Colombia Forum

justme4641
Joined 2019
Posts: 99

4 years ago

buying vs. renting property

4 years ago

buying/renting

So as my wife is originally from Colombia (we live in the USA), we've decided to move to Bogota next year (she also has family there) for retirement. Some Colombian banks have interesting, proven options, that a couple of friends have used, for returning citizens to purchase homes in Colombia if retiring there.

So, I'm looking at the pros and cons. Any significant difference in monthly costs? For example, here in the States, like properties rent for way much more than what a mortgage would run in payments. Anyone have any experience to shed light on whether purchase as opposed to buying has made sense, that could apply to me?

pros on renting
- can hop on plane and return Stateside if things go south
- ability to explore and live in different areas

cons on renting
- you get comfy in a place and then can't renew rent lease

pros on purchasing
- can get a fixed payment
- take advantage of location when available if you really like it

cons on purchasing
- resale value may not be so good
- fixed mortgage payment depends on currency markets
- if you don't like the place in a years time, kinda hard to move. Any ideas please, nothing like boots on the ground experience. Thanks

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Contribute
Help others in Colombia by answering questions about the challenges and adventures of living in Colombia.