The Ultimate Expat Guide How to Buy Property in Costa Rica, Ireland and the USA With Less Stress

Written By: Gail Clifford | Published By: Weekend Notes | September 17, 2024

Dreaming of a glamorouslife abroad? Whether it’s sipping coffee in a cozy Irish village or enjoying the sunny beaches of Costa Rica, living abroad often offers a higher standard of living at a fraction of the cost compared to your home country – especially once housing is dealt with. From charming, affordable cottages in Ireland to breathtaking beachfront properties in Costa Rica, knowing how to navigate the property buying process can open the doors to your dream lifestyle, all while reducing your stress and confusion. With the right knowledge, purchasing property abroad becomes less daunting, allowing you to focus on enjoying your new, exotic home.

Having navigated the complex process of purchasing property in three different countries, I’ve come to realize that despite my experience, there’s always something new to learn. Each country has its own set of rules, regulations, and cultural nuances that can either make or break the property-buying experience. It’s a humbling reminder that no matter how seasoned we may be, there’s always more to understand when stepping into unfamiliar territory.

The Importance of Legal Guidance
One of the most crucial lessons I’ve learned is the necessity of having a trusted attorney by your side. The role of an attorney goes beyond just reviewing contracts—they ensure you’re asking the right questions, ones that may not even cross your mind if you’re unfamiliar with the local laws. For instance, in Costa Rica, it’s essential to inquire whether the country reserves the right to nationalize your property without notice. Understanding whether you hold land and mineral rights, or just air rights (like in a condominium), can significantly impact your investment.

In Ireland, purchasing property can be as informal as a handshake in a pub, but prudent steps—like engaging a trusted solicitor—can save you from potential pitfalls. In Costa Rica, the necessity of translation cannot be overstated. Contracts are typically in Spanish, and it’s vital to have everything translated into your primary language to avoid misunderstandings.

Comparing the Property Purchase Process
The process of buying property varies greatly across countries. In the United States, the MLS (Multiple Listing Service) system makes it relatively easy for buyers and sellers to connect, with properties conveniently viewable at the buyer’s leisure. Ireland, on the other hand, lacks a centralized system like the MLS, which can make finding and viewing properties challenging. Real estate agents in Ireland generally represent the seller, and the absence of a buyer’s agent can make navigating the market daunting.

In Costa Rica, where there is also no “legal” nationwide MLS, the process can be equally challenging. Real estate agents are not required to have licenses, so finding a seasoned agent who understands the market and the legal intricacies is crucial. The role of the attorney becomes even more significant here, as they guide you through the purchase process, including the drafting of a formal purchase agreement, conducting due diligence, and managing escrow accounts.