Colombia Expat Forum

cccmedia
Joined 2014
Posts: 1718

6 years ago

Safer Way Re Real Estate Acquisition

6 years ago

With the peso at almost 3100 to the US dollar, some Gringos are rushing to buy property in Colombia.

Here are some reasons they shouldn't be in such a rush....

5. The following rule has not been suspended by the dollar's strength against the Colombian peso:
Do not buy until you have lived for at least a year in the target area.

4. If and when the peso rebounds, you could be stuck with a property that would re-sell for far less than you paid for it. It can take years to re-sell property in South America, especially when the Expat has moved away.

3. There are many pitfalls in buying Colombian real estate. You get a sense of how it affects a Gringo from Loco's profane posting on another active thread.

2. Buying in the name of your Colombian wife or common-law may make the purchase easier .. but if the relationship eventually goes sideways, your financial interest in the property could do a disappearing act.

And the #1 reason not to rush into property purchase in Colombia....

1. By not renting, you take on a lot of responsibilities that 'tercera edad' Gringos may prefer not to assume -- maintenance, repairs, taxes, property protection, acts of God, dealing with bureaucrats who require you to show up in person to receive inconsequential updates to satisfy their 'tramite' lust .. and having to draw up a Colombian last-will-and-testament witnessed by two people who are not will beneficiaries.

cccmedia

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