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A Few Things To Consider Before Buying Real Estate In Central America

By Jane Goodwin | July 4, 2007

Buying real estate in Central America is not the same as buying real estate in the States. For one thing, there are few, if any, actual licensed real estate agents down there; you will probably be dealing with an unlicensed person and it’s entirely possible that this person will have the best interests of himself or a friend in mind. This does NOT mean that real estate people in Central America are dishonest; it merely means that you will have to be EXTRA careful about the legalities of your purchase.

It is never wise to buy real estate sight unseen; therefore, if you decide to buy a house or some land in Central America, my first piece of advice to you would be to look before you pay. Don’t agree to anything by long distance. Go down there, look over the house or land, consult a lawyer back in the States, and get EVERYTHING in writing before you fork over a dime.

I can not stress enough the fact that you simply must have a good attorney to help you through the purchasing process. It isn’t that people are dishonest down there; it’s mostly that people are very laid-back down there and things such as a clear title, etc, simply aren’t considered all that important. If you want to make sure the property you are paying for will belong to you, lock, stock, and barrel, you MUST get it all in writing, have your attorney look it over carefully, and be sure you have it ALL in hand, before you sign anything or pay anything.

Another piece of advice: Check out the roads that lead to your property before you buy it. Agents and other people will sometimes tell you whatever they think you WANT to hear about the access roads to your new house, so be sure you see these roads with your own eyes before you decide to buy.

This same advice holds for things like electricity and potable water, as well. If you are promised that good roads and access to electricity, water, etc, are forthcoming, take that advice with a grain of salt. In Central America, as in any place, promises are free. Get it in writing. And even then, don’t hold your breath!

Most Central American countries have a rainy season. Be sure you SEE your prospective property during the worst of the rainy season; you don’t want to be the proud new owner of a swamp or a big lake during parts of the year.

All that being said, most retirees who buy or build in any of the Central American countries, be it Panama, Costa Rica, Belize, Dominican Republic, Guatemala, Honduras, or Nicaragua, find that the expat’s life is one of more rest, more excitement, more leisure, more fun, and more, well, of everything that was missing in his/her previous life. The beauty of Central America simply can not be surpassed. It can’t even be equaled.

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Topics: Prices, Travel / Relocation, Lifestyle, Money and Taxes, Destinations |

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