In this fast-paced digital era, the way we approach major decisions has drastically changed. And when it comes to buying a home, the traditional process of attending open houses and touring properties in person is no longer the only option. Thanks to modern technology, Colombians living abroad, for example, today can purchase their dream home in Colombia without ever setting foot on its soil. It may seem like an unconventional approach, but virtual home buying has become a game-changer for those seeking investment opportunities or a place to call home in their beloved country.
In this article of OIKOS Constructora, we will guide you through the world of buying a home virtually, offering valuable advice to help you make informed decisions and successfully navigate the process from afar. Don't let distance hold you back from finding your perfect home – embrace the power of technology and make your dreams a reality!
Facilities of buying a home in a remote way
Purchasing real estate in a foreign country can be daunting, often fraught with complexities and bureaucratic hurdles. However, Colombia stands out as a unique exception, offering an unexpectedly easy process for remote property acquisition. Why? Well, it is because of the benefits that can be offered in terms of:
- Foreigners' property ownership rights
Colombia has established an inviting framework that allows foreigners to easily buy property. Unlike many other countries, where property ownership by foreigners is restricted or involves convoluted procedures, Colombia opens its doors to international buyers. Foreigners have the freedom to purchase property in their names or under the banner of a company, enjoying the same rights to ownership as Colombian citizens. This straightforward approach eliminates unnecessary complications, providing a secure and equitable ownership experience. Most notably, a valid passport is the fundamental requirement for buying real estate in Colombia.
- Non-mandatory residency requirement
Contrary to the norms of many nations, Colombia does not mandate residency for real estate ownership. This lenient stance can also have a dual benefit. While acquiring property doesn't demand residency, it can serve as a pathway to obtaining a Colombian investment visa, contingent on the property's value. This alignment of property ownership with the possibility of a visa underscores Colombia's commitment to encouraging foreign investment and simplifying the overall process.
- Residency via real estate investment
Colombia presents an innovative opportunity for individuals seeking residency through real estate investment. If an investor spends a specific amount on real estate—equivalent to 350 times the minimum wage, roughly $83,000 at an exchange rate of 4,000 COP to USD—an appealing incentive comes into play. This investment entitles the investor and their family to a 3-year migrant visa, which doesn't necessitate permanent residence in the country.
The visa requires a brief visit to Colombia every 6 months, a manageable commitment for those not planning immediate relocation. The property holder can renew the visa as long as the property remains under their ownership. Furthermore, after 5 years, full residency becomes attainable. This provision not only simplifies property acquisition but also acts as a stepping stone toward becoming a more permanent resident of Colombia.
Advice for buying a home virtually
If you are considering buying a home virtually in Colombia, here are some tips that you should keep in mind:
1. Research the construction company: Before investing in a new house project, it's important to research the construction company to ensure they have a good reputation and track record. Look for reviews and testimonials from previous clients, and check if the company is registered with the Colombian Chamber of Construction (CAMACOL).
2. Consider the location: Location is key when it comes to real estate investment. Look for areas that are experiencing growth and development, such as Barranquilla, Bogotá, Tunja, Girardot, Flandes, and Fusagasugá, which are popular destinations for foreigners and digital nomads.
3. Consider financing options: Most homeowners in Colombia do not have mortgages on their homes because Colombian banks require a 60% to 70% down payment and only loan 30% to 40% of the value, usually with double-digit interest rates
However, the Colombian government recently announced more than 200,000 subsidies to help locals borrow money to buy a home. Loans will offer reduced monthly payments ranging from 47% to 70% less than what was available before. Some applicants may be eligible to receive monthly financial assistance for the first seven years of their loan.
4. Understand the purchase process: The purchase process for new construction housing projects is usually fixed by the developer, and the margin for negotiation is relatively small. However, it's important to understand the terms and conditions of the purchase, including payment schedules and any warranties or guarantees offered by the developer.
Now, that you know how to buy a home without seeing it, ¡it is time to achieve your goal of investing in real estate in Colombia! We have the best options for you! In OIKOS Constructora we can bring you forth a range of exceptional housing projects that cater to various preferences and needs. With a proven track record of delivering quality and innovation, we stand as your trustworthy partner in this journey. Explore our meticulously designed projects that blend comfort, aesthetics, and functionality seamlessly. From modern apartments to elegant houses, we offer a plethora of choices that resonate with today's dynamic lifestyle while keeping an eye on future trends.
Embrace the opportunity to invest in real estate with OIKOS Constructora by your side. Our team of experts is dedicated to assisting you at every step, ensuring a smooth and informed decision-making process. Your dream home in Colombia is just a few clicks away!
Article taken from: OIKOS Constructora
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