Twelve Things you Need to Know to Do…and Then Do

Saturday, November 28, 2009

Dear Reader,

Over the last two months, we’ve brought you a series of "Twelve Things you Need to Know to Do…and Then Do" when purchasing a property overseas.

The tips ranged from the basics (hiring a good local attorney and buying title insurance) through to investigating your developer’s background, and asking what plans the local municipality has for that vacant land next to your new home.

Here is the link to our report, with all twelve tips together: http://www.pathfinderinternational.net/DD-Report.pdf.This is an invaluable go-to guide if you’re thinking of relocating or buying a second home. The buying process is very different outside your home country, and it’s best to be prepared.

I’ve heard most of the untruths, half-truths and lies you’ll likely encounter in the world of real estate, along with the flat-out scams. Developers selling land they didn’t own, and developers promising high-end amenities with no obvious means of funding them. I saw one development close to a sandy beach…infrastructure all done, from roads to water to electric…finished homes at a great price…but not a single permit or approval.

Developers aren’t always the bad guys. Sometimes it’s your neighbors. One developer tightened CCR and HOA regulations after the first group of homeowners took advantage of his good nature, and painted their homes lurid shades of purple and orange, and started breeding chickens and puppies…and ignored his appeals for reasonableness. It pays to check your CCRs before you buy.

Of course, the paperwork and legal side of due diligence seems like hard work (and not terribly exciting work, either). The fun part is the scouting. Part of your due diligence should be traveling in country and seeing a property for yourself, before you sign on the dotted line. Some of our developer partners offer these scouting trips (our Chill Weekends) at a discounted price.

Chill Weekends are your chance to investigate real estate opportunities, find out about the ownership process…and spend time exploring the local towns, or simply swinging in a hammock rocked by a balmy ocean breeze.

This December, our friends at Pacific Lots in Costa Rica’s Southern Zone are hosting a Chill Weekend.

December 31, 2009-January 3, 2010 You’ll find dramatic landscapes, lush, green mountains, dense jungles, and one of Costa Rica’s top beaches in the Southern Zone. Prices here are low for one reason…it’s been difficult to get to. That’s changing. There’s a planned international airport, and the coastal highway resurfacing is almost complete. Yet, you can still buy a lot here in a quality high-end community for $40,000. You need to move fast…as soon as visitors experience the new accessibility, prices should rocket. Get a full itinerary and information pack here.

Margaret Summerfield

---

Posted Under:

due diligence

---