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Housing

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Gentle
  2/12/2022 15:05 EST

Can a 62-year-old guy afford to buy a very small residence and not go broke on $1149 a month USD? How about renting?

WhoaNellie
  2/12/2022 19:04 EST

Renting - that's the ticket!

Your income is almost 5 minimum monthly salaries. You can live a solid middle-class lifestyle and RENT a halfway-decent place for about one minimum monthly salary, about a million pesos a month in most smaller cities and even in many big cities if you don't try to live in estrato 5-6.

Even less if you rent a room. And often everything is negotiable - you can get a private bath, you could get laundry and meals with your room, too. Plus your exposure to Spanish language and Colombian culture would be enhanced.

Fo instance go to Locanto, a site where owners and anyone can place free ads, for Pereira:

https://pereira.locanto.com.co/

Look under INMOBILIARIA and click on apartments, and rooms for rent (habitaciones).

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geoffbob
  2/12/2022 19:32 EST

Mortgages come at a very steep interest rate so most homes are purchased for cash. But in my opinion even If you have ready cash renting would be the smart move at least until you get well established and know the ropes. $1,149 per month isn't really a lot but you could manage it particularly if you settle in a smaller town. The rent will be even less if you take unfurnished lodgings and buy your own furniture. Remember there will be medical and dental expenses.
Anyway, there's always a period of culture shock so you'd need to prepare yourself to be patient, give it time, and remain flexible in your expectations especially & particularly if you don't speak Spanish. It's not as easy as people are led to believe. You might do what I did; come down for an extended visit to have a look see and then decide. The minute you get here remember...you ain't home.

CaptainJackSparrow
  2/13/2022 14:21 EST

I have lived in Colombia and to be comfortable in a nice area (not a rich area) I need closer to $2,000 per month, but it can be done on your number if you scrimp. I'm able to afford better so I won't scrimp.

ponymalta
  2/13/2022 15:11 EST

Gentle

Yes a single guy with a bit of prudence can live in most parts of Colombia on that budget. I easily do supporting a family and live very well.

Of course depends on your lifestyle, how much you travel, whether you tend to choose expensive girlfriends, go out drinking a lot and so forth, whether you seek to go out of your way seek Gringo products and diet, or consistently pay Gringo prices.

Though depending on purchase price of residence, it might be considered very carefully comparing owning vs renting, and the cost of medical insurance.

The usual advice in any case is rent for a year to get to know an area.

Others can comment on medical insurance costs. Though even just paying in cash without insurance is usually very affordable. For me the best case scenarios is to have some sort of insurance back home for anything serious, and just pay as it goes it Colombia.

ChipW
  2/13/2022 19:54 EST

As well as the above mentioned Locanto website, you should look at OLX.com.co - there are many of the lower cost houses/apts listed for rent on there. I live comfortably on around 1550 a month (and put a million pesos a month of that in savings) in a secure conjunto outside of Roldanillo in a 3-year-old 2-story house. You should be able to live comfortably on your income but you'll have to look outside the medium/large cities. For me, Roldanillo and the north of the Valle is perfect.

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Blenheim
  2/14/2022 13:15 EST

If one takes ssa at 62--one has within 12 months of application approval to repay that amount back to the ssa interest free.

This would then rewind the clock as if one never took their ss to begin with---- so then be able to take it at a later date-- (it is only a one time option)--

At 62 one loses 25% versus waiting until age 67--and prorated between 62-67----

Come to Colombia and give it a try--will impress lower economic class women and their families, if one is in to chasing women--

Do not forget the peso / dollar was less than 1800 pesos to the dollar about 12 years ago---which could happen again--which means one's ss retirement could be worth 1/2 of value as today- if this event reoccurs
---(never say never.)

Be happy riding around on a bicycle, moto, or bus -- unless one is bringing in enough cash to buy a car---as financing is a foreign word for expats in Colombia---

SkyMan
  2/15/2022 14:19 EST

Any expat wannabees out there.....Heed the sage advice that Blenheim has posted. Truer words were never spoken. Buena Suerte !

opalmajr
  2/15/2022 17:15 EST

Renting ok.

Do not buy a home.

You will have approximately 4 Xs the minimum income when exchaged to COL $.

You will have enough t0 live well.

mattinnorfolk
  2/15/2022 17:40 EST

I would be nervous as hell living on a budget like that, but I like restaurants, dating, traveling and wine at times. If you have a decent nest egg it will make a big difference. If no lump sum for emergency's or pay cash for a house to at least not have rent payments it will be tough. Everyone is different and one persons surviving, is another's living. Good luck!

mike2cu2
  2/16/2022 11:19 EST

I watched a pod cast given by an international real estate investor. He stated plainly that while Colombia is a wonderful country and the friendliest people he has met, Owning property is not desirable. Rent is so cheap in the country that you cannot make any money on buying a property and then renting it as a stream of income. I would not buy property in Colombia, when it is so easy to rent. However, if you are very picky and complain to the landlord about every little nuance, then buying would be an option, since your rate would probably go up to get you out of the property. Just my 2 cents.

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Blenheim
  2/16/2022 18:05 EST

Mike, what the realtor is really saying-- in Colombia "flipping this house/ apt" is not a money maker for him--
and
though "they are the friendliest people he has met"-- however not friendly enough for them to get his money)---

As far as renting versus owning---
living out of a suitcase works very well for many---

As far as owning a bicycle / moto versus a car in Colombia--- works for some, disregarding the fact Colombia's roads are typically second rate, and one's 25 kg bicycle/ 150 kg moto do not stand a chance against another's 2,200 kilo car-- 30,000 kg truck--

Good apt rentals typically do not have issues---- junk apts rentals typically have issues--(one gets what they pay for)--(also renting an apt with a contract-- versus renting an apt without a contract can make a big difference)

ponymalta
  2/17/2022 06:06 EST

Blenheim

Great point about having a car- expensive to buy, and dealing with Colombian drivers not my idea of a calm day.

The issue of when to take social security is an interesting one. In my case comparing taking early social security at 62 rather than full retirement age I compared the cumulative amount that would be received and not until age 83 would I receive more on a cumulative basis by waiting to full retirement age- considering latest statistic of an average life expectancy of a male in North America of 77 years, on that basis more sense to take early social security.

I then compared taking the early social security and simply reinvesting at my normal rate of return, and looking at what potential future increases might be in social security, and considering how stated inflation rates might apply to my circumstances, and then to consider whether on a cumulative basis when I would come out ahead Depending on what assumptions one makes, in my case I concluded that would push back the break-even year to 85.

If one has a child under 17, then an absolute no-brainer to take social security early rather than later.

(UK pensions of course a very different calculation as one can 'buy' a year of credit which closer to retirement age gives a 33% return on investment, if one has less than the full number of annual credits).

Of course different individuals have different circumstances, however in principle I think looking at the cumulative effect will be similar for most people.

geoffbob
  2/17/2022 07:17 EST

pony's analysis regarding a cumulative break even point does make sense. It's a valid insight in the sense that there is a break even point in balancing early and immediate monthly benefits against increased benefits as a reward for waiting. Each individual's situation is unique to that person. The flexibility to chose is a great asset.
In Social Security's early days recipients watched the mail box like a hawk but today's direct deposit removes all that watching and waiting. It's great. My break even point is 85 too. The deposit is automatic and has never failed. Clockwork. I began paying in at 14 yrs. of age and lived to tell the tale.
I don't see how future generations can't count on SS to work like this because the ratio of donors to recipients is topsy turvy. Something's gotta give.
In the meantime "Garcon, more chips."

morganstern
  2/17/2022 11:58 EST

scrimp

mike2cu2
  2/17/2022 12:25 EST

I have read from too many informed sources to never buy until you have rented for some time to determine you like your new location. It really makes good sense.

elpdiver
  2/18/2022 13:49 EST

On the SS analysis factor in whether you have a spouse that will get half of your benefit amount in addition to your benefit. Your taking early will permanently reduce their benefit as well. I realize that is not applicable to the original poster.

elp

Sugmad
  3/6/2022 15:25 EST

Hi.

Just arrived from the States. How safe is the neighborhood and is there good public transportation to the city and other areas to site see?

Sugmad
  3/6/2022 15:57 EST

Do you personally know of rooms or apartments where meals are included?

Sugmad
  3/6/2022 16:00 EST

Email reply requested for replies to: Meals included in apartment rental

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