Costa Rica Real Estate – What To Consider Before Buying a Turnkey Home.

Whoever wants to buy a house, knows that this is one of the major decisions in life.

It is not only about investing a great amount of money, but the wellbeing of the whole family is at stake.

If you need your own four walls as soon as possible, but do not have the time to engage in all the tedious construction process, you may opt for a turnkey home, offered by many urban development companies.

There are many residential and condominium options available on the national market, a fact that lets you analyze, compare, and choose accordingly. There are many advantages when buying from an urban development company; but your first step should be inquiring about the specific company you are about to do business with.

Where to start?

Start out by contacting the CFIA – Colegio Federado de Ingenieros y Arquitectos (Costarrican Federation of Engineers and Architects) – and enquire about the company’s records and reputation.

Next step is to evaluate carefully the surroundings of your new home. “There are two levels to be considered, both macro- and micro-environment”, says Mr. Guillermo Bonilla, director of Urban Promotion (Fomento Urbano).

The macro-environmental query will answer specific and strategic needs of your family, according to its location, such as: How far is it to work? How far is it to school? Do readily accessible public and private services surround the area?

Once this is cleared, the micro-environmental factors come into consideration. These are usually the neighboring houses, which will surround your new home.

One of the main advantages of acquiring a house in a residential complex is that the immediate surroundings are of the same inhabitant’s status, and there is harmony in the overall design of the residential complex. “This guarantees a capital gain in the future” adds Mr. Bonilla.

However, it is important that the Law of Horizontal Property regulates the complex. “Otherwise there could be changes in the design and the usage of adjacent properties over time”, warns Ms. Isabel Jimenez, marketing director of M & J Real Estate.

To my liking:

Even if many future homeowners prefer to start building from scratch, urban developers offer – within certain limits – a personalized home, according to the consulted experts.

There are homes ready to move in immediately, especially for foreigners looking for a quick housing solution, and there are houses, which aren’t finished completely in order to give the future owner some leeway in their personal tastes and preferences.

“We can’t change completely the existing building plans, but there are quite a few options that could satisfy the needs of a specific family”, says Mr. Bonilla. Dimensions of rooms in the interior could be varied, the location of common areas, and the size of those, etc.

Ms. Jimenez added, that the finishes could be varied as well. The future owner could chose from different kitchen designs and their quality, the floors surfaces, interior colors, and the tiling.

There are companies that specialize in the “property plus home” mode. “This is an option that allows for a personalized home, which allows the owner to have great influence in the design, but without having to cope with the problems of the execution and finishing of the construction”, says Mr. Martin Solano, consultant for Desarrollos T
écnicos S.A.

This could also mean that an architect, chosen by the owner, can supervise the proceedings of the construction.

Faster:

Many of the land developing companies have special agreements with financial institutions, which in turn ensure the future buyers preferential conditions. Due to the high financing volume and the great number of clients these special conditions are readily obtainable.

Mr. Solano pointed out that these projects are already pre-qualified by financial experts, thus giving the client the advantage of special interest and mortgage rates.

“Another advantage is the speeding up of the individual financing plan, which could be complicated if done on your own. We know beforehand what the bank needs and wants”, explains Ms. Jimenez. Each company has their specialized financial personnel, which hand over the complete formalities to the bank for approval.

What has to be examined?

1. Support: look for companies that have been in the market for a longer period of time. Verify the quality of their projects, by visiting developments that have been under their patronage.
2. Neighbors: A good reference is to ask neighbors already living in the complex. They can answer many questions, such as quality of the house, services, and backup by the developers.
3. Ready to move in: if you are going to receive you home soon, and were not able to supervise the construction process, look for semi-finished houses within the same complex.
4. Paperwork: verify that the building plans comply with the regulations, and that all permits are up to date.
5. Professional help: ask an architect or engineer to accompany you on your first inspection of the prospective house. The professional can evaluate the quality of the construction, the completing of the finishes, and of the sanitary and electrical components.
6. Financing: Many companies have agreements with financial institutions. This could imply a stress-free mortgage plan.
7. Co-ownership: if a residential complex is set up under the “regimen of horizontal property” it assures a harmonized design of the houses within the complex. But it also means that certain fees and monthly maintenance costs could be included in the plan.

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Andrew Makarik

to@welovecostarica.com

Andrew Makarik is the main editor of WeLoveCostaRica, a fan of this sunny country. He is also a loving husband and a has a lovely daughter. By being a devoted family man and the biggest Costa Rica fan, he wants to make more people feel at home there. WeLoveCostaRica unites people and helps them find new home or a new travel destination. This website is a friendly community where everyone can find not only information, but also new friends and travel pals. Andrew is also passionate about IT and programming, so he himself maintains a friendly atmosphere in this cozy environment of WeLoveCostaRica.com.