Costa Rica Condo or Home: Which one is better for me?
Costa Rica Condo or Home: Which one is better for me?
In Costa Rica, condo ownership represents an appealing alternative to single family home ownership. In the past, condo ownership was dominated by singles and couples with an empty nest. Today, more families are experiencing the benefits of owning a condo but even with the growing trend, owning a condo is not for everyone. For example, owning a Costa Rica condo in Jaco Beach may provide access to luxurious amenities and limit your time spent on maintenance, there can be some restrictions that Costa Rica vacation home owners do not experience. Here we will discuss the differences of owning a Costa Rica Condo or a beach vacation home. Understanding the unique benefits each property type has will ensure you make the right choice when buying Costa Rica property.
The two most basic factors in choosing what property type is right for you is location and lifestyle. Here in Jaco Beach single family homes are scarce compared to the inventory of condominiums. As a result, Jaco Beach condos are always in demand and appreciate faster than the local vacation home market. Also, because your property is a vacation home that would mean maintenance and upkeep will not get your attention most of the year which makes a condo a better choice. Homeowner associations dues pay for general maintenance and security of your property which makes condos worry-free for owners which is very important when your vacation property is in another country. In addition, traditional families with young children choose single family homes for extra space for children to play. However, condos provide amenities such as swimming pools, tennis courts and large open areas to help families relax and play. Economically, the condo-hotel business model allows you to earn rental revenue which is not readily available for single family homes. However, there is far more to consider than location and lifestyle when deciding which type of Costa Rica vacation property is best for you.
The type of property ownership is a prime example of the differences between condos and single family homes. In the simplest terms, owners of single family homes are entitled to exclusive ownership, while most condo owners are subject to certain forms of shared ownership. Purchasing a single family homes provides you with exclusive ownership which allows you to do what you want on your property. Purchasing a Jaco Beach condo provides exlusive ownership within the condo but outside common areas are usually owned by the association and your condo is governed by a set of rules enforced by the same homeowner association which keeps your investment worry-free. If you chooose to purchase a condo, it is important to read the Covenants, Conditions and Restrictions (CC&Rs) before making a commitment. These documents include all the rules condo owners must follow and can vary widely between condo projects. If you have indoor pets or other specific needs, make sure these are addressed in the CC&Rs to prevent any unwanted surprises. If you don’t understand any part of the CC&Rs when purchasing a condo, lifestyle specialist Lisle Head can help clarify them for you. Also, Lisle Head will not sell a condo which does not have a CCR and/or a set of unreasonable rules that would make condo ownership a burden rather than enjoyment. For this reason, Lisle sells DayStar Properties products. He says, “Not only is the construction quality excellent but the management is top class and their record of 5 operational projects proves this.”
While shared ownership of a condo might seem restrictive to potential investors, there are certainly plenty of benefits. The obvious and most often forgotten benefit especially when the condo is in a foreign country is maintenance. A single family home owner is solely responsible for any problems with the properties, incurring all costs of needed repairs and for securing the property when it is not occupied to prevent any type of squatting. This is a forgone issue when owning Costa Rica property in the form of a condo. Finally, if you are considering which property type to invest in make sure you consider the revenue potential that the condo-hotel business model offers. It is true that there are many management companies that offer single family home owners services such as renting out the property and maintenance but they do not have the same motivation of a condo association. The homeowner association is collectively the custodian of your property and has a shared interest in keeping your property secure and in good condition which is a great relief to most investors when purchasing a property in a foreign country.
I hope you got value from reading: Costa Rica Condo or Home: Which one is better for me? If you would like additional information about migrating to Costa Rica, please contact our office HERE. Here are a few really interesting articles about Costa Rica, and all the fun you can have whether you are contemplating a vacation or as an investment vehicle.
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