Frequently Asked Questions
Q: What restrictions are there on design and construction of homes at Turtle Cove?
A: You are free to design and build any home that conforms to our HOA bylaws and covenants. You may use any architect, engineer and builder of your choice as long as they are members of the College of Engineering in Costa Rica.
Q: What does developer financing on land consist of?
A: Turtle Cove provides land loans with a 20% down payment with low monthly payments and low interest rates — full payment due in five years. However local banks will loan to 70% of appraised value on 20 year loan at about 8.5%. I have set up a special program for discounts and rates through the local bank Banco Nacional de Costa Rica. Land is 30% down with 15 year finance of 70% loan to value. Home and lot are 75 to 80% financing, for 20 years.
Q: What is the payment schedule to have Turtle Cove build a custom home? And how long does it take from start to move-in ready?
A: Construction Costs are paid by the following schedule:
10% at contract signing
It takes about 8 months to build one of our custom home designs at Turtle Cove.
Q: Is Lake Arenal windy? I understand the area is world famous for windsurfing. Does the project have a problem with wind?
A: The wind does blow mightily on places around the lake, but we are low enough on the north-west side that it is not an issue. You can see in the photos the trees are straight up, where the wind is a problem, they all lean west. If you go up the mountain above us you will get to the wind or if you go to the west side of the lake the wind will blow in your face, which is a problem on that side of the lake. Turtle Cove Lake & Yacht Club is blessed with excellent year round weather and a nice breeze.
The windy season is December thru April.
Q: Can I see a copy of a purchase agreement contract?
A: Yes. Here is a pdf of our Turtle Cove Lake & Yacht Club Purchase Agreement
Q: Do you have A Home Owners Association Bylaws and Covenants?
A: Yes. Here it is. Turtle Cove Bylaws and Covenants. (pdf)
Q. Do you have a Reservation Form for the Lake View Villas?
A: Yes. You may down load a copy of the Las Villas Turtle Cove Reservation Form.
Q: How much are property taxes at Turtle Cove?
A: Undeveloped lots are about $50/year, while a completed 2 bedroom home is about $150/year and a 3 bedroom home about $250/year.
Q: What are the association fees?
A: The association fees are $50/month for undeveloped lots, and $150/month for developed lots. The fee covers lawn and tree maintenance, 24 hour security, and full use of the marina facilities and common grounds.
Q: What are the costs associated with property closing at Turtle Cove and what does this cover?
A: All lots at TC have been registered into a separate corporation held in trust with our attorney at the developers expense. Closing costs are 4%, split between seller and buyer and cover: Attorney's Fees, Transfer Taxes and stamps. There for your closing costs are 2% of the property cost.
Q: How big a boat can I have at Turtle Cove Lake & Yacht Club Marina?
A: between 18 and 26 feet.
Q: What kind of recreation activities are available now on Lake Arenal in Costa Rica?
A: Sailboats, motor boats, fishing, windsurfing, kiteboarding, wake boarding, jet skis, horseback riding, bicycling, walking, birding, relaxing, gardening, dancing, dining. The list goes on and on.
Q: What is the population of the cities and towns around Lake Arenal?
A: Tilaran about 20 minutes west of Turtle Cove is the main town on the western edge of Lake Arenal and has a population of at least 10,000 people, though nobody really knows. There are many small villages along the lake of 20 to 100 homes. The town of Nuevo Arenal 10 minutes east of the development is home to about 800 families and is where most people from Turtle Cove will be doing their shopping.
Q: Where is the nearest international airport?
A: Liberia International Airport is about 90 minutes west, in the Pacific beach zone.
Q: I understand the Volcano Arenal is an active volcano. Is there any danger to home owners at Turtle Cove development due to volcanic activity in the area?
A: Arenal volcano is about 15 miles east of the Turtle Cove development and poses no threat to the safety of the community.
Q: Can I buy property insurance in Costa Rica?
A: Yes. Several companies offer home owners insurance in Costa Rica, including the government Instituto Nacional de Seguros.
Q: Can I rent my home or villa out? Will you have a management company onsite to manage vacant homes for rent?
A: Yes. There are managment services in Arenal to handle the rental of your home. We do not handle rentals.
Turtle Cove Lake and Yacht Club