As you consider purchasing a condo at Mediterrean Village? If yes will probably have several questions that you might have forgotten to ask when you were visiting and touring the property. This FAQ section will provide you answers to the most frequently asked questions.
What about public utilities?
Water, electric and telephone service are available throughout all the cities in Costa Rica.
water supply is abundant
power - 92% Hydro, 6% geo and 2% other
fully redundant electrical grid
Hard line telephones and cellular phones are also available.
Is there a pool and access to the beach?
Yes! Mediterranean Village will eventually have its own pool as well as an exercise center. However doing its early stages home owners can walk a short distance to the beach and use the facilities of Monterey's Del Mar Hotel. They have a wonderful pool, restaurant, tour office, and they are located right on the beach. Once you become an owner of a Mediterranean Village condo you will be introduce to the community of Monterey---which is a special community comprised of real estate investors and entrepreneurs.
Can we board horses nearby the property?
Yes Monterey is built around the idea that horse lovers will buy and board horses right on the property at the hacienda. Just minutes away from Mediterranean Village you can walk there and have them saddle up your horse. Judy Murphy runs the stables and she can purchase a horse for you if you are interested. It costs roughly about $150 to $200 a month to board one horse.
Monterey's stables are the best in the country--it's something you must check out.
Will I be able to rent my condo?
Yes, Mediterranean Village has an agreement with All Inclusive Rentals & Services (AIRS)which is located within Monterey. Condo's rent anywhere from $1500 to $3500 a week depending on the season. We have had owners rent their condo only three days after furnishing it. Monterey has its own rental management services company within the ranch, called All Inclusive Rentals & Services. To learn more about rental management and pricing check out the website rentitincostarica.com or call US 708-366-7679 ext 3 or call in Costa Rica 506-387-1494.
All Inclusive Rentals & Services will provide management, bill paying, marketing, tenant check in's, maid service, repair service, and the offer decorating and furnishing plans.
How much are the taxes on property in Costa Rica?
Taxes are based on 1% of the purchase price.
Can I get a mortgage if I purchase a condo?
Yes, Stewart Title in Costa Rica is now offering US Style mortgages through Banco Cuscatlan De Costa Rica. However....it does happen in Tico Time!
They will loan up to 400,000 in US dollars with a term of 20 years for 65% of the appraised value. This loan is not for pre-construction but rather for structures that have already been built. The debt to income ratio you must have is 25% and the interest rate as of June 2004 was Libor a six month rate plus 7.50% + 6.5 pp, with a floor of 8.50. The billings are done quarterly. For more information contact Juan Carlos at 506-258-5600 ext 100. Tell him you are interested in purchasing a condo at Mediterranean Village.
How much is it going to cost monthly to live in Costa Rica?
What is the estimated cost of living on Monterey?
Water estimated $40 per month average
Electric estimated $100 per month average
Association Dues - $250 and up
Condo Insurance - Approximately 0.5% of the value of the
construction. If the construction is valued at 300,000 the monthly
cost would be about $150
Food & Gasoline - for an "average" lifestyle it would cost
you no more than $500 a month
Direct Television - About $80 per month
Basic Phone Service - About $40 a month]
Waste Management - About $30.00
Real Estate Taxes .1% of the purchase price
Maid Service - $35.00 a day if daily for 6 days a week, $65
a day for one day a week.
What Type Of Insurance Do I Need To Get?
There is only one insurance company in Costa Rica and it is called INS. However there are several brokers who can help provide you information and educate you on what type of insurance you need to buy. We suggest that you do take out home owners insurance on your property and you might consider fire and theft as well. Many of the home owners use David Garrett who has a team of employees that speak fluent english. HIs website can be found at web site www.segurosgarrett.com.
How Do We Close On The Property?
When you close on your condo the entire transaction will be handled through Stuart Title. Each condo is set up as a Costa Rica SA and therefore what you will be purchasing are the shares of the condo. This is a very common practice within Costa Rica and makes transactions very simple to execute.
How Much Are The Condo Association Dues?
Condo association dues will be approximately $250-$400 depending on the type of unit you purchase and when you purchase it.
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