We BOUGHT A HOUSE IN NICARAGUA! | How to buy a house in NICARAGUA | Our EXPAT journey
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- Опубліковано 12 вер 2024
- We BOUGHT A HOUSE IN NICARAGUA. Learn the steps of how to buy a house in NICARAGUA. Follow our EXPAT journey as we prepare to move to Nicaragua and live there full time as EXPATS. We bought our home while we were living in Canada, sight unseen!
Take a tour of our house • Take a TOUR of our hou...
The process was very straight forward and easy and would be very similar in most Central American Countries. One recommendation we have is to get your Limited Power of Attorney while in the country - it will make the process even easier. Find out how much we paid, all the closing costs and legal fees. Fun fact, many houses in Nicaragua and Central America come furnished, so when your shopping for property know that the price includes furniture!!! Property is so affordable, whether it is going to be your primary residence, your "snow bird" getaway or a vacation home, now might be the right time to start shopping.
We are a Canadian couple and we LOVE to travel! We are retiring early (at age 45) and moving to Nicaragua in 17 months. We're selling, donating and downsizing, and heading down the Pan American highway for the Adventure of a life time! Follow our channel to be part of the Adventure!
If you enjoy our videos & want to support our content creation you can buy us a cup of coffee
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Want to rent a house in Nicaragua for a few days or a few weeks? Here is our house on Air B & B abnb.me/QQh9gX... - Our property managers, Mango Vacation Rentals (Paul & Ann) will take great care of you! You can also check out the other vacation properties they manage at www.mangosjds.com.
If you are looking to buy in Nicaragua contact our realtor John Crilly at crilly.remax @gmail.com - you can view properties for sale at property-nicaragua.com.
Trying to decide if you want to buy or rent abroad? Here are the pros and cons
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Have you ever thought about buying abroad? Have you already done it? We would love to hear your thoughts.
I am seriously considering to sell here in BC and taking up permanent residence. But I would like to establish a business as well. Be it a keyosk/food, scooter rental or a kelp farm. I don't want to move down there and such of the system. I have, when sold approx 250-300k to start with. How are the Covid restrictions?
Did you finance or cash? If finance, what’s it done with the bank or private?
@@user-nd9re8vr6l We paid cash for our home. There are not many options through the banks in Nicaragua for financing. Some sellers will offer owner financing, typically they would offer a 3-5 year term.
@@user-nd9re8vr6l You mentioned you are looking to move to Nica, what area?
@@ChrisTovahsAmazingAdventures i haven't decide between Jinotepe, San Jun Del Sur, or Managua.
It is crazy how affordable property is in Nicaragua compared to Canada. We paid much more for our Canadian real estate and the Nicaragua house is newer, nicer and has it's own pool! And we are only 5 minutes walk from the beach.
How much was it?
Perhaps in a future video, you could talk about Nicaraguan residency versus citizenship, rules and regulations around tourist visas, how long you can stay in one trip etc... Those kinds of details would be helpful to better understand renting vs purchasing and so on... Thanks for the great videos!
Great suggestion. As we dive deeper into getting our residency we will make a video about and cover the tourist visa info. With a tourist visa you can stay 90 days and then need to leave the country, with going to Costa Rica being the closest/easiest as several other bordering counties form the CA-4 group (Honduras, El Salvador, Guatemala and Nicaragua) and going to these countries does not constitute exiting in terms of re-starting your 90 days. So most non-residence (whether long term travelers or people living there full time that have not obtained residency) do a boarded run to Costa Rica every 3 months. The boarder is about 1 hour from San Juan Del Sur.
Interesting finding out the process that you went through to buy. You must be excited to come and see it in person 😃
We have been to our new home twice since purchasing it...we can’t wait to move in full time.
It was even nicer once we saw it in person. It is exactly what we were looking for and the location is perfect for us.
@@ChrisTovahsAmazingAdventures perfect 😁
Ah, just saw this after my suggestion…so much for renting! Well…good luck
Thank you!! 😊 Originally we were renting all the way...but the market was really a a perfect place to buy, when looking at it as an investment. Plus we also really liked the idea of having a home base and not having to move often (though we will travel lots, we will have a place to come home to).
nice video guys, good info. The background music was too distracting when listening with headphones. I couldn't finish, maybe think of skipping it next time.
Thanks for the feedback Chris. On our new videos we are shipping the music when talking.
Oooooooh before i start watching i should say that detailed wall is everything love
Yes! We love the white walls, so crisp, clean and modern.
We recently had the exterior of the house repainted and we could believe how affordable it was. We would have cost us about 10x the price if it was in Canada.
@@ChrisTovahsAmazingAdventures Wow good painting for good money that’s cool
ALWAYS helpful information... I'm most appreciative of your willingness to share real data from your experience as opposed to trying to decode some generic info.
Property in Miami is ungodly expensive. A condo around here is upwards of 1 mil, which makes it mind blowing that your beautiful house would be soooooo affordable 😲
I only own one house in Miami Shores, so I'm pretty clueless about real estate. Hope to continue to learn and maybe one day we'll be neighbors 😉
Cheers!
We appreciate the feedback. We want our channel to be transparent about our expat journey, we hope to educate and help others by sharing our experiences. You are so right, there are many cities in Canada, USA and the UK that may make it near impossible to people to own a home without being very wealthy. Moving abroad is a great option to make your money go further and to get away from the massive consumerism. Cheer 😊
Thanks for the info. Very interesting
Thank Suz. It was an interesting process. We found it to be easier than anticipated...you just need some patience.
You bought a house at the perfect time. Nice job 👍🏾
Yes! Thank you!
I'm Nicaraguan American and watching this video like man... that luxurious house at the 600k price, for the same price here in Los Angeles... that's the price of a house in the hood! It honestly just makes so much more sense to move to another country and live a better life. I just think a lot of us Americans are used to staying in our bubble.
Well said! Many people we know either think we are crazy for moving or the flip side, they think it is sounds amazing...but not something that they could do. We say life is an ADVENTURE!
Who was your realtor? You should post the information. Where you saw listings….
Our realtor was John Crilley and the listing was on the Remax Nicaragua website
Pretty house.....just make sure the homes in Nicaragua are earthquake and hurricane resistant because they get both of those. Safety first!
Funny (not funny) you say that, we experienced our first earth quake a few months back and we didn't (at first) know what was happening. We also have a Tsunami evacuation plan (including life jackets for our dogs, just in case.
Hi tovah love your videos love this house
Thanks so much Rob. Glad you are enjoying the videos. We love this house too!
thank you for sharing. useful info.
Your welcome and thanks for joining our journey.
Nicaragua is beautiful 🇳🇮
So beautiful. This is one of the things that drew us there. There are so many great places within the country to explore. The list of places to go keeps getting longer. Ometepe is near the top of our list.
Good for you! Sounds like a great place to live and enjoy retirement. Question what are property taxes like in Nicaragua? and do expats need to pay property taxes?.
Good question! Yes expats that own houses need to pay property taxes in Nicaragua. The property taxes on our house are $415 USD per year. You can check out our full house tour video to see what kind of property pays this tax rate. To compare, our property taxes in Canada are $2300 (USD), so this is a huge savings.
Can you explain the loan process? You paid cash I assume?
We did pay cash for our home. The loan process is a bit different for each purchase because the seller sets the terms. If you are able to do a loan it is typically 1-3 years (with some sellers willing to extend to a bit longer term like 5 years) and you are essentially paying the the seller/owner over a period of time to purchase their property. So you would not be getting a traditional mortgage or loan from a Nicaragua bank the financing is direct through the owner and the interest rate they would be charging in higher than the current mortgage rates in Canada (and USA). So your best option may be to work on securing financing in your home country to pay for a Nica house in full, whether you take equity out of a current property or get a line of credit.
Did you bought the straight out ? Or down payment with a mortgage?
We bought it outright. There are not a lot of options to mortgage in Nicaragua. I your luckly the seller will offer financing, but the rates are higher and it is typically only for 1-3 years, the odd person would give a 5 year term.
Interesting
We have learned so much on our expat journey.
how is driving down safety wise? I have heard that going through Mexico can be dangerous (especially with Canadian plates)...
Generally speaking the drive is safe and people are very friendly. Of course you always hear about the people that have a bad experience. We follow a few UA-camrs that have done the drive and a Pam American Highway Facebook group for up to date information. The biggest thing is to not drive at night, so plan to stop mid afternoon.
Who did you use as a realtor? And who did you use as a real estate lawyer?
My husband and I are very interested in buying over there
We used John Crilly, you can find him on Facebook. He was with Remax and is independent know, great guy. Our lawyer was from the firm Garcia and Bowden, very great also.
Great info ,fellow Canadian from Ontario, lots of Canadians are moving to Nicaragua to escape the vaccine ,are you guys vaccinated in order to travel back and forth?
Yes we are. Being able to travel back and forth is important to us, as well we are worldly travels and have visited many countries and plan to visit many more.
Love your videos 😍 very informative and a lot of value. Congrats on your purchase! Quick question? The home in 2:26 time of the video, what neighborhood would this home be in?
The house in that shot is in the Pacific Marlin area. It is a beautiful area up in the hills. Great views!
@@ChrisTovahsAmazingAdventures thank you do much. Ill take a took at that area as well. Thank you again! 😊
@@Organicflavor1 Your welcome. There are a few other great gated communities up in the hills in that area.
@@ChrisTovahsAmazingAdventures oh wonderful. Thank you again for the info 😊
Love your videos, what’s the name of the community you bought the house?. I’m looking into moving there.
We purchased in the Colinas de Miramar development. It is a great location, a short walk to town and an even shorter walk to the beach.
@@ChrisTovahsAmazingAdventures I went there last September and I did like that place, it’s actually my favorite so far. You’re lucky with the price got that house, I visited there with an agent but none are not even close to yours. Thank you so much for taking the time to answer me. Wishing you the best of luck.
@@jeangavinet4858 Thanks so much and good luck on the hunt for a house!
What was the cost
We paid $220 CND and that included furniture, a moto and all lawyer and closing fees
Check out our house tour video!
11:43. you highly recommend to use a realtor and ???blarr. your audio cut out.
We were saying that we highly recommend using a realtor and a lawyer to buy a home. It can be done without but were extremely helpful. Especially if you are not local to the area and are not fluent in Spanish. All the documents need to be translated to Spanish and there are many different steps the Lawyer will take in regards to the title, registration of the house, taxes, etc. So totally worth the money.
@@ChrisTovahsAmazingAdventures can you give me an esstimat of approx. How much it would cost for me to live ther for a 6 month period. I'm thinking of moving g to Big Corn and then eventually Little Corn.
Hi Robin, it really depends on what you envision your living situation to be. For us to live in our place in San Juan del Sur we are budging $2400 a month. This includes everything from electricity to going out for coffee and this is a pretty luxury budget. Not sure if prices on Corn Island. You should check out our expats, why we choose Nica video it lays out some costs. Also our new video this Friday is all about our budget, in detail.
@@robinhooper7702
Same here I'm planning to retire early. However, I wonder the political situation at this moment.
@@colossus1674 don’t get into politics the government won’t bother you, As they need your investment.
Hi guys what % did you guys paid your Real estate agent?
The Real Estate agent fees (both the sellers and buys agent) are all paid by the seller. This is the same when selling/buying real estate in Canada.
Thank you for the info, I was toll that it was different. And congratulations on the move , me and my wife live in Miami I was born there and we both love it , I came in the states since I was 13 years old and we to move to Nicaragua for retirement.it’s just that it has been hard to get the right information, we keep getting different versions
@@maykels7545 There is always a potential that some agents charge an additional fee to clients (perhaps a fee for showing them houses) or that seller writes it into the sale conditions that the buyer pays the real estate agents...but this would not be typical. If you are going to work with an agent they should tell you upfront if you have to pay them any fees and they should also be letting you know if you are looking at a property what your fees would be in addition to the purchase cost. When are you retiring and moving to Nica?
@@ChrisTovahsAmazingAdventures unfortunately not now but we looking in been partial retired, I work in the film industry and my wife she is a nurse, we own a lot in Granada that we were thinking on building but they say that the building material now are expensive over there so we are looking into a different option maybe buying a house already built
@@ChrisTovahsAmazingAdventures we want to go next year and stay there for 3 months just to try it out to see if that’s what we want. That’s why I admire both of you guys on making that move because we wish would be that sure to make the move