When you decide to live in Nicaragua itÂs natural for you to consider making an investment. One such investment is for you to buy real estate in Nicaragua. ItÂs a wise investment plus it shows the country you are serious about making Nicaragua your home. But it is not wise to jump headlong into buying so you should take some precautions.
Here are three tips that will help you make an informed decision before making any kind of land or property purchase.
Know What Rights You Have as an Immigrant
When you venture off into Nicaragua or any country overseas, for that matter, it is essential that you are up-to-date with the current immigration laws. Inform yourself of what rights you have as an immigrant when it comes to purchasing real estate. For example, in order to buy real estate in Nicaragua you currently have to have a minimum of a residence visa.
A common practice, especially among some foreigners is to have a local national, either a family member or friend, purchase the land in their name. This is not advised as you will have no legal standing. Real estate is something that is very divisive among locals to include family that you may be finding yourself battling more than enjoying your new life.
Find a Reliable Realtor Within the Country
With that said, it is highly advisable that you contact a reliable realtor that understands your rights as an immigrant and knows how to do an excellent background check on any real estate that you may be interested in. You are not going to be familiar with land and title companies in Nicaragua so a good realtor that understands how ownership works will save you a lot of headaches.
Beware of realtors that do not have a reputation among the English speaking community. There are a lot of people that will become a realtor on the spot and may even do so on a regular basis but that is simply a nice side job for them that gives them a quick income.
Understand Ownership Laws
When you find a good realtor that understands your needs the next step is to ask lots of questions. Inform yourself as to what you should expect when you buy real estate in Nicaragua. You will discover that there are different levels of ownership. You may think you are making a purchase when in all reality it is more of a lease. That means you are given temporary ownership of the real estate for set amount of time.
Another thing you will find is that the person selling you the land is not actually the owner but the one who has a lease title or a subtitle. A subtitle is usually given to a family member for them to own and live in the land. But at any given moment the actual owner can claim his land back and you will have lost your entire investment.
While there are other things you need to consider before making an investment in Nicaragua real estate, paying attention to these three tips is key to you making an informed decision.