Foreigners Buying Property in Colombia

[Charlie640]

Anyone know anything about COL law as it relates to foreigners buying property in COL? Do they have title insurance down their? Does the COL gov't give special consideration when issuing permaneant resident visas for foreigners with property in COL?

Are mortages available or is buying down their an all cash deal? Do they have indendent property inspectors?

Is home owners insurance easily available?

Not that I have any intentions on doping this anytime soon... but being involved in RE here I am just very curious.

[El Capitan]

Originally Posted by Charlie640

Anyone know anything about COL law as it relates to foreigners buying property in COL? Do they have title insurance down their? Does the COL gov't give special consideration when issuing permaneant resident visas for foreigners with property in COL? Are mortages available or is buying down their an all cash deal? Do they have indendent property inspectors?
Is home owners insurance easily available?

Not that I have any intentions on doping this anytime soon... but being involved in RE here I am just very curious.

I certainly hope you don't have any intention of "doping it anytime soon", but I'd like to start thinking about the same thing...know what I mean?

Charlie, we should start a thread on just that subject. What do you think?

[Charlie640]

Doping??

My fingers, not I, were slightly HIGH while typing that.

[Micky10]

C-640 -

As far as I know most countries in SA, visa or no, extend constitutional rights concerning property ownership to non-citizens. The insurance thing, I will guess here, can be had for the right premium, on anything, anywhere.

Love - Micky

[LastLion]

Charlie, I was just thinking of this topic. Mickey is are frontrunner now. I am paying him in dinners right now for his future investigations!!!

I will probably be looking for an apartment to purchase in December in Medellin. Lets talk! I have a colombian friend (male) from florida who moved back to medellin, he is setting me up with some agents and bankers! I talked with a real estate agent and he said it is pretty simple, to buy, don't need any resident status, but it will help when trying to get a better visa!

I too am still looking to finance a place. I wanted to spend 100K or less but I have found some nice apartments for 150K - 200 with city views in Pobaldo, Sabenata, and a few other prime locals! So I might try to finance a small portion of it and than rent it out for a vacation rental!!!! To help pay it off!

[Charlie640]

LL>> Well I got the cue for this new thread from you.
I was going to just add a comment on the other thread,,,
BUT felt it was worthy of its own thread.

We definetely should hook up in Medellin. I am open minded about buying
something... especially for that price. Let me know when you are booking a trip down their and we can look at stuff together.. if you want.

[Tinto]

LL & Charlie,

Be VERY careful in purchasing property in Medellin. First off, you will probably be charged much more than a local purchasing the same property and I would also HIGHLY recommend using the assistance of a lawyer in this endeavor. There is a real glut of apartments in Medellin for sale. If it were me, I would look outside the El Poblado area as you will get more bang for your buck.

[Micky10]

Tinto -

Correct - as if you would ever put out bad info. Example- I just rented an apto through my GF, and actually her sister is a lawyer and is the one who signed the lease. There is another apto in the same unit that is online for rent, although furnished, it is 2,100,900. The rent that I got, because of going through my GF and her sister is 780,000. My own view is no matter where you are always use a local to front a purchase, pay them well and save yourself some cash. Of course, the problem there is finding a local that can be trusted.

Love - Micky

[Tinto]

Thanks Micky,

You hit the nail on the head, finding a local that can be trusted to act as a front man.

Another concern I would have in purchasing a property in Medellin or anywhere in Colombia is the possibility of an earthquake. Those high rises that are going up everywhere in Medellin are NOT built to withstand any sort of strong earthquake. I've observed many a high rise going up and they don't even use enough rebar to make it structurally sound. They also use multiple small batches of concrete that is bucketed up to the various floors which makes for weak joints. Many of these tall building have very shallow footings as well. Many people will die if, or when, a big one hits Medellin.

Interesting web site on earthquakes in Bogotá HERE.

[Charlie640]

Good point about the high rises.. which is why I asked about independent building inspections in my initial post. Those high rises can pancake like the WTC Towers and I don't want to be in the middle if it goes down. Also.. there have been alot of cases where contactors in the USA have cut corners and mixed the concrete incorrectly to save $$$ and its not as strong as it should be. If that happens here in the USA it is probably common place over their.

So.... are you saying that a Gringo should check out all thats available and then a few weeks later send his COL Lawyer front man in to have a look at the place and get a price.... and then at the closing its the Gringos name on the papers?