Over the past decade we’ve assisted with the sale of dozens of properties in San Juan del Sur and throughout Nicaragua. We’ve also bought and sold a handful of our own. We’ve learned that the best advice we can give future buyers is to make sure that you ask the “right questions” before purchasing.
So often the most obvious questions just don’t get asked in a foreign real estate transaction. Assumptions are made and Buyers are eventually disappointed in some aspect of the property purchase. We’ve seen it again and again. But it does not have to be this way if everything is fully discussed and disclosed at the onset.
To help future homeowners in San Juan del Sur, we’ve compiled a list of questions that should not go unasked prior to signing a purchase and sale agreement. Sellers might not always be able to provide you with all the answers, but at least you’ll be able to make an informed decision on the basis of the facts that these questions uncover.
- Why is the seller selling?
- What is the age of the house (including roofing, plumbing, electrical wiring, etc)?
- Are there any existing foundation or drainage problems?
- Which builder or construction company built the house and what is their contact information?
- Are the developers still in the country and actively participating in the upkeep of the development?
- Has the Home Owners Association (HOA) been turned over to the homeowners or is it sill managed by the Developer? If it hasn’t been turned over to the owners, then when will it be
- Is there a cap on monthly or annual land and homeowner expenses?
- Are the utilities (electrical and sewer) installed in the community?
- Who is in charge of the utility maintenance and how much will you have to pay for it as a homeowner?
- If purchasing directly through a developer, ask to check their financial backing. Where is the developer getting the money to build?
- What are your average cost of utilities throughout the year?
- What are the Homeowners Association Fees and how often are they due?
- What exactly do owners get for the payment of HOA fees?
- Will the road eventually be paved within the development? And if so, who is responsible for the cost of the road construction and future maintenance.
For more helping information about purchasing property in Nicaragua, head over to our Buyers Learning Center where you can download a free guide to the best neighborhoods, search for new listings and read answers to the biggest questions we get asked about real estate in Nicaragua.
Article originally published on San Juan Live http://sanjuandelsur.org.