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How to buy a house in gated communities: associated costs and what to consider to make a good deal - Infobae
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www.infobae.com
September 17, 2024
Given the growing demand for already built houses in urbanizations, what legal, financial and functional aspects must be taken into account, including expenses in real estate commissions?
ByJose Luis Cieri
Housing in Albanueva, a development located in Tigre, next to Nordelta. There, houses start at $400,000
The purchase of ready-to-move-in homes in private neighbourhoods has regained prominence among sectors with good purchasing power and those who have sold a property and are planning to move to a residential area.
The cost of building in a private neighborhood has risen by more than 230% year-on-year, which has led to a demand for houses already built, either because they believe that the value is lower or because they do not want to deal with or delay construction work that tends to take longer than expected.
In such a case, it is key to be clear about the steps to follow to buy a unit and move to a private neighborhood.
According to Zacarias Allan Withington , from Coldwell Banker Puerto Norte, “the most important thing when buying a house in a gated community is to contact a local real estate agency with knowledge of the neighborhood, its management and its developer. An effective way is to search on real estate portals for real estate agencies with several publications in the area of interest,” since they know the procedures and legal documents of each neighborhood, such as deeds, sales contracts or transfers of rights.
“It is important to know that many neighborhoods operate as trusts and the deeds can take years. The basic requirements include having an ID, the money in the currency requested by the sellers and being able to justify its origin. Both the notary offices and the developments request a sworn statement and it is necessary to fill out the UIF (Financial Information Unit) form,” Withington clarified.
Before buying a lot to build on or purchasing a finished house, it is essential to analyze the neighborhood along with the property. It is no good having the best lot or house in a neighborhood riddled with problems.
Mariano Otálora , vice president of Sat Group, a company that develops Barrio La Magdalena in Canning, province of Buenos Aires, said that the process of buying a house or lot in a neighborhood is very different from that of buying an apartment. “It is vital to analyze variables such as the management of the neighborhood and minimize future risks. In addition, it is important to consider who built the house: if it was a well-known architect or construction company, or a group of friends who decided to build their first home,” he said.
It is essential to verify its pre-feasibility and its correct consolidation in terms of infrastructure and services works, ensuring that the neighborhood is “healthy,” that is, that it does not suffer from problems since its delivery or previous poor administrations.
House in the Yacht neighborhood of Nordelta. In the town, homes for sale start at USD 500,000 and usually have more than 3 bedrooms.
Gastón Mazzei , general manager of Mazzei Properties, said that perimeter lots tend to have a lower value, depending on the surroundings. “This is sometimes justified and sometimes not. In that case, they may end up being a lower economic proposition. For example, sometimes they are perimeter lots, but facing another private neighborhood and not facing the street, which would not in itself entail a complication in terms of security,” he explained.
Homes for sale in gated communities start at USD 150,000 and up, and the most luxurious and spacious (more than 250 square meters) exceed USD 3,000,000, a very wide range.
A house in Area 60, between La Plata and Brandsen, where homes start at USD 180,000 and
“Next, research different gated communities: visit different options, consult with specialized real estate agents and analyze the regulations of each neighborhood. Finally, evaluate additional costs such as common expenses, taxes and services to have a complete view of the expenses involved,” advised Federico Rodríguez Dacal , from Dacal Bienes Raíces.
When closing a purchase transaction for a house in a gated community, it is essential to consider various legal and financial aspects to ensure a safe investment.
Legally, it is essential to review the title and ownership to ensure that the seller is the legitimate owner and that the land is free of liens, mortgages or encumbrances.
A house in Grand Bell, near La Plata. When visiting a home with the intention of buying, it is recommended to open the taps to verify that the water pressure is good.
The development must also be verified to comply with local and provincial urban planning regulations, and the co-ownership regulations must be reviewed to understand the restrictions, rights and obligations, including the payment of expenses.
Rodríguez Dacal said that it is crucial to evaluate the documents available at the time of purchase: “Depending on the development, its age or degree of consolidation, there may or may not be documentation to carry out a sales contract with adhesion to the trust, if applicable, or a deed of transfer of ownership.”
Withington explained: “The optimal time to make an investment with the best returns is during the launch or pre-sale phase of the neighbourhood, as these phases are usually short and have limited spaces. After this phase, most prices have already increased, so it is in the pre-sale that you get the best possible value.”
One of the most common mistakes buyers make is thinking that an established neighborhood is always the best investment.
In Barrio La Magdalena, the sale is direct from the developer, with no real estate commission, neighborhood entry fee or hidden costs. The buyer only has to pay the stamp tax, which represents 1.2% of the value of the property.
“The most common mistakes come from a lack of experience and from not knowing that a new neighbourhood can take at least 15 years to be urbanised and form a community. Neighbourhoods in formation hide risks and uncertain deadlines; construction can be carried out, but it is not known when the neighbours will do the same, and they may live in a permanent building,” warned Otálora.
The commission percentage for a traditional sale is usually 4% of the value plus VAT, although this may vary depending on the neighborhood.
Additionally, Mazzei said, “Location within the neighborhood is key: although perimeter lots tend to have a lower value, this is a factor that cannot be modified and must be carefully considered.”
In some cases or specific developments, fees can reach 5% of the value of the property and other additional expenses may arise such as certification of signatures and stamping of tickets.
As for common expenses, private neighborhoods have fixed monthly costs, such as expenses for the maintenance of common areas and security services, which must be included in the long-term financial analysis.
Rodríguez Dacal pointed out: “It is also important to take into account property taxes, municipal fees and taxes on property transfers, as they can vary depending on the jurisdiction and type of development.”
It is essential to pay attention to the layout; if it is not entirely convincing, the possibility of renovation can be considered. Today, demand favors bright houses, with a playroom, areas for working or studying, a barbecue, a gallery or barbecue area, a swimming pool and on two floors.
“It is also crucial to know what we are planning for that property. Planning a retirement without children is not the same as planning a family, where you have to consider additional rooms or the possibility of expanding the project, common spaces and factors such as free space for a park or swimming pool,” concluded Mazzei.
www.buysellba.com
Source:
Cómo comprar una casa en barrios privados: costos asociados y qué tener en cuenta para hacer una buena operación
Ante el crecimiento de la demanda de casas ya edificadas en las urbanizaciones, qué aspectos legales, financieros y funcionales hay que tener en cuenta, incluidos los gastos en comisiones inmobiliarias
www.infobae.com
September 17, 2024
Given the growing demand for already built houses in urbanizations, what legal, financial and functional aspects must be taken into account, including expenses in real estate commissions?
ByJose Luis Cieri
Housing in Albanueva, a development located in Tigre, next to Nordelta. There, houses start at $400,000
The purchase of ready-to-move-in homes in private neighbourhoods has regained prominence among sectors with good purchasing power and those who have sold a property and are planning to move to a residential area.
The cost of building in a private neighborhood has risen by more than 230% year-on-year, which has led to a demand for houses already built, either because they believe that the value is lower or because they do not want to deal with or delay construction work that tends to take longer than expected.
In such a case, it is key to be clear about the steps to follow to buy a unit and move to a private neighborhood.
According to Zacarias Allan Withington , from Coldwell Banker Puerto Norte, “the most important thing when buying a house in a gated community is to contact a local real estate agency with knowledge of the neighborhood, its management and its developer. An effective way is to search on real estate portals for real estate agencies with several publications in the area of interest,” since they know the procedures and legal documents of each neighborhood, such as deeds, sales contracts or transfers of rights.
“It is important to know that many neighborhoods operate as trusts and the deeds can take years. The basic requirements include having an ID, the money in the currency requested by the sellers and being able to justify its origin. Both the notary offices and the developments request a sworn statement and it is necessary to fill out the UIF (Financial Information Unit) form,” Withington clarified.
Before buying a lot to build on or purchasing a finished house, it is essential to analyze the neighborhood along with the property. It is no good having the best lot or house in a neighborhood riddled with problems.
Mariano Otálora , vice president of Sat Group, a company that develops Barrio La Magdalena in Canning, province of Buenos Aires, said that the process of buying a house or lot in a neighborhood is very different from that of buying an apartment. “It is vital to analyze variables such as the management of the neighborhood and minimize future risks. In addition, it is important to consider who built the house: if it was a well-known architect or construction company, or a group of friends who decided to build their first home,” he said.
It is essential to verify its pre-feasibility and its correct consolidation in terms of infrastructure and services works, ensuring that the neighborhood is “healthy,” that is, that it does not suffer from problems since its delivery or previous poor administrations.
House in the Yacht neighborhood of Nordelta. In the town, homes for sale start at USD 500,000 and usually have more than 3 bedrooms.
Gastón Mazzei , general manager of Mazzei Properties, said that perimeter lots tend to have a lower value, depending on the surroundings. “This is sometimes justified and sometimes not. In that case, they may end up being a lower economic proposition. For example, sometimes they are perimeter lots, but facing another private neighborhood and not facing the street, which would not in itself entail a complication in terms of security,” he explained.
Homes for sale in gated communities start at USD 150,000 and up, and the most luxurious and spacious (more than 250 square meters) exceed USD 3,000,000, a very wide range.
Keys
When purchasing, it is important to set a budget and define needs and preferences, such as size and type, neighborhood amenities, and desired location.
A house in Area 60, between La Plata and Brandsen, where homes start at USD 180,000 and
“Next, research different gated communities: visit different options, consult with specialized real estate agents and analyze the regulations of each neighborhood. Finally, evaluate additional costs such as common expenses, taxes and services to have a complete view of the expenses involved,” advised Federico Rodríguez Dacal , from Dacal Bienes Raíces.
When closing a purchase transaction for a house in a gated community, it is essential to consider various legal and financial aspects to ensure a safe investment.
Legally, it is essential to review the title and ownership to ensure that the seller is the legitimate owner and that the land is free of liens, mortgages or encumbrances.
A house in Grand Bell, near La Plata. When visiting a home with the intention of buying, it is recommended to open the taps to verify that the water pressure is good.
The development must also be verified to comply with local and provincial urban planning regulations, and the co-ownership regulations must be reviewed to understand the restrictions, rights and obligations, including the payment of expenses.
Rodríguez Dacal said that it is crucial to evaluate the documents available at the time of purchase: “Depending on the development, its age or degree of consolidation, there may or may not be documentation to carry out a sales contract with adhesion to the trust, if applicable, or a deed of transfer of ownership.”
Bills
When purchasing a property, it is important to consider the associated costs, which usually include notary and agency fees, which can vary. Real estate services generally represent 4% of the value of the property.Withington explained: “The optimal time to make an investment with the best returns is during the launch or pre-sale phase of the neighbourhood, as these phases are usually short and have limited spaces. After this phase, most prices have already increased, so it is in the pre-sale that you get the best possible value.”
One of the most common mistakes buyers make is thinking that an established neighborhood is always the best investment.
In Barrio La Magdalena, the sale is direct from the developer, with no real estate commission, neighborhood entry fee or hidden costs. The buyer only has to pay the stamp tax, which represents 1.2% of the value of the property.
“The most common mistakes come from a lack of experience and from not knowing that a new neighbourhood can take at least 15 years to be urbanised and form a community. Neighbourhoods in formation hide risks and uncertain deadlines; construction can be carried out, but it is not known when the neighbours will do the same, and they may live in a permanent building,” warned Otálora.
The commission percentage for a traditional sale is usually 4% of the value plus VAT, although this may vary depending on the neighborhood.
Preferences
For already built properties, it is recommended to choose designs and finishes that follow market parameters and are attractive to future buyers.Additionally, Mazzei said, “Location within the neighborhood is key: although perimeter lots tend to have a lower value, this is a factor that cannot be modified and must be carefully considered.”
In some cases or specific developments, fees can reach 5% of the value of the property and other additional expenses may arise such as certification of signatures and stamping of tickets.
As for common expenses, private neighborhoods have fixed monthly costs, such as expenses for the maintenance of common areas and security services, which must be included in the long-term financial analysis.
Rodríguez Dacal pointed out: “It is also important to take into account property taxes, municipal fees and taxes on property transfers, as they can vary depending on the jurisdiction and type of development.”
It is essential to pay attention to the layout; if it is not entirely convincing, the possibility of renovation can be considered. Today, demand favors bright houses, with a playroom, areas for working or studying, a barbecue, a gallery or barbecue area, a swimming pool and on two floors.
“It is also crucial to know what we are planning for that property. Planning a retirement without children is not the same as planning a family, where you have to consider additional rooms or the possibility of expanding the project, common spaces and factors such as free space for a park or swimming pool,” concluded Mazzei.
www.buysellba.com
