When making the move to Costa Rica, should you rent long term or buy a home? This is a common decision for retirees or families to make. Before even deciding to move to Costa Rica full time it is recommendable to rent for an extended period of time and during both the dry and rainy season to make sure it is the right fit for you. Also it is a good idea to try out some different parts of the country to settle on your ideal location. Once Costa Rica is established as your desired destination to live permanently; then comes the decision of renting long term vs buying or building a home.
Renting a home for the long term can be a viable option for many people who do not want the responsibilities of home ownership. Especially retirees living on a sufficient pension that can afford the rent plus all their food and entertainment expenses per month. There is no upkeep of home and property usually when renting, and the landlord is typically responsible for such items. This can be desirable for those living month to month and make living in paradise even less stressful. Another reason residents of Costa Rica may want to rent, is if they are unsure if they will stay and may want to move back after a year or two. Sometimes the cultural and pace of life changes are not for everyone and they end up returning to their home country; which is much easier without having to sell a house first.
Purchasing a home or buying a residential lot and building a custom home can be the best solution for some. The benefit of having equity in the home can be a profitable investment if you decide to sell one day. A buyer can make any changes or remodels to a house they desire or design a home that suites their specific needs. You may also have enough land that you can build an additional home or villa to generate rental income from someone that prefers to rent long term. If you finance a house then the monthly payments would be comparable to rental payments, but you will be working towards ownership of the house instead of just giving it to a landlord.
Buying versus renting is a decision each individual will have to make for themselves. In my opinion it is always best to makes numerous trips and for extended periods of time (if possible) to make sure Costa Rica is right for you before making a long term commitment. Whether renting or purchasing a home, it is a major life changing decision to move here full time and one that should be considered carefully. We can help you with the entire moving process and finding the perfect home for sale or a house for rent. Give me a call or email today to discuss your plans for Costa Rica and the Costa Ballena!!