renting vs buying in Cali

Desideria (Moderator) (Trustee board) says on Sep 19, 2004, 11:30:

I wish, Maureen, I had a clue myself. The renters have an obligation to pay the rent on time and not to destroy the property, I s'ppose. The rent can be raised by, I think, 10% every year. One third of the 1%? It doesn't sound right to me, unless it is calculated on the commercial value of the property, not the avaluo catastral or taxation value. I know that my house is rented for more than that. The landlords have to make repairs and you cannot be evicted if you have a valid contract and are paying your rent on time. My problem is that since I live on the other side of the globe I'm engaging the services of a inmobiliaria (real estate agent). They take a cut of around 13%, plus two insurances (one for the services and for the occupancy ...meaning that if my inquilino (renter) disappears without paying the rent or/and the electricity bill, I won't be liable. The rest of the money disappears somewhere in bank transfers, converting pesos to dollars, dollars to Swedish crowns etc...and I've just paid for reroofing and the property taxes.
I'd sell the house, but I knd of hate doing it since I won't be getting anything comparable here with that little money.
I'm sure that for an investment a property in Cartagena would be better. My property in Cali has brought me little money and major headaches.
Take care,
Desi

"When shall we three meet again? In thunder, lightning, or in rain?"(First Witch in Macbeth)

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