Selling a property is one of the most significant financial decisions you can make. Yet many property owners in Costa Rica make avoidable mistakes that cost them time, money, and opportunities. After more than 15 years appraising properties across the country, these are the five mistakes I see most frequently — and how to avoid them.
1. Not Getting a Professional Appraisal Before Setting the Price
This is by far the most costly mistake. Many owners set their asking price based on what they originally paid, what they believe the property is worth, or what a neighbor told them. The result is predictable: if the price is too high, the property sits on the market for months without generating interest. If it is too low, you lose money that rightfully belongs to you.
How to avoid it: Request a professional appraisal from a CFIA-certified appraiser. A technical report analyzes the local market, property conditions, and recent comparable sales to determine a fair and substantiated value. This gives you a solid foundation for negotiating with confidence.
2. Neglecting Legal Documentation
Properties with registry issues, undeclared easements, outdated cadastral plans, or pending liens create distrust among buyers and can cause a sale to fall through at the final stage. Many sellers are unaware of these problems until a potential buyer discovers them.
How to avoid it: Before listing your property, review the complete registry study. Verify that the cadastral plan is current, that there are no annotations or liens, and that the boundaries match the physical reality of the lot. A certified appraiser identifies these issues during inspection and can alert you before they derail the sale.
3. Ignoring Physical Condition and Necessary Repairs
A property with a leaking roof, damp walls, deficient electrical installations, or deteriorated finishes communicates neglect. Buyers significantly reduce their offers when they see visible problems, even if those issues are minor and easy to fix.
How to avoid it: Conduct an honest inspection of your property before listing it. Address basic repairs: fresh paint, functional hardware, leak-free plumbing, and a roof in good condition. The goal is not a complete renovation but rather presenting a well-maintained property. The appraisal report details the construction condition, which helps you prioritize the repairs that truly impact value.
4. Poor Marketing and Presentation
Posting a listing with dark photos taken from a mobile phone, no proper description, and on a single real estate portal is a recipe for failure. In an increasingly digital market, first impressions are formed on screen. If your property does not look attractive in photos, buyers simply move on to the next option.
How to avoid it: Invest in quality photographs with good natural lighting. Write a detailed description highlighting the real advantages: location, square footage, construction condition, access roads, and nearby services. List on multiple platforms and consider working with a real estate professional. Having an appraisal in hand allows you to back up the asking price with technical data, which builds buyer confidence.
5. Not Understanding Tax Implications
Selling property in Costa Rica has tax consequences that many owners overlook. Capital gains tax, obligations to the tax authority, and municipal implications can represent significant costs if not planned for in advance.
How to avoid it: Consult with an accountant or tax advisor before selling. Know the declared fiscal value of your property and compare it with the market value. A professional appraisal documents the real value of the property, which is essential for correctly calculating capital gains and meeting your tax obligations without surprises.
Conclusion
Selling a property is not something to improvise. Each of these mistakes has a solution, and in most cases the first step is knowing the real value of your property through a professional appraisal. At Díaz Peritajes, we perform appraisals across all seven provinces of Costa Rica, with technical reports backed by over 15 years of experience and CFIA certification.