How To Make Money Buying A Fixer Upper In Costa Rica

How To Make Money Buying A Fixer Upper In Costa Rica

How To Make Money Buying A Fixer Upper In Costa Rica

Buying a fixer upper hoping to make money on it always takes a good amount of knowledge, some decent investigative skills, and a top-notch team of professionals to advise you.


 

But buying that fixer upper in another country like Costa Rica? You really need to locate and rely on the top real estate agent in that area.



The golden rule for making money on a Costa Rican fixer upper: Partner Up With A Good Realtor.


Why? Well, if you want to buy a fixer upper and work on it as a fun project that will eventually become your family’s tropical vacation oasis – that is one thing.


 

If you intend to make money by reselling your fixer upper in Costa Rica (or making it a hot ticket rental), you will have to know all of the ins and outs of these three factors:



1. Location


You are going to have countless questions about location. And since this isn’t your home country, you probably will not be so sure about the answers:


 

What areas sell well? What areas interest expats? What areas do tourists visit? What areas are underpriced now, but will pick up steam in a few years? What areas are already the premier neighborhoods that just may happen to have one fixer upper?


 
Realtors can answer these questions and will also be able to let you in on things like:
 
- The reputation of this particular seller/real estate company before you buy

- If there is ever water shortage in the community during dry season

- Structural problems (or connect you with a good inspector)

- How much you updated property should sell for in the area

2. Permits/Rules/Regulations


Your local real estate agent understands the law of the land. They can explain how to buy legally as a non-citizen, and how to sell legally as a non-citizen.


 

This is wildly important. You do not want to get caught up in paperwork and fees and miscommunications when saving money and time is the way to make money on a fixer upper.



3. Local Contractors/Vendors


Your real estate agent can either recommend or connect you with somebody who can recommend reliable and reputable local contractors and venders.


 

Relying on local labor and local goods is a great way to cut costs and make money on your fixer upper…ONLY if you find honest and fair options. Don’t rely on the person you met at the bar.


 

They can also guide you in the direction of knowing how much those costs will be in reality. You can budget for how much you think they will be all day. But it is important to figure in realistic costs.


And what better place is there to monitor your investment project than in lovely Costa Rica?!


 
If finding a fixer upper in Costa Rica is on your to-do list, reach out to Richard at Richard@cbtamarindo.com.
 

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Laurel and Tony,
The both of you were fantastic with us throughout the property search and purchase process. As we had mentioned, two other attempts to find thorough, attentive, responsive agents to work with in Tamarindo were failures. I expect that we are more work to deal with than many others as we asked a lot of thorough and analytical questions and expected responses to all of them. You two never failed to deliver. The organization and execution of our condo shopping trip in January was excellent and the fact that you two devoted 2 full days to us, around our schedule, to get this deal done was key to our success. The selection of properties that Laurel planned out, including a few places above and below our target zone helped us to refine our interests. We truly appreciated your interest in our success. This could easily have been very stressful for us, and yet, it wasn’t. Thank you very much.
As a side note, when we walked into the Coldwell Banker office randomly with no appointment in November had we not found your office staff patient and accommodating from the start we would have simply walked on to the next agency. Your staff deserves special mention for getting us interested in the agency to begin with.
We will give you some advance notice before we make our first trip down so that we can plan to get together for lunch or dinner. We are tentatively planning on somewhere in the last 2 weeks of May, as soon as our son gets out of school for the summer.

Dan Batliner, Costa Rica

While my computer is still running here, I'd like to take the opportunity to thank you for your help during our stay.
When we first came to your office, we were in dire straights and in desperate need of assistance. Andrea was extremely compassionate, spoke with candor, and had a "can do attitude" that was of immense help.
In addition, Andrea has put us in contact with Steve, with whom we are working, preparing to view a little property that might be just what we are looking for at this particular time.
In addition, having gotten to know Andrea personally as well as professionally has been our great pleasure. I wanted to let you know what a tremendous asset she is to your company. She is a great treasure -- a one in a million.

Tina Parker, Costa Rica

We had so much fun at Buena Vista. Thanks for arranging that with Memo.
I also want to say many thanks for all that you have done. We have enjoyed Costa Rica and I have found you so helpful with everything and a pleasure to deal with that it was a very stress free vacation. When I do come back here hopefully you will still be doing what what you do.
Our last couple of days will be spent enjoying the sunshine and eating at great restaurants. Sincerely,

Tara, Kevin and Roy., Costa Rica

We are- UNHAPPILY- home safe. Would much rather be back in Tamarindo. THANK YOU FOR EVERYTHING you did to make our stay a joy ! We look very much forward to seeing you on our next trip to Costa Rica. PURA VIDA !

Steve Perry, Costa Rica
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