meeting with a realtor, you should receive a number of listings that meet your criteria.If you are not in the country, now is the time to start planning your trip to Costa Rica in order to view properties. It is best to come as soon as you find a few options that look interesting, especially if you see something that you might really love. Buyers are visiting our region of Costa Rica all throughout the year and listings are often sold within a few months if they are priced and marketed well.

Once a buyer finds a property that they really love, the process moves more quickly. An offer is written and signed by the buyer, and the realtor will present the offer. At this point, the seller has three options: accept, reject or counter. Things that are often negotiated are the closing timeframe, closing costs, the results of inspections, and, of course, the price.

Opening an escrow account is a part of the Sales and Purchase agreement, which is signed after the Offer to Purchase has been negotiated and agreed upon.  Opening an escrow account has special paperwork requirements—a fairly detailed process that your agent can help you prepare for prior to this stage.  To complete the Sales and Purchase agreement, a 10% deposit is made into the escrow account.

Completing the due diligence process (up to 30 days)

Due diligence should be done on any property you are considering to buy in Costa Rica. Both property hunters and real estate agents can typically only see cosmetic defects while walking through a property. Therefore, the purpose of the due diligence process is to do a thorough inspection of all of the details of a property. In a home, this will include plumbing, electrical, foundation, and roof integrity. On an undeveloped property, you will want to get a soil test, check for water, check if utilities are set up, and guarantee that you can easily get a construction permit. All types of properties require boundary verifications to be completed.

A home inspection typically takes a few hours. However, getting the inspector to the property can take a few days. Most real estate agents can recommend an inspector with whom they work frequently and trust with their clients. It is up to you to make sure that you choose a realtor who you can trust; who will set you up with the right relationships to make your Costa Rica property venture a wonderful success.

The due diligence process will also include legal verifications of the corporation holding the property, which must take place. If there are any liens or embargoes on the title of the property, you should not buy the property before those are cleared.

Closing the purchase (1 week)

Once due diligence is accepted, the rest of the money is deposited into escrow. Roughly a week later (5 business days) both parties will meet at the lawyers to sign the final documents and the purchase can close. The buyer and seller of a property must be in the country to sign the legal document that transfers ownership.  If for some reason you cannot be present, you can grant Power of Attorney in your place. Realtors and lawyers frequently perform these roles.