5 Tips For Costa Rica Property Owners During the Coronavirus Shutdown

Now might be perfect time to do that remodel work.

The current pandemic is naturally impacting Costa Rica property owners who use their property as a vacation rental.  With Costa Rica borders closed, Costa Rica residents confined to staying in their homes, and a gloomy outlook ahead, I wanted to provide some tips on how owners can best handle the next few months.  Here are 5 tips for property owners in Costa Rica during the coronavirus.

1 – Plan and Prepare

One of the biggest problems with this pandemic is all of the uncertainty with travel restrictions, quarantines and timelines.  My philosophy is hope for the best, plan for the worst.  I’m telling my clients to plan on little to no rentals over the next 6 months and budget accordingly.  Financially I think it is always best to plan for the worst.  Look at your property expenses for the next 6 months and come up with a plan on how you will be managing those expenses without relying on rental income during that time.

2 – Adjust Expectations and Rates

If you have someone helping you manage your Costa Rica vacation rental they have probably already adjusted rates for you.  If not, then definitely get to it.  Don’t be afraid to offer what might be a ridiculously low rate.  The market is going to be extremely competitive over the next few months and pricing will be a factor for those booking.  Your goal should be merely trying to cover your expenses at this time so don’t get greedy.

3 – Don’t Let Your Property Sit Empty

Sometimes the hardest thing on property in Costa Rica, especially on the coast, can be allowing for it to sit empty without any use.  It is important that air is circulated, that the property is routinely checked on, and that the ACs and pipes are turned on once in a while.  Also dont forget ACs need regular maintenance even if they are not being used.  If you have little to no rentals for an extended period of time it is important to make sure that at the very least have someone locally to help you by making routine walkthroughs of the the property, turn things on and even have it lightly cleaned every few weeks.

4 – Make Some Repairs or Remodel

The Jaco rental market tends to stay busy all year long.  Because of that sometimes it can be difficult to find a decent time to make repairs or remodel.  Many properties in the Jaco area are a bit dated and could use some modernizing.  Often owners have a tough time finding time to do this work because it requires canceling or pausing rentals.  Now is a great time if you have been considering doing a little work to your place.  (If you need recommendations on Jaco contractors or designers please contact me here)

5 – Consider a Long Term Rental

For a lot of owners, their own personal vacation plans could have changed for the next 6-12 months.  Owners who normally might be coming down to use their property might now have other plans or priorities.  If you fall into this category consider putting a long term tenant in your property.  Again the key here is not to be greedy and to just help cover the bills.  This will open up options for you and might help secure a rental during this slow period.

Remember the entire Jaco community is going to need help during this rough stretch.  If you are in a position where you can help by scheduling regular cleanings, maintenance or even remodeling, it will help to ensure you are keeping up with your property and assist local businesses to stay afloat.