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WHAT ABOUT TERMS?
The short answer: "FORGET ABOUT TERMS", For an explanation as to: WHY, read on . . .
Currently, the bank loan rate for real estate in Colombia is between 20-25% annually. Loans are short term, usually 5 years or less, and are made primarily to Colombians. There is no "owner financing" except loans made within families. Perhaps now you understand why we advise you to: "FORGET ABOUT TERMS"?
Make the TWO "systems" (Colombia’s, and yours) work to your advantage.
In most countries, interest rates are at an all time low. Many people with limited funds are taking advantage of low interest rates by borrowing against the built up equity they may have in their homes. Home Equity Loans are being offered at rates of 5% and less. If you have the ability to repay these loans, even if you loose your job, or have a major illness, this can be a great way to utilize your net worth by investing in bargain priced property in prime locations such as Cartagena?
In Cartagena, real estate prices are slowly on the increase, but the city remains a "Buyers Market". Prime residential properties, in the best locations can be had for around $200,000 u.s. There are few Colombians with this kind of money, and those that have it would be equal to multi-millionaires in developed countries. Prices of prime properties are 25 to 35% of the cost of equal properties in developed countries. The quality of construction is equal, and often better. AND, the cost of "living the good life", while enjoying a much higher "lifestyle" than you may be used to, is reality.
In Cartagena, the price spread goes from over one million u.s., to as low as $15,000. for a studio apartment.
Depending on WHAT you are looking for, and WHERE you are looking, many properties within this wide price range represent bargain prices when compared with "back home"!
LOCATION, LOCATION, LOCATION remains the three most important factors effecting real prices, even in developing countries!
FORGET ABOUT TERMS. IF YOU HAVE IT, OR CAN GET IT, C A S H IS K I N G.
E-Mail: email@example.com. Phone Call Reception: Mon Thru Friday 9:00am - 1:00pm and 2:00pm - 6:00pm. Saturday 9:30am - 1:30 pm.
Office: Bocagrande, Cra. 1 Calle 13 Edificio Cartagena de Indias - Local 1. Tel.: (57 5) 665 0515. Celular: (57) 311 660 2756. Cartagena de Indias, Colombia.
© Paul Juan Realty, and/or its clients. All rights reserved. All information deemed reliable but not guaranteed.