Love it! I likely won't be making the move for a while, but this gives me a good idea of what I should expect to pay in rent so I'm not getting scammed lol
Very beautiful house, Scott. If I were 20 years younger I might move and be your neighbor. I just might mention that this is more of a bargain renting at $550 per month as opposed to purchasing at $180,000. At $6,600 a year rent, that is only a 3.7% yield on the investment. I receive 7% and 8% on other investments, and it would be advantageous to pay the rent with existing dividend income and have money left over.
Exactly, that's the math people need to do on buying a home. Even if the rent went up over time, and this remained the right house for you, the gains from investment will generally overwhelm any long future minor cost savings from owning - if they ever even happen.
@@ScottAlanMillerVlog the rent of $550 per month is still super low. I recently looked at a house in a gated community which was for sale for $140,000. But it could be rented for $1,100 per month. Years ago I owned rental properties in Florida. To break even I had to charge 1% of the purchase price per month.
Scott, that little room with bathroom is typically where the maid stays. Most of the live-in maids in Nicaragua stay in the little room off the utility room. It’s considered the maid’s quarters.
Yes, but when it is meant for that they normally list as a fourth bedroom. That's always counted. This is smaller than that and live in maids are not common in Residencia Fatima. Certainly could be used that way, but this isn't big enough for a bed. It's designed as a bodega / office. I show a lot that I point out when it is maid's quarters. I should show my place, it has places for two staff.
Honestly I'd jump on this one. If you actually want it, it won't last and you can see from the other video how small the residencia is. While things are available there regularly, mostly it is the smaller ones like we showed last time. This one is a unique property more or less.
What I noticed in this and the other video of this colonia is there are no mango trees!!!! Great house. The room with the bath off the bodega is definitely the maid/nanny’s room.
nice little place and I would pay 550 a month to rent it. Seems like the owners are treating this as a lottery ticket though. If someone buys at 180 or even close to that they win. 40 or 50k seems more in line.
We call that the "hail mary" real estate play. It's common when selling that people go for a price that's pretty out there. $180K is high, for sure, but that's before negotiating the price and renting / buying ratios aren't like they are in other countries (I have a short video on that recorded and going up today.) $40-50K would be WAY too low. If you compare to $40K homes, this is much larger and way nicer. But remember that the lot alone is easily $40K. People pay a fortune for this address. So there's no way for the house to be super cheap inside the residencia.
It top line, super desirable neighborhoods with modern construction? Building materials cost the same here as in the US. Labor is cheaper. So construction costs less, but not tons less. The lot is cheaper, for sure. But this is the most desirable address in western Nicaragua, so you are going to pay 2-10x other locations. This is seriously high end, in demand, rapid turnover and NOT to foreigners, to Nicaraguans. So when you figure it HAD to take $10-30K to get the lot, and $100K to build the house in the first place, I think $180K is too high, but it's not high by any measure. That's what this would cost, more or less, if a normal house in town is $40K. That's how much of a premium this spot is.
lovely property but 180k to buy is too high. you can get some amazing properties in las colinas or santo domingo or the other really posh area of managua for like 60k less. but quite fair for rent. While you can certainly find good buy offers in nicaragua, it really is a renter's paradise. I live in south florida and even lower middle class rent is 1800$ a month for two beds. 1200 a month in rent in nicaragua get you an absurd property.
Where the heck can you buy a house in a gated community in Santo Domingo anywhere close to $60K? I'd buy one today! That's crazy. That's less than the cost of the building materials or most lots in Santo Domingo! The last places I looked at in Santo Domingo had rents above $3,000/mo and were over a million to buy! Please get me some info, we'll get down there and film (and buy) right away if you can get something like this at that price. I'm being literal, I'd buy that there. What a fantastic location.
Hi Scott, We are driving into Leon today to look for a rental for our family of 6. I’m guessing that this home is no longer available but if you have any advice in finding a similar size home, please let me know!! Appreciate all that you do!
How long of a time period are you looking for? I don't have the status on houses as I'm not an agent, I don't get any automatic updates. But I can ask the selling agent if it is still available.
I love this house, it just needs a little bit more dog yard 😁. If buying in a community like this, what do you pay monthly or annually for the security? I'm assuming having a secured, gated community in Nicaragua would be like having amenities provided by an HOA in the USA.
We want to own a place for my family in Nicaragua to visit. Do you know any local laws that my effect owning property in Nicaragua while living in the US.
You can own property as an American, as an American living in the US, as an American living in Nicaragua, as a Nicaraguan living abroad, as a Nicaraguan living locally. You are free to buy and sell property however you like. No restrictions. Tons and tons of Americans who only visit Nicaragua from time to time buy homes down here. That's very common as well.
I should do a video on that. It's a mix of market pressure and culture. But essentially houses are not things commonly bought or sold, families hang on to them and they last hundreds of years. So the cost of building, maintaining and keeping a house is much, much lower than in North America (also because of the weather.) So that factor lowers rent as a ratio of house purchase price. In the US, for example, you might need 10% of the rent to cover monthly maintenance and you get 30 years of rent to cover the cost of purchasing the house. Here you might need 3% of the rent to cover maintenance and you get 80 years of rent to cover the cost of purchasing. This makes rent as a function of purchase price much lower.
Also, and this is HUGE as a factor leading to what I just said... rentals here to not include appliances. No dishwaster, no fridge, no oven, no microwave, no laundry equipment, no televisions, etc. Those things are major components of rental costs in other markets.
Minuto 6:08 spirit shadow running buy the window
Love it! I likely won't be making the move for a while, but this gives me a good idea of what I should expect to pay in rent so I'm not getting scammed lol
And these are super premium. This is the top of the market for per sq ft pricing in this part of the country.
Very beautiful house, Scott. If I were 20 years younger I might move and be your neighbor. I just might mention that this is more of a bargain renting at $550 per month as opposed to purchasing at $180,000.
At $6,600 a year rent, that is only a 3.7% yield on the investment. I receive 7% and 8% on other investments, and it would be advantageous to pay the rent with existing dividend income and have money left over.
Exactly, that's the math people need to do on buying a home. Even if the rent went up over time, and this remained the right house for you, the gains from investment will generally overwhelm any long future minor cost savings from owning - if they ever even happen.
@@ScottAlanMillerVlog the rent of $550 per month is still super low. I recently looked at a house in a gated community which was for sale for $140,000. But it could be rented for $1,100 per month.
Years ago I owned rental properties in Florida. To break even I had to charge 1% of the purchase price per month.
@RobertWilliams-mb9jb very depressed market. rents are super low.
I wish you did this in Managua
me too :)
Wow,looks great and quite spacious!😊
I know, it's such a great space.
Wow really nice , what a deal
This is one of my favourites thus far.
I appreciate what u guys do 👍🏼
Thank you!
Scott, that little room with bathroom is typically where the maid stays. Most of the live-in maids in Nicaragua stay in the little room off the utility room. It’s considered the maid’s quarters.
Yes, but when it is meant for that they normally list as a fourth bedroom. That's always counted. This is smaller than that and live in maids are not common in Residencia Fatima. Certainly could be used that way, but this isn't big enough for a bed. It's designed as a bodega / office. I show a lot that I point out when it is maid's quarters. I should show my place, it has places for two staff.
Lovely house Scott 👍
Glad you like it
Nice house. I like it.
Us too!
Absolutely love it! We'll take it!
Honestly I'd jump on this one. If you actually want it, it won't last and you can see from the other video how small the residencia is. While things are available there regularly, mostly it is the smaller ones like we showed last time. This one is a unique property more or less.
@@ScottAlanMillerVlog soon sir soon! A few odds and ends here first. Trip sorted though for now! All set!
What I noticed in this and the other video of this colonia is there are no mango trees!!!!
Great house. The room with the bath off the bodega is definitely the maid/nanny’s room.
That is odd, elsewhere in the city (like my house) mango trees are everywhere. We are drowning in rotting mangos.
We will take them all! 😊
What about up in the hills, kinda away from people with great scenic views?
Then these prices would be absurd. The hilly areas are really cheap. :)
nice little place and I would pay 550 a month to rent it. Seems like the owners are treating this as a lottery ticket though. If someone buys at 180 or even close to that they win. 40 or 50k seems more in line.
We call that the "hail mary" real estate play. It's common when selling that people go for a price that's pretty out there. $180K is high, for sure, but that's before negotiating the price and renting / buying ratios aren't like they are in other countries (I have a short video on that recorded and going up today.) $40-50K would be WAY too low. If you compare to $40K homes, this is much larger and way nicer. But remember that the lot alone is easily $40K. People pay a fortune for this address. So there's no way for the house to be super cheap inside the residencia.
@@ScottAlanMillerVlog Thats a lot for a lot. LOL. I didn't think things were that expensive there.
It top line, super desirable neighborhoods with modern construction? Building materials cost the same here as in the US. Labor is cheaper. So construction costs less, but not tons less. The lot is cheaper, for sure. But this is the most desirable address in western Nicaragua, so you are going to pay 2-10x other locations. This is seriously high end, in demand, rapid turnover and NOT to foreigners, to Nicaraguans. So when you figure it HAD to take $10-30K to get the lot, and $100K to build the house in the first place, I think $180K is too high, but it's not high by any measure. That's what this would cost, more or less, if a normal house in town is $40K. That's how much of a premium this spot is.
lovely property but 180k to buy is too high. you can get some amazing properties in las colinas or santo domingo or the other really posh area of managua for like 60k less.
but quite fair for rent. While you can certainly find good buy offers in nicaragua, it really is a renter's paradise. I live in south florida and even lower middle class rent is 1800$ a month for two beds. 1200 a month in rent in nicaragua get you an absurd property.
Where the heck can you buy a house in a gated community in Santo Domingo anywhere close to $60K? I'd buy one today! That's crazy. That's less than the cost of the building materials or most lots in Santo Domingo! The last places I looked at in Santo Domingo had rents above $3,000/mo and were over a million to buy! Please get me some info, we'll get down there and film (and buy) right away if you can get something like this at that price. I'm being literal, I'd buy that there. What a fantastic location.
Hi Scott, how old do you think that house is?
I'd guess 3-5 years. Most places like this weren't planned until sometime after 2015. This felt very new.
Hi Scott, We are driving into Leon today to look for a rental for our family of 6. I’m guessing that this home is no longer available but if you have any advice in finding a similar size home, please let me know!! Appreciate all that you do!
How long of a time period are you looking for? I don't have the status on houses as I'm not an agent, I don't get any automatic updates. But I can ask the selling agent if it is still available.
@@ScottAlanMillerVlog ofcourse! I understand! we are looking to live there for the unforeseeable future!
Okay, I'll ask.
Did you end up finding something?
@@ScottAlanMillerVlog we did! In Fatima! And we saw you I believe from across the way last week at Sua!
I love this house, it just needs a little bit more dog yard 😁. If buying in a community like this, what do you pay monthly or annually for the security? I'm assuming having a secured, gated community in Nicaragua would be like having amenities provided by an HOA in the USA.
I'll ask about the monthlies. Yes, it is a lot like an HOA.
I love this house. That would be the kind of house that I would like to rent.
We want to own a place for my family in Nicaragua to visit. Do you know any local laws that my effect owning property in Nicaragua while living in the US.
You can own property as an American, as an American living in the US, as an American living in Nicaragua, as a Nicaraguan living abroad, as a Nicaraguan living locally. You are free to buy and sell property however you like. No restrictions.
Tons and tons of Americans who only visit Nicaragua from time to time buy homes down here. That's very common as well.
@@ScottAlanMillerVlog This is great to know. I'm really considering a move back to Nicaragua.
Cuánto valen esas casas ?
Mas o menos $500 USD por mes.
From a financial perspective why's is renting so much cheaper than buying?
I should do a video on that. It's a mix of market pressure and culture. But essentially houses are not things commonly bought or sold, families hang on to them and they last hundreds of years. So the cost of building, maintaining and keeping a house is much, much lower than in North America (also because of the weather.) So that factor lowers rent as a ratio of house purchase price.
In the US, for example, you might need 10% of the rent to cover monthly maintenance and you get 30 years of rent to cover the cost of purchasing the house. Here you might need 3% of the rent to cover maintenance and you get 80 years of rent to cover the cost of purchasing. This makes rent as a function of purchase price much lower.
Also, and this is HUGE as a factor leading to what I just said... rentals here to not include appliances. No dishwaster, no fridge, no oven, no microwave, no laundry equipment, no televisions, etc. Those things are major components of rental costs in other markets.
$550 for how long? A whole month?
LOL, yes, that's a monthly price. Most people complain that that's so ridiculously high here. That's crazy premium for an uber exclusive address.