Owning Property in Costa Rica–how much does it cost to maintain it?
If you’re thinking of owning property in Costa Rica, you may wonder how much it will cost to maintain it. Here’s what you need to know.
What are the average carrying costs?
The cost of owning property in Costa Rica is substantially less than most other tropical locations in the Caribbean or Hawaii. Below are examples of 3 different types of property and price points.
Empty lot
|
Value |
$100,000 |
|
HOA fees |
$1,200 – 2,000 per year average. |
|
Property taxes |
$250 per year. Tax rate is .25%. To calculate multiply the assessed value by .0025 |
|
Maintenance |
$100 – 200 per year to cut and keep the lot clean. |
Condo
|
Value |
$300,000 |
|
HOA fees |
$250 – $750 per month depending on amenities |
|
Property taxes |
$750 per year |
|
Electric |
$100 per month average (higher with heavy usage) |
|
Water |
$30 per month average |
|
Cable TV and Internet |
$80 per month. |
|
Maintenance |
$500 – $1000 per year |
|
Insurance |
$500 per year for normal coverage |
Larger luxury house
|
Value |
$750,000 |
|
HOA fees |
$200 – 500 per month |
|
Property taxes |
$1,875 per year |
|
Luxury tax |
$1,000 per year average |
|
Electric |
$300 per month average |
|
Water |
$75 per month average |
|
Cable TV and Internet |
$80 per month |
|
Pool service |
$50 -$150 per month |
|
Landscaping |
$50 – 150 per month |
|
Insurance |
$500- 1,000 per year for normal coverage |
|
Maintenance |
$1,000 to 2,000 per year |
If you are not living in the house full time, you will require a property manager to pay your bills and look after your property. The average fee is between $125 and $150 per month depending on the size of the property and the amount of work needed. Maid service in Costa Rica is very inexpensive, between $20 and $40 per day depending on the size of the home.
If the property is held in a Costa Rican corporation, there are two additional fees to all 3 of these properties. The corporate tax is $194 per year. There is also a Resident agent fee that a local attorney will charge you. Under Costa Rican law there must be an attorney as the legal agent here in the country to receive any documentation. They generally charge $300 per year. Those are the cost of owning property in Costa Rica.
