Post Number: 9
|Posted on Tuesday, November 20, 2007 - 4:51 pm: |
Hello all ;
I’m here to pick the Brains of “Those who know”. And that means anyone with suggestions ;knowledge and or experience about buying property here in BA.
Myself and my wife are renting here at the moment in a 2 year lease and to be honest its reasonable rent so we are in no panic to move .
We have come to a cross roads as to whether or not to buy an apartment/house at this moment in time
We both want to buy but as my wife has been out of the country for many years and I am a foreigner we don’t really know the market and processes here at all.
My queries come in several parts.
1.Dollar V Euro and the Buenos Aires Market
First off it’s the exchange rate. The dollar is very weak at the moment and I have a euro income. The house prices don’t seem to be adjusting to the weakness in the dollar at the moment which seems to make it a good time to buy for us .Or is it? Should we wait off for the moment. Will the dollar weaken even more? Will the house prices here adjust to the weakness in the dollar? Because of the weakness in the dollar will people hold off selling until it strengthens.
2 Setting Prices???
I heard talk of some house prices being “set” so to speak once Christina comes into power in order to make things more affordable for Argentines. I find this hard to believe but maybe there is some truth in it; certain areas etc. As the saying goes “There’s no smoke without fire” and I was hoping someone could shed some light on who lit the first match or if this is just a myth.
3.Buying to live / Buying to rent.
Option 1 Buying to live Option 2 Buying to rent
Ok so buying to live in will definitely just have to be us hitting the streets and figuring out what we need / want and what we can afford .
But Option 2 seems like it could be a little money spinner. Small 1 bed apartments can still be picked up for reasonable money. US$ 60-70,000 in nice tourist areas and I have come across other opportunities as well.These same apartments can be rented out after a little TLC and a touch of class at a great return rate.
However I am not certain as to the viability of purchasing two small apartments and using the income from them to rent a large apartment/house to live in outside of the more touristy areas where you can get more bang for your buck.
I know this is the capital but how long can the tourist boom stay going for? Are opinions that it will stay going for another 5-10 years ; or are we at the peak right now?
I would hate to pick up two small apartments and not be able to rent them out after 18 months and be stuck renting with two useless investments going stale.
4 New Builds V Refurb -Properties
Anyone have any opinions on what is better quality in general here in B.A. Are you better off refurb-ing a property or trying to buy off Plan so to speak. I presume every building depends on the Team building it but is there a general rule?; certain time periods that were constructed better/ certain areas with better craftmsmanship finishes?
Also costs for refurbing apartments here. Going on a three bed apartment 75% replaster ;full paint and new plumbing and electrics.I know nobody can say an exact price but a ball park figure of general contractor fees would get my head in the right place.
5 The F.O.C of Blocks
F.O.C I think I have the right phrase but maybe its something different; feel free to correct me if I’m using the wrong thing.
The option of buying to live in of course sounds ideal and for me a “home” always meant a house. ( Small country; Small Buildings!!) However obtaining a house anywhere near city centre always seems to be a hassle as; of course developers want to level and rebuild with 20-30 apartments on top thus making prices ridiculous if you are planning to live there. I know there exists a F.OC listing of the city stating how high you can build on a certain plot but does anyone know how to access it on a local level. It just might save time and help destroy dreams even faster…..
6 Planning Regulations.
If by some miracle I was to come across a plot to rebuild on is there a planning authority to go through? Do you need to submit your plans with 3D images and full detailed drawings and the like? If the planning authorities do exist are they Red-Tape heaven?
I know there is a mountain of questions here but they are all questions I would love to get answers for; any and all opinions would help us out a lot.
Just to put things in context for anyone reading this we would be looking at spending anything from 75-160,000 USD. at today’s values and are considering every option out there (Probably our biggest problem) : ).
We are a young couple and are hoping to stay here forever; not just a few years so this is a long-term thing not a two- three year venture.
Thanks and apologies for the lack of knowledge on my behalf;
Post Number: 10
|Posted on Tuesday, November 20, 2007 - 5:14 pm: |
Hi, Keith....you have a lot of questions just like I did when I moved nearly two years ago. I was lucky to have found Roger Stewart from Global Propiedades in Las Canitas. He helped me so much to understand my requirements, did a lot of research on my behalf, and then prepared a "dossier" of properties to look at it. After only two weeks, he help me find exactly what I was looking for and negotiated hard on my behalf. He has a lot of experience with this market, works with foreigners primarily, and helps the U.S., Canadian, and Dutch embassies find housing for their diplomats. He has personally helped 4-5 of my friends and associates and they all loved him. Roger can be reached via cell phone at 15- 4813-8312 or email firstname.lastname@example.org. He will be happy to help you figure out the best solution to your particular situation. I give him the highest recommendation. Good luck!!
Post Number: 1387
|Posted on Wednesday, November 28, 2007 - 4:33 pm: |
Keith, I do not know enough to answer your questions but wanted to add 2 bits... if you are considering renting out as part of your options take into account the local regulations and potential headaches which may translate into hidden costs. And my last bit... Cristina appears open-minded when it comes to the US but she also wants to emulate Eva Peron... and these two can't be put together. In other words, at some point she will either become a populist and try fixing prices -as you said- or become another 'menem'. It can go both ways but it will depend on how much of a realist she really is.