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The first home: What expenses should be taken into account? - Infobae
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La primera vivienda: ¿qué gastos hay que tener en cuenta?
Además del valor de la propiedad, es crucial considerar las comisiones inmobiliarias, anticipos y la elección del inmueble pensando en su posible reventa futura. Qué dicen los idóneos
www.infobae.com
August 4, 2024
In addition to the value of the property, it is crucial to consider real estate commissions, advance payments and the choice of property with a view to its possible future resale. What the experts say
By Jose Luis Cieri
At a time when UVA mortgage loans have returned to the market, it is crucial to take into account all the additional costs involved (Illustrative Image Infobae)
Taking the step of buying a home is one of the most important milestones in life, especially for young people looking to become independent and couples who see the opportunity to move from renting to owning.
At a time when UVA mortgage loans have returned to the market, it is crucial to take into account all the additional costs involved and not overlook any detail so that the investment is a success.
In addition to the cost of the property, real estate commissions, down payments and the choice of property with a view to its possible future resale must be considered. These factors are key to assessing the viability of the operation, so it is essential to seek advice and carefully analyse all the implications of this momentous operation.
Mariano Gubitosi , commercial manager of Grupo Portland, told Infobae that there are several factors that define first-time home purchases. “The location, price and services of the building or private neighborhood are key. The area must have good accessibility, public transportation, and options such as bicycles. Proximity to educational institutions, sports clubs and offices is also important.”
As for the building itself, it would be ideal if it had the latest advances in technology, such as home automation and facial recognition for building entrances, units and amenities, if possible.
Millennials (between 19 and 35 years old) with good purchasing power can access brand new or modern properties. If the home is used, it is key to prioritize access, the condition of the property, and the cost of expenses, which have been rising sharply month by month .
These added amenities and security are highly valued by first-time homebuyers seeking quality of life and an investment for the future.
If the property is used, it is key to prioritize access, the condition of the property, and the cost of expenses (Illustrative Image Infobae)
“The building or residential complex must also have flexible coworking areas , which function as a true extension of the apartment. The concept of community is also sought, which goes beyond the limits of each residential unit and generates a synergy between the different users,” added Gubitosi.
When buying their first home, young people prioritize location, open views, spacious and modern spaces, balconies, good lighting, ventilation, green spaces and security.
When visiting a used property, it is advisable to check the operation of doors and windows, the water pressure, the presence of moisture on the walls and the condition of the floors.
Real estate developments
In order to meet the needs of young buyers, new real estate developments must prioritise aspects such as energy efficiency.“The use of recycled materials, waste minimization, solar panels and the creation of green spaces to promote the quality of life and well-being of the owners. There are projects that seek to obtain sustainability certifications such as LEED ( Leadership in Energy and Environmental Design ) or passive houses (homes designed to save between 70% and 90% of energy, using renewable techniques and energy) among many others to add reputation to the project,” said Juan Manuel Manfé , of Century 21 Nimahaus.
A young woman looks at the outside of a building. Making good decisions is key and allows for predictability in the future (Illustrative Image Infobae)
Gubitosi added: “It is essential that projects consider the incorporation of the most advanced technology for sustainability. This represents savings in the use of water resources and carbon footprint, both in the construction process and in the building in operation in the future.”
Mario Gomez , from Le Bleu Negocios Inmobiliarios, said that “the price of housing , the restrictions on mortgage loans and the increase in the cost of rent contributed to making this process particularly difficult. Hundreds of young people opt for renting against the expectations of their parents, who encourage them to try to acquire their own home and often help them financially to buy.”
In general, young people are looking for affordable housing options, starting at prices below $100,000.
External connection and good lighting are prioritized (Illustrative Image Infobae)
Gubitosi said that “it is important to take into account who will provide the funds at the time of creating the project, that is, not only those who will live in the apartment but also those who will finance that property.”
Most searched
Young buyers are looking for brand new or used homes with open, bright, modern and warm spaces. Essential features include integrated kitchens, green spaces, usable balconies and common areas such as multipurpose rooms.Manfé highlights that developers are adapting their projects to meet these demands, incorporating all these amenities into their designs.
In Palermo, a brand new studio apartment costs between USD 70,000 and USD 90,000, while a used one varies between USD 60,000 and USD 70,000. New two-room apartments are priced between USD 120,000 and USD 150,000, and used ones between USD 90,000 and USD 105,000.
Meanwhile, a three-room house in Greater Buenos Aires costs more than USD 75,000 for a used property, and USD 90,000 for a new one.
Steps
The process of buying and selling a property involves several key documents, some of which require the intervention of a notary, such as a real estate agent:- Reservation : Document provided by the real estate agent to the buyer, representing his offer and the amount given as a deposit. It does not guarantee the transaction, but ensures that the property will not be offered to other buyers until the offer is accepted or rejected. If the buyer backs out, he loses the reservation money; if the seller rejects, the money is returned.
- Reinforcement : This is optional and is signed after the reservation, when the price, payment method and place of signing the contract are agreed. It ensures the commitment of both parties. The buyer pays an additional sum, which is retained as compensation in case of withdrawal. If the buyer withdraws, the seller receives the amount; if the seller withdraws, he must return the sum paid in advance.
A couple achieved their goal of buying a home and signed their first deed (Illustrative Image Infobae)
- Purchase-Sale Agreement : Optional document where the commitment to sign the deed is formalized. The buyer delivers a percentage of the value of the property and both parties are obliged to comply with the transaction.
- Property deed : Certifies the transfer of the property through the intervention of a notary. The buyer generally covers the costs of the deed, and then it must be registered in the Real Estate Registry.
Fees and taxes
When buying a brand new home, there are several additional costs to consider: real estate fees of 4%, Stamp Tax of 3.6% in CABA, and deed fees and other costs that add up to between 1% and 2% of the value of the property.In addition, the notary's fees must be taken into account, which are approximately 2% of the transaction. Manfé advised that "if the purchase is made with the help of the parents, the origin of the money must be made clear and, if a mortgage loan is chosen, the requirements and conditions of the loan must be carefully studied."
Notary fees must be taken into account, which are approximately 2% of the transaction (Getty)
Saving is the first step in a purchase and sale transaction, because it provides the necessary basis for accessing bank financing, which generally does not exceed 75% of the value of the property, and it provides a guideline for the ability to pay the agreed installments.
Mario Gómez believes that, “as the macroeconomic situation improves and incomes rise, credit will facilitate purchasing over renting, depending on interest rates and market forecasts.”
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