Los Sueños Resort & Marina is the Perfect Place to Seek Vacation Home Ownership in Costa Rica
By Mike Hardy
Owning your own piece of tropical heaven in Costa Rica is a dream come true for a lot of people. The beautiful temperatures and sunny skies year round make for a feeling of never-ending vacation. Even during the rainy season, which keeps the abundant greenery thriving, morning sunrises are the norm, while the rain commonly falls just in the afternoon.
The pristine rain forests, mountainous terrain and deep blue ocean provide an abundance of natural beauty. When you own a piece of this rugged, nearly untouched country, you can spend your days hiking to mountainside waterfalls, wandering down black sand beaches or shopping at the local outdoor markets.
Who wouldn’t want a second home or at least a vacation property here in beautiful Costa Rica?
Sport fishing is another large draw for potential residents. Costa Rica is well known for its wealth of unique marine wildlife and Los Sueños Resort and Marina is the only government-sanctioned marina in Costa Rica. Los Sueños is a resort that offers vacation rentals, but part-time residents own many of the luxurious condos.
Purchasing a condo, property or a home in Costa Rica is not all that different from making a real estate purchase in other countries. Condos will usually have an association fee, gated communities will have their own specific rules and regulations and you will likely need a real estate agent to help you fill out the paperwork. Just like in any other real estate process, there is usually a lot of paperwork that includes information about your property, like the legal rights and borders.
Some items and processes are unique to purchasing in Costa Rica. These include items like the paperwork being written in Spanish and some laws. The squatters’ rights law, allowing someone to essentially become the new owner of your property while you are away by occupying and improving it, was originally created in order for land not to go to waste when the original owner passed away; title insurance and property management companies exist now so that your property cannot be taken in such a way. They will insure your title for a one-time fee and for a monthly fee will check in on the property and look after it.
Financing in Costa Rica has become easier over recent years. Some banks still have non-resident clauses that make it more difficult for a foreigner to purchase real estate in Costa Rica, but it is becoming easier now, due to changes in the financial and real estate environment. Private banks are still more versatile and client oriented than government banks and private lenders are even less complicated for foreigners to use because they do not require as much paperwork as a bank will.
That said private lenders also cost more. Banks in Costa Rica are financing non-resident real estate purchasers at a rate of 7% to 12% currently on a loan that ranges from 10 to 30 years. Private lenders offer First Degree Mortgages, meaning a direct loan from the lender’s attorney or broker to the person using the real estate as collateral for the loan. These lenders will charge 16% to 20% annual interest on loans that only range from one to three years in length. They also charge a principal loan and legal free of as much as 10%.
Purchasing property is a long, strenuous process wherever you decide to buy. Reaching the successful end of that process at Los Suenos Resort in Costa Rica can leave you with a feeling of accomplishment and pride in your luxurious tropical residence.