If you are looking to invest in income generating real estate in Costa Rica you most probably already have an idea of how you want your property to look. Buying a home abroad can be a nerve-wracking experience so it’s understandable why you would want to avoid properties that don’t necessarily fit your criteria.
Costa Rica Real Estate– Finding your Diamond in the Rough
However, many experienced investors would agree that you need to look beyond the superficial to find your diamond in the rough. I’ve seen a fair few decorating disasters in my time as a realtor not only in the South Pacific of Costa Rica but also the U.S.
I’ve also seen a fair few first time investors walk straight out of a property because they simply don’t like the luminous green walls and funky light fixtures. They often don’t realize the true potential that lies beneath!
Unrealistic Property Dreams – Intelligent Budgeting
Don’t we all want to own the multi-million dollar property that sits on the hill overlooking the ocean? But how much can you really afford? Make sure that get pre—approved for a loan before you begin your search. Don’t consider homes that are 5 percent over your maximum, all you’re doing is setting yourself up for disappointment.
The First Visit – Looking Beyond the Superficial
There’s no doubt that some people have the knack of walking into a property and knowing straight off the bat that it’s a winner.
* I cannot emphasize enough that the shell of the property is the most important detail you need to look at. If the property isn’t well distributed but can be rearranged, consider whether the cost of renovation will allow it to reach its full potential and be sure to add this onto your offer.
* When you look the walls ignore the color, they can always be painted and revamped. You may also find the floors surfaces are outdated; once again this can be easily replaced.
* A room with a view – pay close attention to what surrounds the property to get a better idea if it fits in with what you want to use it for. Don’t worry too much about the landscaping and if there isn’t any at all this look at this as a blank canvas, you’ll get to design it how you want.
* Look at the size of the kitchen rather than the outdated color schemes. If the rest of the property is up to scratch you can always give the kitchen a little face lift as this is the most important room in the house.
* If you want a swimming pool, buy a home with a pool already built in. Pools are expensive and you will not get a full return on the cost when you go to sell. Let someone else lose the return. The cost of repairing a pool is less than putting one in, so if you’re looking at a home with an old pool that looks like it’s in bad shape, it’s still a better bet than putting one in later.
* Before you make an offer, hire a professional property inspector and take heed of his/her advice. If the home is in generally good condition and fully functional look beyond the owners designing skills.
A Business and a Home – Fixer-Upper in the South Pacific
Built in 2000 and located in Lagunas Dominical this property is the perfect affordable escape to paradise. Positioned close to the beach and surrounded by tropical greenery this charming cabin with swimming pool sits on 5644.95 sq m of land. The one room cabin with loft and full bath can easily be redistributed. There is also a pool house with small kitchenette and two baths. With a motivated seller this property is the perfect fixer-upper, you could even live in the cabin while you build your dream home.