Condominium property due diligence is the key to avoiding problems when you purchase a condo in Costa Rica. If you rush into the process without taking your time to do the due diligence that is required you will have more to lose than those that have done their homework properly. Yoy need to ask the right questions to ensure your dream of paradise does not turn into your nightmare.
Infighting between condo owners and management? Financial statements out of order? Minutes of meetings not available? Condominium regulations out of date? All are signs that you are looking at a condominium purchase that could be toxic.
What are the Costs Involved
The total financial costs involved should be the deciding factor. Before you put your offer in be sure you understand all the costs involved.
- Does the price include a parking spot and a storage locker ?
- Is there sufficient guest parking on the property
- What are the monthly condo fees
- Who is the management company that administers the condominium
- How often are the condo fees increased ?
- Is the building or property fully insured with a master policy ?
- Are there any current or special levies ?
- Can you review the financial statements prior to your purchase ?
Does the Unit Suit my needs
Can you see yourself living in that space ?
- What is the square footage of the unit?
- Is the location of the unit near high traffic areas within the building that could make it noisy ?
- Are any repairs required and if so what is the cost ?
The Condominium Property
What doe the property offer to you. What are the amenities ?