Buying and investing in Real Estate in Costa Rica starts by getting an experienced, licensed broker with an ethical background and you will know you are on the right track for finding one when they start off by giving you all the information about themselves and more.
However that is just the start of your journey and the tips set forth in this article will help you finding the right Real Estate broker for by having you better understand the relationship between yourself and your broker
If follow these tips on finding a Real Estate Broker in Costa Rica you’ll not only protect yourself from a potential nightmare, but your buying experience will be enjoyable and set you on the right path to being a owner of Real Estate in Costa Rica.
3 Essential Qualifications of a Broker
When you first start looking for and interviewing brokers who will help you in finding your ideal property in Costa Rica, these 3 factors are an essential part of any brokers resume.
Profile
Knowledge is imperative. As a client, you should ask for their license (usually from their home country) to sell real estate, and additionally a license from the Cámara Costarricense de Corredores de Bienes Raices (in English, the Costa Rican Chamber of Realtors).
Experience
Simply put, if your broker in Costa Rica has experience you will get the best deal that the market has to offer. He or she must know not only the regulations, but also the community. Speaking of the community, it’s imperative that your broker be at least bilingual in Spanish and obviously your native language. I know a lot of great brokers who speak more than six languages. Any other way and you will be missing out when it comes to better understanding the locals, sellers and buyers.
Ethics
This is admittedly difficult to monitor if you’re new to investing in real estate, but it’s also a far too important point to ignore. Ultimately, you have to do your homework and check with people from the area to get some background on your broker.
If you turn a blind eye and work with someone unethical in his or her dealings, I promise you’ll be sorry later on. What starts bad will end even worse, so please take this seriously. I’ve heard too many people say they bought a ghost property, were lied to, or any other number of things suddenly went wrong.
The Difference in Responsibilities of the Broker Vs the Buyer
After you have narrowed down your search of a Real Estate broker, you now must consider the relationship you will have with him or her when you move forward. Understanding what is expected of the broker and what the broker expects of you, the buyer, will go a long way when looking for, finding and eventually buying your dream property in Costa Rica.
What are the Broker Responsibilities?
In order to make sure the buyer has the correct expectations on what type of property will be the best one for the buyer, expect the right broker to do the following:
Interview the client
Establish what the client needs and wants. You should get as many details as possible in the initial interview. This will save both time and money in the long run.
Define the budget
It’s not worth it to show high-quality properties if the client doesn’t have the ability to actually purchase them. It also doesn’t make any sense to waste a client’s time showing them cheap properties that ultimately will not satisfy them. A good broker will define a budget in the beginning. This will help you find a suitable property for the client.
Study the inventory
Taking time to study the inventory so they know what’s out there will make it much easier when it comes to finding something that fits the needs and wishes of the client.
Use their resources
If a broker cannot find what the client needs within their inventory of properties, they will go to a trustworthy and respectable colleague. After all, the only thing that matters is a happy client.
Preparation
A good broker will make sure to prepare the property before presenting it to the client. It goes without saying that the first impression is fundamental. After all, a broker never get’s a second chance to make a better impression with their client.
The perfect property
If the broker thinks they have found the perfect property for you, they will help you see why this is. They will help you close the deal, otherwise they will regret it.
What are the Buyer’s Responsibilities?
The broker
You need to be working with the best broker who fits your needs. The broker needs to have an abundance of knowledge and experience. That way when you’re ready to acquire the property, you will be confident and have greatly reduced the risk of turning your dream into a nightmare.
Verification
Before showing the property, the broker should have verified that the property doesn’t have any back taxes, and that it is properly registered with the Registro Nacional (National Registry) on the Propiedad (Property) list for sale.
Plan regulador
The broker must talk to you about the plan regulador (zoning plan) for the area. This is essential information for you as a buyer. This way you have the guarantee that you’re actually buying something that you want. For example, is the area zoned for commercial or residential properties? How many floors can you construct or add? These are important questions.
Market study
Your broker should also facilitate the market study of the area where you wish to buy. Do not be timid. Ask, study and analyze. One of the key questions you can ask is, “Why is this property for sale?” That’s how you’ll know if there is some kind of problem with the property and be more aware of what you’re facing.
Facilitation
Demand that your broker facilitate all of the pertinent information regarding the property you’re acquiring. You should know everything about your investment.
Services
Verify that the property is up to code with current law. Make sure that your property is a solid investment and has all the necessary infrastructure for your needs, such as roads, water, electricity, Internet, telephone and anything else you can think of. Other services that you should keep in mind include medical facilities, schools, supermarkets, legal needs and banks. Find out where these services are before you sign on the dotted line.
Final Thoughts
Above all, you need to trust your broker. During this process, he or she will be a key person in your life. If you have a professional broker, they will be by your side from the beginning to the end of the acquisition of your new property, leaving you with all the information you will need for the future.
