4 Things to Look for In Long-Term Property Rentals

If you’re looking to stay for a period longer than 6 months, you’d want to look for properties to rent in Medellin that offer you both comfort and convenience. The city has a huge rental market that offers a diverse price range for anyone visiting or wanting to reside here on a long-term basis.

Renting properties in Medellin can be a little different than in other countries so here’s a short guide of the 4 things you need to look for in long-term property rentals in Medellin.

Know the Fiador Hurdle

In Columbia, there is no concept of security deposits. Over the years, this has created quite a problem for sellers with foreigners not completing their agreed term of renting, consequently leading to losses and prolonged periods of unrented properties.

To overcome this, co-signor guarantors (Fiadors) have now become a mandatory requirement when renting a property in Medellin and other cities of Columbia.

There are many ways you could skip the Fiador hurdle altogether:

Apartment Owners

Sometimes renting directly from apartment owners without the need of a Fiador can be a possibility. You’ll have to make yourself look trustworthy and you’re good to go. However, finding owners who are willing to directly negotiate with you can be a challenge.

Company Sponsors

Some companies offer to pay Fiadors for you but this is not a preferred choice for most people. Although company sponsors may seem great, the fee can be as high as a whole month’s rent (or maybe even more).

Real Estate Agents

If you’re willing to pay rent in advance, there are some real estate agents who can lease apartments without the requirement of a Fiador. However, keep in mind that they are very few in number and you’ll have to keep a lookout for them. Your best chance at finding them is to have the company of someone who speaks Spanish or someone who can translate for you.

So your best chance to skip the Fiador hurdle may be finding a real estate agent who can make life easy for you.

Get a Real Estate Expert On-Board

If you want to save time while also ensuring you get the best possible rental price, getting a real estate agent on-board is your best bet.

Many good, unfurnished properties are not even advertised online or in newspapers and finding long-term rentals can be a fairly exhausting task. This is why having a real-estate expert in Medellin who knows the market can make things fairly simple for you.

Check-list Of Your Priorities

Preparing a check-list you can tick-off at the end of the day can make your life easier. When you’re looking for long term rentals in Medellin, here are some factors you should definitely consider:

Availability of Amenities

Always ensure you ask your real-estate agent whether your property has facilities like air conditioning, washer/dryer, access to a pool or gym, amongst others. Make sure there is no issue with the electricity or water supply in the area.

The View

For some people, having a property with a good view can be really important. If you’re looking for a long-term rental, why not have one with a balcony that offers a beautiful view?

Man enjoying a beautiful view of Medellin from the balcony

Close Proximity to Public Transport

A major factor you’d want to consider can be how close your property is to the bus line or metro station. Whether you need that on a daily basis is a call only you can make, but keeping this a priority is definitely advised!

Nearby Places

If you’re getting a long-term rental and forget to check on this factor, you’re in for a lot of hassle. There are many people who love to unwind after a tiring day and having nearby places they can go to relax can be a driving factor.

Check out if your property has grocery stores, restaurants, bars, malls, parks or even movie theatres close by.

The Right Neighborhood

When you’re looking for a long-term rental, it is essential that you choose a neighborhood that best reflects your needs and personality.

If budget is not your main concern, El Poblado offers foreigners the most comfortable space to reside in. From high-end restaurants and fashion boutiques to minimal language barriers, this area has a lot to offer.

If you’re looking for a quiet and peaceful neighborhood, Envigado is your place to go!

If you’re into recreational activities and have a love for nightlife, Laureles/Estadio offers skating parks, swimming pools, dancing places, football stadiums and much more.

Choosing the right neighborhood can be a little tricky but this is where your real estate agent will step in to help you.

Choose between Furnished vs. Unfurnished

If you’re a foreigner or a new comer in a city like Medellin, finding a furnished property would be the better choice for you initially. Once you’ve settled in, gotten the hang of the city and also plan on staying for longer, finding a place and furnishing it on your own will be a cheaper option.

Furnishing your own place has many upsides to it. For example, it will open up many options of areas you could find featured rentals in, it’ll offer a more personalized space for you to live/work at and it’ll save you 40% annually on average.

At the end of the day, we’re all aware how risky it can be to invest in a long-term rental property without consulting with a real estate expert. In House Real Estate offers expertise in property management services in Medellin that makes the process of renting extremely convenient. Look for a long-term rental property with great value for money and enjoy your stay in Medellin.

Categories: Real Estate

Leave A Reply

Your email address will not be published.