Real Estate

How to buy the Finca in Medellín

Written by cwmedellin

If you have spent any time visiting or living in Medellín, it is only a matter of time before you are invited to someone’s farm. The word farm is literally translated as “farm” in English, but practically speaking here we are talking about recreational farms, weekend getaways, ranches, cabins, cabins. There is nothing more rewarding than ending a long week in the city of Medellín with a weekend getaway in the mountains.

Regardless of the location, the farm lifestyle can be a perfect balance with the sometimes hectic and stressful life in the city of Medellín ‘click here‘.

As soon as you climb up and cross Medellín’s Aburrá Valley, the air is cleaner, the added elevation makes the temperature a few degrees coolers, and life tends to slow down as you mix with the locals in the dozens of towns or villages that dot the Antioquia region.

As the people of Medellín have gotten richer, the land has also become more expensive on a 1 to 2-hour drive. The Las Palmas corridor between Medellín and the airport has some of the most expensive $ / meter or $ / hectare rural land in Colombia.

Many people ask me “how much does a farm cost”?
This is not the correct question. If you are looking for a farm, it is best to set a budget range and work backward on location, lot size, presence/quality of house/construction and other factors/priorities. Generally speaking, larger farms will have lower (all else equal) values ​​per square meter, and a well-built home can add $ 1,000,000 COP per square meter to the price. The Bottom Line: Like all real estate, there is something for every budget, you just need to trade priorities until you find the right estate that you will be satisfied with.

This is an important issue when talking about farms because much of the rural land in Colombia is not surveyed/defined by local municipalities, property titles sometimes do not exist, family inheritances are usually a factor and all these things can affect your purchase and long-term value of your property.

On my farm, for example, there were no property limits and the seller only had an estimate of the total area. The title deed (deed) existed but referred to the property boundaries only by the location of pine and eucalyptus trees, rocks, and a neighbor’s 50-year-old fence post. I asked the seller to bear the costs so that the lot was professionally inspected and the exact area corrected at the Rionegro title office. In the end, we found out that the lot was larger than the seller thought.

One should not look at raw earth and jump to conclusions about what can be built on it. Each farm/lot belongs to a municipality and each municipality will have some kind of guidelines that pertain to construction/zoning/development. If your goal is to buy and build or add etc, it is wise to first determine in what quantities you can do so. Lot size, road frontage, trees, streams, wild animals can all affect your ability to get building license/permit approval. It goes without saying that you do your homework here before entering into purchase agreements.

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cwmedellin

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