How to Find High Quality Central American & Costa Rica Real Estate
An increasingly popular option for Americans who are wealthy or in their retirement years is to move down to Mexico or another Central American country. They do this because the cost of living is often a lot lower and they can stretch their retirement dollars much further if they could than if they were to stay in the United States. The weather is also a lot warmer in many of these countries which is an added bonus. Many people who decide to retire to one of these countries in Central America find themselves in a situation where they would like to buy a home to live in, but how does one start the process of finding Central America real estate?
The requirements of purchasing real estate in other countries will vary dramatically depending on where you are. For example, in Mexico, non-citizens cannot purchase land anywhere within 50 miles of a coast line. You will need to spend a significant amount of time researching the real estate laws and customs of each country.
One thing that you should do regardless of whether you’re buying Costa Rica real estate, Guatemala real estate or Mexico real estate is that you should always get a home inspection. Many Central American countries do not have the same stringent building codes as are done in the United States, so you want to ensure that you are purchasing a structurally sound home without any major problems which could be financially costly down the road.
Another thing to consider is the exchange rates. If you wait to convert your money to the local currency at a point when the dollar is relatively strong compared to the destination currency, you will be able to buy your home for a lot cheaper. The amount of foreign currency you’ll get will vary day to day, and you might consider waiting until the dollar reaches a 52 week high against whichever currency you are converting to in order to make the switch. This could easily save you anywhere from 5% to 10% of the cost of your home.
Moving to a Central American country definitely has its benefits, but it’s not for everyone. When buying real estate in Costa Rica or anywhere else in Central America, make sure that you move slowly and seek counsel from those who have done it before.
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