For those of you out there who have purchased real estate in Costa Rica or considered it, you will know how frustrating it can be. It is truly the wild west and realtors take each others listings, post them on their websites without permission or any correspondence, add a few thousands dollars to the price, and hope to rope in a willing buyer. This happens time and time again. You’ve been warned.

A good way to see if you are getting played in the real estate market in Costa Rica is by checking on Encuentra24.com for the property you have looked at with a realtor. You may find it there for thousands of dollars less then they are quoting the price to you. Which may lead you to find out that in fact, the property you looked at is not even the holding of the realtor who brought you to it, but rather it is under contract by another realtor or in a for sale by owner format. You really have to be careful.

If you notice when looking at property in Escazu, Santa Ana, or close surrounding areas you will see the price for a 3 or 4 bedroom townhouse to be close to $225,000 USD. Many of the properties are in this same price bracket, but they are not worth that much money, this is some sort of unspoken price fixing. You should feel comfortable offering 5% to 25% less then the listed price for a property, and higher of a percentage less if the surrounding houses have rust covered roofs and may be a security risk or a bane on resale in the future. If you are a cash buyer, then you can offer much less then the asking price, closer to 30% off. Seriously, give it a try, be firm, and point out the flaws you see in detail. If the property has been on the market for 6 months or more, the seller will close with you for a huge discount.

The real estate market in Costa Rica is a buyers market, no matter what any realtor tells you, you have the right to make an offer as low as you want. So take your time with it, view as many properties as you need to feel comfortable, and do not sign any documents that lock you into using a realtor, unless of course you are 100% certain they are the right facilitator for you. Craigslist is another thing to be careful of, the listings have no (legitimacy) filter and anyone can claim anything on that network. Make sure you have a lawyer you can trust who understands real estate and land title laws. It is not common to get home inspections here in Costa Rica before buying, from a culture standpoint, but you are still entitled to ask for this to look for foundation damage or water leaks.

A good strategy for minimizing stress when looking to buy real estate, is find the area you want to live in based on surrounding community infrastructure or proximity to work or amenities (if you work from home this allows you more flexibility). Then drive around the area and look for signs on houses that catch your eye. Many times the houses will be in a for sale by owner format, the realtor signs will stand out clearly with branding and website information. Ask people in the area, if you pass them while walking or in a coffee shop, what it is like to live in that neighborhood. Take your decision making into your own hands. The more places you see in a specific area, the wiser you are when you make an offer on a property, as you will know the pricing and limitations of many locations. If you do not have access to a car as you are here on vacation or visiting a friend and just checking out your options, consider renting a car, you can get some great deals in Costa Rica during low tourist season between April and October.

Do not be intimidated, Ticos are friendly people when approached properly and with respect, go out there and adventure in the land of real estate sales. Do not take this article as a message to avoid all realtors, just know that you have to be careful, patient, and wise when selecting the right one for you. Limitations such as being a single mother or not having time to spend looking at dozens of properties may be a good reason to find a realtor. Good luck and welcome to Costa Rica!