The Tamarindo July 2014 Real Estate Market Report
Good day to all our clients and friends out there. July is now upon us with plenty of green season hustle and bustle being that summer vacation is in earnst. Plenty of interest in real estate as more and more people are seeing the advantages of holding foreign assets outside their home countries. This month I`d like to focus on the importance of prequalifying oneself in financial terms before entering into any contractual obligations or otherwise. First and foremost it is paramount to understand that there is by and large no Costa Rican bank financing available for non residents which makes this real estate market by and large a ``cash and carry`` market. Second, North American banking institutions do not lend on foreign real estate; this again stresses the point that this is an all cash market. Third, it is wise to check with one`s financial advisor and or C.P.A. about one`s availability of funds and the rough amount that one could put towards the purchase of real estate before embarking on a quest for a dream home in paradise. A very common mistake is to think that retirement accounts can be liquidated and used towards the purchase of real property.
So please check with your financial advisor before embarking on your search as to avoid the likes of a Chinese Fire drill for all involved and which could potentially sour your dream of home ownership in paradise. Having said that for our American clients there does exist a ``Self Directed IRA`` which can allow for the purchase of real estate without the tax consequences if certain requirements are met; so please check our subsequent Sol Realty Blogs as these are quite extensive in nature. To reiterate, always check with your professional, competant tax advisor for all the latest up to date rules and regulations for your individual case.
With over 15 years of local real estate and business experience, we have the knowledge to help you choose the appropriate property, business or investment. If you should have questions about buying or selling real estate and or investments in Costa Rica please contact us. Please browse through our website listings keeping in mind these only represent a portion of available properties or other investment opportunities. Our specialty is purchaser representation in real estate transactions, as well as in business and investment consulting. We do not do adventure tours, property management, hotel bookings, airport transfers, wine tasting and or any other business other than real estate as it is our sole and only business. We are focused, dedicated, discrete and deserving of representing your best interests.
Cordially Yours, Sol Real Realty & Investment Consulting-We do it right all the time.
Mark Price, CEO
Sol Real Estate & Investment Consulting
Playa Tamarindo, Santa Cruz de Guanacaste, Costa Rica
Phone: (506) 2653-1604 (506) 8918-3592