Don't Just Spend Money... Make Money!
Apr 24, 2014
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.
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.
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…