New vs. Used Homes in Colombia: Pros and Cons
New or used apartment? We compare price, financing, legal warranty and risks so you can decide with confidence.
Equipo Rooted House 4 min read
Should you buy a new or a used home? It is one of the most common questions for Colombian buyers, and the answer depends on your budget, how long you can wait and how much risk you accept. This guide compares new vs. used housing in Colombia on price, financing, warranties and risks.
What is the difference?
- New housing: sold for the first time by the developer or the trust (fiducia) running the project. It may be finished or sold "off-plan", before construction.
- Used housing: it already had an owner and is sold by a private person or an agency on their behalf.
Price: which one is cheaper?
It depends on how you measure it. According to a Bancolombia analysis of listing prices as of June 29, 2026 (not closed sales), in Bogotá the median price per square meter is about COP 6.4 million for used homes versus about COP 7.8 million for new ones. But the median total price of new homes is lower (around COP 284 million versus COP 408 million for used), because new units are more compact: about 42 m² in Bogotá.
In short: used homes usually give you more space for your money; new homes usually have a lower total entry price, with less area.
Financing and down payment
- Maximum financing for used homes is 70% of the value, so the down payment is 30% (Bancolombia).
- For new social-interest housing (VIS) or priority-interest housing (VIP), financing can reach 80%.
- In off-plan projects, many developers let you pay the down payment in stages during construction.
- With used homes, the loan depends on the bank appraisal: if it is below the agreed price, you cover the difference.
See what each cost covers in our guide to closing and registration costs in Colombia.
Subsidies
National housing subsidies apply to new homes. However, the Mi Casa Ya program has no new enrollments in 2026, according to Portafolio citing Housing Ministry statements. Family compensation funds (cajas de compensación) remain an option: ask yours about current amounts and requirements.
Warranties
Under Colombia's Consumer Statute (Law 1480 of 2011, article 8), the legal warranty on a new property covers:
- Structural stability: 10 years.
- Finishes: 1 year (paint, tiles, carpentry, installations).
These terms run from the date the property is delivered. Law 1796 of 2016 also requires the builder to answer for losses if the building collapses or threatens to collapse within ten years of the technical occupancy certificate.
With used homes there is no builder to claim from: the condition of the property is your risk, unless the seller hid a damage they knew about. Inspect carefully before signing.
Risks of each option
New housing
- Delivery delays or changes from what was promised, especially off-plan.
- Developer backing: check the building license and how your payments are handled (fiducia).
- Finishes not included that you pay for separately.
- Less room to negotiate the price.
Used housing
- Physical condition: damp, aging utilities, pending repairs.
- Legal status: liens, mortgages, unpaid taxes or building fees. Learn to read the certificate of title history (certificado de tradición y libertad).
- Possible renovation costs after buying.
Which one suits you?
Choose new if: you can wait for delivery, want a legal warranty and brand-new finishes, or aim for VIS/VIP financing and subsidies.
Choose used if: you need to move soon, want to see exactly what you are buying, prefer more space or an established neighborhood, and have room to negotiate.
The consumer authority (SIC) recommends comparing private and built areas, getting in writing which furniture and appliances are included, checking parking and common areas, and verifying environmental and geological risks nearby.
This information is for guidance only: review your case with an advisor or lawyer before signing.
Frequently asked questions
Does new housing appreciate more than used?
There is no official rule. Some advisors think new homes appreciate faster in their first years, but that is an opinion, not data. Location and condition matter more than age.
How much can I borrow for new and used homes?
According to Bancolombia, up to 70% for used and up to 80% for new VIS or VIP. Each bank assesses your income and the appraisal; confirm current terms with the lender.
What warranty do I get on a new home?
Ten years for structural stability and one year for finishes, from delivery, under Law 1480 of 2011.
Can I claim if I buy a used home with damage?
Usually there is no builder warranty, so inspect the property first and agree on repairs during negotiation.
We can help you decide
Rooted House helps you compare options and review documents before buying. Write to us via WhatsApp or the contact page or browse available properties.