Foreigner BUY An Apartment With Colombian Credit
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- čas přidán 18. 03. 2024
- In this video, I go over how a foreigner can buy an apartment in Medellin with a Colombian mortgage credit.
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Highlights
💳 Foreigners can buy property in Colombia using Colombian credit without needing a visa or Colombian ID.
🏦 To leverage the bank, one may need to open a Colombian bank account using a passport and obtain a tax ID number (RUT).
💰 A 30% down payment is required for property purchases, which can be paid over two years without interest.
🏗️ Constructor financing allows buyers to pay the down payment gradually during construction.
📉 Mortgage loans cover 70% of the purchase price, with a typical 15-year term and interest rates around 18%.
📝 Additional costs include closing costs, legal fees, HOA fees, and property taxes.
🏠 Property prices vary based on finishing preferences, with options to customize or buy finished properties.
📈 Leveraging the bank can provide flexibility in payments and help establish credit in Colombia.
🔍 Legal consultation, especially regarding property registration and compliance, is crucial.
🚫 Illegal Airbnb operations face crackdowns by Colombian authorities, emphasizing the importance of legal compliance.
🛎️ Leveraging the bank can help buyers manage cash flow and potentially accelerate property payments.
#medellin #colombia #medellinapartment - Jak na to + styl
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Leveraging a Colombian bank: 20% interest rate. Looks like it's the bank leveraging you. I don't know man, that's a lot lol. Math will need mathing. Very good stuff anyhow
Yeah, it's not ideal for investment purposes. It's more for lifestyle. Buying in a developing country is a risk even if you have the cash. Most people buy because they want to live here for a long time.
you must be kidding+18% interest. even 5% is very high. on 18% the bank will squeeze everything out of You
Great info, thanks.
Thank you
I still don't know why you're not the first video of that pops up when I search medellin. You honestly have the best, most informative content. I just had one question, do you see the real estate the bubble there popping anytime soon or is now the time to buy?
Good question. I still don't think we've reached a bubble here. Prices have risen because of supply and demand. Eventually, there will be more supply and demand will probably subside, so the market will adjust. All real estate is speculation, along with Colombia's economy isn't as stable as a first-world economy, so how long will it take for a bubble to be created and then burst, who knows. The one that Colombian real estate has going for it is that financing is tough here, so prices aren't being inflated due to easy access to money. All this being said the main investment here is in lifestyle. Make your dollars, and come enjoy the peso.
@@MedellinBuzz great advice man. I very much appreciate the time you take to respond. When I make the decision to buy down there, ill definitely be going through you. Thanks again. Keep up the great work, it'll pay off. If it hasn't already lol. Take care
Do you have a list of know where I can find a list of blue print projects in El Poblado?
@@mooh8948 if you’re in Medellin you can go to any grocery store. They’ve got magazines at the door. If not, just google “apartamentos sobre planos medellin”
🎉🎉🎉
What if you pay cash i see aparmenta for 40 grants in barranquilla
Yep that’s a good one. I’m looking into Barranquilla as well.
So if you don't mind me asking which developer did you buy from that reported your "30% deposit?"
They’re still selling some new units in a new tower they’ve built just google La Vida Es Bella en Bello and the you’ll find the project website.
For 50k you can built in Colombian a nice house. Free and clear
Yes this is true. The question is where?
Hey Andrew, I spoke with a builder In la ceja and they said they don’t report to the banks while paying the 30%. Do you know if they’ll accept my US credit to get a loan?
You mean that they don't report to the credit bureau here? That's the main question. As you're paying your down payment they should be reporting that to the Colombian credit bureaus so that you build your credit enough to get a mortgage loan after 2 years.
@@MedellinBuzz right! I asked them if they report that so I can start building credit there and they said no. They specifically said to me No, Colombia isn’t like the US🤔. Do you think that’s sketchy?
No it doesn't seem sketchy. Unless if they're blatantly not telling people. Because even if you're Colombian you need pretty good credit to get approved for a mortgage loan. I don't think I'd do business with them.
@@fxluke4841
What happens if the building never gets built.....
If a project based on blueprints is not built, several outcomes may occur:
-Refund: Buyers are typically entitled to refunds under agreed conditions if the project doesn't proceed.
-Legal Consequences: Failure to fulfill obligations can result in legal consequences for the construction company.
-Loss of Property: If proper licenses are not obtained, there's a risk of losing the property through fines or legal actions.
There's good information here: www.metrocuadrado.com/noticias/guia-de-compra-y-venta/el-abece-de-la-compra-sobre-planos-264/
God bless you Andrew! Great videos
Thanks, you too!
do you ever have problems transfering wireing money from us bank to Colombia bank?
I have when I used apps like Remitly when I met specific caps. Some people work around that by setting up a business account with Mercury Bank, which has ZERO international wire transfer fees and no real limits.
@@MedellinBuzz thanks bud I watch you all the time, Would be cool to see an episode based on gringos or foreigners trying to live in real local barrios and get to know the locals and best way to break into the “neighborhood family of the smaller barrios etc. anyway keep it up love all the content
Do yourself a favor and just pay all cash.
Said no investor ever, lol.
@@MedellinBuzz Well no investor wants to pay 20% interest. I just bought a property all cash and found the process to be very easy.
@GiantLifestyle I take it you’re an investor then
@@FelixWisniewskiChannel yeah, regardless if it’s cash or not, buying in Colombia is a risk. The investment is in lifestyle.
Correctly!