Joe Aldeguer Discusses Ways to Divide Properties

(Newswire.net — November 3, 2016) Naples, Florida — When it comes to real estate property development, careful planning should always be involved, says Joe Aldeguer—a nationally-acclaimed businessman with over 25 years of experience in the real estate industry. He discusses few of the ways to divide and develop a real estate property in Costa Rica. According to him, it is common to hear terms like to develop, to divide, subdivide into plots, to split, and condo minimize in Costa Rica real estate, and that these terms refer to situations where a real estate property is to be officially split into smaller portions to be sold, allocated or for independent construction. He adds that these options are not equal, however, as each has different procedures it follows, as well as benefits and drawbacks.

One of the ways to divide a property is to split it through establishing boundaries that depend on the different rights of co-owners. This kind of method is quite common when it comes to family property or inheritance. Unfortunately, even though the children can get a legal entitlement to individual portions, the portion they get is still attached to the main property. This makes it hard for them to sell their share or even obtain a mortgage since buyers or banks are not normally willing to buy or receive collateral on a legal entitlement of shared real estate property. For such type of divisions, property owners can just create a public road or an independent. It is important to note though that it might require an approval from the municipality. To discover more, visit: https://www.everipedia.com/joe-aldeguer/

Residential zones, however, involve a much more complex process according to Joe and are also subject to more detailed regulations. After the property is divided into lots, it is then divided into distinct blocks. Public infrastructure will have to be created next, such as street lighting, sidewalks, construction of a public sewage system and water supply, and construction of parks, playgrounds, and other public areas. This results in numerous regular shapes arranged into street blocks bordered by a public infrastructure.

Custom home developments are also different, as the property is not taken apart although it is subject to a set of rules and regulations of co-ownership. It is basically a private land that blends with common areas, which refer to areas that are shared by all condominium owners. There may also be elements or uses of the property that can be considered private/and or exclusive and thereby connected. This turns the property into a parent property in which the land is developed into a condominium complex and is governed by its own organizational and legal regulations. This type of formula brings several advantages, including greater control over privacy, security and maintenance and care of the common areas. The owners will share the common expenses in exchange and will help with condominium-related decisions that have to be made through condominium meetings.