Buying a home in Colombia can be a challenging experience for some people, but at RE/MAX Real Estate Experts, we ensure it isn't, for both local residents and foreigners. We make it a unique experience. However, it's crucial to be well-informed before making this important decision. Here are five important aspects you should consider before buying a property in El Valle de Aburrá or Medellín.
Understand Market Trends, prices, property appreciation, and where to start:
Regional variations: Colombia has a diverse real estate market, with significant differences between cities like Bogotá, Medellín, Cartagena, and Cali. Each city has its own price dynamics and demand.
Recent developments: The Colombian economy has seen steady growth, which has positively influenced the real estate market. Infrastructure projects and security improvements have increased property demand, especially in Medellín.
Price study: Researching current market prices in the area where you want to buy is the most important. Prices can vary significantly between urban and rural areas. You might want to read this other article (Best Neighborhoods in Medellín) to see all the most recommended areas in Medellín.
Appreciation potential: Evaluating the appreciation potential of the property is crucial, especially if you consider the purchase as an investment. Developing areas or those with new infrastructure projects usually offer better opportunities for value increase.
Apartments or houses, new projects or used properties, which is better and why?
Necessary documentation and financing, do you really need it?
Property titles: Ensure that the property title is free of liens and encumbrances (Title study). It is advisable to have a lawyer specialized in real estate.
Certificates and permits: Verify that the property has all necessary certificates and permits, such as Certificado de Libertad y Tradición, and the construction license if it is a new property.
Mortgage loans: Banks in Colombia offer various financing options. Compare interest rates and conditions from different financial institutions. You might need to build a credit score in order to apply for a mortgage loan in Colombia, so it’s mandatory for you to have a Cédula de Extranjería first, that would be your ID.
Requirements for foreigners: If you are a foreigner, it is important to know the additional requirements that may apply, such as having a legal migratory status and a credit history in the country, this article might be helpful (Essential Visas and Requirements for Foreigners: Quick Guide to Living in Colombia) where you can also explore the documents you need to live legally in Medellín and access those credits.
Infrastructure, access roads, and security, unique and essential topics for choosing where to live:
Public transport: Evaluate the proximity to public transport stations, such as the metro, tram, or buses, especially in large cities. A curious fact is that Medellín checks all the boxes for public transportation around the city.
Services and amenities: Consider the proximity to supermarkets, schools, hospitals, and recreational areas. These factors can significantly influence the quality of life and property value.
Security levels: In general, Medellín is a very safe city. However, like any city, there are sectors with higher security or more protection from the Police Department due to the socioeconomic levels of those sectors.
Climatic conditions, you need to know your surroundings:
Local weather: Medellín has notable climatic diversity, windy or humid depending on the time of year. Ensure that the region's climate is compatible with your preferences and needs.
Green areas and landscapes: Proximity to parks and green areas can improve quality of life and property value. The city of eternal spring is full of parks, green areas, and an abundance of cultural events.
Air quality: Air quality can vary. Investigate the area; however, Medellín or El Valle de Aburrá in general is surrounded by mountains and a lot of greenery.
Buying a home in Colombia can be an excellent investment, but it requires careful planning and a good understanding of the market. By considering these five essential aspects, you will be better prepared to make an informed decision and find the perfect property that fits your needs and expectations. Receiving support from qualified real estate agents with experience in the real estate sector is vital. At RE/MAX Real Estate Experts Medellín, each of our agents will guide you through the process of finding your dream home in this beautiful land.
