MOVING TO COSTA RICA VIII
How to Buy a Tico House
Hint: Infinite patience required
As much time as I’ve spent over the years in beautiful Costa Rica, my decades of living in “Spoiled Brat Central,” Any State, USA, have left me with expectations of immediate gratification, instant answers from Siri and Wiki, instant delivery of whatever I want, quick call-center resolution of issues with credit cards, the gas bill, my PayPal account, whatever.
We North Americans have no clue how soft we are, nor how easy life is compared to the rest of the world. And too many of us are arriving here daily, bringing our nasty gringo habits and bad manners with us.
Fortunately, most of the expats I’ve met here are appreciative of the raw beauty of this land, of its unique history and customs, the fact that it’s affordable to live here, and that the Ticos welcome us with open arms. These expat women—mostly single—are strong survivors, determined to build a life here, learn Spanish, and become a contributing part of the community.
These are my goals too. I have loved Costa Rica since the first time I set foot here, and the fact that, as retirees on Social Security who cannot afford to live in the United States, we were forced to leave our home country is beside the point.
So, I’m here now, thrilled to be here, and I’ve taken the plunge into the adventure of investing in real estate. (Mind you, I’ve bought and sold more than a dozen homes in my lifetime, so this should have been a piece of cake, right?)
Buying a house
The casita I fell in love with is a typical Tico house — compact, with an outdoor work area (sink, long workbench, washing machine) in the back off the kitchen, chicken coop, and greenhouse. It’s in a quiet rural area, surrounded by green fields and forested hills, with several other expats living nearby.
Quiet, serene, absolute perfection, with a river nearby, but not too near. The seller and I were able to finalize our negotiations quickly. Both of us needed this deal.
But then, the banks get involved
Here, in the land of poco a poco, a simple visit to the bank will have you cooling your heels for hours as the lines slowly slowly inch forward. Bring a good book to help pass the time. Preferably a raunchy nightstand novel.
Costa Rica is serious about not allowing drug money into the country. This is a very good thing, but the sad result is that attempting to transfer money from a USA bank to a Tico’s savings account requires an act of Congress, a year of bank statements, two years of income tax returns, passports and Tico ID cards, a letter from the bank saying I’ve been a good customer for xxx years, the sales contract, and the firstborn child of all involved parties.
What made my head explode
And then there’s the international wire transfer. Three weeks prior, I had wired the house downpayment into the seller’s account but it had not been deposited, even though the local bank acknowledged having received it. They had questions (preguntas), questions that my US bank needed to answer directly.
My bank did not have a form letter that their online system could burp out with all the specific information the Banco Nacional required, nor does my US bank have a human who can type up such a letter. “Not authorized,” was the response.
Trust me! I’m not a drug dealer!!!
Long story short, weeks later, after I had sent a second wire (having assumed the money from the first wire had simply gone up in smoke), my bank sent thick envelopes of unnecessary paperwork in triplicate (the same exact stuff in each parcel) to my former residence instead of sending to the Costa Rican bank as I had requested.
A bit of advice
E v e n t u a l l y, everything comes together, but it’s seldom easy, never straightforward, and requires nearly infinite patience.
Make sure you have a trusted attorney to hold your hand, who will work with the local bank, and who can manage the due diligence process (survey, inspections, etc.). Some people suggest also hiring a local escrow firm to help with the financial transactions. Whatever route you choose, do not attempt this on your own!
The Expat Mantra
Estamos en Costa Rica ahora (We’re in Costa Rica now), muttered with a heavy eye roll or a chuckle every time something goes wrong or takes seemingly forever to accomplish. Nothing is simple, quick, nor easy here.
This is not meant to be a complaint. Quite the contrary. More, it’s a lesson for those of us who have been on a fast-paced treadmill our entire lives without realizing we’ve forgotten to exhale, or to just stop, look, and listen now and then. For those of us who become grumpy when we don’t get our way instantly, it’s a huge lesson in patience, pleasantness, and, most of all, Pura Vida!
And trust me, it’s totally worth every bit of it!!
