I Bought a Condo!
On my second trip down to Costa Rica I had a lengthy to do list. I really wanted to dig deep and make sure this was going to be the right move for me. I also wanted to figure out what I was going to do for a living situation. I wanted to secure a roof over my head ahead of time, which would remove just one of the "to do's" on my list.
I had a hard time deciding on what the best option was for me. Do I buy a house? Do I buy a condo? Do I rent? This took some time, but I came to the conclusion that buying an investment property that could double as a rental in the future was going to be the best option for me. Side note: I have invested in real estate in the United States for the past 5 years acquiring several rental properties in three different states, so this was a comfortable decision for me. I spent one day with my realtor looking at several investment condos in the Playa Coco area and there was one that I knew would be perfect. I opted for the most amazing condo I've ever set my eyes on. Two bedroom, two bathroom with a covered rooftop patio. Let me repeat, a rooftop patio with grill, hammocks, and all the things. It almost looks like a tree house or something out of Jurassic Park. I almost expect to see little dinosaurs running around down below.
The buying process is very similar to the United States. You make an offer and it is either accepted or there is a counter offer and you negotiate. My offer was countered and we eventually came to an agreement. I signed the contract with my realtor and planned to close in 30 days. Just like in the states you put down an earnest money deposit and then it is time for inspection and a title search. One thing that is different in Costa Rica is that most properties are purchased furnished. An additional requirement is the realtor providing the buyer an inventory of all the items in the property. Once this is completed the seller is not able to remove any of the items in the home that were agreed to be left at the property. It was a seamless process. I had to head back to the states before closing date so I signed a power of attorney with my lawyer, who my realtor recommended, to allow him to finish up the paperwork on my behalf since I would not be in Costa Rica for the closings. I wired funds on closing date and VIOLA! Officially an owner of a piece of paradise. Never in a million years would I have guessed I would own a property in Costa Rica, let alone move here. What a journey life is!