CRL: What is the first piece of advice you would give to someone planning a move to Costa Rica?
Scott: Take your time and do your homework! Living in Costa Rica is NOT for everyone and of course, you need to make sure you are getting your information from reputable sources. Do not listen to someone’s “investment advice” unless they are experienced and qualified to give you investment advice and think very, very carefully about buying real estate from so called “developers” who have no previous track record.
When you search for suitable Costa Rica real estate, whether it is to live in or purely as an investment, you need to be informed about the challenges of Costa Rica real estate:
1. Contrary to what some people may have told you, there is no Multiple Listing Service! Trying to establish the ‘value’ of real estate is difficult.
2. Half the population of Costa Rica call themselves real estate ‘brokers’ because anybody can freely call themselves a ‘broker’. They do not need any qualifications, training or experience to try and sell you real estate.
3. An organization of real estate brokers does exist; however, few people belong to it and nobody is regulating the majority of these people!
4. The laws governing Costa Rica real estate are based on Napoleonic Laws and are different from Common Laws as they are in the US and Canada.
What this means is that when you search for Costa Rica real estate, which may be one of the biggest investments of your life, more than likely, you will listen to ‘expert’ advice coming from someone with zero qualifications or training in real estate, who is trying very hard to earn a sales commission selling you a property that could be overpriced.
And please! Do not buy real estate anywhere without visiting it. I am amazed daily at how many people tell me they have bought land in Costa Rica (when they have never been to Costa Rica before) from people they do not know and who have no ‘development’ experience.
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Quick Facts
Average costs of stuff in Puerto Viejo
Hostels $5- $10
Hotels $20 and up
Beer $1.50 a bottle at bars
Bike Rental $5 a day
Food $5 and up
Internet $1 a hour (dial up internet café)
Money Exchange – No banks, but there is one money exchange spot. The exchange rate varies, but it is very reasonable. They do take travelers checks.
Overview
Puerto Viejo de Limon is one of the few beachside party towns that’s not completely over run with gringo style restraints and bars. You can probably attribute this to its four …
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