Buying Property in Mexico/Costa Rica

Der_Iron_Chef · #1 02-23-2008, 07:23 PM

Several friends and I are considering the possibility of buying property in Mexico or Costa Rica. Has anyone done this? Any suggestions, tips and/or amusing anecdotes that might help someone who wants to do the same?

Aquattro · #2 02-23-2008, 07:36 PM

Quote:

Originally Posted by Der_Iron_Chef

Several friends and I are considering the possibility of buying property in Mexico or Costa Rica. Has anyone done this? Any suggestions, tips and/or amusing anecdotes that might help someone who wants to do the same?

Drew, the laws are a bit funny in CR concerning squatters, so I'm told. A friend of mine is a realtor in Samara (Pacific side), I could hook you up with her if you like. Apparently if you buy land and don't occupy it, and someone decides to "camp" there, they get to keep it after some period of time...

Patrick1 · #3 02-23-2008, 08:11 PM

I just returned from a trip in Mexico. I also looked very hard at properties as an investment. I met with some people and looked at a couple of villas. I was with another group who are now involved in buying one of the villas I looked at. I honeslty expected the prices to be much higher. The villa we were staying at was.

http://www.vrbo.com/2703

It sold earlier in the year for just over 800,000 us. It is booked solid and rents at 7000 - 8000 now per week. I looked at a smaller unit in the same community and I would advise making sure it highly desirable to renters.(meaning each room has it's own bathroom etc). One key if your looking at larger places is to make sure you employ a good house keeper. They run about 800 us a month to employ. It helps to protect the house or condo from people moving in and taking over. (thats a real law). I also employ a staff member from mexico whos parents are in realistate in cancun.

Make sure your property is close to the airport and has beach access. I found the condos to be way over priced compared to a villa.

If you have any questions let me know.

michika · #4 02-23-2008, 10:17 PM

I know nothing about buying property in foreign countries...but I would be happy to test yours out if you buy....for a price

On the other hand I think its a very interesting thought. I would love to buy.

mark · #5 02-24-2008, 12:39 AM

Had searched around a little before but seems prices in Mexico have really gone up since US banks will now give mortgages to Americas and Costa Rica has been pricey for awhile.

Nicaragua supposibly is to be a deal still.

Der_Iron_Chef · #6 02-24-2008, 02:09 AM

Thanks guys for the replies. I'll take all of this into consideration--good to know.

Veng68 · #7 02-24-2008, 05:37 AM

Try looking into Belize....... they have the second biggest reef in the world, they speak English as an offical language and they have a dollar that is pegged to the US dollar (2 belize dollars are = 1 US dollar, or at least it used to be).

Cheers,
Vic [veng68]

Sushiman · #8 02-25-2008, 01:19 AM

PM me & we can give /get you all the info you may require. My spouse is Costa Rican & a licensed real estate agent there. We have extensive contacts & several exclusives. From bare lots to turn-key, fully serviced homes we can help you out.
We've been doing business there for the fifteen years & love it.
!Pura Vida!

Todd.