House Hunting In Costa Rica
While many Americans looking to invest in real estate in Costa Rica look only at the beaches of the Pacific Coast, others are turning their attention to areas such as Nuevo Arenal for more moderately prices, beautiful homes in newly built gated communities.
Nuevo Arenal, located about a 45-minute drive from the famous and active Volcano Arenal is a community located on the beautiful Lake Arenal. The volcano, a popular tourist attraction, is located within a 30,000 acre national park with a viewing observatory and hiking trails. The popular town of La Fortuna is located just at the base of the volcano and is known for the numerous natural hot springs. Located just 90 minutes from the Liberia International Airport and just an hour and half from Juan Santamaria International Airport in San Jose, Nuevo Arenal is an up and coming community with about 20% of its population from the United States, Canada, France, Germany, or Belgium.
The climate in Nuevo Arenal is pleasant and the region doesn’t see the high temperatures that can be found in other parts of the country, namely along both the Pacific and Caribbean coasts. The cost of living in Nuevo Arenal is cheaper than in the beach towns and communities and the country sees more temperate weather without hurricanes, big storms, or flooding.
There are no restrictions for foreigners buying land in Costa Rica but buyers should make sure a title search is done to check for liens or encumbrances and to ensure boundary lines. Buyers should also hire their own lawyers rather than use the lawyer representing the seller. Most buyers in Costa Rica pay cash and mortgages are hard to come by with higher interest rates than in the US although more and more sellers are offering their own short-term financing, usually for periods of one to five years.
So, just what is on the market in Nuevo Arenal? Well, take for example this two-level home, complete in 2014 for $995,000. The main one-bedroom home occupies the top floor while the bottom floor features two private guest suites with their own separate entrances. Each suite is equipped with a bedroom, a full bath, a kitchenette and a covered veranda, with access to a second laundry room.
The main one-bedroom home features an L-shaped living area with back wall of windows and glass doors that open up to a terrace and a salt water pool. The master suite has two walk-in closets, a laundry room and bath with a tub, and a door which leads outside to a private garden shower.
The gated development features 35 lots in all, 12 of which are still available. The nearby town has grocery stores, shops, a clinic, pharmacies and several highly regarded restaurants. Lake Arenal provides entertainment and activities as many people enjoy boating, kayaking, windsurfing, kite surfing and swimming. Development on the lake is restricted so the shoreline remains quiet and calm. As more people discover the beauty of Nuevo Arenal, this secret won’t stay secret for long.