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Don't Just Spend Money... Make Money!

Apr 24, 2014

Don

We frequently refer to Costa Rica’s southern Nicoya Peninsula as a ‘hidden gem’. Naturally, those already owning and/or living in this tropical oasis would prefer it stays that way… there’s a certain ‘je ne sais quoi’ about being in an area of Costa Rica that lacks high-rise buildings, chain franchises or 4-lane highways.  

Of course, if you’re lucky enough to own your own piece of paradise on the Peninsula, you may be in the market to have your home earn its keep! The best way to do this is through rental income… today, we’re going to explore the best ways to maximize your rental income from your Costa Rican retreat. 

If you don’t already have a home to rent out, but are interested in investing in Costa Rica, this is an important read for you. There are still affordable options available to you on the Peninsula that are ideal for rental income, as well as a vacation home for you during your few weeks off a year. Go HERE now to contact our Developer to learn more about the exciting options!  

So how do you know if the property you’re buying is going to yield a good rental income? These are some of the key points to remember when you’re purchasing with rental being top of mind:

Size and Layout 

Familiarize yourself with the area you’re purchasing in. You want to make sure that your property is in high-demand. If there’s already a saturation of single-family homes renting for high dollars per week, you might want to look at something a bit smaller and more affordable. Typically, your best bet is going to be 2-3 bedroom, 2-3 bathroom condo or villa… this layout is ideal for couples and families. In addition, having a patio or backyard area with a table and chairs is a huge draw for potential renters.

Style

Understandably, if you’re renting out your new Costa Rican abode, you’re not going to furnish it with high-end, custom pieces. Besides, furnishing elements, especially for short-term renters, will go unnoticed… functionality and the basic necessities are what matter. That said, having a clean, open-concept North-American style home with easy-wear finishes such as tile and granite will most definitely put you ahead of the competition. Although there is a market for them, ‘quirky’ and ‘rustic’ cottages or homes are not for everyone, and will ultimately narrow your field of potential renters.

Amenities

The best way to put your home above the rest when it comes to renting, is by promoting the ‘extra’s. Does your place have it’s own pool? That’s a huge bonus! Are you in a gated community? Work that angle! Golf course? Restaurant? Beach access? These are all major draws for potential renters and should be front and centre when it comes to marketing your home, condo or villa.

Owning your own piece of paradise on Costa Rica’s southern Nicoya Peninsula is one thing… but owning it and having it pay for itself is a whole other thing altogether! Not only do you have your own little retreat when you want to kick-back in vacation mode, but you can feel good knowing that it’s earning its keep while you can’t be enjoying it.

You might think that managing a rental unit in a foreign country, thousands of miles away, would be a huge inconvenience. And it certainly can be if you choose to do everything yourself; finding renters, cleaning up before and after their arrival, etc., this is all time-consuming and pretty much impossible unless you’re on-site. This is where a Property Manager comes into play… whether you hire someone or utilize one already in place, a service typically available in resort or gated communities, it’s a necessity if you don’t plan on living in the area year-round.

Costa Rica’s southern Nicoya Peninsula will remain high-rise and franchise-free for many, many years to come… this certainly helps in ensuring it remains somewhat ‘hidden’ from the mainstream tourist-type, but it has so much to offer to those looking for an incredible holiday! Offer your own little piece of paradise to someone looking to discover this beautiful area and make some extra dough at the same time…

Go HERE to learn more about the exciting new project our Developer on the Nicoya Peninsula has, and how you can visit to discover it for yourself!

 

 

Current Topics

We’re taught from an early age to accept that we can’t have everything we want… that we have to share or compromise. Thankfully, now that you’re an adult, and you’re considering a property purchase abroad, these ‘rules’ don’t apply.
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We frequently refer to Costa Rica’s southern Nicoya Peninsula as a ‘hidden gem’. Naturally, those already owning and/or living in this tropical oasis would prefer it stays that way…

Where International exists to recommend a variety of International real estate options. Where International requires developers to meet stringent criteria before offering them to you. Conversely, any inspections we conduct on projects or individuals should not be misinterpreted as a guarantee by Where International. International real estate is not immune to the ups and downs that occur in North American real estate; property values are never guaranteed to increase.

Where International is not accountable for the orchestration or deliverance of Discovery Weekends. We provide them to you on behalf of our developer partners. We recommend that you purchase travel insurance, as you would with any trip out of your home country. In addition, we advise you complete your own due diligence, purchase title insurance and always use a local attorney to assist with all transactions. In the event that a reader purchases a property from a recommended developer, Where International receives a sum from the developer.