Can I get a mortgage in Costa Rica on my property?​

Yes & No -Technically you can get a mortgage but as a foreign investor it is quite difficult and usually has high interest rates of 10-12% or more. The easiest way to buy a property in Costa Rica is with CASH you can do this with your savings, a HELOC (Home Equity Line of Credit) or Refinance your home or investment property or sell some other investments. If you need a referral to a mortgage broker who can review your Canadian financial situation to determine if this is a possibility let me know I'm happy to connect you. 

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Infrastructure

The services in Costa Rica are much like Canada except better because you can have regular CAJA universal health care system or private health care for a fraction of the cost in Canada. Medial tourism is a thing where people come from all over for surgery and dental work. High speed internet is offered in many areas and now Starling is also available in many parts. Many roads are paved, fire and ambulance services are also available. 

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What is the Costa Rican Government Like?

Costa Rica has been known for the most stable and oldest democracy in Latin America. Executive power is exercised by the president, who is both the head of state and head of government, and his cabinet. 57 Legislative Assembly deputies are used within the government system along with the President. These are elected every 4 years. 

 

Weather

Costa Rica is classified as a tropical country with no true winter season due to its proximity to the equator. It is more or less divided into two seasons, a dry season, often referred to as high season (December to April), and a rainy season, often referred to as green season (May -November). However rainy season is not as bad as it sounds, it generally rains late afternoon / evening and is sunny and nice each morning.

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What Does It Cost To Own A Home In Costa Rica.

MUCH LESS than in Canada!!!  The prices of homes vary depending on a few things it's style (apartment to detached home) Location -the closer to the ocean you get the more pricy you get. Condition & Sizing is also a factor so I will use my own home as an example. 

Purchase Price: $220,000.00

Property Taxes:  $46/m -$550 / Year  (0.25% Municipal Property Tax) 

Electricity: <$50 not rented or approx. $200/m when rented. 

Heat : $0.00/m 

Water: $0.00 Included.

Internet: $70.00/m  40MBPS

Condo Fee: $222/m (based on property size)

Cleaner: $30 per session min once a month. 

TOTAL MONTHLY HOLDING COSTS: $418.00 /month

if the average rental rate is $175/ night then you would need to rent out your villa 28.6 nights to break even on your approximate annual expenses. 

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Location Low-Down

Everyone has opinions on what part of Costa Rica is the best as it's quite subjective. Some people love a good bumping night life and others like a more slow laid back lifestyle I suggest you ​spend a week in each town experiencing it for what it is and narrowing down your search that way. Don't rush the process buying in Costa Rica can be easy but selling is another story and can often take years depending on its location. On the Pacific Side these are some of the main towns and its benefits / con's in my own humble opinion. 

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1. Coco Beach -30 min from the Liberia airport. Cute small town with a ton of night life, delicious restaurants, and boating excursions. Prices are still decent in this part and has a "Tico authentic feel" though it is quickly developing into a larger town.  

Overall Rental Rating: 79 / 100 

(The score is based on how the market has performed across demand, revenue growth, seasonality and regulation)

Active Rental Listings: 1458

Percentage of these listings rent the entire house: 94%

Occupancy Rate: 50%

Average Revenue: $38,800 K

(How much money is being made in this market? Revenue is calculated by multiplying the number of booked days by the booked rate, including the cleaning fee.)

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2. Tamarindo -2hrs from the Liberia airport. I call this cement city. LOTS of building all along the ocean front. There is a lot to do in this area for nightlife, restaurants, excursions and adventures. The biggest downside is if you plan on renting your villa out the market is saturated with

Overall Rental Rating: 84 / 100 

(The score is based on how the market has performed across demand, revenue growth, seasonality and regulation)

Active Rental Listings: 1921

Percentage of these listings rent the entire house: 93%

Occupancy Rate: 54% 

Average Revenue: $65,400.00 K

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3. Cobano (Santa Teresa / Manzanilo / Cabuya / Mal Pais / Montezuma)

Santa Teresa and surrounding area is known for its surfing and hipster lifestyles. You'll have a plethora of delicious worldly restaurants to pick from as well as little shops to visit. This town is also often frequented by global celebrities because of how far off the beaten path and private it is for them. Beyonce, Jay-Z, Zach Effron, and many more have walked these beaches. 

Overall Rental Rating:  68/ 100 

Active Rental Listings: 1543

Percentage of these listings rent the entire house: 87%

Occupancy Rate: 52% 

Average Revenue: $46,800.00 K

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5. Punteranus (Tambor, Paquera, San Lucas)

An up and coming part of the country with a marina scheduled to be built and the award winning golf gated community expanding at a rapid pace.  For investors this is an area to watch and get in early. Many Expats live in the gated community as well filled with resort style amenities. 

Overall Rental Rating: 65 / 100 

Active Rental Listings: 171

Percentage of these listings rent the entire house: 83%

Occupancy Rate: 39% 

Average Revenue: $19,500.00 K

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6. Jaco / Playa Hermosa / Playa Herradura

Jaco is easily accessible from the San Jose airport. This part of the country is like the "Vegas" of Costa Rica where anything and everything goes and you'll NEVER be bored here. If you're looking for a calm vacation you may want to select another area as there is always something to do in this town! 

Overall Rental Rating: 89 / 100 

Active Rental Listings: 2174
Percentage of these listings rent the entire house: 95%

Occupancy Rate: 44% 

Average Revenue: $54,200.00 K

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If you have any questions about buying or selling in Costa Rica please do not hesitate to reach out to me. 

Kristy4RealEstate@gmail.com 

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*NOTE STATS FOR EACH TOWN IS AS OF JUNE 2024 AND IS SUBJECT TO CHANGE WITHOUT NOTICE.