However... that being said, it is also probably the most stable country and will probably treat you the best as far as appreciation of real estate that you purchase IF YOU ARE CAREFUL.
Costa Rica is the longest running democracy in all of Latin America... its real estate values have held up remarkably well throughout the past few years... and more people return to Costa Rica after visiting once than anywhere else in the world.
There HAVE been "non Costa Ricans" or "gringos" that have HAD to sell, thus giving the appearance of a market in chaos. In reality the markets have been very stable except for the occasional fire sale... and those have almost disappeared.
The Costa Rican buyers and sellers are used to a marketplace where EVERYONE is a realtor and follows the markets. Real estate, because of an almost constant inflation rate here in Costa Rica ( typically 6 to 10%... at least up to a few years ago ) has been relatively calm and almost constantly advancing because this is where Costa Ricans put their investment dollars... not in stocks, bonds, gold or any other form of investment. Real estate is THE investment for Costa Ricans and almost everyone here owns investment real estate. It is rare that one sees panic selling or even selling below market... The Real Estate market in Costa Rica is stable. Bargains are very difficult to find and even those must be approached in a manner that gringos are not used to and certainly have no experience with. In fact, one of the most incongruous things about real estate here in Costa Rica is watching pricing... you might see a home or property that has been on the market for years... you remember that it was offered for XYZ colones five years ago and you would assume that it would be the same or (logically ) even less because it has not sold. Not so. It will be priced higher to keep pace with inflation. Illogical? Not to Costa Ricans.
The biggest area of confusion is housing prices. There are obviously many more variables that go into home construction than just a purchase of raw land ( which is complicated enough in a foreign country ).
You will read that home construction for a typical home can run anywhere from $60 to $120 per sq. foot. A realtor will typically quote $80 to $100 and he would be safe. However, if you talk directly to a Tico contractor... a mid to low range builder with experience... you are looking at $50 to $60 a sq. foot. Permits, architectural fees, and municipal charges as well as utilities are extra.
These prices are for very very good quality at the upper end range and mid quality at the fifty to sixty dollar range.
There are a lot of buyers that will be horrified at the quality although it must be remembered that you are "not in Kansas any longer." Some items such as walls and roofs are typically much higher quality and much stronger than "back home". The primary differences in quality are due to a lack of coding... electrical and plumbing primarily. It is not horrible, just simply not up to the same standards as we are used to. If you want U.S. or Canadian standards you will pay "through the proverbial nose" for it as most contractors will not even know what these standards are or where to get the materials.
It should also be noted that your typical homes back home are sheet rock, wood, and cabinets which are prefabricated and virtually everything is mass produced. In Costa Rica virtually nothing is mass produced and the average contractor does not ever even touch a Redi Mix cement truck, a laser sight, or up until just a few years ago... not even an electric cement mixer. And almost everything is custom made, from even the gutters and drainage, to cabinets to most furniture. We are starting to see a lot more mass produced items such as doors and even kitchen cabinets, however they are not being accepted because the quality simply is not as good and prices are about on a par with custom made.
"so if I couldn't afford a home for $75,000 or $100,000... what do I do?... do I have any options at all?"
Sure... first off consider:
• Most Ticos do not even bother with building permits. The fine if they are caught basically equals the price of the permit... Not recommended but common enough and you, as a gringo, can always plead ignorance.
• Contractors are required to have insurance and hospitalization coverage. Many don`t. Many Ticos will not pay for it and it is a matter of whether or not you are willing to take the risk. You save well over 10% of the total. But if someone gets hurt... you pay for their medical bills.
• Consider, depending upon the topography of the land, building partially with block and partially with Densglas or some other form of mold resistant gypsum product. You will have the same quality for a lower price.
• Consider putting in a lower grade electrical wire and then using propane or natural gas for the majority of your appliances. Electricity is high in Costa Rica.
• Remember that nearly everything that goes into your home construction is custom fabricated. Get bids from at least three people per job.
• If you have a friend or you know someone who can act as an intermediary between you and your contractor negotiate a price with him or her. Depending upon experience, this person can save you even tens of thousands of dollars.
• If you are having your house built, you have a choice of either going with a firm bid on the project or going with a "time and materials" quotation where you simply pay a crew by the hour and negotiate a flat fee for the contractor. Make sure you have the experience to handle this as it is not recommended unless you have had experience building in Costa Rica in the past AND you know what you are doing... a facilitator or intermediary is far better.
• There are some fantastic prefabricated homes. Most are concrete based but others are a combination Styrofoam, wire and metal and concrete... do your homework. This is an excellent way to save at least 10 to 20% on your construction costs and in some instances, even come away with a superior product.
You hopefully can see that, with a little work and due diligence and study, your home can be built for as little as $30 to 35 a sq. foot. And we are not talking poor quality here... Granted we are not talking the same features as three times the price but we are talking a well built home and upgrades can always be added later if desired.
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