This isn’t monetary recommendation nor authorized recommendation. Please recommendation with professionals when making an enormous life selection.
Let me preface one factor earlier than I get into all the main points (apart from ensuring you don’t take heed to a random chick on the web about monetary decisions) – we haven’t formally moved full-time to Costa Rica and we don’t know if we ever will. However we did purchase a home right here and are at the moment splitting our time between Costa Rica and Colorado. Since our daughter continues to be younger, we now have the pliability to bounce backwards and forwards earlier than we now have to calm down extra in a single spot for her to go to highschool. The entire cause we ended up shopping for a house in Costa Rica is as a result of we see ourselves residing right here greater than Colorado and having our daughter go to highschool right here so she could be raised bilingual and in a distinct tradition than we grew up in. We additionally wished to be close to the ocean, however didn’t wish to dwell in California or any of the opposite coastal cities within the US. So after touring to Costa Rica a number of occasions, my husband and I each determined we wished to name Costa Rica dwelling. In order that’s what we did. Now let’s get into the nitty gritty.
How We Selected The Space To Reside
Selecting an space was tremendous easy for us and we actually didn’t do a ton of analysis. In human design (google it for those who’ve by no means heard of it), the way in which I make choices is emotional – it’s based mostly on how one thing makes me really feel. And every time we had been in Tamarindo on trip, my soul actually felt tethered to the sand. There’s no higher approach to clarify it apart from my physique TOLD ME to be right here. And I listened. Tamarindo is just about an hour or so away from the Liberia airport, which can be a direct flight from Denver. Tamarindo can be on the seashore and it’s a really touristy space so it has quick access to eating places, grocery shops, and different each day wants, which is useful.
What It’s Like To Purchase a Home in Costa Rica
After we determined we wished to purchase a home in Costa Rica, we started doing google searches for homes accessible in Tamarindo and got here throughout totally different listings together with the actual property brokers tied to these listings. We might attain out via these websites and infrequently occasions obtained no response. However we did discover a number of actual property brokers who responded and despatched them homes we discovered whereas they discovered extra homes for us to take a look at. We then booked a visit to Tamarindo the place we toured 16 totally different houses within the space in 2 days. On the second day, we discovered our present home and immediately knew it was the one. There was no query about it.
Now selecting how one can buy your house is the extra sophisticated piece. We appeared into financing our Costa Rica dwelling and came upon that getting a mortgage that’s outdoors of your individual nation is difficult due to down fee charges and charges. Even discovering a financial institution prepared to do this is sophisticated. As soon as we did discover a financial institution, they wished 40% down with 12% curiosity, plus one other $20k in charges. The curiosity additionally wasn’t fastened so it might change at any level. We didn’t finances for these sorts of charges so it simply didn’t make sense. We ended up talking with our monetary advisor and discovered a approach to pay money, pulling cash from one in all our funding accounts, whereas not disrupting our longterm retirement objectives. We additionally went over finances with this dwelling, justifying it by figuring out we might use it as a short-term rental once we weren’t residing there.
As soon as we determined how we wished to buy the house, an legal professional was advisable by our actual property agent. We signed an influence of legal professional (POA) on having them signal on our behalf since we couldn’t be there in individual AND as a result of the paperwork are all in Spanish. However Brian nonetheless translated all of the paperwork and browse them earlier than we signed. We ended up signing whereas nonetheless in Colorado. We discovered that there have been far much less paperwork to signal than what we signal within the US, however there may be nonetheless correct due diligence and inspection.
Studying Extra About Brief-Time period Leases
Since we don’t plan to dwell full-time in Costa Rica fairly but, we wished to offset prices by renting it out once we are gone. And earlier than we bought our dwelling, the home was already getting used as a short-term rental and had dates already rented out. We did analysis on short-term leases within the space, attainable earnings for various sizes of houses, after which requested for an evaluation from the property administration firm that was already managing this home. When deciding on a property administration firm, it’s vital to interview every firm and ask for an evaluation on the property that you’re fascinated by. I believe it’s additionally vital to have an excellent rapport with the corporate and straightforward communication to essentially know if it’s the appropriate administration firm for you. We now have liked our property administration firm as a result of we at all times know what’s going on on the home, we are able to ask for updates whereas out of city, and we are able to change something for our friends as wanted. It’s been a very nice expertise to this point!
Shopping for a Automobile in Costa Rica
As soon as we purchased our dwelling, we knew we would want a automobile, however we didn’t have an area to depart it whereas we had been gone. So my husband started researching firms that retailer your automobile if you are gone. He discovered a spot that not solely shops it, however in addition they run it as soon as every week, wash it earlier than you want it, and drop it off on the airport so that you can choose up if you land. Up to now, it’s been a very easy expertise with them.
However shopping for a automobile was positively more difficult. It was very onerous to first recover from the sticker-shock with the value of vehicles in Costa Rica. So we thought of importing a automobile OR driving one down ourselves, however that course of entails paying 50% import tax on the worth of the automobile so we scratched that. As an alternative, we discovered a automobile dealer in San Jose that we talked to over WhatsApp for weeks, telling him precisely what we had been searching for and wanted. He was prepared to drive the automobile from San Jose to Tamarindo to drop the automobile off with Brian when he flew into city for a fast journey. We used the identical legal professional for our home to assist us via the shopping for course of for the automobile. Brian put the cash for the acquisition of the automobile in escrow and he signed the paperwork when he acquired into city, to make sure every little thing was legit. This was an added expense however it prevented us from being scammed.
Discovering a College in Costa Rica
This can be a paragraph I’ll have so as to add to as we get nearer to selecting a college. After we first thought of shifting to Costa Rica, we started asking folks we met on the town concerning the colleges. And we came upon that there have been many to select from, whether or not we wished to go personal or public. Our purpose is for Avery to be bilingual so we would like her to be immersed in a college that speaks Spanish, which will probably be a giant consider our determination with the place she goes. Since she doesn’t have to go for a pair extra years, our plan is to start out touring all the faculties close by to see which one would be the proper match for her. I additionally know that folks will homeschool, particularly when eager to dwell in other places, however I simply don’t assume I might do a adequate job as Avery’s instructor so I don’t assume we’ll take that on. However I additionally mentioned I’d by no means have children so by no means say by no means!
Citizenship vs Non-Citizenship
Since each my husband and I work for ourselves, we don’t want a piece visa whereas residing in Costa Rica, which is an element for some folks when shifting right here. In the case of residing right here, at this level you possibly can keep in Costa Rica for 180 days (it was once 90 days and continues to be topic to vary) earlier than you’ll want to depart the nation. Many individuals we now have talked to will do weekend journeys to Nicaragua after they hit that 180 day mark earlier than heading again to Costa Rica after. That is what we plan to do at this level if we’re staying greater than 180 days. There are execs and cons with turning into a citizen and it does take a while to amass residency as a non-Spanish or Spanish-American individual. One of many execs consists of higher entry to inexpensive healthcare whereas a con is paying taxes in Costa Rica in addition to the US. So for us, at this cut-off date, we plan to both return to Denver or cross the border at 180 days. That is positively an vital issue to assume via when deciding to buy a house overseas.
Price of Residing
One of many questions I’ve seen essentially the most is how the price of residing compares to the US. I believe this all relies on the realm that you just select to dwell (within the US or overseas), however for us, since we dwell in a reasonably touristy place in Costa Rica, I might say the price is fairly comparable, possibly a bit larger than again in Denver. However this additionally relies on what varieties of issues you’re shopping for and the place, and that may take a while getting used to. For example, once we grocery store in Costa Rica, there are a number of supermarkets close to us and all of them vary in worth. At one in all them, a pound of grassfed floor beef prices $12 whereas I can discover in Colorado for $10. However I used to be additionally capable of finding a farmer on the farmer’s market who had actually nice costs on pasture raised hen that was less expensive than again in Colorado. So long as we aren’t making an attempt to get tremendous fancy issues, like baking mixes we like again at dwelling, I believe the costs are fairly comparable on the finish of the day and we’ll rapidly get higher at buying at sure issues at sure locations to avoid wasting us some cash.
Wherever you intend to dwell, there’ll most certainly be native farmers, native grocery shops, and possibly even massive grocery shops that aid you avoid wasting cash. The very best factor to do in any new place that you just dwell is eat native and eat seasonal. The upper processed meals and particular manufacturers will are usually larger, particularly in the event that they have to be imported.
Any Questions?
Up to now, that is what we now have realized and I hope it helps you if such a life change is one thing you’ve been pondering of or wished to discover. We haven’t had sufficient time right here to essentially know what’s in retailer for us sooner or later and the way a lot time we’ll spend right here, however I do know that I’ve by no means felt extra like myself than once I’m right here. My stress ranges are a lot decrease, my exercise is larger, my temper is elevated, and I’m spending a lot extra time within the solar which is at all times superb for hormones. This sort of life fits me and my household, and it might do the identical for you!
You probably have another questions, please record them under and I’d be comfortable to reply them (as a lot as I can) and I might love so as to add these solutions to this put up, as nicely!
