Building HOA expenses in Buenos Aires rose 88% from January to June 2024

[Johnny]

That's good perspective, even if half of the 24 owners were late it would just mean your HOA goes to $200 a month for awhile and you'd get it all back eventually. Not ideal but not the end of the world.

The HOA bills are very reasonable in Buenos Aires. I looked at a few properties and I decided to go with a new construction. This way I don't have to worry about a deficit. I haven't closed on my apartment yet but I bought a penthouse apartment in Palermo. They told me that all the owners have to pay into a reserve fund when we close to cover some future expenses but I was told in new construction people defaulting isn't as common.

My building won't have 24/7 security guard which I'm told can get expensive. It's going to have one of those cameras with screens in the lobby and it will be monitored 24/7. More and more buildings have that system now.

I am glad I bought last year and prices have gone up. I am looking for my second apartment in Buenos Aires later this year. Prices are still very cheap there.

 

[Digital Nomad]

The monthly condo fees might be reasonable but wow are they going up. I'm renting my apartment but I see the bills keep going up every month. This article says they are up over 101.6% in 2024 alone and 266% YoY. And sounds like they are going to keep going up not come back down.

2024 Expenses Soar by 101.6%, Straining Owner and Tenant Budgets

August 11, 2024

buysellba.com

 

[Digital Nomad]

@BetsyRoss is correct. In 22 years of buying and owning real estate and purchasing for hundreds of foreigners, I've never seen any owners get kicked out of a building. In one apartment I own in Recoleta when I first bought it, a woman was years late paying. And my lawyer told me most likely all the owners in the building would need to pay her share until she get foreclosed on or she died (whichever came first) as they already had a lien on her property but with the laws it is difficult to get people kicked out of their properties.

I was ok with that risk as her HOA bill was only around $100 USD per month and there were 24 owners in the building. I still own that property. About 5 years after I purchased it, true to what the lawyer told me, she did die and after that eventually her estate had to pay all the back payments, penalties and interest. All the owners got their pro-rata refund.

It's wise to see the status of HOA payments before you purchase a property so you can see the general health of the owners. You can see each month how far behind people are.

This just happened on my girlfriend's building. They had an old woman that hasn't been paying for a decade. She died last year and her kids just sold her apartment. Everyone in the building is happy. Thousands of dollars have been finally paid to the home owner's administration. Apparently they charge a high interest amount each month so there was quite a bit due in interest. No one has to pay their expense for a few months now.

 

[PerryP]

In October, HOA fees reached a new record. What can we expect for this final stretch of the year? The increases are excessive...

Las expensas subieron 133% en el año y crece la morosidad en los edificios: las mejores alternativas para reducir costos

Cuáles son las razones detrás de los fuertes incrementos que afectan tanto a propietarios como a inquilinos. En octubre, el pago promedio de expensas alcanzó un nuevo récord. Qué se espera para el último trimestre del año

www.infobae.com

 

[Betsy Ross]

In October, HOA fees reached a new record. What can we expect for this final stretch of the year? The increases are excessive...

Las expensas subieron 133% en el año y crece la morosidad en los edificios: las mejores alternativas para reducir costos

Cuáles son las razones detrás de los fuertes incrementos que afectan tanto a propietarios como a inquilinos. En octubre, el pago promedio de expensas alcanzó un nuevo récord. Qué se espera para el último trimestre del año

www.infobae.com

The increases have been painful. I only remember one other time when it was as expensive and that was during Macri's term. I can't remember the exact amount but it felt like they were similarly expensive. This last month it slowed down a little but just keeps going up.