Real Estates

5 Essential Things You Should Know When Buying Apartments in Medellin

Looking to Get an Apartments in Medellin Colombia?

Till the ’90s, Medellin was known for all the wrong reasons that include violence due to drug trafficking, gang violence, and government unrest. However, the city of Medellin proved to be a phoenix and rose from the ashes and became the hotspot city for retirees and backpackers.

In recent decades, Medellin continues to attract more and more foreigners ranging from entrepreneurs, couples, and some families and slowly becoming a vacation hub. Equivalently, it is becoming the top foreign retirement location, and buying an apartment in Medellin Colombia has become a trend.  

Low cost of living, “eternal spring” climate, and top-notch healthcare system make Medellin as the preferred destination for many tourists and seniors.  Now, there is only one question in your mind.

How can you make your dream a reality and own a celestial place in the amazing land of Medellin? Need not worry, just keep these things in mind and you can get your home sweet home in Medellin

5 Things you to keep in mind while getting apartments in Medellin Colombia

These tips will help you to get the best location for your apartment. Medellin is full of natural beauty and you can choose the location and apartment according to these tips to pluck the best one as your residence. 

1. Location is the most important aspect

The inrush of the explorers and jet setters, the neighborhood of Medellin has improved a lot in recent years. The suburbs of Medellin have evolved into a foreign-friendly and English speaking area. Areas like El Poblado, Laureles, Envigado, Patio Bonito, Sabaneta, and Bélen have welcomed these tourists with open arms and anyone can come and live with these locals and feel like home from the go. 

Getting yourself familiarized with the vicinity of Medellin is a good idea and speak freely with your real estate agent about the atmosphere you want to reside in. The options are unlimited in Medellin and with the right choice of location, you will love living in this beautiful city.  

2. The real estate of Medellin is different than your home country

You don’t need any type of license to be a real estate agent in Medellin. So, anyone can suit up and sell your property. This has eventually led to a burgeoning of agencias inmobiliarias in Medellin, with more than 1200 currently operating in the city. 

The commission of real estate agents in Colombia is a meager 3% and that is way more in Europe and North America. There is no exclusivity in Colombian real estate as the different agencies can sell the same properties.

3. Picking the right real estate attorney is very essential

You will wonder; why you need an attorney when buying properties in Medellin is this easy-peasy. However, it will serve many purposes and will help you to get the best deal and property at the right price. Firstly, it will take the stress of dealing with foreign sellers and agents away from you; this attorney also will help you regarding your choice, take care of legalities, and its seamless acquisition.

Go for the power of attorney as it will be a good idea if you are going to be outside of Colombia during the whole dealing process. It will allow your attorney to work on your behalf.

4. Don’t shy away from the paperwork 

Buying and finalizing apartments in Medellin Colombia is like playing football; easy to mess up passes but seamless while done by the professionals. 

Once you have finalized your place of paradise, it is important for you to inform your realtor about your offer and he will make it further to the seller. Meanwhile, your lawyer will set the track right and get the Certificado de Tradición y Libertad, which is a dossier for your property purchase. 

It contains; 

  • Ownership records
  • History of mortgages
  • Liens or legal claims against the property
  • Details about registration to conduct work on the property. 

After verifying these details, your lawyer will obtain Paz y Salvo Predial and Paz y Salvo de Valorización, which are tax-free property certificates and tax-free on the value gained property certificates respectively. These certificates are proof that the owner has paid all the taxes regarding the property and any other related expenses. 

5. Get all the information about promesa de compraventa

After agreeing all the terms and getting a verbal agreement on price and terms of purchase; it is now the time for promesa de compraventa. It is the contract where you will state the intention to buy or sell and given price and the seller states his intention to sell. You have to be fully focused as there are large penalties associated with non-compliance with this agreement. 

When you reach the agreement and close the deal, a public deed must be followed and must be officiated by a notary. Then payment and sign will follow and you will have a place of your own in one of the most naturally beautiful and amazing lands in the world!

Conclusion

Medellin beats out countries like Costa Rica, Mexico, and other Caribbean nations in terms of inexpensiveness while also offering a superlative Metro system, delightfully vivid culinary scene, year-round springtime temperatures, and a thriving ex-pat community. These things make buying apartments for sale in Medellin Colombia a wise decision.

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