You just bought a property… Now What?
Author: Nick Halverson
Congratulations, You Just Bought a Property! You now own a new home in the Costa Ballena region. Now what?
Plan for Usage
This is typically decided before the purchase process is completed. However, you should know what the plan is for the home. Is it strictly for personal use? Will you rent it out? If more than one person is involved with the purchase, it is advisable to have a ‘usage plan agreement’. Who gets to use it, when, and for how many days per year?
Banking and Paying Bills
Who is going to be responsible for paying your bills? The Costa Rican banking system is pretty efficient. Seriously. Properly registered property management companies have banking platforms that make paying bills very easy. Coupled with our ability to wire funds from the USA to Costa Rica in a matter of hours, paying bills is easy.
For individuals, it can be a bit more challenging. Banks have begun tightening their rules for non-residents, and paying specific 3rd party bills can be extremely difficult, complicated, or expensive (if you have to wire funds from outside Costa Rica).
Keys to Your Castle
Who do you trust with the keys to your home? Is it someone you just met? Do they speak your native language? Be careful sharing keys – you wouldn’t give a stranger a key to your home back home – don’t do it here.
Death and Taxes
As Benjamin Franklin once said, “Nothing is certain except death and taxes.” Although no one wants to think of these two things during the thrill of purchasing a home in Costa Rica, they should be discussed.
In the event of one of the corporation owners’ death, the corporation will end up in probate unless a pre-existing Costa Rican trust is registered in Costa Rica; an issue advisable to be handled by a lawyer.
