living in costa ricaIf you can’t afford to buy a house in the U.S. or Canada, prices of decent homes in Costa Rica begin at around $50,000 with financing available for new homes if you become a resident. In 1999 we purchased a new $65,000 home in Heredia with 80% financing. Our payments are $452 monthly on a 15-year, 9.0% loan—$150 less than we used to pay for rent in Rohrmoser. The monthly payment includes a life insurance policy that pays off the loan in full in the event of death of the owner.
You don’t have to be a resident of Costa Rica to own property and you’re entitled to the same ownership rights as citizens of Costa Rica. Ownership of real estate in Costa Rica is fully guaranteed by the constitution to all including foreigners. This means your purchase here can be fully secured and safe.In Costa Rica you can build your retirement dream house, if you so desire, since land, labor and materials are inexpensive. However, think twice about undertaking such a project because you could be flirting with disaster.
Many foreigners who have built homes complain that it sounds easier than it really is. They would not do it again because of costly delays, unreliable labor, fussy building inspectors, different laws and building codes and many other unforeseen problems.
Be sure to talk with foreigners who have built homes to see what obstacles they encountered. Costs depend on location, materials and the size of the home you want to build. You generally pay between $300 to $600 a square meter or $30 to $60 a square foot.
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posted by living in costa rica : 7:33 AM
