4 Steps To Buying Real Estate In Medellin, Colombia

Welcome to your ultimate guide for purchasing real estate in the beautiful city of Medellín, Colombia. Whether you’re a seasoned investor or a first-time buyer, this step-by-step journey will equip you with the knowledge and insights to make your property dreams a reality.

From finding the perfect property to sealing the deal, we’ll cover each stage of the process, providing clarity and guidance. But that’s not all – we’ll also explore a few crucial extra steps that can make a difference in your buying experience.

So, buckle up and get ready to embark on this exciting adventure. Let’s delve into the essential steps, insider tips, and expert advice that will lead you to owning your slice of paradise in Medellín.

1. Attorney

Hey there, if you’re considering buying property in Colombia, let’s start with the first step – finding a trustworthy attorney. I strongly recommend this even before you start looking for the perfect property. Wondering why? Well, let me break it down for you.

So, how do you find a reasonable attorney in Colombia? Many folks rely on referrals, and one great way to get them is through expat groups and communities on platforms like Facebook. You can ask for recommendations from people who have been there and done that. If you still need to get connected with these groups, no worries. Just let me know, and I can help you find them.

Oh, and here’s something important: if you’re teaming up with a real estate agent or agency, they might have their legal experts. But remember, these experts might be looking out for their interests, not yours. That’s why having your local attorney, someone with your back, becomes super important.

So there you have it – step one, find an attorney you can rely on. This sets you up for a smooth journey into the world of real estate in Medellín, Colombia. If you’re curious about what comes next, stay tuned for more!

2. Find Property

The second step in getting your place in Medellín, Colombia? Awesome, let’s dive in!

So, some people team up with a local helper called a real estate agent. These agents may have lots of experience or be starting. It’s like making a new friend who knows all about houses. But guess what? I usually like to find places on my adventure.

Imagine this: I once saw a “For Sale” sign on a building where I live. I talked to the person selling the place, and that’s how my relaxed journey started. From there, I kept my eyes open for more chances to find a home.

If you work with a real estate agent, they could be your treasure hunters. They’ll look for homes just for you. Here’s a tip: Exploring the neighborhood you like is super fun. You can take notes, list, and call people to learn about houses.

There’s something important to know: we don’t have a special place with all the prices of houses. It’s like a mystery! I found a way to guess how much homes cost. I take the price and divide it by how big the place is. This way, I can tell whether a house is a good deal.

Oh, and WhatsApp is a magic tool for talking here. If you see a number on a website, you can message and ask about houses. Cool, right?

Guess what else? Facebook can help, too! People put houses for sale there. You can find incredible dwellings for you and your new friends!

Remember, this is like an adventure. You can walk around, look online, or check out Facebook groups. The goal is to learn about houses and find your perfect place in Medellín, Colombia! Keep going – more steps are coming your way soon!

3. Negotiation

Buying real estate in Medellín, Colombia, is all about negotiation!

After finding the property you want, it’s time to make an offer. You can do this over the phone or through a simple WhatsApp message.

Sometimes, I’ve been lucky to find sellers who wanted to sell, so I got my properties at excellent prices. If you’re working with an agent or helper, ask them important questions like “Why are you selling?” Understanding their reasons can help you make a better offer.

Negotiation is like a friendly game of give and take. Be prepared to make a fair offer that works for both of you. And remember, asking intelligent questions is a crucial part of this process.

So, step three is all about negotiation. Start the talk and see where it leads, whether you call or message. Who knows? You might just get your dream property at a price you love! Great job – we’re moving ahead on this real estate journey. Stay tuned for more steps to come!

As we continue our journey to buy real estate in Medellín, Colombia, there are a few extra steps that you should keep in mind. These steps add an extra layer of assurance and preparation to ensure a smooth and successful property purchase. Let’s dive into these additional considerations that will help you confidently navigate the process.

Title Analysis

It’s time for step four in our journey to buy real estate in Medellín, Colombia – let’s talk about checking ownership through title analysis.

Here’s the deal: Your lawyer contacts the seller to gather property info. Then, they do a thing called title analysis. Think of it like diving into the property’s history.

During this, the lawyer finds important stuff like liens, mortgages, and back taxes that could cause issues. But don’t stress, if there are problems, they can fix them. Your lawyer makes sure your ownership of the property is solid.

When they make the buying contract, they’ll also plan how to solve issues. It’s like a game plan for any problems.

Purchase Agreement

So, what’s this agreement thing? Well, it’s like a particular paper your lawyer makes. It’s like a promise between you and the seller. This paper ensures you’re buying the property and stops the seller from selling it to someone else. It’s like a superhero shield for both of you.

When you and the seller agree on everything in this paper, you both sign it. And guess what? This is when you usually pay your first bit of money, the initial deposit. This shows you’re serious about buying.

So, with the agreement signed and your first bit of money paid, things are moving for your buying journey. I discussed the “initial deposit,” so let’s chat about that next!

Bringing money into Colombia

So, how can you do this? One way is having a local bank account. You put money there and then transfer it to the seller. But wait – opening a local bank account is tough if you’re not from here. And even if you do, it might need six months of history before you can use it. Plus, being a tax resident could be a must. Tricky, right?

Here’s my tip: Get help. Find a bank or agent who knows the ropes. It’s better than going solo.

Another option? Use a brokerage firm. They move money from the US to Colombia for real estate. Local ID is optional, and they often speak English. But remember, it can cost more and take time to set up – like two to six weeks.

One more way – direct transfer. You send money from your US account to the seller’s Colombian account. But watch out! They control the registration. If they mess up, you could face issues. So, keep an eye on it.

You found the perfect place, signed a deal, and started moving money. Now, the next big step is around the corner. Stay tuned for more in this real estate adventure!

4. The deed

The Final Touch – it’s all about the deed.

So, what’s the deal with the deed? It’s another paper your attorney takes care of. Having your attorney is critical here. The act gets signed by a local notary. Plan for a few hours there. You’ll also need to cover closing costs, usually around 1.5% to 1.8 %of the purchase price.

Your attorney will handle a bunch of documents you’ll need. Once you sign the deed, you usually get the keys. The next step is changing the title to your name, which takes a few weeks.

Now, this is how it usually goes when buying property in Colombia. Remember that things can change based on your situation, the property, and the seller.

But here’s the scoop: Two big things to remember. One, make sure you have a clean title. That’s why your attorney stays in touch with the seller or their attorney. Two, correctly register your investment with the National Bank—super important stuff.

So, you’re almost there – you’ve got your new property! Now, it’s time to give it a makeover, put in some furniture, and make it your own, or maybe even rent it on Airbnb. I’ve got separate videos coming up on those topics. Don’t miss them! Alright, it’s time for that apartment tour. Stay tuned, and thanks for hanging out!