The Lure Of International Real Estate In Central America And What To Watch Out For

The two main reasons people consider an investment abroad are (1) for an investment return and (2) for lifestyle

. If you pick the right properties in the right area, Central America can deliver on both. You'll be able to zero in on emerging destinations with infrastructure improvements planned for the future that offer the promise of capital appreciation. Or choose more mature locations with established infrastructure, amenities and an existing community of expatriates. Whatever your investment goals, make sure you review the tips in this article, designed to help you invest safety.

Remember that there is no MLS in Costa Rica, Belize, Nicaragua or Panama. This means that you won't be able to ask your real estate agent for a list of ALL properties that are on the market. Each vendor will have their own list of properties they know about and will be considerable overlap between different agents. But if you really want to make sure you are seeing all there is to see, you'll have to make an appointment with all the agents active in the market. Tedious? Yes. But unfortunately in environments where there is no MLS, that's the only way to be sure you're getting a handle on the entire market.

As official property statistics are not published in Central America, the market suffers from exaggeration and hype. Cast a skeptical eye over glossy brochures that promise future amenities and infrastructure and assume that real estate vendors will focus on the positive. Try and find independent analysis on the market and triangulate all the information you find. That way you'll ensure that it's the facts that are driving your investment decision; not your emotions.

If you're having to rely on your imagination to 'see' what your property will be like in the future, then take a step back and think seriously about moving forward. You shouldn't factor in a better road, a golf course or a new airport into your purchasing decision too heavily. Are you happy with the property right now, without a good road and without a golf course? Real estate vendors and developers will tell you about the benefits of investing 'in the path of progress' and the great benefits that can result for those who get in early. That may be the case but you'll have to think like a speculator and be able to stomach high levels of risk.

In all Central America countries, with the exception of Belize, you will be signing a Spanish contract at the time of closing and your property deed will be in Spanish. Unless you are fluent in legal Spanish, make sure you choose a fully bi-lingual lawyer who can translate the documents for you. The major title insurance companies offering services in Central America will be able to provide you with a list of approved attorneys. That's a good place to start. And for that matter, take out title insurance on your purchase.

Central America is packed full of fantastic real estate opportunities. In this post-crisis era, buyers are in the driving seat so use this 'buyers market' to your advantage. If you follow the guidance in this article, and negotiate hard enough, you may be able to zoom in on some real bargains.

by: Patrick Simmons

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