Condos are one of the most popular ways to own in Coco. Someone else looks after the pool and the gardens, and you can lock the door and fly home. But every condo comes with rules and shared costs, and you want to understand them before you make an offer.
How condos work here
Condominiums in Costa Rica are governed by the Condominium Property Law (Ley Reguladora de la Propiedad en Condominio). Each project also has its own registered rules, called the reglamento de condominio y administración. That document covers administration, owner contributions, meetings, how common areas are used and what happens when someone breaks the rules.
Owners meet in an assembly to make decisions and approve the budget. Most projects have an administrator who handles daily operations.
HOA fees: what they cover
Every owner pays a regular fee toward the shared expenses. What that fee covers varies a lot from one building to the next. In some projects it includes water, security and trash collection. In others it only covers upkeep of the common areas.
Ask for the current budget and recent financial statements, and ask whether there is a reserve for big repairs like roofs, painting or pool equipment.
A low fee is not a bargain if the building has nothing saved for repairs.
Rental rules
If you plan to rent your condo, even part of the year, read this section of the reglamento twice. Some projects allow short term vacation rentals. Others only allow longer leases, or set rules on minimum stays, parking and guest registration.
Ask about the legal and tax side of renting in Costa Rica too. Your attorney or accountant can explain what registration and taxes apply to you.
Pets, renovations and other house rules
With rescue dogs of our own, I always check the pet rules first. Some buildings limit the number, size or type of pets, or where they can walk. The same goes for renovations, noise, grills on balconies and what you can change on the outside of your unit.
Questions to ask before you make an offer
- May I see the registered reglamento and any amendments?
- What is the fee, and what exactly does it include?
- Is there a reserve fund for major repairs?
- Are any special assessments planned or being discussed?
- Can I see the minutes from recent owners' assemblies?
- Are short term rentals allowed, and under what rules?
- What are the pet rules?
- Are the seller's fees paid up to date?
- Which parking space and storage area come with the unit?
Condos can be a wonderful fit, especially if you split your time between Costa Rica and home. If you are looking at a building in Coco, send it my way and I will help you get the right questions answered.
Dawn, DN Realty Partners
Dawn helps buyers and sellers across Playas del Coco. Nolberto, her partner at DN Realty Partners, is a professional tour guide.
