Advanced Search
  1. Home
  2. Market Updates
  3. A Comprehensive Atenas Real Estate Buying Guide
Your search results

A Comprehensive Atenas Real Estate Buying Guide

Posted by bestclimateremax on July 9, 2024
Market Updates
0

Why Invest in Real Estate in Atenas, Costa Rica?

Atenas, known for its perfect climate, has become a prime location for real estate investment. With Costa Rica’s welcoming policies for foreign investors and the town’s tranquil ambiance, it’s no wonder so many expats are choosing Atenas for their next home.

Foreign Investment in Atenas Real Estate

Costa Rica allows foreigners to buy property just like locals. This includes fee-simple, fully titled properties, which provide the same ownership rights as in North America. This ease of purchase and the robust legal framework make real estate in Atenas a secure and attractive investment.

Benefits of Owning Real Estate in Atenas

  1. Stable Investment Environment: Costa Rica’s stable political and economic climate, along with the National Property Registry, ensures transparency and security in property transactions.
  2. Low Cost of Living: With low property taxes (0.25% of the declared value) and affordable healthcare, living in Atenas offers a high quality of life at a fraction of the cost in other countries.
  3. Desirable Climate and Landscape: Atenas is celebrated for its year-round spring-like weather, making it an ideal location for those seeking comfort and natural beauty.

Understanding the Real Estate Market in Atenas

  • Market factors: The state of Costa Rica’s economy as a whole, domestic and foreign demand, and the property’s location all have an impact on property values in Atenas.
  • Key Factors for Resale Value: Proximity to popular tourist destinations, amenities, and essential services like electricity, water, internet, and cell service significantly impact property values.

The Real Estate Purchase Process in Atenas

Buying real estate in Atenas can be straightforward if you work with experienced professionals. Here’s a step-by-step guide:

  1. Finding a Property:
    • Partner with a qualified RE/MAX agent who knows the local market.
    • Explore properties that match your preferences and budget.
  2. Drafting a Purchase Agreement:
    • Your agent will help draft a formal purchase agreement.
    • The agreement will detail the deposit amount, closing date, who pays the closing costs, home inspection details, included inventory, and other legal aspects.
  3. Conducting Due Diligence:
    • Hire a reputable attorney to perform due diligence on the property.
    • The attorney will have 10–15 days to ensure the title can be transferred without issues. During this period, any deposit is fully refundable.
  4. Using Escrow Services:
    • Open an escrow account with a third-party company to hold funds until closing.
    • The escrow company will handle the necessary documents and wire transfers, ensuring the transaction is secure for both buyer and seller.
  5. Closing the Deal:
    • After due diligence, deposit the remaining purchase funds with the escrow company.
    • Sign a final closing statement and transfer deed, then the attorney will file the deed with the National Registry, updating the ownership within 7–10 days.

Closing Costs

Closing costs in Atenas can vary but are often split 50/50 between the buyer and seller. Here are two common scenarios:

  1. Share Transfer Agreement:
    • This involves purchasing the corporation that owns the property.
    • Typical costs include legal fees, transfer tax, escrow service, and recording costs.
  2. Property Transfer:
    • This involves transferring the property to a new owner.
    • Similar costs apply, but recording costs may vary based on property value and type.

Taxes and Holding Costs

  • Property Tax: 0.25% of the registered value per year.
  • Luxury Tax: Applicable to homes and condos over $230,000.
  • Capital Gains Tax: 15% on gains for investment properties.
  • Income Tax: Only on income earned in Costa Rica.

Managing Your Property

Many buyers do not live full-time in Costa Rica and need a property manager. Most property managers in Atenas charge a 30-35% commission on short-term rentals and 20% on long-term rentals. They handle maintenance, accounting services, and marketing.

Investing in real estate in Atenas, Costa Rica, offers numerous benefits, from a stable investment environment to a high quality of life. Working with a trusted RE/MAX agent ensures that you have expert guidance throughout the buying process. For more information and to explore available properties, contact a RE/MAX Best Climate real estate professional today.

Compare Listings