Costa Rica Real Estate: A Handy First-Time Buyer’s Guide to Buying a Home in Playa Hermosa

Playa Hermosa is a charming beach town famous for its breathtaking views, gorgeous shores, and tranquil lifestyle. With unrivaled levels of seclusion and a serene atmosphere, buying a home in this part of Costa Rica can be a dream come true. But navigating the Costa Rica real estate market can be challenging, especially for foreigners new to the area. If you are considering buying a home in Playa Hermosa Costa Rica, here is a quick handy guide to help you get started.

 Sell Yourself as a Serious Buyer

Before you start to explore the Playa Hermosa Costa Rica real estate market for a home, establish yourself as a competitive buyer. You can do this by getting pre-approved for a mortgage, saving sufficient down payment (at least 10 percent), and hiring a real estate agent. The first two are financial steps that will help convince the seller that the payment will go through if they accept your deal. It will help set you apart from other buyers who may not have a lender’s backing for their offer.  

 Interview Local Real Estate Experts

The latter step of the three mentioned in the previous section adds credibility to your bid. Costa Rica is a widely different market from what many buyers are used to, and it may be confusing to foreigners. If you are new to the market, and even if not, interview and hire a real estate professional. Experts like Playa Hermosa Costa Rica real estate advisors Engel & Volkers Costa Rica can connect you to players and resources that could streamline your buying process and offer much-needed guidance. 

 Explore Different Financing Options

Many homes in Playa Hermosa and the Costa Rica area require a down payment of between 10 and 70 percent, depending on the lender. And while home prices are lower here (median $180,000), this may not always be tenable. Also, local banks only finance resident buyers. Luckily, Costa Rica offers several financing options to help you cover the cost, especially if you are a first-time buyer. Your agent will direct you toward viable options

 Budget for Closing Costs

The full cost of buying a home is never just the listing price. If you are new to real estate investment, you may overlook related expenses like closing costs, which are necessary to close the deal. In addition to a down payment and mortgage, you also need to create inclusions in your budget for title searches, property taxes, realtor commissions, appraisal fees, and home inspections. Work with your agent to get a clear picture of all your financial responsibilities before you begin house-hunting.

 Explore Playa Hermosa Homes for Sale with Engel & Volkers Costa Rica

The stunning town of Playa Hermosa is located in a secluded part of the Guanacaste Province, bordered by water and lush forests. The long, wide beach and towering palm trees make it a vacation-style haven for homebuyers. As a first-time buyer, hiring an expert agent can bring you one step closer to this dream. Contact Engel & Volkers Costa Rica today to discuss your real estate needs with a local agent and review Playa Hermosa Costa Rica homes for sale.