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I have to go you all one better. Certainly see and walk the property before you commit, but at least two more things are critical. First, have a trustworthy attorney research the property in the National Registry. If it’s not registered, run directly in the opposite direction!
Second, insist upon a new survey with clearly marked boundaries. If at all possible, be there when the surveyor does the survey. Know beyond any possibility of doubt that the property ” . . . runs from over here to over there and then down to there . . .”. I know of two or three cases where the representations of the seller or agent were seriously flawed. Once the sale is done, you have no recourse. See the boundary markings with your own eyes.
And have the new survey registered in the National Registry.
We bought about 7.5km outside downtown Grecia and at about 4,100 feet above sea level. It’s always tolerably cool but not cold, we have a fairly constant breeze, it’s quiet, and the people are warm and friendly. (Climate)
Grecia is about forty minutes from the airport, an hour from downtown San Jose, the MultiPlaza, PriceSmart (two), Hypermas, CIMA Hospital, the ConstruPlaza, etc. (Amenities)
And Grecia has a reasonably large and stable group of North Americans who socialize, help each other solve problems, etc. (Community)
Interesting . . . Have the articles you’ve read actually referred to full-scale homes constructed of bamboo, or are they mostly on a theoretical level? It seems like designing for bamboo construction would be difficult from at least two perspectives.
First, I wonder how you’d hope to meet the earthquake-resistance requirements of the building code. That would be a consideration for any actual architect to wrestle with.
Second, my guess (and it’s only that) is that building-quality bamboo is not something that the local building materials suppliers would stock or have access to. So you wonder just who you’ll find who is qualified to build with it, if you can find a source.
Having so said, let me add that we had bamboo floors in our house in North Carolina and we loved them.
We spoke directly to three banks — ScotiaBank, Mutual of Alajuela and Banex. And we had our attorney investigate mortgage financing at Banco Nacional. Collectively, the four banks’ application/review/approval processes were mindbending.
We responded to an ad from Stewart Title Co. that ran in Tico Times. When we applied, we learned that only Banex is collaborating in Stewart Title’s program for construction financing. If you’re looking to purchase either vacant land or an existing home, you should have a wider array of finacial institutions to choose among.
Marcia and I own some original artwork that would have been very difficult to sell in the U.S. and which is dear to us. Once you’re committed to a container, you might as well fill it up. The cost is a flat fee full or empty. And you’re not likely to be able to sell your belongings in the U.S. for enough to pay for replacements here in Costa Rica (at least that was our rationale).
I have a friend who’s retired from the U.S. Army and goes to CIMA for his health care.
I also have Express Scripts as a mail-in pharmacy. Two problems arise: first, they will only honor a prescription written by a doctor who has a DEA registration number. Costa Rican physicians don’t. So you’ll have to figure out how to get scripts written in the U.S. And prescriptions in the U.S. are only good for one year.
Second, Aerocasilles’ service and/or Costa Rican Customs are very unpredictable. Some things get here from our mail forwarding service in Miami in less than a week, but we received First Class mail last week, via Aerocasilles and delivered to the Association of Residents of Costa Rica in San Jose, that was postmarked January 17th (that’s right!). And we’ve had packages that took over a month to arrive here that were originally consigned to UPS in Miami. So you must order way in advance.
I should have added that, before leaving the U.S., I checked with the bank that had held our home mortgage and USAA Savings Bank (which provides a lot of service to active and retired military personnel, among others) about them providing mortgage services outside the U.S. . . . Fat Chance!
And you can hardly blame them. How could any U.S. bank manage to be sufficiently knowledgeable about local conditions, laws, etc, in a whole host of foreign countries to be willing to assume the risks of a mortgage?
We are legal residents of Costa Rica, but just last night we closed on a construction loan/mortgage to build our main house. It was put together by Stewart Title Co. of Costa Rica. Their program is primarily aimed at non-residents.
The process is that you provide Stewart Title all the documentation you would normally expect to give to a U.S. bank or mortgage company. They send it to a bank in Texas which reviews it and makes a recommendation as if you were applying for financing in the U.S. Then they make a recommendation (apparently always accepted) to make the loan (or not) to one or more banks in Costa Rica.
For non residents, the limit is 70% loan-to-value ratio; for residents it’s 75%. The loan is amortized over 20 years and is at a variable rate computed quarterly by adding 2.5% to the then-current New York prime rate.
For its part, Stewart Title Co. gets a $280 processing fee up front and, if the loan closes, they get to issue a title insurance policy which costs 1% of the total value of the loan. Title insurnance is not universally purchased in Costa Rica.
Total closing costs including attorneys, title insurance, etc, is around 5.5%.
We talked to four banks about mortgages. Their documentation requirements were widely different and (we thought) unrealistic. One wanted two years of original monthly statements from every bank and credit card we have, every payment, every life insurance policy, etc. Another wanted us to go locate an accountant who would be acceptable to them (no list of candidates provided, of course), prove our income and assets to the accountant, and then have the accountant try to convince the bank. Nightmarish.
Dwayne, you now know someone who has, in fact, moved all their possessions to Costa Rica, and we’re glad we did. Not everything available in C.R. is up to U.S. standards, and if you have familiar stuff that you like, you should plan to bring it.
That said, I’m trying to figure out just what the question is here. Is the plan to use this 48-foot trailer in commerce here or to use it as a shipping container? If the plan is to use it in commerce, then I see a very long road ahead for the importers.
If the plan is to use it as a shipping container, I think a much better alternative would be to go through conventional channels and get a 40-foot shipping container. That’s done all the time and there are good companies here who can make all the arrangements.
George Lundquist’s website is: http://www.costaricaretireonss.com. His phone number will be there. Tell him Dave Murray sent you.
You would greatly benefit from spending four days and about $1,100 on George Lundquist’s tour of the Central Valley. It’s specifically aimed at folks thinking of moving to Costa Rica. George will show you a number of locations and he’s a wellspring of information.
Leo, I think you’re talking about the Association of Residents of Costa Rica, whom I pointed to above.
I’m hardly the expert, but it’s my understanding that, in most occupations, you may not compete with or displace a Costa Rican worker unless you are working in your own enterprize. So you can, for example, found your own real estate practice, but you cannot go to work as a real estate agent for an existing company — all this in rentista or pensionado residency status.
If somebody knows more definitively, please chime in.
The attorneys associated with the Association of Residents of Costa Rica are very sharp. I think you’re mistaken about the work/rentista thing if you’re self-employed, i.e., own a business.
Lic. Romulo Pacheco did our pensionado residency and it went perfectly.
Like all the other terms of the sale, closing fees are negotiable; however, if there’s enough demand for the property in question, the seller may be in a strong enough position not to bargain but to offer you a “take or leave it” deal. Three percent is not an unreasonable closing cost if it includes legal fees, transfer taxes, registration in the National Registry, etc.
