One of the most important things a foreign buyer should keep in mind when buying luxury real estate in Costa Rica is that they can always change things inside the house they select, but they will never be able to change its location.
In the quest of finding the right location to secure your investment, you should be guided by a luxury real estate professional with enough experience and knowledge in the luxury home market.
There are five things that you should ignore when viewing luxury homes or searching for luxury real estate in Costa Rica.
1. Don’t give credit to properties highly overpriced. The luxury home market of Costa Rica moves very slowly. It usually takes from 1 to 2 years to get a luxury property sold and up to 3 years to get million dollar homes sold, if they are priced right. When a property has been in the market for more than two years, sellers must realize that their property has to be re priced.
2. Don’t overpay for cosmetic finishes. Cosmetic finishes like wall paper, chandeliers, manicured gardens and artisan painted stained glass windows, artfully designed doors, expensive kitchen cabinetry and countertops, etc. These are all part of the personal taste of each home owner and a new owner might not like them and change everything. Instead, focus on location, quality of construction, interior design, and special features that make the house unique and desirable.
3. Ignore those distracting realtors or distracting property owners. During the visit to the property a realtor or the property owner himself, can be terrible distracters. They might be pointing out things that are obvious in order to distract your view from things that you should be paying more attention to. Ignoring a distracting realtor or owner can be very difficult, especially with those who are pushy. Don´t let pushy realtors or property owners guide you to prompt into wrong conclusions. A golden rule in the high end luxury real estate market is: take your time, mark the pace, and visit the property as many times as you need before making a final decision. Avoid pushy realtors as they will usually guide you to the best of their interests, and you will end up making wrong decisions. Some real estate agents are focused on making a commission as soon as possible, rather than their client´s interests.
4. Don’t fall for “gimmicky systems”, because they become outdated rapidly. Technology changes so fast, that a smart home with the latest in technology can be outdated within 5 years. Ignore been convinced to buy a luxury home because of the highly sophisticated smart technology, audio, video, surveillance security systems, etc.
5. Ignore concentrating your attention on the amenities the property or the community offers. Amenities depreciate with time and need a lot of maintenance. Vanessa Grout, who writes for Forbes, defines luxury as “something extraordinary-something endowed with advantages that don’t easily depreciate.” She advises that, “We must look for those qualities that time doesn’t change: location, unobstructed views and light, architectural uniqueness, ceiling heights and sheer square footage. And shrug at the stuff that doesn’t matter.”
Written by Yalile Alpizar – Broker/Owner of www.costaricaluxury.com and www.costaricamilliondollarhomes.com, the top luxury real estate boutique brokerage firms of Costa Rica, offering credibility, leadership and expertise in the high end market of Costa Rica since 1990.
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