Owning Property in Costa Rica–how much does it cost to maintain it?

Written by Michael Simons on . Posted in Costa Rica Living, FAQ's, Investing in Costa Rica

If you’re thinking of owning property in Costa Rica, you may wonder how much it will cost to maintain it.  Here’s what you need to know.  

owning property in Costa Rica like this ocean view home

What are the average carrying costs?

The costs of owning property in Costa Rica are substantially less than most other tropical locations in the Caribbean or Hawaii.  Below are examples of 3 different types of property and price points. 

Empty lot

Value

$100,000

HOA fees

$1,200 – 2,000 per year average.

Property taxes

$250 per year.  Tax rate is .25%.  To calculate multiply the assessed value by .0025

Maintenance

$100 – 200 per year to cut and keep the lot clean.

 Condo 

Value

$300,000

HOA fees

$250 – $500 per month depending on amenities

Property taxes

$750 per year

Electric

$100 per month average (higher with heavy usage)

Water

$30 per month average

Cable TV and Internet

$70 per month.

Maintenance

$500 – $1000 per year

Insurance        

$500 per year for normal coverage

 Larger luxury house

Value

$500,000

HOA fees

$110 – 350 per month

Property taxes

$1,250 per year

Luxury tax

$1,000 per year average

Electric

$300 per month average

Water

$75 per month average

Cable TV and Internet

$70 per month

Pool service

$50 -$100 per month

Landscaping

$50 – 100 per month

Insurance

$500- 1,000 per year for normal coverage

Maintenance

$1,000 to 2,000 per year

If you are not living in the house fulltime, you will require a property manager to pay your bills and look after your property.  The average fee is between $125 and $150 per month depending on the size of the property and the amount of work needed.  Maid service in Costa Rica is very inexpensive, between $20 and $40 per day depending on the size of the home.

If the property is held in a Costa Rican corporation, there are two additional fees to all 3 of these properties.  The corporate tax is $194 per year.  There is also a Resident agent fee that a local attorney will charge you.  Under Costa Rican law there must be an attorney as the legal agent here in the country to receive any documentation.  They generally charge $300 per year. Those are the costs of owning property in Costa Rica.

 

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