What are condos in Costa Rica?

You probably think that a condominium is an apartment in a high-rise. Wrong, in Costa Rica it is not always like that. Costa Rica also offers the possibility of having a townhouse in a gated community, we call that a horizontal condominium. The rules are very much like a high-rise, with an owner association, etc. Make sure that when you buy one, your attorney explains to you what you need to know.

You might ask yourself: why so much hassle about security? Why do real estate ads always include the word “secure”? Why are so many condominiums being built?

Costa Rica is a very different country on a socioeconomic level as to what you are used to. Costa Rica does have a Social Security System (and even on a much higher level than most Latin American countries), but no welfare. If a father of 4 children (here the poor still have lots and lots of children) has no job, there is no other way than to steal. Therefore we have a lot of burglary. No violent crime, hear me well, but simple burglary. So when you’re not at home, they will try to break into your home and steal you TV, your stereo equipment and other small appliances. So if you don’t want to run that risk, you have your gardener or maid stay at home while you’re away or simply move to a condo.

Costa Rica Condos: Pros & Cons of purchasing
Apartments (Flats) and Townhouses in Condominium.

• You have full rights to a smaller piece of real estate: the interior of your unit. (and land if a horizontal condo)
• You share ownership of exterior and common areas.
• Apartments and townhouses may be more affordable in higher priced markets.
• Someone else cuts the grass.
• The project may include amenities, such as a community workout center, swimming pool, clubhouse and guards.
• Neighbor disputes are taken before the homeowners' association board.

• You pay monthly homeowners' association dues. You have to contribute to assessments for major maintenance or renovations.
• You may find condominium rules too restrictive.
• Ownership rights and responsibilities are sometimes legally and financially complex.
• Some lenders have restrictions on making loans for condominiums.
• Resale apartments and townhouses are more sensitive to market trends than single-family homes.