The Best Mistake I Made Was In Medellín…
Nine years ago, Lief and I bought our apartment in Medellín, Colombia.
Visiting the city for some years at that point, we recognized the potential of this city working hard to transform itself and shake off its shady past.
The property we bought was a renovation project in El Poblado—an upscale neighborhood in the city that’s become a favorite with expats. This was a chance to add value to a property that we should be able to sell in the future for a profit. But our first priority was to rent it out to vacationers in the city. Lief ran the numbers and projected a solid net rental yield…
Only there was one problem. A problem I take full responsibility for…
While the renovation work was going on, I made more visits to this “City of Eternal Spring.” With every visit, Medellín charmed me more. Coming from the humidity and noise of Panama City, the spring-like weather was a welcome break. Sophisticated Medellín also offered up a strong cultural scene that was more reminiscent of European living than most other parts of Latin America.
So, while I made decisions on fixtures and furniture for our restored apartment, I thought more of the comforts I’d need when in town… and completely lost sight of my potential renter.
Our rental manager warned us it was getting too fancy to suit short-term renters. Lief’s ROI plans were out the window.
Of course, all was not lost. Medellín has become part of our retirement agenda—a place we plan to spend time for many years to come. Now our family has a comfortable space to enjoy whenever we’re in town. (We’ve also used it to host gatherings for our Private Network members in the past.)
With a strong currency advantage for U.S.-dollar buyers, now is the perfect time to make a move in this city. Back when we bought our apartment in El Poblado, the exchange rate was around 1,800 pesos to US$1. Today, it’s more than 3,300 pesos to the dollar. Though property values have increased, you still have the upper hand.
Aside from affordable real estate, Medellín offers the opportunity for a superior lifestyle. As well as having one of the world’s best climates, you’ll find an impressive selection of restaurants and cafés… an exciting cultural scene, with theater, orchestra, and festivals all year… all at a reasonable cost of living.
Whether you’re interested in retiring, investing, or doing business overseas, I encourage you to try Medellín on for size. And no better way to experience everything on offer in this exciting, innovative city than to join us for our 2020 Live and Invest in Colombia Conference, June 3-5, in Medellín’s San Fernando Plaza Hotel…
Over three days with our team of Colombia experts, you’ll get all the inside information and on-the-ground support you need to be able to make your plans and invest wisely.
Like many expats who’ve already made their home here, Medellín is my favorite city in Colombia. But it’s not the only option. The experts we gather in Medellín will introduce you to other areas, too, where you can enjoy a great lifestyle… or find exciting investment opportunities.
We only run this event once a year, so it’s your single chance in 2020 to:
- Explore with us to see the best of what the country has to offer, region by region. We’ll not only have expats to give their point of view, but also Colombians who can showcase their country…
- Get the facts on being a part-time resident in exciting locations like Cartagena, Santa Marta, and Medellín…
- Visit the expat-friendly neighborhoods with the people who live here now…
- Discover how to find an affordable rental—starting at US$500 per month—and where you should be looking…
- Discover Colombia’s medical care… what many believe is Latin America’s best, most modern, and most affordable…
- Break through the language barrier. Learning Spanish is a terrific investment to help you get the most out of your experience in Colombia. We’ll showcase the best of Colombia’s many fine language schools for your convenience…
- Get a grasp on the cost of living. We’ll show you actual budgets from people who live here…
And that’s just for starters. You can read more about our plans here.
Kathleen Peddicord
