Paradise Nicaragua?
For some it certainly is exactly that. A paradise and the land of Milk and Honey. But let’s be realistic, Nicaragua isn’t for everyone and like we are all told so many times: “Nothing in life is free!”
In order to make Nicaragua work for you, you’ll have to do your part. You will have to do your research and be patient. There are some steps that will virtually guarantee success and the omission of these steps will almost ensure failure.
Before you even inquire about that plane ticket to Managua, you should ask yourself a few important questions:
A.)
1. How much time will I spend in Nicaragua each year?
2. Will I be happy living away from my family, children or grand children?
3. How will I support myself?
4. Will I be able to adapt the the cultural and language differences?
If you have honestly answered the questions in Section A.) and still are determined to investigate further, you are ready for the next set of questions.
B.)
1. Do I need a social support system or will I be happy to live amongst Nicaraguans without daily interaction with people of my own cultural background? (The answer to that will pretty well determine in which area of the country you will be living.)
2. Do I wish to live in a large North American / European standard home, or will I be happy with a simple home without many of the luxuries I take now for granted?
3. How large a piece of land do I need and why?
4. Do I wish to have a nice view of the Ocean?
5. Do I need a Beachfront home?
6. Do I wish to purchase a property I can develop and generate income?
C.)
1. How much money am I willing to top dedicate to the move?
2. Will I have some funds in reserve in case of emergencies?
If after answering the entire series of questions honestly, and you are still anxious to explore Nicaragua in greater detail, by all means, go ahead and book that ticket. Get your Passport updated and get ready for what could be a life changing experience.
Remember, when starting the actual search be careful whom you are dealing with. Just about anyone in Nicaragua will try to sell you property, regardless of them owning it or not. Most Nicaraguans you will meet have no knowledge of property laws, documentation requirements or the purchase process.
Here is a list of "Don't do it if you want to keep your money" rules:
- Don't deal with "Bar stool Realtor's ". These are people that hang out at bars frequented by tourist. They will approach you and offer you the "Incredible Deal". They rarely operate legally, rarely have an office, rarely pay any taxes and rarely even spoke with the owner of the property prior to meeting you, the prospective client. They have no idea about what constitutes a legal property but they almost always have a "trustworthy attorney" as a friend that will close on the property for a very low fee.
- Don't feel obligated to deal with only one Realtor. You are here to find the property right for you. Remember, this is business!
- Have your Buyers Agent visit the property with you and have him / her check the documents. If the agent has doubts have your attorney check the documents.
- NEVER give a deposit to anyone unless a Promise to buy and sell has been signed by both parties and the document has been notarized.
- If you have doubts about the solidity of the transaction, walk away and look for another property.
Feel free to contact us with your questions.
