Should I buy or rent a home in Colombia?
If you have not spent a lot of time in Colombia, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision...
"We are currently renting, but when I get there permanently next year, we will be buying. We actually were able to sign up for a government plan through a local bank. We make monthly deposits & in a year, they'll offer us our mortgage," said another expat in Cali, Colombia.
"Whether you should buy or rent a home in Colombia depends on a variety of factors. Consider what your long-term plans are for living in the country. If you intend to stay for an extended period of time and anticipate growing roots, then buying may be the most cost-effective option. On the other hand, if you’re going to be spending limited time in the country, then renting may be the more practical choice. Make sure to also take into consideration Colombia’s current economic and housing markets. Research real estate options, costs, and rental rules and regulations to make the right decision for your needs," wrote a member who made the move to Colombia.
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Other Questions:
- What do I need to know before retiring in Colombia?
- How do I meet people in Colombia?
- What is life like in Colombia?
- Is there a lot of crime in Colombia?
- Is there a lot of diversity? Are people in Colombia accepting of differences?
- What are the schools in Colombia like?
- Is the cost of living in Colombia high?
- What advice do you have for expats having a baby in Colombia?
- What are healthcare services like in Colombia?
- Is the cost of living in Colombia high?
- What type of recreational facilities are in Colombia?
- What is the weather like in Colombia?
- Are there good restaurants in Colombia?
- Where will I buy groceries and do other shopping in Colombia?
- What are the visa & residency requirements in Colombia?
- Are healthcare and health insurance expensive in Colombia?
- What do I need to know when buying property in Colombia?
- Are foreigners allowed to own property in Colombia?
- What appliances are typically included in a rental?
Should I buy or rent a home in Colombia?
If you live in Colombia, newcomers to Colombia would love to hear your answer to this question.
About the Author
Betsy Burlingame is one of the founders of Digital Nomad Exchange and the Founder and President of Expat Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange and Digital Nomad Exchange, Betsy worked at AT&T in International
and Mass Market Marketing. She graduated from Ohio Wesleyan University
with a BA in International Business and German.
Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.
