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What is included in Costa Rica condo fees or HOA fees? Buyers often get scared when they see they must pay a condo fee but don’t realize what is included.
Costa Rica’s lifestyle is changing, and people travel more than ever. Security is more critical than ever when looking for a vacation home, a retirement home, or a real estate investment. Twenty years ago, we were selling only single-family homes. Today, 80% of our sales are condos or homes in gated communities. Some agents don’t even list a single-family home that’s not in a gated community.
Some real estate agents do not list the maintenance cost when advertising a condominium. This is essential information when purchasing a city or beach condo. Of course, everyone wants to know the property taxes, utilities, and any additional costs like condo fees.
A significant advantage of buying a condo is that the administration and the Homeowner Association organize many things, so you will have a lot of extra time without controlling all those maintenance issues. The most important advantage of buying a condo is that you will have many amenities that you probably would not have if you owned a single-family home.
Buyers often do not realize that a high percentage of condo fees are usually a maintenance cost you will have on a single-family property, too.
Maintenance of a 1/50th share of a condo is generally much cheaper than the maintenance cost of a single-family home. When planning to purchase a Costa Rica condo at the beach or in the city, you will see condo fees between $100 and $1,500/month.
What do Costa Rica condo fees cover?
By paying your HOA fees, you do not have to worry about all the following:
- Painting the house every 3 – 4 years
- Taking care of roof leaks
- Clean or pump the septic system every 4 – 5 years
- Maintenance of internal roads and sidewalks
- Maintenance of the gardens, renewing your landscaping
- Insurance on the house against earthquakes, fire, and flooding (some HOAs will oblige you to pay it separately, especially when units are different sizes).
- Maintain the swimming pool, gym, and other amenities.
- Secured access and on-site 24-hour security guards. No more worries about the guard’s days off, vacation days, and thirteenth month. They will be replaced when they are sick.
Gated but no Amenities
In rural areas, such as Atenas and some beach areas, there are what people call gated communities, but legally, they’re not. These communities usually only have a security guard(s), not all those mentioned above.
Questions you can ask
You should make your decision to purchase based on the following:
- What amenities does the condominium offer?
- How many security guards does the community need?
- How many units does the condominium have?
- Is the cost of potable water included in the condo fee?
- Are their elevators – and swimming pools – power back up – and water back-up to maintain?
Contact us now to see properties in Costa Rica.
