When purchasing a condo or home in Costa Rica, it’s critical to thoroughly understand the Home Owner’s Association (HOA) costs. Below you will find a breakdown of what the condo or HOA fees may include in Costa Rica.
The majority of people who purchase a property in Costa Rica are not living here full-time. Condo developments help provide the security and services that are vital for absentee owners. It’s nice to be able to close the door when you leave and know that everything will be taken care of while you are gone. Condos also make great vacation rentals. Your guests will appreciate a clean pool and well-maintained landscaping. That peace of mind makes buying in Costa Rica possible. However, with that security comes a cost that is shared by all of the owners.
Gated communities are usually set up under a “condominium structure”. If you purchase a single family home, you will likely pay an HOA fee for the common area maintenance. The various items the property management company takes care of will determine the monthly fee.
Costs that MAY be covered by the condo or HOA fee:
♦ Common area water
♦ Common area cable or internet may be provided by the association
♦ Pool Maintenance (unless a private home)
♦ Common area and pool electricity
♦ Property Management Fee
♦ Reserve fund
♦ Improvement fund
♦ Security guard
♦ Structural insurance on the buildings
So you can see from this list, there are a variety of items that may be covered by your condo fee. These fees can range from $90 – $700/month. It is an important part of your buying decision to know what the fee covers. Knowing that someone is taking good care of your property if you live out of Costa Rica for at least part of the year is reassuring.