PROS and CONS of Buying Real Estate in Medellin, Colombia
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- čas přidán 5. 07. 2024
- In this video, I go over the pros and cons of buying real estate in Medellin, Colombia. I also give a tour of my brand-new apartment in el poblado.
✅ FREE Moving To Medellin Checklist: medellinmasterclass.com/check...
⭕ AirBnB Listing: www.airbnb.com/h/terra-202
☎️ Book A Consultation: tinyurl.com/ntfjvb6s
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💓 Donate: paypal.me/andrewmacia/
👕 My Medellin T-Shirts: www.bonfire.com/store/medellin/
⚡ Facebook: / medellinbuzz
Highlights
💼 Visa Opportunities: Buying property in Colombia offers the chance to obtain a real estate investor visa or property owner visa, but it requires meeting specific investment criteria.
🏡 Rental Market Boom: Medellin's rental market, particularly on platforms like Airbnb, is thriving, offering promising returns ranging from 11% to 15% annually.
💰 Value for Money: Compared to other locations, the purchasing power in Medellin is considerable, allowing for quality apartments in desirable neighborhoods at lower prices.
🌴 Lifestyle Flexibility: Owning property in Colombia allows for a flexible lifestyle, enabling individuals to reside there part-time while renting out their property through platforms like Airbnb.
❌ Regret and Sales Challenges: Potential regret over the investment and the lengthy sales process might be encountered if wanting to sell the property.
🏢 Tedious Buying Process: Finding the right property and dealing with the real estate market's lack of regulation can be time-consuming and frustrating.
🕵️ Unregulated Real Estate Agents: The absence of certifications for real estate agents can lead to unprofessionalism and communication issues during property transactions.
🏨 Airbnb Challenges: Managing an Airbnb business might attract problematic tenants engaged in undesirable activities, creating issues for property owners.
📉 Currency Fluctuation Risk: Currency fluctuations, especially the peso's devaluation against the dollar, pose a risk as property values may not increase as anticipated.
🤝 Recommendations: Advises seeking guidance from experienced professionals and considering diversification before investing in Colombian real estate.
00:00 Intro
00:22 PRO: Investor Visa
01:15 PRO: Airbnb Income Booming
01:57 PRO: Get More for Your Money
02:56 PRO: Lifestyle
03:31 CON: Regret
03:56 CON: Long Process
04:19 CON: No Licensed Real Estate Agents
04:53 CON: Bad Airbnb Tenants
05:35 CON: Costly Mistakes
05:58 CON: Peso To Dollar
07:02 Medellin Masterclass
07:14 New Apartment Tour
#medellin #colombia #expat #realestate #colombiarealestate #medellinrealestate #expatlife
✅ FREE Moving To Medellin Checklist: medellinmasterclass.com/checklist/
⭕ AirBnB Listing: www.airbnb.com/h/terra-202
☎ Book A Consultation: tinyurl.com/ntfjvb6s
📧 Join my free newsletter: eepurl.com/hWym2j
💓 Donate: paypal.me/andrewmacia/
👕 My Medellin T-Shirts: www.bonfire.com/store/medellin/
Muy lindo y elegante apartamento. Me encantaria que mostraras el before and after.
Beautiful stylish and sleek.
Me encanta!!
Hmmmm.....good point about the dollar value
Great insights. Thank you!
Glad it was helpful!
Awesome Andy, congratulations!
Looks great! Beautiful remodel
Thank you!
I have heard many people talk about the Peso to USD conversion and it doesn't make sense to me at all. The property costs follow the USD/Euro. Not the Peso. In other words, real estate has an inherent hedge against COP devaluation. Good point about the daily rentals.
Beautiful Place Andrew!!!
Thanks!
Well done!!...very nice apartment.
Thank you!! 😊
Kudos on your latest acquisition. It looks to be close to El Alambique. I recently visited Medellín for the first time (from SanJuan, PR), and I'm planning to return in a couple of months.
Yes, it's near there! Thank you!
What an incredible apartment - great job mate!!
Thanks!
Nice work, the apartment could be anywhere in the world. Modern finishes and fixings.
Looks good.
I won't buy any property or even a car in Colombia.. Why? It doesn't make sense when it so cheap for transportation and to rent especially when you are older in life..
Yeah a lot of people live that way.
The visa process makes it difficult to rent forever unless you get married then that's a whole different bunch of unknown problems.
For how many years do you have to renew this visa and how do you compensate for the increase in minimum wage after some years?
My vacation to Colombia has changed but ill be keeping an eye out for this property in air bnb when i do venture down
Colombia made a mistake they ruined the investment visa it use to be if you buy an apartment you get a five year visa then after five years you can obtain the residentency visa. I was buying an apartment until I realized they destroyed that investment visa
Beautiful apartment Andrew....how long did the remodel take you? Can't imagine the before. Look...definitely made great design choices in my opinion 🎉
thanks, brother, it took about 6 months. It was a 3 bedroom, we turned it into a 1 bedroom, the kitchen was closed in, so we opened that up. Everything was remodeled even the little patio area.
I wanted to book a short consultation for some real estate tips, but would not need 1hr/masterclass level....are there shorter/more economical options?
Feel free to email me at medellinbuzzandrew@gmail.com
Super nice place
Forgot to ask during the livestream last night; is that Investor Visa only based on initial purchase price, or does that include renovation/upgrade costs?
My goodness Andrew, it is gonna be tempting to try renting one of your units, but I get why you want to go short term for the higher ROI. Good stuff man. 👍🏼
Good question. I asked and was told that it includes renovation/upgrade investment.
00:00 Intro
00:22 PRO: Investor Visa
01:15 PRO: Airbnb Income Booming
01:57 PRO: Get More for Your Money
02:56 PRO: Lifestyle
03:31 CON: Regret
03:56 CON: Long Process
04:19 CON: No Licensed Real Estate Agents
04:53 CON: Bad Airbnb Tenants
05:35 CON: Costly Mistakes
05:58 CON: Peso To Dollar
07:02 Medellin Masterclass
07:14 New Apartment Tour
Nice video, just found your channel. Prices sound great compared to my investments in London. How much would the what we call here, service charges be for that apartment block? Basically the monthly or yearly costs you have to pay to live in that apartment block to cover communal expenses such as lighting, security and concierge etc.
This building doesn't have a security guard nor does it have a home owners association, so there's nothing to pay into. Between all the owners we split the common area electricity, cleaning and maintenance.
@MedellinBuzz wow even better, is it a relatively small block and is that very common not to have building association ?
Yeah it's a small block, but most 5 story buildings in Medellin don't have security and HOA.@@lhefe85
@MedellinBuzz Very good to know, thanks for sharing the info.
4:57 at least someone admits the only attractions of Medellin 😅 yes, yes, yes. This is we people visit Medellin. And hosts must understand and do not require not doing these things.
It's a fact of life here. Just gotta be aware of it and know how to handle those types of tenants.
thats another 60k you have added to that apartment easily in renovation costs.
Looks Amazing. Was it a bit of trial and error before you hooked up with a good contractor?
Yep, went through 4 contractors to find the right one,
How much do you pay in taxes?
In personal income tax? Around 35%. In regard to corporate tax, it depends. As far as property tax, it's pretty negligible, between 0.4% and 1.2%
What area of Medellin did you buy your property in?
@@dwaynewalden6304 barrio Manila
How much did the renovations cost?
About $40,000, including furniture and decor.
How long did the renovations take? What about HOA fees? @@MedellinBuzz
11% is not good return on airbnb property.
Loved your unit. But not so true. For 100k you can buy a parking space in the US costal cities 😂😂
It would be nice to know who your contractor is. It is hard to find a professional contractor that does quality work.
Yep, I'm interviewing him for my next video, where I'll share his contact info.
I was in bogota for some time and thought of buying a condo. However it doesn’t make sense as an investment the most you can rent a unit out is for $700 for a 1 bedroom. Not worth the headache to rent for Airbnb while being abroad as main residence
In your professional opinion do you think a single male who is 54 years old can live in Colombia a decent comfortable retirement if he has 1300$ a month in passive income and a savings of 300k until he dies. Im hoping i dont live past 75 so lets say 22 years can he live comfortably
Yes, I think you'd be ok.
Agents didnt show anything like this. They always pushing expensive overpriced units.
Yeah, that's been my experience too. That's why when you find someone good you hold on to them! lol.
I don’t believe it would cost 100k
What do you think it would cost?
something tells me that Nvidia/Microsoft investment will give more. Unless you have colombian citizenship OR want to get colombian citizenship.
$100k for a shipping container / garden shed 1 bed micro home? That's nuts. I thought you said Medllin was cheap?
Where'd you get that from? If you're talking about the screen grab in minute 02:08 that's in California, not Medellin. Regardless, a couple of minutes of research on Google will show you what you can get here for $100K.
A shipping container home in Cali for $100k is surely a better safeer investment than a $200k apartment in the much more unstable Medillin. The economy in Columbia could collapse at any time taking your investment with it.
Tastefully & elegantly designed. Kudos to you .
Thank you!
There is no way I would pay 100k for an apartment in an unstable country. btw, interest rates will drop next year in the USA and expect the dollar to follow as well. Last, for comparison you can buy a brand new 2 bedroom 1 bath townhouse (up/down) unfurnised (no appliances) for around 45/50k in the Philippines. The condo can be purchased by making a 20% downpayment and 10/15 year loan if you're working in the Philippines. Foreigners can now own the condo and don't have to worry about placing the property into a Filipinos name. Overall I would never ever buy a condo/apartment in a foreign country, better off to rent and invest your money in the US stock market or current high yield CD rates.
Sounds like a good plan. Good luck! Thanks!
Thats not a good comparison. Colombia is much more westernized and has access to much more modern amenities than the Philippines. Its not even a close comparison. I own property in Bogota and have been to the Philippines. Sounds like you've never been to Colombia.
The period of American colonialization of the Philippines was 48 years.
@@gladiator-dh5cb
37% - Columbia poverty, Philippines 19% poverty....Philippine peso is worth 74 to 1 vs Columbia peso
A lot of the Colombian economy is of the books so I would say not accurate numbers. Ive been in this country a dozen years. I know a little bit at this point. @@lastyle7363