Sometimes the hard part of buying is not just deciding IF to buy but WHICH kind of property you want to buy. People have a variety of reasons for buying – acquiring a personal home, buying for investing in a home/business, investing in a full commercial property, or looking for a return on the money they invest. So determining your category will help you figure out what to look for in a property. Maybe it would be nice to live in Costa Rica, but what if you could live in Costa Rica and making an income at the same time appeals to you? Or maybe putting your management skills to use in a full commercial business would be of interest to you. Or perhaps investing in property, buying low and selling high is right up your alley?
Let me start with the final category first. Making money flipping properties is not as easy as it seems, especially in Costa Rica. It is not a matter of just buying low and reselling high because most properties in Costa Rica are not undervalued. However, if you are into fixing, and updating properties, or like to buy lots, adding maintenance and construction and then selling, this could be an option. In this category, it is very important that you speak Spanish or have someone that you can trust completely to help manage this endeavor.
Working our way up the list, what about having a full commercial business? Maybe you initially thought about moving to Costa Rica to retire and relax. But your skills can definitely be put to good use here and make you money at the same time. Just in Atenas, there are many great properties that are up for sale for business uses. Some of the businesses have great returns and just need a change in ownership and others will need your abilities to make them into the fantastic businesses that you envision. All levels are available from small businesses up to ones that full corporations would be interested in investing in.
What about having a home and combining it with a small business? Several properties would be great as bed & breakfasts or small boutique hotels. What could be more fun than living in paradise and making money by sharing your property with other interesting people? Hacienda style homes, where the individual rooms open up directly into a central courtyard or pool area are great bed & breakfasts opportunities. Another option is buying properties for rentals. The demand for great rentals is high in the Atenas area.
Finally, maybe you really just want to have your personal home and forget working at all. Then you already have your category well defined and don’t have to put any more thought into it.
So what kind of buyer are you? Once you have that defined, you will be able to focus on acquiring a property that fits that category and style. However, you might want to be open to the possibility of changing your category as you go. In future blogs, we will go into what to look for and be aware of when shopping in each of these areas. For great buys in all categories, check out our website at http://www.tnrealestatecr.com and like us on Facebook at https://www.facebook.com/tnrealestatecr/
Hacienda-style home in Turrucares