Should you rent or should you buy? Evaluate your situation.
1) Do you have enough money to put down on a house so that you aren’t making payments so high that all of your money goes to the bank in interest payments? In Costa Rica, the banks can charge interest rates much higher than the States, but there is a lot of private financing that is available on many properties with a significant down payment.
2) Are you new to the country? If you are new, I recommend renting for at least a few months in different seasons to see how you like the country and the location. You will also get a better feel for which towns or areas of town you like best.
3) Do you need the flexibility to get up and leave on short notice? Advantages to renting include being flexible and getting out quicker if you want to return to your homeland, whereas selling a house can take a while.
4) Do you like to “fix” the house the way you want? An advantage to buying means being able to make the home your own, fixing it as you like and not worrying about whether the owners will be mad if you put a shelf up.
5) How is the landlord? Renting heavily depends on the landlord. Maybe you have an incredible landlord who fixes everything immediately and never raises the rent. Or, maybe you get someone who never fixes anything no matter how much you complain and wants to charge you for everything or even dictate who you can have in your home and more.
6) Would you like to recuperate your costs? Renting means you never see the money again. Buying can mean recuperating everything and possibly making a profit, but it depends on the market.
7) Are you a person who just feels the need to own your home? Well, then there is probably little need to evaluate any further.
If you decide to rent, the green season (May to October) is the time to check out the great deals and have more selection. Make sure and always have a contract written up by a legitimate lawyer who can make sure you are covered and there are no doubts on either side when disagreements arise (which they will).
If you decide to buy, get a trusted realtor with experience in the location so that you will be well informed and protected. Having all properties evaluated and investigated before even seeing them, will save you a lot of time and headaches.
“Tristan & Newton Real Estate” and “Gomez, Tristan, & Tristan Legal Firm” can help you in either of these endeavors. Names you can trust. Check out our website, our Facebook page, and our YouTube channel for more information on properties. Email Tina with any questions you might have firstname.lastname@example.org.