Medellin Property Guide
Finding a Great Rental Property
Best Way: You can drive around the area your interested in and look for rental signs (Arriendo). Have a Colombian friend call the owner or agent and ask the price per month and schedule an appointment to look at the property. You can also look through the classified ads of the local newspaper (El Colombiano) and follow same procedure as above. Have your Colombian friend call the number in the newspaper and set up a appointment with the owner or agent to view the property and ask the price per month. Always know the monthly rental amount before you visit the property!
Another Way: There are several rental agencies in Medellin that will be happy to find you a rental property. You will normally pay a finders fee (APRX 6%, plus tax).
Making an Offer: Remember, everything is negotiable especially if you see a lot of vacancies in the surrounding area! A good rule of thumb is offer 10% less then the asking rent and settle for about 6% less. That's unless you have to have the property no matter what!
What to Expect: Foreigners renting property in Colombia can expect to pay six months rent, up-front, plus a security deposit equal to one months rent. This is the standard but sometimes can be negotiated. Additionally, you will be required to sign a lease for six months to one year. The owner or agent will probably require the lease to be notarized and you will have to provide a copy of your passport for identification.
Utilities: Make sure the rental property has gas, electricity and a telephone line/s installed (trust us on this one since a home phone is extremely important especially if you or your friends make a lot of local calls. The owner is responsible for these items but you will pay the utility bills each month at a local grocery store. Internet and TV is another story since most property owners do not furnish these items. If you don't have a Visa with a Colombian identification (cedular) you must find a Colombian friend who will sign for you to start this service. Please check out Visa Guide for obtaining a Visa and cedular.
Furniture: Since you probably don't have any furniture we suggest you take your time (after you get the essentials) buying new furniture. You can find all types of furniture in and around Medellin . Be sure and shop for discounts and ask for at least 15% off the list price. Find out if the price includes delivery since this can be negotiable. Remember, cash is king and you can get a bigger discount with cash then you can by using a credit card.
Finding a rental property is easy! Just follow our guide below.
Rental Property Basics: Remember two things. One, a foreigner will probably pay more rent then a Colombian for the same property. Two, location, location, location!
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