Pretty spot on - We have a target of $50K total for 1500 sq foot living space, within 2 stories, on a 35' by 75' lot. It is about 1/2 built now. Just finishing off the 2nd story roof this visit. We bought the lot in 2014 and started building in 2017. Should be done in March 2023. This is in Masaya. Our property taxes from 2012 to 2020 (the previous owner was 2 yrs in arrears) were a painful $28 TOTAL :-) As you mention in other comments, if you have a cell phone and a business card in Nicaragua you are an agent. :-) There is a regulatory body but membership is not required.
This is preconstruction taxes. Once complete it will probably jump to $100/yr. This about 3% of our house equivalent taxes in Canada and about 1/3 of our vacant land in Ontario's near north. You have to also keep in mind that Nicaraguans habitually understate the value of their land to avoid taxes. The previous owners stated the land was worth $500 US equiv to the Alcadia.
Thanks for the info! Even having some ranges and comparisons w cities and neighborhoods is helpful. I'm planning my first visit to Nica (Leon primero) get a feel and gather info. Renting first. I don't know if I can handle the climate. Will stop and get a drink at your new bar. congrats!
What are your needs? Leon will be the second hottest city and the hottest one that anyone considers (Chinandega is the hottest in Latin America and has zero foreigners, great city but no one moves TO it.) So if you think it is too hot here, most anything else will at least be better. For sure the climate is brutal, but you do adjust over time. I'm from NY and I'm getting there. I find Granada actually feels hotter because of the lack of ocean breeze. But don't rule out Nicaragua based on Leon (but definitely start here.) Even Managua is quite a bit cooler. Matagalpa and Esteli are much cooler. Jinotega is way cooler than those. You have an array of climatic options within the country. And the travel time between them is not all that long. Looking forward to seeing you at the restaurant on the beach!
So glad to have found your channel. My wife and I have visited Nicaragua three times between the two of us and we are sold on the idea to retire there. Both public servants so our pensions will go a long way more than here in Canada! We are planning to go next February (2024) for a three - four week visit.
@@ScottAlanMillerVlog We visited the southern part (San Juan Del Sur/Granada/Ometepe and Popoyo) I loved the pacific side of Nicaragua and my wife swears by the Corn islands when she visited 10 years ago. Our next three-four week visit will be the Corn Islands, Managua, Leon and possibly more of the Pacific coast. Hopefully after this up coming trip we will settle on which area we will rent the next year for a couple of months (in late 2024).
Lidia loved the temps in Jinotega but said the town was not for her. They drove through Matagalpa quickly and then had to drive back to totogalpa for an aunts birthday the following morning. She was supposed to go back and spend time in Matagalpa and got sick. Holy cow ! She is feeling better and hopes to get to Matagalpa today to look around, then race to Chinendega to finish some dental crowns. What she saw of Matagalpa, she liked very much. Seems pretty clear we will be moving to Matagalpa in March….very exciting !!!
I live in Costa Rica but go to Mexico City for dental. At 75 4 front teeth had broken. Covid 19 played a role in this as could not get appointments.So had those pulled as well as 4 molars. Full denture made lower with remaining lower teethg protected from damage now. 2 toot partial on top. Total cost was $490 USD and stayed in a 4 star hotel for $12 a night less than 200 meters from the dental clinic. Where I live in Costa Rica a small town of 9000. Women practice dentistry as a hobbyt hard to get appointments. 3 hours by car is San Jose but would be spending $45 a night in a hotel over a 3 week period. So Mexico City was cheaper.
Scott, we would love to learn more about your friends who built their place in a creative way "for far less than $25k." Can you do a profile or talk more about this? Their example and others like it probably wouldn't be for everyone, yet I think it may be for my partner and I and i'll bet we'll find some inspiration from that story. Thanks!
I don't know how much there is to tell. It's all very basic. They bought a plot in the barrio where the cost would be low for the land. They built a Nicaraguan style house not designed for air conditioning, so open air flow roof and so forth. Very basic "studio" style house with a single room for kitchen, living room, dining room and bedroom. The only thing that is its own space is the bathroom. There's plenty of yard space front and back and the whole property is fenced. It was about $13,000 before the boom in construction prices, but that is already starting to return to normal. It's new construction, but essentially a free standing studio apartment. It's used by a single person, so works just fine. No need for anything more complicated and it isn't the middle of the city, so air conditioning is unnecessary (but I'd still want it, personally.) But that's down here in the lowlands. If you did the same thing in the mountains, there'd be no desire for air conditioning at all making it make even more sense.
Seven years ago I used to see regular ads for already built homes in gated communities for $25K USD. And I know of a similar ad in Managua for similar homes on the Masaya Road today for $35K starting. That's a far cry percentage wise than $13K, but gated community and everything handled for you is worth a bit of money, too. There is a Nicaraguan standard style home used in those developments and while simple and basic, I like them very much. I find the lifestyle comfortable and practical. I have a friend with one that I've shown the outside of in Ciudad Sandino and it's a wonderfully vibrant and friendly community that is very practical and affordable.
I would have guessed that most expats moving to Nicaragua were going to live primarily on social security and looking for very modest accommodations, but I guess a lot of the Grenada/SJDS crowd would be well healed. Thx Scott ! Nice to know in Matagalpa the prices are low as long as Lidia is negotiating without me around. Ha
My small personal experience has been very few of the social security only set. That would make sense and many do exist. But rather well off seems to be the norm.
Why is Esteli more expensive than Matagalpa? Does Esteli offer something Matagalpa doesn't? Is it safer? They seem to be similar elevations and have the same weather 🤔.
No idea, but it is perceived regionally as the more desirable city. It is a logistics hub like Chinandega and sits on the Panamerican Highway with really easy access to Honduras and decent access to Managua. It's lower and easier to get to.
Are they really? Or is that just what someone is telling you? I'm about to upload a video about that. When we were trying to buy in SJDS we were told the same thing, when we actually got here and looked into it, it was all fake and no one was actually buying. The people selling were desperately looking for anyone to buy. Be wary, real estate agents are attempting to create a false market by claiming things are selling when, in reality, they were never for sale in the first place. Scams are everywhere, especially if you are attempting to buy remotely without being here to inspect in person. Details coming in a video very soon.
So LOTS of beach towns to the north. SJDS is nearly the southern most point. And the prices are all lower. But none have the same infrastructure as SJDS. So always a tradeoff.
Hi bud thanks for your great video. How much for a construction 2 story house 3 x 2 top floor bonus room and balcony front and back. 1st floor big bedroom LR DR 2.5 Bath kitchen open layout w garage Roughly
Those prices vary SO Much. Even in the US that's all but impossible to estimate. Here the dynamic range is so much higher. Location, materials, team, fixtures, it'll make far more of a difference than the size or layout will.
I don't have a solid reason other than it is the only one of the three that sits on the Panamerican Highway which connects the region to the capital and the bordering countries. So it is the logistical hub for the entire highlands region. That is why Chinandega is the richest city in the country... it has the highway, a big agricultural base, and the main port for the country (Corinto.). Logistical hubs tend to be rich. Is that why Esteli is rich? Im' not sure, but I think it is at least a major factor. Also, it isn't as high in the mountains so just easily to deal with.
Esteli is an "old money center" and the main clearance hub for the north's wealth to Managua. Tobacco, coffee and other produce, which then goes to export. Many of the families that control the production or the distribution of that product lives in Esteli. A clear indication of the wealth s the amount of double cab 70 series pickups. If you think a HiLux is tough, a 70 series pickup is twice that and twice the price and Esteli has those in spades. Jinotega is more of a minor clearing center for product to Esteli and then back done to Managua. I would love to live in Jinotega with the cooler climate, but is too far from my wife's extended family that remains here, which is really the reason I am here :-)
Monkeys are all over. But less on the west coast. I know that there are monkeys in Granada, but not here in Leon. I bet Boaco, but I need to investigate. Sloths TEND to be towards teh southern border. Very few in NIcaragua, but they exist. There was a spotting on the highway outside Leon a couple years ago.
Hi Scott, I’m brand new to my research phase, and your videos are a great resource. Thank you. I would like to purchase a small (maybe 2 bedroom) home, on or very near a beach. I do not want to be surrounded only by expats, I want to experience the culture. Is there an area you would recommend? My friend’s mother recently purchased a house directly on playa gigante waterfront for 20k, it needed work, and she has invested another 60k into renovating it and adding 3 apartments above it, for vacation rentals. I would also consider a project like this. But I’m curious about your take on the different beach areas. Thanks in advance!
Scott, I have been watching your videos. Very informative. I have a question for you. I was born in Nicaragua but I emigrated to the US in the mid 80's, currently holds US citizenship and I have been living in the states ever since. I do travel to Nicaragua but not as often. In general is there any difference in buying a house for someone in my situation, born there but now living abroad or will I get charge the Nicaraguan-Gringo Tax? Planning to buy something nice there in the future. Not sure if my question makes sense. Thanks!
Realistically, you are just a gringo now to Nicaraguans. You likely hav an advantage that you speak Spanish well (I'm guessing) and you probably have a better awareness of what you SHOULD be paying for things. But if Nicaraguans can hear your accent or are aware that you have lived in the US, you are a gringo. And thanks for watching!!
with the nicaraguan cedula they will treat you just like a normal nicaraguan citizen. I was also born in nicaragua and lived my entire life in the US. during the pandemic I went to buy a house there, but first I had to get the cedula
It is ON the mountain. Backpacking definitely. It'll be cool weather, lots of nature, and very few tourist. Safe and lovely, but not on "the trail" so you won't see other other backpackers. Fishing might be challenging not a lot of water in the city area.
Some people do that. Don't know why you'd want to but of course you can. This isn't America with all those crazy rules. As long as you aren't hurting anyone you are free to do just about anything.
Personally I predict very few moving down. Some, for sure. But many are still leaving. Everyone around me says that a wave of them is coming in the next year, but I find it very unlikely. Nothing traditionally seems to support that theory and many foreign governments are working hard to discourage moving to or investing in Nicaragua which does a lot to slow movement to hear. People need time, a lot of it, to see that those of us here have a different picture than what is being painted by those on the outside who haven't even been here. It's a slow process. Right now houses are at an ALL TIME low. So yes, prices will come up. But I think it is going to be slow because there is so much on the market and so few buyers. Even a 1000% increase in buyers would change the market very little. Until there is more demand than supply prices will stay really low. Although foreigners only influence so much of the market. Some really high end downtown places and beach houses, but that's about it. The majority of the housing market is still a local one and not heavily influenced by outsiders. Granada and SJDS are heavily outside influenced. Las Peñitas quite a bit on the beach road. But beyond that, it tends to be a locals market. So the prices will stay pretty much in line with the overall market for quite some time, I would predict.
Thanks. I could definitely be an agent. But I don't believe in it. At least not in the traditional sense. Being paid based on the sales price isn't something I want to do. I love the idea of real estate, I find it super interesting and my wife and best friend were both agents back in the US (NY and Texas.) So I've been around it a lot. I might consider some sort of housing consulting where I get a flat fee for showing people around and helping to facilitate things or something. I don't know a good way to make it work where I can afford the time to do it and it is reasonable for people to pay me. I love the idea of showing houses and you are hopefully about to see a new channel from me around that concept (but not selling houses, just showing them.)
I'm not sure that there are any. That's a detail in my next vlog. This isn't a market that uses real estate agents and there are no laws governing them. So using one is very dangerous and will guarantee that you can't get good prices. If you are working with one or someone who is assisting with real estate, you'll need someone specific to the town in question. The same as in other countries, you need local knowledge and resources to be of any help. More so here as everything is about local politics and connections, so even someone from just 30 minutes away will likely be useless. When we were getting our city house, the real estate office advertised loads of places, but actually had none. It was all fake. But when we went around town, there were hundreds available. No local will use a real estate agent as it makes no sense and isn't affordable. So if you use one, you are stuck in a "gringo tax" situation, on top of likely getting scammed, which is a very dangerous proposition. If you are buying a handcraft for $10, that doesn't matter much. When you are attempting to buy land, it is a BIG deal. I'd recommend having a local legal team, and otherwise just finding someone to get house info for you. Not an agent.
@@ScottAlanMillerVlog Thanks man. I remember your video about your experience with local realtors and how hectic it was. And then you have managed to acquire couple properties.
@@VallRud Yeah, we had a lot of scams attempted on us in San Juan del Sur, that's where it is the worst. It's a huge business there. Then we had some in Managua try it. By the time we got to the Leon market, we were avoiding realtors completely and, magically, it mostly solved everything. Still had the sellers try to pull some fast ones, but only Canadian sellers, not Nicaraguans.
Theoretically that's enough to do that, yes. Likely you don't want to build, look for one that is for sale (there are many.) Surf and hotel is a popular mix on the Pacific coast. $200K will be lean, but definitely doable. Especially if you plan to live and work there yourself, the money will go far. The real estate is obviously your main cost.
Build v Buy factors: building materials are in globally short supply so costs everywhere have risen making now an expensive time to build. Nicaragua is still in a recession and property values are quite low, so buying something already built means you can get a deal (even by Nica standards.) Many places are for sale and not advertised because there are no buyers.
Bryan - First plant yourself for a month and do a serious review by an "eyeballs market" study - Go to the Market and count surfs coming off the bus. Count Chele's coming into town by taxi with a Coke or a beer at the Uno a couple of hours over 3 or 4 days. Watch the number of people checking into the hotels. Watch the restaurant attendance on the beach. Watch the Taxistias driving people to the auxiliary beaches. While you can build for those funds, if those funds are leveraged and you have to pay them back, or if you expect more than 5 to 10% ROI, your reasurch may better validate those ideas and you may revisit those plans. If you can sit and wait for the pre-2018 heydays (wetted finger to the wind) I would say you have 5 to 7 yrs of waiting. We were there a week and a half ago and SJDS is a shell of its 2004 to 2016ish hey days
@@BillBlyleven Thanks, Yes we are planning to visit and game out the market. With global economy w/ inflating dollar it is a hard to predict. Rich will always travel but maybe not to rustic Nicaragua. The kind of people who would visit I believe would be most hit during hard times. Thanks for the input.
Actually the rich do travel here. But the bulk are more adventurous. There is money to be made here, but it’s not a road to rapid riches either. And the market is saturated.
Matagalpa is to far from Managua, Jinotepe is only 45 minutes. Embassy, International airport, good hospitals. Jinotepe weather is great, Costa Rican's boarder 90 minutes. Jinotepe IMO it is worth the extra expense.
@@ruthrecalde2858 Jinotepe is very nice, I like it a lot. I like the Matagalpa region generally more, though, because you have three large cities and large departments all with great weather and a lot going on between them. If you want to use Managua all the time, Jinotepe is much better for sure. but i's a tiny city compared to really large ones. So very different lifestyle.
Yeah, that's not Nicaragua in the traditional sense. It is legally part of the country but it was an old British colony in which they invested nothing and it is an autonomous region that only loosely participates with the rest of Nicaragua. Nothing wrong with the region, but when people talk about Nicaragua they don't mean there as it is legally, culturally, historically and linguistically a different region entirely. Just like Barcelona in Spain or Puerto Rica in the US. Legally part of the country, but a separate "nation" on its own. Bluefields is the capital of the Mosquito Coast region that stretches between Nicaragua and Honduras. It's very, very different than Nicaragua out west. Traditional Nicaragua is a region shaped like and similar in size to El Salvador that sits on the Pacific coast. The Mosquito Coast region joined Nicaragua politicaly more recently and the two remain separate regions. Until just a couple years ago, driving to Bluefields wasn't even an option. It required a flight when I lived here previously!
Hey Scott, I'm liking and subscribing! Keep the Nicaragua content coming 🇳🇮✊
Pretty spot on - We have a target of $50K total for 1500 sq foot living space, within 2 stories, on a 35' by 75' lot. It is about 1/2 built now. Just finishing off the 2nd story roof this visit. We bought the lot in 2014 and started building in 2017. Should be done in March 2023. This is in Masaya. Our property taxes from 2012 to 2020 (the previous owner was 2 yrs in arrears) were a painful $28 TOTAL :-)
As you mention in other comments, if you have a cell phone and a business card in Nicaragua you are an agent. :-) There is a regulatory body but membership is not required.
Wow! 28 bucks for taxes? Incredible
This is preconstruction taxes. Once complete it will probably jump to $100/yr. This about 3% of our house equivalent taxes in Canada and about 1/3 of our vacant land in Ontario's near north.
You have to also keep in mind that Nicaraguans habitually understate the value of their land to avoid taxes.
The previous owners stated the land was worth $500 US equiv to the Alcadia.
Thanks for the info! Even having some ranges and comparisons w cities and neighborhoods is helpful. I'm planning my first visit to Nica (Leon primero) get a feel and gather info. Renting first. I don't know if I can handle the climate. Will stop and get a drink at your new bar. congrats!
What are your needs? Leon will be the second hottest city and the hottest one that anyone considers (Chinandega is the hottest in Latin America and has zero foreigners, great city but no one moves TO it.) So if you think it is too hot here, most anything else will at least be better. For sure the climate is brutal, but you do adjust over time. I'm from NY and I'm getting there. I find Granada actually feels hotter because of the lack of ocean breeze.
But don't rule out Nicaragua based on Leon (but definitely start here.) Even Managua is quite a bit cooler. Matagalpa and Esteli are much cooler. Jinotega is way cooler than those. You have an array of climatic options within the country. And the travel time between them is not all that long.
Looking forward to seeing you at the restaurant on the beach!
You did a great job, Scott!
Thanks!!
So glad to have found your channel. My wife and I have visited Nicaragua three times between the two of us and we are sold on the idea to retire there. Both public servants so our pensions will go a long way more than here in Canada! We are planning to go next February (2024) for a three - four week visit.
That's awesome! What part of the country are you interested in? Welcome to the channel!
@@ScottAlanMillerVlog We visited the southern part (San Juan Del Sur/Granada/Ometepe and Popoyo) I loved the pacific side of Nicaragua and my wife swears by the Corn islands when she visited 10 years ago. Our next three-four week visit will be the Corn Islands, Managua, Leon and possibly more of the Pacific coast. Hopefully after this up coming trip we will settle on which area we will rent the next year for a couple of months (in late 2024).
Lidia loved the temps in Jinotega but said the town was not for her. They drove through Matagalpa quickly and then had to drive back to totogalpa for an aunts birthday the following morning. She was supposed to go back and spend time in Matagalpa and got sick. Holy cow ! She is feeling better and hopes to get to Matagalpa today to look around, then race to Chinendega to finish some dental crowns.
What she saw of Matagalpa, she liked very much. Seems pretty clear we will be moving to Matagalpa in March….very exciting !!!
I prefer Matagalpa too. So much going on.
I live in Costa Rica but go to Mexico City for dental. At 75 4 front teeth had broken. Covid 19 played a role in this as could not get appointments.So had those pulled as well as 4 molars. Full denture made lower with remaining lower teethg protected from damage now. 2 toot partial on top. Total cost was $490 USD and stayed in a 4 star hotel for $12 a night less than 200 meters from the dental clinic. Where I live in Costa Rica a small town of 9000. Women practice dentistry as a hobbyt hard to get appointments. 3 hours by car is San Jose but would be spending $45 a night in a hotel over a 3 week period. So Mexico City was cheaper.
Scott, we would love to learn more about your friends who built their place in a creative way "for far less than $25k." Can you do a profile or talk more about this? Their example and others like it probably wouldn't be for everyone, yet I think it may be for my partner and I and i'll bet we'll find some inspiration from that story. Thanks!
I don't know how much there is to tell. It's all very basic. They bought a plot in the barrio where the cost would be low for the land. They built a Nicaraguan style house not designed for air conditioning, so open air flow roof and so forth. Very basic "studio" style house with a single room for kitchen, living room, dining room and bedroom. The only thing that is its own space is the bathroom. There's plenty of yard space front and back and the whole property is fenced. It was about $13,000 before the boom in construction prices, but that is already starting to return to normal. It's new construction, but essentially a free standing studio apartment. It's used by a single person, so works just fine. No need for anything more complicated and it isn't the middle of the city, so air conditioning is unnecessary (but I'd still want it, personally.)
But that's down here in the lowlands. If you did the same thing in the mountains, there'd be no desire for air conditioning at all making it make even more sense.
Seven years ago I used to see regular ads for already built homes in gated communities for $25K USD. And I know of a similar ad in Managua for similar homes on the Masaya Road today for $35K starting. That's a far cry percentage wise than $13K, but gated community and everything handled for you is worth a bit of money, too. There is a Nicaraguan standard style home used in those developments and while simple and basic, I like them very much. I find the lifestyle comfortable and practical. I have a friend with one that I've shown the outside of in Ciudad Sandino and it's a wonderfully vibrant and friendly community that is very practical and affordable.
@@ScottAlanMillerVlog Thanks Scott, that's helpful info. 🙋🏻👍
@@raku5219 You are most welcome.
In Atlanta a lot of the homes were made in the 1920’s. Difference is they are 600,000 here.
Jaja, good luck finding one for $600K these days! ;)
I would have guessed that most expats moving to Nicaragua were going to live primarily on social security and looking for very modest accommodations, but I guess a lot of the Grenada/SJDS crowd would be well healed.
Thx Scott ! Nice to know in Matagalpa the prices are low as long as Lidia is negotiating without me around. Ha
My small personal experience has been very few of the social security only set. That would make sense and many do exist. But rather well off seems to be the norm.
Why is Esteli more expensive than Matagalpa? Does Esteli offer something Matagalpa doesn't? Is it safer? They seem to be similar elevations and have the same weather 🤔.
No idea, but it is perceived regionally as the more desirable city. It is a logistics hub like Chinandega and sits on the Panamerican Highway with really easy access to Honduras and decent access to Managua. It's lower and easier to get to.
I’m shopping for land in SJDS currently. Suddenly, things are getting bought up quickly.
Are they really? Or is that just what someone is telling you? I'm about to upload a video about that. When we were trying to buy in SJDS we were told the same thing, when we actually got here and looked into it, it was all fake and no one was actually buying. The people selling were desperately looking for anyone to buy. Be wary, real estate agents are attempting to create a false market by claiming things are selling when, in reality, they were never for sale in the first place. Scams are everywhere, especially if you are attempting to buy remotely without being here to inspect in person. Details coming in a video very soon.
I found mine! In the process of 5.1 acres! Wish me luck!
Good luck!!!
Is there any other beach towns that are north of San Juan del sur with just as good of infrastructure but the prices of homes are lower?
So LOTS of beach towns to the north. SJDS is nearly the southern most point. And the prices are all lower. But none have the same infrastructure as SJDS. So always a tradeoff.
Hi bud thanks for your great video. How much for a construction 2 story house 3 x 2 top floor bonus room and balcony front and back. 1st floor big bedroom LR DR 2.5 Bath kitchen open layout w garage
Roughly
Those prices vary SO Much. Even in the US that's all but impossible to estimate. Here the dynamic range is so much higher. Location, materials, team, fixtures, it'll make far more of a difference than the size or layout will.
Surprised that Esteli is significantly more expensive than Matagalpa/Jinotega. Do you know why that is?
I don't have a solid reason other than it is the only one of the three that sits on the Panamerican Highway which connects the region to the capital and the bordering countries. So it is the logistical hub for the entire highlands region. That is why Chinandega is the richest city in the country... it has the highway, a big agricultural base, and the main port for the country (Corinto.). Logistical hubs tend to be rich. Is that why Esteli is rich? Im' not sure, but I think it is at least a major factor. Also, it isn't as high in the mountains so just easily to deal with.
Esteli is an "old money center" and the main clearance hub for the north's wealth to Managua. Tobacco, coffee and other produce, which then goes to export. Many of the families that control the production or the distribution of that product lives in Esteli. A clear indication of the wealth s the amount of double cab 70 series pickups. If you think a HiLux is tough, a 70 series pickup is twice that and twice the price and Esteli has those in spades.
Jinotega is more of a minor clearing center for product to Esteli and then back done to Managua. I would love to live in Jinotega with the cooler climate, but is too far from my wife's extended family that remains here, which is really the reason I am here :-)
@@BillBlyleven old money makes sense. All those export businesses that have been the backbone of the economy for a couple hundred years.
The locals blame it on the Cubans, but in reality it is the remesa money coming in. Also a lot of Managua money lately.
Keep up the great videos. What area would I purchase in if I want to wake up to sloths and monkeys in my backyard?
Monkeys are all over. But less on the west coast. I know that there are monkeys in Granada, but not here in Leon. I bet Boaco, but I need to investigate.
Sloths TEND to be towards teh southern border. Very few in NIcaragua, but they exist. There was a spotting on the highway outside Leon a couple years ago.
Hi Scott, I’m brand new to my research phase, and your videos are a great resource. Thank you. I would like to purchase a small (maybe 2 bedroom) home, on or very near a beach. I do not want to be surrounded only by expats, I want to experience the culture. Is there an area you would recommend? My friend’s mother recently purchased a house directly on playa gigante waterfront for 20k, it needed work, and she has invested another 60k into renovating it and adding 3 apartments above it, for vacation rentals. I would also consider a project like this. But I’m curious about your take on the different beach areas. Thanks in advance!
My video for the 6th, which should be up in 2-3 days, answers your questions in long form :)
Scott, I have been watching your videos. Very informative. I have a question for you. I was born in Nicaragua but I emigrated to the US in the mid 80's, currently holds US citizenship and I have been living in the states ever since. I do travel to Nicaragua but not as often. In general is there any difference in buying a house for someone in my situation, born there but now living abroad or will I get charge the Nicaraguan-Gringo Tax? Planning to buy something nice there in the future. Not sure if my question makes sense. Thanks!
Realistically, you are just a gringo now to Nicaraguans. You likely hav an advantage that you speak Spanish well (I'm guessing) and you probably have a better awareness of what you SHOULD be paying for things. But if Nicaraguans can hear your accent or are aware that you have lived in the US, you are a gringo.
And thanks for watching!!
all you have to do is go apply for a Nicaraguan cedula with your birth certificate and/or get your nicaraguan passport at your us city
with the nicaraguan cedula they will treat you just like a normal nicaraguan citizen. I was also born in nicaragua and lived my entire life in the US. during the pandemic I went to buy a house there, but first I had to get the cedula
Do you own or rent?
Jajaja. Both. ;)
Is Matagalpa ideal for backpacking and fishing? It is by the mountain righ?
It is ON the mountain. Backpacking definitely. It'll be cool weather, lots of nature, and very few tourist. Safe and lovely, but not on "the trail" so you won't see other other backpackers. Fishing might be challenging not a lot of water in the city area.
Can I live in a van and cargo trailer or bus or travel trailer on a plot of land and grow crops on the land?
Some people do that. Don't know why you'd want to but of course you can. This isn't America with all those crazy rules. As long as you aren't hurting anyone you are free to do just about anything.
Hi Scott, will you predict more foreigners moving to Nicaragua next year and will this bring houses prices up?
Personally I predict very few moving down. Some, for sure. But many are still leaving. Everyone around me says that a wave of them is coming in the next year, but I find it very unlikely. Nothing traditionally seems to support that theory and many foreign governments are working hard to discourage moving to or investing in Nicaragua which does a lot to slow movement to hear. People need time, a lot of it, to see that those of us here have a different picture than what is being painted by those on the outside who haven't even been here. It's a slow process.
Right now houses are at an ALL TIME low. So yes, prices will come up. But I think it is going to be slow because there is so much on the market and so few buyers. Even a 1000% increase in buyers would change the market very little. Until there is more demand than supply prices will stay really low. Although foreigners only influence so much of the market. Some really high end downtown places and beach houses, but that's about it. The majority of the housing market is still a local one and not heavily influenced by outsiders. Granada and SJDS are heavily outside influenced. Las Peñitas quite a bit on the beach road. But beyond that, it tends to be a locals market. So the prices will stay pretty much in line with the overall market for quite some time, I would predict.
@@ScottAlanMillerVlog Thank you for your time, I think you have very good knowledge of Nicaraguan real-estate that you would be a great agent.
Thanks. I could definitely be an agent. But I don't believe in it. At least not in the traditional sense. Being paid based on the sales price isn't something I want to do. I love the idea of real estate, I find it super interesting and my wife and best friend were both agents back in the US (NY and Texas.) So I've been around it a lot. I might consider some sort of housing consulting where I get a flat fee for showing people around and helping to facilitate things or something. I don't know a good way to make it work where I can afford the time to do it and it is reasonable for people to pay me. I love the idea of showing houses and you are hopefully about to see a new channel from me around that concept (but not selling houses, just showing them.)
Hey Scott, could you refer a trustworthy realtor based on your experience please?
I'm not sure that there are any. That's a detail in my next vlog. This isn't a market that uses real estate agents and there are no laws governing them. So using one is very dangerous and will guarantee that you can't get good prices. If you are working with one or someone who is assisting with real estate, you'll need someone specific to the town in question. The same as in other countries, you need local knowledge and resources to be of any help. More so here as everything is about local politics and connections, so even someone from just 30 minutes away will likely be useless.
When we were getting our city house, the real estate office advertised loads of places, but actually had none. It was all fake. But when we went around town, there were hundreds available. No local will use a real estate agent as it makes no sense and isn't affordable. So if you use one, you are stuck in a "gringo tax" situation, on top of likely getting scammed, which is a very dangerous proposition. If you are buying a handcraft for $10, that doesn't matter much. When you are attempting to buy land, it is a BIG deal.
I'd recommend having a local legal team, and otherwise just finding someone to get house info for you. Not an agent.
Here ua-cam.com/video/0KKk5tYB6LA/v-deo.html
@@ScottAlanMillerVlog Thanks man. I remember your video about your experience with local realtors and how hectic it was. And then you have managed to acquire couple properties.
@@VallRud Yeah, we had a lot of scams attempted on us in San Juan del Sur, that's where it is the worst. It's a huge business there. Then we had some in Managua try it. By the time we got to the Leon market, we were avoiding realtors completely and, magically, it mostly solved everything. Still had the sellers try to pull some fast ones, but only Canadian sellers, not Nicaraguans.
@@ScottAlanMillerVlog Gotcha, thanks again Scott.
I wonder how much it costs to live in San Juan Del Sur
Cheaper than most anywhere else, but much more expensive than normal Nicaragua :)
We would like to own & run a small surf camp/ boutique hotel on the west coast. Would be happy to build. $200k cash?
Theoretically that's enough to do that, yes. Likely you don't want to build, look for one that is for sale (there are many.) Surf and hotel is a popular mix on the Pacific coast. $200K will be lean, but definitely doable. Especially if you plan to live and work there yourself, the money will go far. The real estate is obviously your main cost.
Build v Buy factors: building materials are in globally short supply so costs everywhere have risen making now an expensive time to build. Nicaragua is still in a recession and property values are quite low, so buying something already built means you can get a deal (even by Nica standards.) Many places are for sale and not advertised because there are no buyers.
Bryan - First plant yourself for a month and do a serious review by an "eyeballs market" study - Go to the Market and count surfs coming off the bus. Count Chele's coming into town by taxi with a Coke or a beer at the Uno a couple of hours over 3 or 4 days. Watch the number of people checking into the hotels. Watch the restaurant attendance on the beach. Watch the Taxistias driving people to the auxiliary beaches.
While you can build for those funds, if those funds are leveraged and you have to pay them back, or if you expect more than 5 to 10% ROI, your reasurch may better validate those ideas and you may revisit those plans. If you can sit and wait for the pre-2018 heydays (wetted finger to the wind) I would say you have 5 to 7 yrs of waiting.
We were there a week and a half ago and SJDS is a shell of its 2004 to 2016ish hey days
@@BillBlyleven Thanks, Yes we are planning to visit and game out the market. With global economy w/ inflating dollar it is a hard to predict. Rich will always travel but maybe not to rustic Nicaragua. The kind of people who would visit I believe would be most hit during hard times. Thanks for the input.
Actually the rich do travel here. But the bulk are more adventurous. There is money to be made here, but it’s not a road to rapid riches either. And the market is saturated.
Maybe I should buy a house in matagalpa, maybe I can get more for 50k, I originally planned to buy a house in jinotepe
Matagalpa is a little warmer, much larger, and a little more expensive.
Matagalpa is to far from Managua, Jinotepe is only 45 minutes. Embassy, International airport, good hospitals. Jinotepe weather is great, Costa Rican's boarder 90 minutes. Jinotepe IMO it is worth the extra expense.
@@ruthrecalde2858 Jinotepe is very nice, I like it a lot. I like the Matagalpa region generally more, though, because you have three large cities and large departments all with great weather and a lot going on between them. If you want to use Managua all the time, Jinotepe is much better for sure. but i's a tiny city compared to really large ones. So very different lifestyle.
What about marrying someone from nicaragua ???? Ans beinf an American
What aspect of it are you wondering about?
And the Costa caribe?
It's very cheap. Probably a bit cheaper than elsewhere. The Costa Caribe is not very desirable because it is remote and lacks infrastructure.
@@ScottAlanMillerVlog thanks. I am researching Bluefields area to buy a casa de playa and had noticed that the infrastructure is lacking
Yeah, that's not Nicaragua in the traditional sense. It is legally part of the country but it was an old British colony in which they invested nothing and it is an autonomous region that only loosely participates with the rest of Nicaragua. Nothing wrong with the region, but when people talk about Nicaragua they don't mean there as it is legally, culturally, historically and linguistically a different region entirely. Just like Barcelona in Spain or Puerto Rica in the US. Legally part of the country, but a separate "nation" on its own.
Bluefields is the capital of the Mosquito Coast region that stretches between Nicaragua and Honduras. It's very, very different than Nicaragua out west. Traditional Nicaragua is a region shaped like and similar in size to El Salvador that sits on the Pacific coast. The Mosquito Coast region joined Nicaragua politicaly more recently and the two remain separate regions. Until just a couple years ago, driving to Bluefields wasn't even an option. It required a flight when I lived here previously!
@@ScottAlanMillerVlog wow! Thanks so much for the info! Thinking twice now.👍🙏
It's an interesting area, but it's definitely not what you normally think of as being the Caribbean and certainly now what you imagine of Nicaragua.
Again with the Colonizing
I'm Swiss, didn't colonize too much.
You are unfriendly with the Native Children learn from ....Ace he is so Great over there
Ace the hardware store? What? Ace like the delusional character from Red Dwarf?