Condos or condominium are not similar to single family homes. These are basically piece of shared real estate, which has individual owners for each unit. The condos offer certain common shared amenities like swimming pools, tennis courts, lawns, gyms etc. Nowadays, more and more people are considering relocating in condos due to its low maintenance and the benefit of living in a condo community. But, there are various things to know and consider before buying a condo in Costa Rica.
Here, we have come up with a few tips that can help you buy a condo. Read on!
- Question yourself about your needs
The first thing to consider before buying a condo is to ask yourself whether you are ready for settling down in a condo or not. Condos are meant for sharing certain areas and you have to adjust in that. For example, if you like staying in a secluded place, where there will be no residence attached to it, then condos are not for you. In case of condominiums, there will be neighbours attached to your residence. Again, if you enjoy gardening and plant trees and flowers in your garden, then in condos you cannot probably do it. Different condos have different sets of rules and you need to abide by those. But, on the other hand, if you love people around and enjoy sharing and socializing , then condos are the right choice for you. These are a great option for retired people too as they can make friends around.
- Obtaining a loan
Getting finances for condos are not as easy as getting loans approved for single family residencies. There are certain rules and regulations attached to it. Many lenders do not provide the option of sanctioning loans for buying condos. The FHA requires that 80 per cent of the real estate should be occupied for sanctioning the loan. Alternatively, you can apply for loans from private lenders, but that can be quite costly for you.
- Know what are the amenities included and the association fees
Before investing in the condo, you should have a knowledge of what are included in it. Some condos have parking lots, space for additional storage, gyms etc. Another important thing to take into consideration is the association fees. This fee includes maintenance and repairs, insurances and other common expenditure. So, you should have a knowledge of how much association fees you have to pay, either monthly or quarterly or yearly and decide whether you will be able to afford it or not.
- Hire a good real estate professional
For buying a condo, you should consider hiring a professional real estate company, who has expertize in selling condos. There are certain contingencies attached with condos, which one must not be aware of. But, a real estate professional can help you with all the legalities attached with buying condos. The expert will guide you throughout your purchase journey and make sure you get the real estate worth the price and not overcharged.
So, if you are thinking of relocating in Costa Rica and own a condo, hire a good real estate professional like Arenal Guru. Here, you will get a wide range of options on condos and choose according to your needs. Costa Rica offers a picturesque landscape and settling down in a Condo can be a great way for socializing. So, if you are thinking of getting your own condo, get in touch with Arenal Guru and relocate to this heavenly place!