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We’ve read Scott’s book about how to buy costa rica real estate without losing your camisa and we’ve had a few very helful and informative email conversations with him too. Seems the problem about renting is that after you have rented for a while and decided that you have found the best area the homes that are similar to the one that you wanted to buy a year ago are now selling for much higher prices than you wanted to pay
So what do you do? Do you experts out there in the forum recommend renting first and then buying even though you might be paying a much higher price or buying right off the bat?
I read Scott’s book too, but I didn’t follow his advice about renting first. I bought land on my first trip three years ago, and immediately started building a house. Yes, it was an impulse, but it felt like the right thing to do for me because I hate moving, so I couldn’t imagine living here or there and trying to figure out where I really wanted to end up. I cringed when people suggested that I move to at least 3 or 4 locations before deciding to buy. That seemed like a big waste of time and energy. Now at least I have a beautiful house to live in while I explore Costa Rica and see if there is a place I may like better, but I doubt it because I love where I live and am not sorry I acted so impulsively.
I did the same thing Maravilla did and it’s worked out fine. First, I did A LOT of research on the different areas, home prices, amenities,and general climate. There are dozens of different climates here and you need to consider all the variables and what you specifically want. I narrowed it down to three different areas that I thought I might like and came down for two weeks and looked at all of them. I think if you also purchase with resale value and appreciation potential in mind, even if you decide to move in a couple of years you will be fine because you have a attractive piece of property that hopefully may have increased in value. Or, you can stay put and just enjoy it. Don’t go buying into one of the many get your money up front for an an acre of land type deals. If those projects ever get going you will have hundreds of people subdividing less than desirable lots and it will be a mess to try and resell if you decide you want to go somewhere else. Scott can also provide you with info on developments or land that is a better investment. So, the prudent thing to do is rent and wait, but it also works to follow your heart (with a little brain work) once in a while.
I think you also have to take your personal financial situation into account before making one of these moves. What I mean is if buying is going to really stretch your finances, if things don’t work out you will need to sell to be able to move back. Then you may want to spend some time renting this way if you find this is not right for you, you simply pack and move on. As hot as this market appears to be there is a lot on the market and it is hard to gage just how long it could take to sell. If you are flush with cash and could carry the property without any big problem if things don’t quite work out, then buying and rolling the dice is obviously not such a big deal. Worst case you are “stuck” with a nice home in a beautiful country that may or may not also prove to be a sound investment.
I also bought on my first trip to CR a year and a half ago. I cannot retire for several more years so I am waiting to build. I visited three areas of the country briefly and decided on where I felt comfortable.
But I already was very familiar with the rural latin lifestyle after 25 years of visits to Cuba and Puerto Rico (where I took a wife). I am very fluent in spanish and for me, Costa Rica does not represent a major culture change. I feel very much at home each visit..no surprises so far and I don’t anticipate many, although I feel I am pretty adaptable anyway.
Renting first can be pretty important, though, if you are unsure about moving to CR. I am still amazed that only 40% of expats end up leaving after a few years. It is my impression that most expats do not speak spanish well, if at all, when they move there.
How the other 60% manage to stay and even enjoy it is encouraging.I will be going to CR for the first time on JAN 1. Will be making reservations at the Aurola Hotel until the 3rd. I will be taking the Caravan tour which leaves on the 4th and will return to S J on the 11th. I planned on taking the next 5 days to talk to the person Scott has recommended for me. I have, however had a bit of a hard time to get a hold of her. How does one get around to see the areas. I don’t want to rent a car and drive myself. Any suggestions? I’m also thinking about contactibng Scott by phone to get me someone else to help me but thought he is a busy man so maybe I can get some help from this site.
ThanksThere are a couple of tours which are aimed at those intending to relocate to Costa Rica. Unlike the Caravan Tours tours, they’re not for sightseeing but for exploring. And they’re very good.
One of those tours is run by someone who could probably arrange a private tour, if you act quickly.
Please see [ https://www.welovecostarica.com/members/1192.cfm ]
What a confusing posting Dahlia.
You did telephone me yesterday, we have spoken and I know for a fact that you have been in regular email contact with our Recommended Realtor Mayra Claveria and also know for a fact that she has responded to you most recently yesterday???
Scott Oliver – Founder
WeLoveCostaRica.comI’m sorry Scott. I undestand this to be confusing. I did not have the second email until after I talked to you. I have responded.
To Scott
An addendum to the above. Soul searching and feeling quite chastised, I realized I have commited a typical gringo mistake for which I’m truely sorry. Expecting an immediate reply to my emailHi Dahlia, This must be a very exciting time for you–I hope you fall in love with Costa Rica just like so many of us have done upon arrival! The first time I visited CR I saw quite a bit of the country, but there was still so much to see. That country has very diverse areas even if at first everything just seems green…I still feel that I have much to see and I’ve been going there since 1982…You might want to make a list for yourself and for your Realtor as to what will be important for you and use Scott’s book to guide you along the way. He’s immensely knowledgeable about CR real estate (even if not immediately available all the time–his input will be worth the wait) and I’m sure the Realtor he recommended must also be very good at her job so they will be priceless sources of information and contacts once you land in CR so that armed with good information you will be able to listen to your heart, choose an area to live in, make a solid real estate investment and enjoy your new CR home as soon as possible. I also hope you will take the time to talk with the locals as part of your get to know CR plan (that’s always one of my favorite things to do 🙂 and don’t forget to enjoy the yourself along the way –not very hard to do in that beautiful country where you can be enjoy yourself in a million ways, including just laying in a hammock and enjoying the view…Please let us know how your adventure in CR turns out…I’m excited for you…Oh, before I forget, don’t forget that Ticos/as have another concept of time, if you know the rules it’s much easier to enjoy playing the game 🙂 Pura Vida!
rebaragon, Thank you very much for your kind and informative reply. I am very excited and look forward to seeing as much as possible. Everything is all ironed out and I will meet with Mayra on the 3rd of January. Looking very much forward to meeting her. And thank you also for the advise. I do have Scotts book and map, and have watched the video. All 3 are great! I have not yet finished reading the book but will have done so long before I come and will bring it with me to refresh my memory while there. I will keep you last sentence constantly in front of me, thanks
Hey Dahlia, I’m so glad everything is resolved and in place for your upcoming CR visit. You’ve picked a marvelous time to visit there. The only place you may still find quite rainy would be the Atlantic side (Limon area), but the dry season will be in full swing by then and bless your stay with beautiful days. I’m sure you will have a wonderful time and I can’t wait to hear how your CR adventure turned out…Pura Vida!
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