Luxury Real Estate

By Simon Turner of Marquette Turner Luxury Homes

Not so long ago, every second television show seemed to be about renovating run-down homes. With the current real estate market being less enticing, these shows seem to have dropped off.

The irony is, of course, that now is the time that you’re more likely to find a bargain.

If indeed there are more and more buyer’s markets throughout the world, then for those with finances available, there’s never a better time to get a good deal.

Therefore, we’ve put together four essential factors that you must consider to ensure that you complete the project with as much financial reward as possible.

CONSIDER THESE

1. Purchase Price — The lower price you pay, the more potential there is for profit it at the end. Remember, you generally make the money when you buy, not when you sell!

2. Renovation Expenses – Be as exact (and honest with yourself)as you can for each room that you are renovating, and include some “room-to-move should you be faced with the inevitable surprises (such as dampness, termite problems, legals).

3. Holdings Costs — The longer you own the home, the higher your costs for mortgage, taxes, and insurances will be.

4. Anticipated Sale Price — Be honest with yourself and compare your property like-for-like with others that have SOLD (not that have just been on the market for an eternity).

When undertaking a renovation, take into account how long it will take to complete. From “go to woe”, the market conditions could have changed immensely (for good or for bad) so try and take into account each scenario and what your subsequent actions will be (eg. if the market is worse, what would you do?)

Simply by doing your homework you’ll ensure you reduce the number of surprises.

Good luck!

By Todd Cutter of 2Costa Rica Real Estate

Shop Macro to Micro

We recommend that potential buyers start with the big picture and first focus on educating themselves on Costa Rica, and the investment environment and general lifestyle first. Costa Rica is an amazing destination with tremendous diversity both in its natural surroundings and its social settings in terms of infrastructure, lifestyle, amenities, etc. Deciding first that Costa Rica is a destination you desire and then examining the pros and cons of the varying areas of Costa Rica is an important step. You might find the perfect property at the perfect price, but if you are not in an area which suits your vision, investment goals and personal preference you will have nothing more than a perfect property in an area you don’t enjoy. A professional realtor here should be able to provide you with honest, unbiased analysis of the different areas which Costa Rica offers for investment and should also be inquisitive about your personal goals for the investment.

The relationship between realtor and client should be one of a mutual information exchange so that the potentially BUYER can educate the realtor about their personal preferences, investment goals and vision and the realtor can help educate and GUIDE their clients towards deciding on Costa Rica, then on a region or area, and finally on the property or properties that suit their goals. Though more labor intensive, respecting this process enables for clients who are happy both short and long term with their investments and ongoing positive relationships with the realtors who are you guides to investment.

Buy with Your Goals in Mind

When searching for real estate, set parameters and palpable goals for your search. The cheapest property is not always the best investment and the most expensive properties are not always the most luxurious. Buyers in Costa Rica have a range of goals as dynamic and varied as the topography and people of this amazing nation. Though a friend or acquaintance might have made the investment of a lifetime in the hills of San Jose, if you goals are for coastal vacation use, family trips, etc. their experience and insight might prove useless. Knowing the purpose of your investment and analyzing if the region and specific property you are looking at suites YOUR PERSONAL goals is paramount to success. Buyers who take the time to define their goals, seek honest and a broad range of information to confirm that the properties that they seek meet those goals, and stay true to their vision are the ones who find the most success here.

Head in the clouds… feet on the ground

This is a phrase we like to use with our clients shopping for properties in Costa Rica. This is a dreamlike destination and to make the right investment requires you to follow your heart and dreams, without losing touch with reality and vice versa. Clients who are constantly looking for properties which only make sense from an economic standpoint with no real affinity for a location or the country as a whole, tend to find less satisfaction in their investments. There are, of course, some incredibly lucrative investment opportunities here in Costa Rica, but numbers can and always do change, and have a tangible sense and belief in the potential of your acquisition is paramount for investors as it helps lend validity to the numbers and potential appreciation which some professionals toss out as matter of fact statistics. If you are promised returns that seem to good to be true, ground yourself and set real expectations for worst case scenarios. The same is true for clients who fall in love with Costa Rica and expect to find everything they dream for in a property at unrealistic prices. This is paradise and remains an amazing place for personal and investment use, but set realistic goals for value and returns.