Despite the massive number of rising condominium buildings seen everywhere in Costa Rica, a majority of Costa Ricans either have no idea or have the wrong perspective regarding real estate. For instance, they deem it only applicable to the rich and famous. This is because investing in real estate requires money. But what business doesn’t, right? The good thing about real estate is that it is capable of huge returns. People who invest in property often find themselves getting more than double of what they give. Investing in a condominium is no different from investing in a house. Here are 8 practical reasons why you should consider investing in a condo:
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Condominiums typically appreciate at a rate that is virtually consistently higher than the inflation rate.
That means it’s an excellent vehicle to prevent losing the value of your money per annum. For example, these Costa Rica condos for sale could be sold at more than double their original purchase price in just five years.
Investing in a condo is considered a safer area of real estate investment and is a viable alternative for risk-averse investors.
Moreover, experts recommend it for people who are still learning the ins and outs of real estate. Investors in condos are also protected by the bylaws and regulations set up by the condominium corporations.
Condo investing is also best for long term investors.
On average, the longer you hold onto a property, the higher your return on investment. As mentioned earlier, the value of condominiums appreciates over time. Just like when you invest in the stock market for the long run, condo investing grows your money slowly but surely.
Finding and closing an occupant for a condominium apartment is relatively easy.
That is because the vacancy rates across major cities and towns in Costa Rica are meager. That also means that your condominiums, as of to date, are not prone to becoming ghost buildings because of their high potential.
Condo investing is relatively convenient as the condominium corporations do the majority of the management and maintenance problems.
That enables investors to concentrate more on the investment facets of the property and not to think too much about maintenance and upkeep.
Investing in a condo is relatively cheaper.
That is, compared to investing in a house. Because houses of similar sizes in the same neighborhood tend to cost even more. That also gives investors the ability to buy an investment property in a more convenient neighborhood.
Living in a condo offers convenience.
Living or investing in a condo offers a convenient and luxurious lifestyle because its buildings are built near shopping and transportation centers. Corporations also equip these with cozy amenities such as a gym, a swimming pool, 24/7 security, and a lot more.
Most importantly, you don’t have to pay all of the total contract prices in a single sitting.
That is because condo corporations only ask investors to pay a certain percentage of the total contract price, generally at 20%. That serves as the down payment, which would usually be deferred in 24 or 36 months of payment. Following that, investors would often go into bank financing that covers most likely 10 to 15 years. Within that time frame, you can already put your unit into a rental to make it a self-liquidating asset. Make sure, however, that your rental price is higher than your bank amortization.
So, these are some of the reasons why you should seriously start to consider investing in condos. Costa Rice is a rapidly growing economic hub geared toward sustainable development. As the country’s leaders push for further inclusivity in progress, you can take part in that by investing in one of the booming industries-condo investing. Still unsure of whether to start investing in a condo? Perhaps taking a peek at these Costa Rica condos for sale would help you change your mind.