When I moved here I decided to keep my house in Texas and use it as a rental property to give me an extra income. It would be very tight living just on Social Security. I can do it, but it would be painful. It also turned out to be painful trying to have a rent house while living out of the country even with a management company. That in itself is another story. Just be warned on how good management companies are not. Really, no one can protect you from a bad destructive renter.
As it turns out it is very tricky buying property in Costa Rica. For me, I think I would have made some really bad mistakes or financially disastrous mistakes if I had moved here and bought immediately. You really need to know all the rules and laws and to feel out your area to decide where you want to make your permanent home. This includes climate, convenience, closeness to your friends, views and all things that might be important to you. Then there is the fact that nothing in real estate in Costa Rica works the same as in the States. First of all, just because a person says they have lived on a property for the last 20 years and want to sell it to you does not mean they own it at all. Many a person has moved here and excitedly bought their dream property only to find out that it was not a legal sale. The person never had the land legally put in their name, so they could not legally sale it. It would still belong to the person they bought it from even if totally paid off. There is a legal search and document called a Uso de Suelo that will prove the ability of the seller to actually sell it, you can build on it and you are able to bring utilities to it. If a property is within a certain amount of meters from a water source you cannot build on it. The city I live in now is water short. No one can build new here. Once again, you really need to have an attorney to make sure everything is on the up and up before you sign or give money.
After living in Costa Rica for a year and half I have come to the decision that I am very comfortable here. My stress level is 98% less than it was in the States. The weather here is so comfortable. The never ending views make my eyes happy every day. I have made some very nice friends and the Costa Rican people are truly the sweetest. Not to mention, with the cost of living in the States being what it is, if I went back I would have to get another job and work until I die. That is not what I want for my life.
So, I went to Texas in November after my renter moved out in the middle of the night with no notice and made the decision to repair and fix my house to go on the market. It officially hit the home listings on Monday. Hopefully it will sale quickly and I will move forward.
After looking around for months I have come to the conclusion that it is less expensive to build new rather than to buy existing. I am losing the extra money per month from the rent which has played into my plans on what I want to do here. Once my home in Texas has sold I will be on the active look for a nice piece of land to build on. It must be large enough to give me some privacy and above all it must have a drop dead view. All of Costa Rica is a drop dead view, so that is actually the easy part. I have already talked to friends that have built here and have decided on my builder. I know that I want to build a comfortable home for myself, but I am going to build a story and half. The half will be a short term rental for people on vacation. I will advertise through Airbnb. This will cover my loss of the extra money from my rent in Texas. I have several friends here that do this in my area and have been very successful with it.
There are so many things to consider if you are thinking about moving to Costa Rica. My personal advise would be to rent for at least a year. Get comfortable with your needs and wants, and above all talk to people that have already been through it and hire an attorney.
Pura Vida!
