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This message is for everyone that wants to purchase a property in Costa Rica:
Get up and go: first last and as much as possible in between.
I have been making 5 trips a year for several years. I started by visiting 4 major beach destinations (I knew I wanted beach area property). I rented in my targeted area several times before signing a contract and all during construction. I used a realtor, she got a 5% comission from the builder. I saw the lot in the rainy season before purchasing, I saw the foundation and infrastructure as it went in, I saw the walls when they were up, and I was on hand as they painted the interior. It was pay as you go, no financing neither for me nor the builder. His cash flow was my payments.
I took occupancy without a closing and am patiently waiting for the whole thing to finish. The builder had a “do over” on sewage and had to put in a treatment facility versus septic, which did not cost me a dime. Just keeps me waiting for title. He also added a several hundred foot long security wall that was not originally planned, at no cost to me.
When a severe thunder storm hit and backed up water from a roof down spout and into the kitchen cabinets, I was mopping it up by candle light at midnight. Next day, the builder fixed the problem.
I have enjoyed the house and have it nicely furnished.
Success due to keeping my feet on the ground.
Never relying on anyone but myself for details.
And patience with the builder who is making it work despite set backs.
I also found a local french-canadian ex-pat that has been in the area 15yrs to be my property manager. She’s a god send. She handles rentals, lines up cleaning and handyman for pennies on the dollar (US costs).
And oh yeah, it has doubled in value since I signed my contract.Edited on May 13, 2007 11:43
Edited on May 13, 2007 11:46
Edited on May 13, 2007 11:48
Poppell,
I would guess you bought in Gardens in Bejuco, What’s the deal with living there with no title? Are you now the registered owner or is it on good faith while the sewage system etc…gets re-built? Are they waiting for SETENA to sign off, and how was the building done without an approved plan? Not being sarcastic etc…generaly interested in the details. Also have there been any actual re-sales as comps for the new prices as in “doubling” just curious as we bought a lot that has “quadrupled” in value on paper not sure if there are any resales yet in the development though. The Hills project looks pretty good but wondering if they have had similar problems with permits, sewage etc…The titles are now being processed for owners but no transfer has been made on my unit, a condo.
I am expecting it this summer.
The plans and permits were handled by the builder and his attorney in Jaco. As of now, as I understand it, everything is in order and the final SETENA sign-off is in place. My experience with the attorney has been that he is smart, reliable, and trustworthy. I explicitly decided NOT to use a seperate attorney, because I liked this guy when he dealt with me.
As for occupancy, the builder turned over the unit when it was ready for occupancy. The septic was complete and in-use under the original plan so there was no problem. The builder provided electricity until ICE was able to handle my individual meter placement. A freebie I enjoyed. As is security which includes a 24×7 manned guard gate located 25 ft from my front door, and lawn maintenance.
Under the terms of my contract with the seller/builder, he gets his final payment when I get title. His cash flow is zip until he gets me a title. The process is grinding along and all is on track so I am confident it will work out well.
Any buyer that expects to see expert practices in government is just not realistic.
As for property values, just look across the road at 168 3br garage homes or up the hill at Del Pacifico to get a comparable price per sq ft appraisal. Go down to the newly opened Century 21 office and see what you can get.
As for the Hills, I am not involved there.
Bottom line for me has been trusting the builder. They are on track and timeframe not withstanding, the place is almost complete. I believe it will meet my needs for years to come.I have spent much time in the area over the last 5 or 6 years and considered buying there(Gardens) as well. We just wanted a little more land for privacy we bought 5000M2 (and be in Hermosa)we currently live in Manhattan. Yes you need patience in Costa Rica I remember Bob offering me a lot/home about 3 or 4 years ago when He was starting out. Good luck, you sound as though you are happy and that’s what counts…
HI Poppell,
I purchased property at Hills of Estrillos last summer. Our home is way behind schedule. Did you also have delays & how long did take for your home to be built?
John
sorry this reply was so long in coming.
My house was about 1 year in completion. The entire community took two more years.
There were big time delays.
I am not informed about the Hills community.
Your best best is to visit often and see for yourself.
It won’t do any good to rant and rave but at least a visit gives you actual data points to document progress. Take fotos every trip and smile knowing the price is locked in.
For myself, from the begining, security has been my major concern. Now the Gardens community is up and running with an armed guard at the gate out my front door. I am pleased as punch with security. I assume the Hills will have the same.
Try renting in Estorillos Centro if you visit…it is a perfect destination.
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