Must-Knows for Investment and Profit
If you’re looking for a fantastic retirement haven, or maybe you’re just tired of the unreliable returns on the stock market (same to be said for the “reliable losses” these days), we have created a document for your serious consideration.
Given that a well-planned property in your investment portfolio will deliver consistent double-digit gains, we see investing down here in Medellin, Colombia as one of the easiest, no-brainers you might make in this lifetime.
Because some can feel daunted by the (perceived) lengthy process and complexity of doing business overseas, we’ve distilled the essential points, right here, to demystify everything for you.
Find a great real estate agent
Granted, it’s true: not all agents are created equally in Medellin.. In fact, you don’t need a license to sell down here. So we absolutely recommend you fall in with someone who’s taken the time to get certified. Further, you’ll want to talk shop with someone who’s great at speaking your language, or at the least, English. Lastly, we offer both—highly qualified translators who have extensive experience in our specialty: selling real estate to foreigners like you. Get in touch to learn more.
Ditto for Legal Support
Others might say it’s time to start shopping, but we feel that having your entire team in place first, ultimately serves you better in the long run. Naturally, we have a legal team which we’re happy to refer you to, but feel free to find your own. Like with #1, language and reputation are critical aspects which you’ll want to keep at the forefront of your search. Having a lawyer up-front means you’ll have someone on retainer to ask questions as you go. Finding a real estate specialist goes without saying.
Finally! All that un-fun stuff behind you, and it’s time to get looking. But wait! First there’s a major issue you’ve got to settle, and it might not come easily. You MUST know what you’re looking for. Even with the best realtor in town, without super-clear specifications you’ll end up running around town, wasting valuable energy and time with properties that do not suit your plans.
Further, make sure you find a great building with solid construction and in a dependably rentable area. Beware agendas that some real estate agents might have.
The clearer you are on what you want, the fewer properties you should have to look at, making your decision come sooner. Be ruthless and direct, to achieve your goal here.
Negotiate Like a Pro
Now you really need your lawyer. See why you don’t want to be just hiring him or her now? You should have a bit of a rapport, and know if you’ve chosen a bum, saving you mucho headaches right about here. There aren’t “comps” like we have in the US, but a good law dog will dig out some purchase records that enable you to negotiate with the best of them.
Beware: for some reason, real estate owners in Colombia have a habit of putting prices that might be seen as unreasonable for the rest of the world. (Sound familiar?) You need to get their head down to earth and use every available tactic to bend their will and prices toward what you want to pay.
The more you can find out about the property and it’s owner the better positioned you’ll be to strong arm yourself into an excellent deal. Be willing to work, and do every bit of negotiation now, since after this, it’s all paperwork. There isn’t usually another round of price battles, here in Medellin.
Ready to bang out the deal? Your next step is the promesa de compraventa (promise to buy). Your lawyer should already have this ready to go, along with completed the title study and verified that you’re actually dealing with the owner of this property (if he’s any good!).
In some cases, the seller is going to pass you off to keep dealing with their lawyer. You should have your attorney involved as well. Next you’ll get a draft of the promesa de compraventa.
Beware: this part can and MUST usually be disputed. Don’t sign anything here you’re not on board with. Once you get this part done, guess what? You’re ready to send the cash and get your keys. Congratulations!
Get the Money
Be aware of your transfer fees as well as closing costs. We keep tabs on all this, and are happy to run through these details, if you get in touch with us here.
One rookie mistake is when you transfer the money you don’t send enough to cover the fees. Be sure you’re appraised of all costs in addition to the cash you’ll be expected to bring to the table at the final handshake.
There’s a little danger you might think you’re exempt from, with an all-cash deal. Trust us, these don’t look like they do in your home country. By the way, don’t forget to fill out the proper forms so you can take your money back home, down the road!
You’ll have to drop by the notary’s office and wrap up the signatures on both ends, get your title and pay taxes. Fun, right? Boom. You’re done. Armed with keys, get on over to Ikea… wait, they don’t have one in Colombia. No matter, furniture here is way cheaper than you expect. Also, you might want a little help with design, or remodeling? Since you’re recognizing how helpful we are, let us whet your appetite for what’s possible… we have a full team devoted to design ready to guide your new place into the cutting edge styles, fit for a king.
See, wasn’t that simple?
Colombia has one of the best economies in Latin America over the last 10 years so if you’re looking at this like yes, it’s good, but I’m not sure I’m ready to pull this off we hope this article will move you toward action!