How many times have we all heard that worn out descriptor when discussing real estate valuations? And it has never been truer than when comparing property in Colombia to similar in your hometown, money goes much farther here but let’s step back for a minute and examine the reasons why.
Land is plentiful and inexpensive, a serviced lot 60 feet by 100 feet can be had in a gated community, in Armenia, for $50,000 US, or less. That is a fraction of what consumers pay in many other countries, for example, the servicing costs alone can be that much in the United States.
The construction itself is very different and cost efficient, no excavation of a basement, nor a basement itself, no framing with three layer walls, drywall, studs and insulation, and then exterior cladding, be that siding, brick or some other material. Walls in Colombia are block with parging inside and out, ready for paint. No expensive mechanical systems for heating and cooling, in most cases mid range finishes at best, much of the material used is MDF with a veneer, solid wood is out of the question. The labor component is minimal, a crew of six men working eight hours a day costs about $80 US or less, similar to what a skilled tradesman would make for an hour or so in one’s hometown. So, when you add the components together, the total is significantly less than an expat sees and has been conditioned to.
That leads us to a critical point. Don’t compare prices here to those of your hometown, in many cases thirty percent of the value of a North American residence will get someone the same class of residence, or better, than they live in now. When looking at real estate in Armenia, you have to wear your “Colombian hat” and the way to acquire one of those is to know the market, price comparisons need to be made here, and here only. Looking at a dozen properties before making a decision, and the ones at the top of your list more than once, would not be out of the question. Your hometown market pricing needs to be left behind, this is Colombia, not a gated community where you are now.
We are uniquely qualified to assist with your search, our bilingual team can converse with buyers and sellers in their preferred languages, few others in Armenia have that capability. Our focus is the expat community, we know that segment well and understand their needs better than a Colombian agent. If you think Armenia is a possibility for you, why not start with our property questionnaire, the cost is minimal, we do inspections of your top three choices and submit a complete report on our findings. Armeniacolombiarealtyforexpats is here to provide a service that will meet your expectations, please contact us at your convenience and put our twelve years of Colombian experience to work for you.