Everything You Need To Know About Ocean View Condos

First Published Date : July 29, 2010

Some of the most beautiful real estate opportunities in the world are ocean view condos. Many homeowners choose to get ocean view condos because these condos offer them exactly what the name suggests; an ocean view. The condos look out onto the Pacific or Atlantic Oceans, offering a wonderful and relaxing view that cannot be equalled anywhere else in the world. However, before you go about buying an ocean view condo, what do you need to know? You want to make sure you do not make a bad decision, or buy a condo that is not right for you. So, to help you make the right decision, we are going to tell you everything you need to know about buying an ocean view condo.

Where to Buy

There are a number of beautiful places that you can buy ocean view condos in, like the United States, Spain, France, Italy and Canada, but those condos are usually extremely pricey. If you want to buy condos that look out on the ocean for a much lower rate, then you can look at some very beautiful countries that have low housing costs. These are the Philippines, Thailand, Panama and Costa Rica.

Philippines

The Philippines are a serious of islands, hundreds of them, which rest between the South China Sea and the Pacific Ocean. That means there are plenty of ocean view condos you can buy in this lovely country. However, before you buy property within the Philippines, you should do the following:

1. Learn what you can about the Philippines so that you can choose the area of the country that matches what you want. Do you want to be on a small island, or on the big islands? Do you want to look over the South China Sea, or do you want to look over the Pacific Ocean? Do you want to be near major cities like Luzon and Manila, or small villages?

2. There have been a lot of foreclosures in the Philippines so you should look for foreclosures of ocean view condos in the area you choose to buy in. You could spend a quarter what you would originally spend for a non-foreclosure house.

3. You should seriously consider hiring a broker who can assist you in finding the right property.

It should be noted that under Philippines law, foreigners cannot own property within the Philippines. Only citizens of the country can own property but that is beginning to change. The easiest way to own property in the Philippines is to be married to someone from the Philippines who can buy the property in their own name. There are exceptions including you may own a house or building, but not the land on which the house sits. Also corporations can buy homes in the Philippines if they are at least 60 percent Filipino-owned. In regards to condominiums, the Condominium Act of the Philippines allows foreigners to acquire condo units and shares in condo corporations up to 40 percent the total.

Thailand

Thailand is becoming a very popular destination for individuals who want to own ocean front properties along the coast. The country’s cost of living is low and you can typically buy ocean front properties for quite cheap. However, there are some things to be aware of when you are buying an ocean front property here.

· Under Thai law, foreigners are not allowed to own any freehold land within Thailand, but there are several exceptions to this including:

o Foreigners can own 100 percent interest in a land lease in the country, with a maximum of a 30-year lease period.

o Thai registered companies with a majority Thai ownership can buy land within Thailand. Many foreigners have bought an interest as minority shareholders in a Thai company in order to buy real estate.

o If you are married to a Thai spouse, the Thai spouse is able to buy the property in their name without any problem.

The same rules apply to condos, but if you are able to find a way to buy an ocean view condo in Thailand, you will be happy that you did.

Panama

Panama is the southernmost country of Central and North America, and is the connector to South America. It has the third largest economy in Central America and is the fastest growing economy in Central America. It borders both the Pacific and Atlantic Oceans, and it may be the perfect country for buying ocean view condos. Within Panama, laws are in place to make it very easy for foreigners to buy property within the country. In fact, there are also many laws in place that protect foreigners from being scammed or losing their money due to illegal property activities. Panama is one of the easiest tropical countries for you to buy ocean view condos in, and it is a place to seriously consider.

If you are buying an ocean view condo within Panama, then you should do the following to verify the possession of the real estate as you will most likely be buying within specially run tourist zones.

1. Ensure that the piece of land is being issued by the Cadastral Land Office.

2. Ensure that the piece of land has a complete description regarding it including its areas, limits, encumbrances and more.

3. That the building, either new or being constructed is acceptable under the municipal government.

4. Ensure that the property is not restricted by the Agrarian Code.

Keep in mind that the government created Law No. 2 that regulations administrative concessions and purchases of coastal territories. This gives you security when you are buying a home within Panama that lies along the coast.

Costa Rica

Costa Rica is a Central American country that is considered to be very modern, and one of the most environmentally friendly countries in the world. It is a beautiful place to live, but there are some things you need to be aware of if you are going to buy ocean view condos within the country. In the past, it was very easy to buy property as a foreigner in the country but several instances of foreigners doing illegal land deals has caused restrictions to be put in place.

In order to buy property within Costa Rica, you need to qualify for legal residency within the country. There are several alternatives to legal residency though, which include being a pensioner, being a foreigner with a guaranteed income, an investor, a relative of a Costa Rican civilian, or a foreign government assignment. The easiest method to get property is to be a pensioner or someone with a guaranteed income. In order to qualify for this, the following requirements must be met to be a pensioner:

1. At least $500 per month must be changed into Colones.

2. You must prove that at least $600 per month comes from a pension, retirement account or Social Security.

3. That you live in Costa Rica for at least four months out of the year.

In order to qualify for being someone with a guaranteed income the following must be met:

1. You must prove that you have outside investments that will bring in $1,000 income per month for five years.

2. You must change at least $1,000 per month into Colones.

3. You must live in Costa Rica for at least six months of the year.

It is important to note that those who are pensioners in Costa Rica, or who are individuals with a guaranteed income, will not have to pay taxes on any money earned outside of Costa Rica.

Benefits and Disadvantages

When you buy ocean view condos, you should be aware of some of the benefits and disadvantages of this type of property.

The benefits include:

1. Beautiful views that will dazzle your eye as the sun sets or rises on the ocean.

2. Buying in the countries mentioned here is usually quite cheap and the money you already have can go a very long way.

3. Ocean view condos are very beautiful buildings with many windows that face out towards the ocean.

The disadvantages include:

1. You are at greater risk for tropical storms like hurricanes, typhoons and cyclones that can do severe damage to your ocean view condo. As a result, you can end up paying very high insurance.

2. It can be very humid and the salt in the area will result in you doing repair work on the exterior of the house every few years.

3. You are at a big risk for tidal waves, as was seen on December 26, 2004, when a tidal wave killed 250,000 people in the Philippines and surrounding countries after an earthquake hit the Indian Ocean.

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