Is there anything better than finding a stunning piece of land to build your dream home on, at a good price? Here, that dream can become a reality. If you’re looking to buy property in Costa Rica, there are plenty of affordable options.
In recent years, the cost of living has increased dramatically around the globe. The U.S., UK, Australia, Canada, Japan, and other countries have seen prices rise significantly over the last decade or two. While these costs continue to increase, it seems that the price of real estate sometimes falls across the board.
Why invest in land in Costa Rica? Is it worth it to purchase property overseas? What benefits does buying land for sale provide? Read below to find out.
Why buy land in Costa Rica?
There are many reasons why you might be looking for Costa Rica land for sale. Maybe you dream of living here someday. Or maybe you simply love the outdoors and would enjoy living in an area where nature reigns supreme. Whatever your reason for wanting to live here, there are plenty of benefits to owning property here.
Costa Rica offers a lot of opportunities for those interested in real estate. Many types of properties are available to purchase. Whether you are looking for a luxury home, a vacation rental, or farms to grow vegetables and herbs, you’ll find options that suit your lifestyle.
In addition, Costa Rica is known for its beautiful natural surroundings. This makes it ideal for anyone who wants to spend time relaxing and enjoying the great outdoors. If you’d prefer to stay indoors, you also have access to a wide range of activities. From museums and art galleries to shopping malls and movie theaters, there are lots of places to visit.
If you want to invest in real estate, why should you consider buying land in Costa Rica?
When looking into investing in a foreign country, the question often arises whether to buy business property in Costa Rica or stocks. The answer is simple: the two options are very similar, and both offer great profit potential. In addition, real estate investments are usually more stable than stock trading. They don’t fluctuate in price as much and are generally easy to sell.
When it comes to investing in real estate, the land is always a good choice. Vacant land offers unique advantages over other types of investments. And since land is relatively stable, it makes sense to look at it as a long-term investment. It will pay off well over time.
Finally, Costa Rica is a safe place to invest money. Like most countries, crime rates are low, and violent crimes are rare. In fact, Costa Rica ranks among the safest countries in Latin America.
Is development land a good investment?
Land is an asset that is hard to come by. It is a tangible asset that cannot be stolen away from you. There is another reason why land is such a great investment. It gives you access to a whole host of opportunities.
You can find vacant land in a perfect location to build your dream home or commercial property. You can also find developers offering a residential lot currently being developed at a convenient location or a scenic spot on rolling hills. Some are in an exclusive gated community or residential community with beautiful views. Mountain property, beach property, you name it!
Buying land in Costa Rica offers a rare opportunity for investors to choose the best land and the perfect location for them.
You can develop the land yourself, or you can hire someone to do it for you. Either way, you’ll be able to reap the benefits of having a piece of land.
The best part is that you can choose how you want to develop it. Whether you want to create a resort, a golf course, a farm, or even a business park, you can make it happen.
There are also plenty of ways to monetize land. You could rent out space to businesses, or you could turn it into residential property. Whatever you decide to do, you’ll be able to enjoy the fruits of your labor.
Ensuring Successful Investment
Here are some ways you could employ to ensure that your investment leads you in the right direction. Successful investments are made of careful steps. You should learn to navigate the industry that you chose to invest in.
For land developments, you must start with a clear goal in mind. With your goal in mind, you can start assessing if the property is right for you. It’s not the other way around.
You need to know what you want before you look at properties. You have to be very specific about what you want and how much money you are willing to spend on it. If you don’t have a clear idea of what you want, then you will never find a suitable property.
Next, you should make sure that you have enough money to buy the property. This means that you should save up as much as possible. Then, you should visit several real estate agents so that you can get an idea of what you can afford.
The Risks of Buying a Development Lot
Land prices tend to rise exponentially after a project is announced. So if you wait until the last minute to decide where to put your building, you may find yourself paying a much higher price for the land. If you choose to purchase land early on, you’ll have time to negotiate a better deal.
Even if you do manage to secure a great deal, you might find that the land isn’t suitable for your project. The land is often unsuitable for commercial purposes due to zoning restrictions. This is where working with a trusted real estate agent can help. The agents at Century 21 Pura Vida can help you find a property that is zoned for exactly what you need.
3 Essential Things to Know about Building in Costa Rica
So, if you now own land you can build what you intend to on, what’s the next step? There are important things to know when building structures in a tropical country like Costa Rica. This is aside from the laws that govern building in this country.
How building in Costa Rica is different
Let’s first start with what makes building here different from countries like the US. Costa Rica is a seismically active country. Finding a good builder that can build things to code is important. Also, while there is a lot of sunshine, there are rainy days as well. You should keep that in mind when building. The foundations should be able to handle a lot of stress.
Pre-built homes vs building your own
Owning land means that you can choose and decide the design of your house inside and out. This is an advantage against pre-built homes.
Building your own home gets you the following advantages:
- You can choose the materials to use
- You can ensure great airflow
- You can design it to have natural lighting in important areas of your home
- You can design it to have sufficient storage space depending on your need
- You can create the atmosphere of your preference
Factors that affect building cost
Costa Rica is one of the most beautiful countries in Central America to build a home in. It ranks among the top best places in the world to live. Many factors influence the cost of building in this tropical paradise.
The following list includes some of the main costs associated with building a home here.
Lot preparation
In Costa Rica, you must prepare a lot of land before construction begins. This process involves clearing trees, bushes, rocks, and soil. You must also make sure that the property meets local zoning requirements.
Location
The average price of a home here varies greatly depending on location, size, and type of home. For example, Beachfront house for sale tend to be more expensive than those located inland.
Architect fees
Architect fees are prescribed by Costa Rican law. The fees depend on the project cost. By law, you should pay around 10% of the project cost.
Materials costs
Building materials here are easily available. However, the costs can vary throughout the country.
Other Costs
Besides the above-mentioned costs, there are other expenses related to building a home here. These include surveys to determine the property line, permits, taxes, and legal fees.
What to look for in a potential property to develop
Aside from the location and proximity to the key indicators of a good location, you should also look for the following in your property.
Beautiful Views
Nearly every part of the country has lush vegetation, abundant wildlife, an ideal climate, and incredible views. The real question people begin with is what type of view they want to see every morning. Do you want to see a beautiful beach? Then a beautiful lot with an ocean view is ideal. Maybe you want a place that stays naturally warm in the day and cooler at night, then there are numerous places where you can be surrounded by mountain views.
Water source
A water source is either provided by public water companies in town or legal access to natural sources like springs. This legal access is a concession. Always look for this in the lot title where it says the details of the property’s access to the water supply. There is a limit to how many households a natural water source can supply.
You also need to be aware of any potential health risks. Make sure the water supply is safe and check for risks of contamination. Local municipalities follow a common standard for drinking water. The Standard of Drinking Water Quality specifies the basic requirements for potable water quality.
Electricity
Costa Rica’s main source of electricity is a government-owned company called ICE. Blackouts can happen caused by an increase in demand for electricity due to higher temperatures and more people using air conditioning during the summer months. The company claims that they have dealt with the common problem. The outages are reduced, although it remains that the key indicative factor for such an issue to arise is the increase in population.
The cost of electricity here varies. You can pay for electricity at different rates per kilowatt hour (KWh).
The price of electricity depends on many factors including the time of year, the weather conditions, and the amount of energy consumed by the household. In general, the price of electricity is lower when the temperature is cooler and higher when the temperature is warmer.
Road service
It is important to check for road access and right of way. If you’re going to invest time and money in building a house, make sure that you do it right. The most common mistake homeowners make is to assume that because they own the property, they can do whatever they want with it. This assumption is wrong.
You may own the land, but you don’t own the road. So when you decide to build a house, you need to consider how you will access it.
This is particularly important for those living in rural areas where there might be limited public transport options.
In these cases, it makes sense to look at alternative routes such as private roads or even walking tracks.
If you live in an area where the main route is already well-established, then you probably won’t need to worry too much about accessing your land.
However, if you’re planning to build a large structure, such as a mansion, you’ll need to ensure that you have adequate access.
A driveway is usually sufficient, but if you plan to build a garage, swimming pool, or tennis court, you’ll also need to consider whether you need a carport.
These structures require more space than a normal driveway would provide, so you’ll need extra room to maneuver vehicles and equipment.
Boundaries
The boundaries of the property should be laid out on a stamped plan. This should give you detailed information about roads, protected areas, and rivers surrounding the property and where your boundaries should be.
A surveyor can measure the boundaries of your property and record them on a map. These maps will show exactly where the property begins and ends.
If you want to build a house, you need to get permission from the local authority. Before you start work.
Land use restrictions
It is important to know what land uses are allowed in the area around your property. For example, if there are any restrictions on building or operating machinery, it will help you decide whether your construction plans are feasible. It may also affect how much you can charge for rent.
If you want to build a house, you need to make sure that the land is zoned for residential purposes. Otherwise, you could find yourself having to pay a hefty fine.
Internet service and communication
Fiber optics and wired internet are available here. There are parts where you will have access to the internet via mobile satellites or towers. The most common way is through a cable provider, which can be found in almost every town. However, there are other ways of accessing the Internet such as Wi-Fi hotspots. You can also use your phone’s data plan for this purpose.
You can get satellite internet services from companies like Tigo and Liberty former Movistar. These services are very expensive but you can pay monthly fees instead of paying per gigabyte.
Most people who live here use cell phones. Cell phone coverage is excellent throughout the country. Most homes and businesses have at least one fixed-line telephone.
6 Important Tips on Land Development
It is important to do your research when choosing land to develop your home or vacation rentals. The country is small but very diverse. It’s not a simple guessing game. These tips should save you a lot of headaches, avoiding lapses in selecting the land to invest on.
When buying property, make sure you know what you’re getting into. You may think you can just buy a piece of property and build your dream house on it. Before you start building, consider these things:
1) Get a good understanding of locations. What kind of area does the property lie in? Is it rural, suburban, urban, industrial, commercial, residential, agricultural, or something else entirely?
There are lots of factors that go into determining what type of land you should purchase. These include things such as location, size, terrain, climate, and proximity to amenities. When purchasing land in Costa Rica, make sure to do your research. Find out everything you can about the area you are interested in. Make sure to ask questions and talk to locals.
2) Know your options. How much land is there for sale? There are several ways you can find out how much land is for sale in Costa Rica. You can use our free database to search for property listings based on type or location. Or, you can check out lists of the best places to buy real estate in Costa Rica and see how many options you have out there.
3) Know your budget. Do you have enough money to purchase your best option? You don’t necessarily need to buy a whole lot of land to enjoy living in Costa Rica. You can find plenty of smaller pieces of flat land that are perfect for building a vacation home or retirement retreat. Many people choose to build a second home here because it allows them to live close to family members without having to move too far away.
There are several different ways to invest in Costa Rica real estate. Some investors prefer to purchase existing homes, while others prefer to build their own custom homes. Either way, there are plenty of options out there at different prices.
Know your options and the budget involved in buying off the property. Always consider the next phase which is the development and for pre-built houses the cost for improvements. Careful planning on the total expenditure of your development land will determine future profits.
4) Are there any environmental issues with the property? Make sure there are no environmental issues with the property. Costa Rica is one of the most environmentally friendly countries in the world. There are many national parks and reserves where you can enjoy nature without harming it. If your property has previous issues putting the natural environment at risk, that could be a serious problem for the new owner.
Ensure that all problems are fixed and that you adhere strictly to the regulations governing environmental protection. To contribute to maintaining the beauty of this nation, be aware of your part both inside and outside of your property.
5) Explore financing possibilities. Can you get financing for the project? It is also important to know what help you can get to complete your project. There are several financing options available in Costa Rica. Getting funds for construction projects is similar to the US.
Permits and a construction plan are always required. The timelines for the initial money will be specified after approval. It will indicate when your developer or builder can withdraw the money to begin the project and the next time money will be released. It will be necessary to provide evidence of the project’s progress, and organizations will often check after receiving a funding request.
6) Make a plan for how you will be in charge of the project. How will you oversee the building process if you decide to move forward with the project? Although you might hire someone to handle things for you, it’s crucial to know how to handle everything on your own. You should ask your contractor to orient you with the key information and at the very least have a background or overview of the construction process. This is so you’ll know what to anticipate and can check to see whether everything is going according to plan.
Know the timeframes well to determine whether progress is being made at a good rate. Are expectations being met if it moves quickly? Were any details missed? What can you say or do if the pace is too slow?
How do you intend to keep an eye on things to ensure that you don’t fall into certain pitfalls if you won’t be at the exact location to see things yourself or if you’ll be overseas?
Profitable pre-construction developments
It cannot be overstated that the greatest locations to begin investing are those with stable economies and are quiet enough to not expect significant changes affecting your investment.
But change is growth. It’s something we’d hope to see as a strong sign of an excellent investment. The best areas to invest your money are in expanding cities and countries with growth strategies.
Not only do you receive the government’s assistance and efforts to help people who favor development, but this also opens up a great deal of room and opportunities for involvement in the movement.
Costa Rica is one of those countries that is expected to flourish in the real estate market. The country has a lot of room for development and it is being supported by the government. For the past years, many incentives and attractive opportunities have been made available to investors.
Property purchases by foreign investors, including local ones, may have come to a standstill or have slowed down as a result of the pandemic. Post-pandemic evidence, however, demonstrates that Costa Rica improved in attractiveness as a result of people’s realization of the value of healthy lifestyles and the outdoor environment. Costa Rica already provided that before the crisis. This enlivened interest shows great potential for developing communities.
Pre-construction developments provide leverage for investors. They can buy more properties for re-sale which are priced much higher when completed. With the high demand for ideal places for healthy lifestyles and fresh opportunities, the real estate boom in Costa Rica has just begun. And it’s a great time to jump in.
There are many reasons to buy land in Costa Rica now
Realizing the dream of a tropical paradise has always had a market. Costa Rica is now more than just a tropical paradise in light of recent events in other parts of the world. Everything is within easy walking distance or just a short drive. Even a small town here can be a paradise of convenience. Costa Rica has a lot to offer, especially to retirees. It has attractive offers for those who are looking to relocate in search of new opportunities.
Some of the best real estate deals in the world can be found here. The United States listed Costa Rica as one of the safest countries for ex-pats to live. In terms of overall quality of life, Costa Rica is ranked second in the world by the World Economic Forum.
If you’re looking for Costa Rica land for sale, consider choosing Century 21 Pura Vida to help make the process easy and fun!
