F.A.Q.

Ownership Questions:

Do I get a title for my house?
During phases 1, 2, and 3, all owners buy a title. Later, this will change as Yoko Village will sell homes that are located on agricultural land. When buying homes at phase 3 or onwards please be aware that YokoVillage will have two types of land usage lots. One type of land usage allows subdivision of the lot (close by to the public road). In this case, you will receive a title of ownership which is registered in the government registry. The second type of lot (agricultural lot) does not provide title ownership. When building on agricultural lots, there are usually 2-4 houses built. Costa Rican law does not allow for the subdivision of agricultural land and therefore YokoVillage will subdivide the land internally. The subdivided lot in its entirety will be owned by a newly formed company (LLC) and the owners of the villas will have shares in that company based on their villa type. As an owner of this type of property, you will be able to sell your shares and do whatever you like to your house as you please. This method is fully legal and fairly common practice here in Santa Teresa and Costa Rica as a whole. Your part of the land and thus the company will be detailed on your contract and you can sell it at any time. Buying a home within agricultural land is similar to how a Co-Op’s are owned in places like NYC.

What are the estimated monthly HOA fees?
$250 per month. The HOA fees include security, landscaping, and general maintenance of Yoko Village, like running the communal services i.e. shared workspace, pool, garden, roads.

What other monthly fees may apply?
$200 per month for the maintenance of your home. Including a handyman available for any unexpected issues.

Is there a board or organization that runs the community?
There is no community board. There is an in-house management team looking after all aspects of the community. They will be based in the community campus and their job will be to manage all of the community’s business affairs as well as manage properties for owners who wish to use their villas for additional rental income. You will have ownership of your house and what you do in your house is your prerogative. We will have some general rules for co-living in harmony in the community, but apart from that, we do not want to overreach. Our job is to keep the place running smoothly and efficiently.

What are the property management fees?
If you want to create a passive income on your property or wish to rent out the villa when you are not using it, YokoVillage will manage the whole process. To have a successful rental business there are a lot of criteria that need to be met and typically that is very time-consuming. YokoVillage will therefore be responsible for the whole process of advertising, cleaning, renting, checking in and out guests, providing oversight with reports for a 20% fee of the booking price. We are proficient in online rental services such as Airbnb and VRBO. With Yokovillage.com obtaining direct bookings all year long, YokoVillage clients save on expensive booking fees.

When can I sell the property?
At any time.

Can I buy a ready-made home?
Currently, we are selling houses by order only. Once all the community has been established an existing owner might want to sell their house.

Do I need to have residency status in order to own a home? 
Costa Rican law permits you to apply for residency after you have spent $200,000 or more on any property. You do not have to have a residency to enter into the country, however border agents typically give a tourist a 3-month visitor stamp. If you apply for residency the process is relatively easy and inexpensive ($1500). We created an article about immigration to Costa Rica here.

Legal Questions:

As a buyer, would I obtain title ownership of my home and it’s land?
Yes, as long as you buy on phases I and II you will secure title ownership. You will be the owner of your house and land. However, all amenities and communal land will be retained by YokoVillage.
For buyers purchasing at phase III onwards, you might have the chance to purchase a home that is built over agricultural land: under Costa Rican law this can only be designated to a company on which you’ll acquire shares that translate in a home and land within the lot.

Is the developer the legal owner of the land designated for Yoko Village?
Yes. The developer has secured the land on which Yoko Village is being built. 

Is the land that I’m buying free of any debts, claims or litigation?
Yes. YokoVillage has done all due diligence and has gone thru all the legal process to acquire the land.

Are all taxes paid for the property I’m buying or being part of?
Yes.

How long would it take to register the property once I sign the agreement?
All land/title transfers are done with lawyers in Costa Rica, their land registry system is extremely efficient and well organized. After signing, you will have a contract in hand and a copy of that title is electronically and physically sent to the municipality to be officiated.

Travel Questions:

What are the closest airports to Santa Teresa?
Costa Rica has two international airports. The first is San Jose International Airport (Juan Santa Maria, SJO) and is located in the capital of San Jose. The other international airport is Liberia International Airport located in Liberia. Depending on where you are flying in from each airport has different direct flights into the country. From there you can either take a 20 minute domestic flight to Santa Teresa’s nearest airport Tambur (and coming soon Manzanillo) which is a 30 minute drive from the town.

How do I get to Santa Teresa?
From Liberia or San Jose you take a 20 minute domestic flight and then there are taxis from the local airport to the village.

How long is the flight from NYC/LA/ Europe?
New York under 5 hours
Los Angeles 6 hours
Europe 10 Hours

Do I need a vaccination?
Costa Rica does not require visitors to have a Covid-19 test, however due to the pandemic they are requiring visitors to have travel insurance.

YokoVillage Questions:

Who is YokoVillage?
YokoVillage is a company founded in Santa Teresa last year after its founder and CEO Liran Rosenfeld saw a shifting mood for the digital nomad (term for people who do all of their work online and no longer need a fixed location to work) to be able to work from remote and beautiful destinations outside of the US job market. As he himself had done the same thing he realized there was an opportunity to help many others with a like-minded liveing and at the same time develop a great business model.

Do developers have any experience in the area?
Daniel Assado and Ital Ohio, Board Of Directors members of Yoko Village have over 20 years of experience in the region, building together 50 successful projects and counting. Founder, Liran Rosenfeld comes from a strong marketing and sales background as founder and partner of PassRight, and the regional partner for Amazon.

What do you hope to accomplish at YokoVillage?
A thriving community. YokoVillage is uniquely designed to cater to the needs of remote workers and their families looking to escape city life in exchange for a relaxed, less stressful and more productive lifestyle. The community comes fully equipped with all the amenities and facilities necessary to maintain a healthy, well-balanced, co-working lifestyle.

What are the benefits of living in YokoVillage?
Houses in YokoVillage are built ground up, are beautifully designed, furnished, and weather resistant. Prices are between $245K – $450K based upon size and finish.
YokoVillage has amenities that are exclusive to its residents including a gym with an olympic size swimming pool, large elegant co-working space with ocean views, communal restaurant, communal garden, and is located in a gated property with 24hr security service providing comfort and security for your family and investment.
A community of like minded people, who maintain a healthy lifestyle and adventurous spirit.
The best location on the peninsula. Nestled in the hills of Santa Teresa,, minutes away from the beach, restaurants and nightlife, YokoVillage has a premium foothold in Santa Teresa.
Abundant nature surrounds your every view, peace and tranquility follow your every step.
Construction has been planned ahead so that as the community grows it will not stress the infrastructure, while continuously blending into the environment.
The resale factor will only go up as the community’s roots grow deeper.
Due to the fact that we are building such a large scale project we have already gone through the painstaking efforts to secure top contractors, architects and landscapers that we know can do the job and provide top quality affordable finishes.

Do you have previous experience with this kind of project?
Our team all come from many different facets of the industry and between us we all have years of experience under our belts. Our construction team has been local and building for over 15 years. Our management, marketing and sales team have been working with lots of top US companies for many years now and were all happy to move down to Costa Rica and take life a little slower and replace quantity for quality.

Where are you based?
We are based in Santa Teresa, but our team, like most of the Village, hails from all 4 corners of the globe.

Am I buying directly from YokoVillage?
Yes, we are the sole owners of the project and are doing all of the inhouse sales, marketing and working with trusted and very experienced contractors for the construction.

If I’m not 100% satisfied with the construction at the end of the build what do I do?
Here at YokoVillage we are dedicated to creating a well constructed and executed community project. That being said all construction has a 1 year warranty on the build and appliances. The contract itself is very detailed as to what you will be receiving as far as finishes, sizes, construction materials etc. and you will be getting the exact same villa as the one shown in the model house.

What if I have more questions?
Contact us!! We are here to give you all the information you need

Are you the only community in Santa Teresa?
Yes. There are a few residential communities that exist, however non of them are providing anything close to what we are. They are more of a gated residential area. We will provide all of the amenities and lifestyle perks that makes us unique to Santa Teresa.

How many houses will be available?
We are planning to have a total of 80 units that vary in size and layout.

What is the average age of people living in YokoVillage?
We are an all inclusive community, that being said we assume that the average person living in YokoVillage will be between the age of 30-50.

Will there be other families living in YokoVillage?
We would like to think that we are attracting every type of person and their clan. If we see a trend towards more families then we can adjust the amenities to suit that need to.

Are you working on any other projects now or in the future?
Yes, we have another project in the pipeline with a further 300 houses on the other side of the peninsula in an area called Kabuya.

Are pets allowed?
Yes pets are allowed, however we have some restrictions as to how many and what kind of pets are allowed. There is a lot of sensitive nature around and we aim to protect and respect it as much as we want you to protect and respect your fellow community members.

Rental Income:

What monthly income do you foresee on a rented villa?
We project by our knowledge and research that the average percentage is around 14% return on your investment. Of course this can vary depending on the season and type of rental, long term vs. short term.

Income Plan – Short Term Rental Model A Model B Model C
Daily Rental Income 250 350 500
Days Rented (per month) 18 18 18
Yearly Rent Income $ 54,000 $ 75,600 $ 108,000
       
Expenses – Short Term Rental Model A Model B Model C
Operational Profit $ 54,000 $ 75,600 $ 108,000
Cost of Management $ 8,100 $ 11,340 $ 16,200
Yearly House Tax $ 600 $ 600 $ 600
Booking costs $ 8,100 $ 11,340 $ 16,200
Maintenance and Cleaning $ 1,620 $ 2,268 $ 3,240
Total Costs $ 18,420 $ 25,548 $ 36,240
Net Profit $ 35,580 $ 50,052 $ 71,760
ROI 14.23% 15.64% 15.95%
       
Income Plan – Long Term Rental Model A Model B Model C
Monthly Rental Income $2,000 $2,800 $4,000
Yearly Rent Income $ 24,000 $ 33,600 $ 48,000
       
Expenses – Long Term Rental Model A Model B Model C
Operational Profit $ 24,000 $ 33,600 $ 48,000
Yearly House Tax $ 600 $ 600 $ 600
Maintenance and Cleaning $ 720 $ 1,008 $ 1,440
Total Costs $ 1,320 $ 1,608 $ 2,040
Net Profit $ 22,680 $ 31,992 $ 45,960
ROI 9.07% 10.00% 10.21%


Do you allow AirBnB rentals?
Management fee is 20% of the gross revenue. What does this service include and what is it for?
So to be clear this fee is only for people who are owning a property as an investment and are not planning on living there. Many people in Santa Teresa own houses that they use periodically throughout the year and the rest of the time the property is earning income as a rental through services like AirBnb. YokoVillage will have a management office running all of that service internally. As we know the clients and houses we feel that we are best situated to handle that. The management fee is for taking care of all the renting and advertising, cleaning, maintenance and all other services that are necessary for running a profitable rental business.

Yes, our rental office will be using platforms such as AirBnb, Vrbo and Luxury Retreats to advertise your property in our community. We believe that if everything is run under one umbrella the community and properties will be better managed and protected.

Financial Questions:

Is it possible to get a mortgage for part of the investment?
We are not offering any financial alternatives currently, however we are working on a financing deal with a US financial institution to be able to create a mortgage program.

What is the deposit amount?
$10,000

Is the deposit refundable?
Due to high demand for such a sort after product we are expecting our clients to be sure about their decision. That being said we don’t want to lose other people to indecision so deposits are non refundable.

At what point can I still back out of the deal?
Once you have signed the contract and deposited funds over to us we consider the deal closed. At that point you are committed to seeing the project through to completion.

What guarantees do you offer?
We offer guarantees on the workmanship and materials used in the buildings. We guarantee that your house and finishes will be and look like the one you saw in the model unit.

What extra costs will I incur?
Gas, Electricity, Cable, Taxes.
This is a question based upon your personal needs however you will have a gas, electricity and water consumption need. These prices can vary based upon your villa consumption. Cable, internet, etc are services that we don’t personally provide however they are well established and easily installed.

Do you have an estimation of utility costs i.e. electricity, gas, insurance?

Descriptive Average Wet Season Average Dry Season
Electricity $50 $200
Gas $10 $10
Water $0 $20

When do I start making payments on my house?
As we are not doing mortgages, you will only have two payments with us. The first being the deposit to hold your place on the waiting list for the village acquisitions, then the second is at signing when you will complete your purchase.

Who owns the property?
You own the title to your property unless you are purchasing one of the houses on the agricultural lots which legally needs to be subdivided in a different way. Then you own shares in a formed company that you will share with the other villa owners on that specific lot. The communal spaces will eb owned by Yoko Village.

What is the income tax rate in Costa Rica?
Property taxes in Costa Rica are ridiculously low. You will pay a 0.25% property tax on the value appraised and registered by the city, which is always a lot lower than the real value. A $200,000 property might be registered by the city for $50K and will, therefore, pay $125/annually.

What are the taxes and fees associated with the purchase of the property due by the pioneer at the time the plans and construction of the property are complete?

Taxes Transfer tax $3,900.00
  Rights and registration stamp $1,900.00
  Agrarian stamp $387.00
Fees Purchase option contract $1,562.50
  Mother estate public deed of registration $3,100.00
  Value Added Tax $606.12
TOTAL Taxes and fees $11,455.62

What are and how much are closing costs?
The total closing cost including all legal fees, taxes and paperwork at Yoko Village reach an approximate amount as follows:

Unit Type Closing Cost
1 Bedroom Villa $16,000.00
2 Bedroom Villa $17,000.00
3 Bedroom Villa $18,000.00

 

Construction Questions:

What is the price per meter/foot for construction?
1200-$1500$ per square meter

Will my villa look like the model in the brochure?
We will have two models per layout. The 1,2,3 bedrooms will have a standard and exclusive model. They will all be the same design so yes, your house will look like the one you saw.

Can I have the house designed the way I like?
To maintain a pleasing aesthetic throughout the village we are choosing to have several choices of construction and keep a uniform look to have the houses blend into the surrounding beauty.

How big are the villas?
1BR Interiors 70-80 square meters. Area Built 180
2BR Interiors 90-100 square meters. Area Built 280
3BR Interiors 100-120 square meters. Area Built 320
For more information please go to the following link

What are the differences between Single-family home vs Semi-detached home?
Semi-detached homes are not being sold at the moment. Semi-detached homes will be sold from phase III onwards.

Do all villas come with a pool?
Yes.

What is the average distance between villas?
While each home has a different distance from its neighbors, the average 5000 square meter lot has up to 4 homes. Each homeowner obtains ownership of 1000 square meters which distances homes by at least a few hundreds of meters from one home to another.

What materials do you use for construction?
The foundation will be poured concrete (minimal amounts to lower our environmental impact). The flooring will be polished concrete and the structure will be made out of wood, metal, sheetrock, and metal studs.

Who is responsible for utilities?
The homeowner is responsible for all utilities in their property, such as electricity, internet connection, etc. The communal expenses will be paid for by YokoVillage out of the HOA fees.

What layouts are you offering?
There are two models: Single Family Home and Semi-Detached Home. 1,2,3 bedroom layouts in two versions each, Standard and Exclusive model.

When do I choose what finishes and details in the villa?
You will actually need to do that before you purchase your house as the finishes and extras can potentially increase the amount of your final costs.

Does the price include furniture?
Yes.

What building finishes can I choose?
We will send you a brochure with all the details and pricing upon request.
What (if any) warranty do I get on the construction and appliances
The contractors we work with have a year guarantee on labor and appliances also have one year guarantee. Like most houses anywhere in the world this is a standard form of guarantee.

Do you have a model house that I can visit?
Yes. We built the 1BR Villa B that you can visit and also watch the Yoko Mountain from that villa.

What type of zoning do you have?
Santa Teresa has three types of land use zoning, Commercial, agricultural (not the same as the concept of land for growing, but rather land protected for keeping nature) and lastly a form of land use connected to main roads that we will call Road Adjacent. Each type of land allows for different types of buildable property and ownership. YokoVillage is a mixture of both.

What are the lot classifications A+, A, B and C?
A+ are considered the best spots and are reserved to build all communal spaces.
A classification corresponds to ocean views with flat planes, these lots are offered for Pioneers exclusively.
B lots do not have ocean views or have limited ocean views and have steeper slopes.
C lots are sold after phase 3 and are considered less good in terms of views and offer steeper slopes.

Have all slope analysis, erosion checks, and safety measures have been made already?
Yes, we have checked the land with various engineers and are taking all safety measures needed.

When are communal areas and services expected to be up and running?
In 2021 Yoko management and security is live and running and you will be able to rent out the Villa immediately. By the end of 2022 all communal areas will be built and ready for use. Some of the communal areas might be completed before the end of 2022.

When will construction begin? 
Once you have signed your contract and transferred funds it will take about 3-4 months of legal process until the contractors will be permitted to commence construction.
The project will be constructed in 3 phases, offering investors direct and private ownership of their individual villa and lot. With a select number of lots available for initial investment, Pioneer investors will have the first choice of prime location offering breathtaking ocean and mountain views. Villas are strategically spaced to allow residents to live in privacy while still having full access to common areas and communal facilities.
Phase I – Pioneer Investors (20% discount) Initial investors – open for sale Nov. 2020 16 select investor lots available – first come first serve basis First choice of location – ocean or mountain view Pioneers are required to invest 100% of the value of the investment + costs Villa construction – early 2021 Deadline for application & deposit – December 31st, 2020 Phase II – Pre-sale (10% discount) Phase II sale – spring 2021 10 houses/lots available 10% discount off full value Villa construction – late 2021 Phase III – Investors Phase III sale – fall 2021 35 houses/lots available Villa construction – early 2022 we plan to be in the ground.

How fast can my house be built?
A typical time frame for building a 1-3 bedroom house weather permitting is 6 months. However, there is a waiting time of about 3-4 months prior to this for permitting and planning approvals for building.

Are there any risks of not getting the needed approvals for either villas or communal areas?
There are no risks in getting approvals for the construction of the villas and communal areas. All Villas and communal spaces are built according to law with the YokoVillage engineers and architects.

Is there any risk of increased costs of building etc. for the purchaser?
No. We commit to the costs in advance and under contract.

How is the capital paid at this first stage guaranteed to be used for the actual villa ordered?
Yoko Village will make use of the funds in any way it sees fit and is committed under the law to build your home as mentioned in the home description and architectural plans as written in the contract.

Amenities / Social / Residents:

What are the school options?
For expats there are currently two private American-style schools from 1st-12th grade. There are also local Costa Rican Schools, however, they don’t offer classes in English.

What activities are there for kids?
Santa Teresa and Costa Rica is a town and country full of activities. The main activity here in town is surfing. However, there is horse riding, skateboarding (with a brand new skate park), kayaking, swimming, basketball, tennis, golf (30 minutes away), yoga, running, hiking, fishing to mention a few.

Is there a fast internet connection?
Yes, there is an excellent internet connection, and the speeds are up to par with any American House. 

What is the closest hospital?
There are clinics and medical centers in Santa Teresa and Cobano, the closest hospital however is in San Jose. For medical emergencies, an air ambulance is available and is a 20-minute flight.

What amenities are included in the annual fees?
Currently, YokoVillage is offering the communal office space, gym, and Olympic pool.
What amenities are not included
The produce grown from the communal garden will be first come, first serve when available. Some of the office services will have to be paid for as you go.

Visa / Immigration Questions:

Are there restrictions on travel to and from Costa Rica?
Costa Rica currently has no travel restriction and all borders are open. Due to Covid 19 situation this can obviously change. They do require an Insurance policy that will cover you for all medical expenses if you do contract the virus while in Costa Rica. This can be obtained from any travel agent.

Do I need a visa to come to Costa Rica?
You can reference this link to see if your country of origin requires a travel visa for its citizens to enter the country. US citizens do not need a travel visa.

How hard is it to get a residence permit?
Any person over the age of 65 Is eligible to apply for a retirement visa. Any person owning property over $200,000 is also eligible for residency. The application process is fairly simple and inexpensive. We can recommend several lawyers for the process if needed.

Do you have any good lawyers you can recommend?
Yes.

General Questions:

I have more questions, who can I call?
We are here to answer any questions you may have. Our email is info@yokovillage.com or we can jump on a call anytime +506-…………

Can you call me?
Of course. Please feel free to leave us your contact and we will reach out to you at our earliest convenience, typically within 24 hours if not sooner.

Can I come and visit the community?
We would love for you to come and see what we are doing and share our enthusiasm for our way of life. Any time you come down here you are gifting yourself with sun and fun. We can even help and suggest how and where to get here.

Where can I learn more about what you are doing?
www.yokovillage.com

Where are you located?
We are located in the village of Santa Teresa in the Puntarenas Peninsula, Costa Rica.

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