Costa Rica Condo Living - Pros and Cons

Ahhhh…the thought of buying a beautifully furnished condominium with a breathtaking view of the Pacific Ocean, is quite exciting. You’ve worked hard and deserve it!

 

            Quality beach front and ocean view condo developments in Costa Rica are just beginning to come to market and there are several “hotspots”, particularly on the NW Pacific coast that offer extraordinary living and investment opportunities. The Flamingo-Brasilito area, with a new marina and just announced Hyatt Hotel Resort and Golf Course is, in our opinion, the hottest emerging market in the country.

 

            The most important aspect when considering a condo purchase is whether or not a condominium unit will meet your needs and expectations over time. As with any real estate purchase, there are pros and cons associated with this decision.

 

 

            Let’s say you’ve made the decision to buy property in Costa Rica, you’ve got your budget and financing worked out and now you’re trying to decide on buying a condo unit versus a single-family home. Further, let’s assume both are at or very near a great beach.

 

            Intended Use

 

            Are you an investor who is looking to generate as much rental income as possible and have no intention of living in the unit?

            A beach front or ocean view condo would be a good choice.

 

 

            Are you looking for a place you and your family can live for several weeks or even months each year and then rent out for maximum rental income?

 

            A beach front or ocean view condo would be a good choice.

 

 

Potrero Sunset Condominium Project; beach front 2 and 3 bedroom units with view of Flamingo Bay and marina. For more info, Click Here

 

 

            Does the thought of noisy neighbors coming and going next door or above/below you just drive you crazy?

 

             A single-family home would be a good choice

 

 

            Are you looking for maximum privacy, peace and tranquility during your stays in Costa Rica?

 

            A single-family home would be a good choice.

 

 

            Are you OK with sharing the pool, spa, and gym facilities with total strangers? Do you look forward and enjoy meeting new people every day?

 

            A beach front or ocean view condo would be a good choice.

 

 

            Is your long-term plan to buy something now, rent it out occasionally to selected friends and family (often enough to cover association dues and expenses) and then occupy it full time when you retire in 3-7 years?

 

            This would work well with either a condo or a single-family home.

 

 

            Are you worried about taking care of lawns and landscaping during your absence?

 

            You’d think a condo would have a huge advantage here. After all, landscaping is taken care of by the condo association.  But, because the cost of hiring a gardener to stop by once a week is relatively inexpensive ($10-$15), it’s not that big of an issue.

 

            In addition, some single-family home projects, such as the Courtyards at Catalina Cove, offer essentially landscaping-free living. This is possible because the landscaped area outside the walls of each home is maintained by the homeowner’s association…just like a condo development. Indeed, the best of both worlds!

 

 

Author Kevin C. Myers is the Broker of Catalina Cove Costa Rica Ocean Properties, located in Flamingo-Brasilito and is part of the Grupo Do It management team, developers of Catalina Cove. He is the best-selling author of the real estate investment book, Buy It, Fix It, Sell It: Profit! published by Dearborn Financial (Chicago) available in bookstores everywhere. For more information, visit the following website: http://www.realestate-profits.com