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What to look for before buying a property to know if it will drop in price in the future - La Nacion Propiedades
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www.lanacion.com.ar
October 30, 2024
In a context in which property sales and market values are increasing, some experts suggest what to take into account when buying an apartment or a house
By Maria Josefina Lanzi
Experts answer what to look for before buying a property Hernan Zenteno - Hernan Zenteno
After a deep slumber, mortgage lending has awakened in Argentina and, with it, the demand of people to buy a property. And since it is an acquisition that involves a long-term choice, many people are wondering what they should look for when buying an apartment or a house, in order to make a good decision.
Indeed, there are many indicators that speak of green shoots for the real estate market and the mortgage credit lines that emerged at the end of April this year are now offered by more than 20 banks.
The phenomenon occurs in a context in which there was practically no mortgage credit on offer in Argentina. “ It is the first one that is coming out after a long time of almost no credit . There was, but there was little,” explained the economist Federico González Rouco when the first line of credit came out. On the other hand, the procedure for adhering to money laundering was regulated, contemplated in Law 27.743, which, in a few words, implies that people who have money under the mattress will be able to launder that capital and buy different assets, including real estate.
The figures for sales transactions in the City of Buenos Aires indicate that demand is already awake. In September, 5,157 sales were reached , which implies an increase of 30.4% compared to the same month a year earlier and the best September in 6 years. “ It is very good data, the truth is that we are all very happy. The market is in a positive microclimate of growth,” shares Fabián Achával, owner of the real estate agency of the same name.
The numbers of property deeds in the City of Buenos Aires show that demand is already active
The figures for visits to the four main property sites - in the first seven months of the year - also showed that demand is increasingly active. The figures for July show that there was a 46% increase in visits compared to July of the previous year (these numbers correspond to searches for rent and purchase). “We are surprised as a real estate agency, as we see that enquiries have increased a lot and, specifically in sales - leaving aside rental enquiries - they have grown in the last 12 months (up to August) by 98%, almost 100%,” shares Daniel Bryn, partner at Zipcode.
Brokers advise using Ciudad 3D, a government website that details what can be built in each area of the city. It is important to bear in mind that, at this time, the city's urban planning code is being modified and there may be possible changes in the future, including in the construction capacity in terms of depth and height of certain areas; in any case, it is a tool that can be very useful.
Vacant land or adjacent buildings are essential elements to take into account when purchasing a property.PATRICIO PIDAL/AFV
Manfé also explains that, for security reasons, ground-floor and first-floor units are often the most difficult to sell.
When buying a property, it is important to check the condition of certain spaces, to take into account possible renovations that need to be done.Shutterstock
The numbers from the latest bathroom and kitchen renovation price report, released by Reporte Inmobiliario, showed that costs measured in American currency fell by 13.55% for bathrooms and 2.64% for kitchens, between May and July 2024. Although the investment measured in dollars decreased, "the trend is that it will continue to rise in the remainder of the year in construction costs in dollars ," says Germán Gómez Picasso, founder of Reporte Inmobiliario.
Manfé also suggests observing the operation of the services that are in common use throughout the building , whether it be amenities or an elevator and a freight elevator, as signs that speak of the “general care that is taken of the place.” The broker also adds an interesting fact to the issue, linked to the elevators in the building: “There should be one elevator for every 30 functional units as a limit. From then on, it is recommended to have more than one, otherwise you will be waiting forever to go up or down.”
Within this payment, a typical dilemma arises about whether or not to have a building manager. Since the salaries for hiring a person to perform this function represent around 30% of the expenses, many decide to do without this, in order to reduce costs. “ You will have lower expenses, but you do not have someone in case of emergency, who receives the deliveries, opens and closes the door, provides help; in some way, the quality of the building decreases,” says Migliorisi.
Manfé points out that sometimes the manager is replaced by the security totem (a person who watches from the screen, although he is not physically present), but "it is only a matter of security, he does not clean, nor receive orders nor assist in case of an emergency," explains the broker .
The salaries of the caretakers represent 30% of the value of the expenses in a building Archive
For his part, Migliorisi suggests not signing any documentation until the titles have been 100% checked for validity. “One can make the purchase agreement and if the title is invalid, either because there were successions that were not correctly diagrammed or because it has buildings without the corresponding authorizations, reversing the purchase is very complex,” explains the broker . It is therefore essential, before signing any paper, to check that the surfaces are not out of plan, there are no unauthorized constructions or poorly managed inheritances.
www.buysellba.com
Source:
Qué mirar antes de comprar una propiedad para saber si bajará de precio a futuro
En un contexto en que aumentan las ventas de propiedades, y sus valores de mercado algunos expertos sugieren qué hay que tener en cuenta a la hora de comprar una departamento o una casa
www.lanacion.com.ar
October 30, 2024
In a context in which property sales and market values are increasing, some experts suggest what to take into account when buying an apartment or a house
By Maria Josefina Lanzi
Experts answer what to look for before buying a property Hernan Zenteno - Hernan Zenteno
After a deep slumber, mortgage lending has awakened in Argentina and, with it, the demand of people to buy a property. And since it is an acquisition that involves a long-term choice, many people are wondering what they should look for when buying an apartment or a house, in order to make a good decision.
Indeed, there are many indicators that speak of green shoots for the real estate market and the mortgage credit lines that emerged at the end of April this year are now offered by more than 20 banks.
The phenomenon occurs in a context in which there was practically no mortgage credit on offer in Argentina. “ It is the first one that is coming out after a long time of almost no credit . There was, but there was little,” explained the economist Federico González Rouco when the first line of credit came out. On the other hand, the procedure for adhering to money laundering was regulated, contemplated in Law 27.743, which, in a few words, implies that people who have money under the mattress will be able to launder that capital and buy different assets, including real estate.
The figures for sales transactions in the City of Buenos Aires indicate that demand is already awake. In September, 5,157 sales were reached , which implies an increase of 30.4% compared to the same month a year earlier and the best September in 6 years. “ It is very good data, the truth is that we are all very happy. The market is in a positive microclimate of growth,” shares Fabián Achával, owner of the real estate agency of the same name.
The numbers of property deeds in the City of Buenos Aires show that demand is already active
The figures for visits to the four main property sites - in the first seven months of the year - also showed that demand is increasingly active. The figures for July show that there was a 46% increase in visits compared to July of the previous year (these numbers correspond to searches for rent and purchase). “We are surprised as a real estate agency, as we see that enquiries have increased a lot and, specifically in sales - leaving aside rental enquiries - they have grown in the last 12 months (up to August) by 98%, almost 100%,” shares Daniel Bryn, partner at Zipcode.
What should be taken into account when buying a property?
1) Are there buildings or vacant land nearby?
“Today in the capital, having an abandoned house next door is almost synonymous with the possibility of having a building next door in the future,” says Juan Manuel Manfé, broker at Century 21 Nimahause. Indeed, one of the essential questions when analysing a property is the possible real estate developments in the surrounding area. Future developments imply the possibility of blocking views and reducing the luminosity of a property, which, as Diego Migliorisi, managing partner of the real estate agency of the same name, points out, “can lead to a 30% reduction in the value of a property in the future.”Brokers advise using Ciudad 3D, a government website that details what can be built in each area of the city. It is important to bear in mind that, at this time, the city's urban planning code is being modified and there may be possible changes in the future, including in the construction capacity in terms of depth and height of certain areas; in any case, it is a tool that can be very useful.
Vacant land or adjacent buildings are essential elements to take into account when purchasing a property.PATRICIO PIDAL/AFV
2) Where is the property located?
The area or neighborhood where the property you want to buy is located will be a determining factor when making a decision. In this sense, the specialists consulted assure that the security of each area is something essential, highly required by the demand. “A very nice property, but in a dark area, with few accesses to means of transportation, may be in second place, compared to something smaller, but in an area with more movement and with lower levels of insecurity,” explains Migliorisi.Manfé also explains that, for security reasons, ground-floor and first-floor units are often the most difficult to sell.
3) Does the apartment need remodeling?
Another red flag that shows that you may not be looking at the best option is the need for maintenance of the building, house or apartment. “It is important to check the functioning of the water and gas pipes, and the condition of the kitchen and bathroom, which are the most expensive spaces in the house , ” explains Migliorisi.
When buying a property, it is important to check the condition of certain spaces, to take into account possible renovations that need to be done.Shutterstock
The numbers from the latest bathroom and kitchen renovation price report, released by Reporte Inmobiliario, showed that costs measured in American currency fell by 13.55% for bathrooms and 2.64% for kitchens, between May and July 2024. Although the investment measured in dollars decreased, "the trend is that it will continue to rise in the remainder of the year in construction costs in dollars ," says Germán Gómez Picasso, founder of Reporte Inmobiliario.
Manfé also suggests observing the operation of the services that are in common use throughout the building , whether it be amenities or an elevator and a freight elevator, as signs that speak of the “general care that is taken of the place.” The broker also adds an interesting fact to the issue, linked to the elevators in the building: “There should be one elevator for every 30 functional units as a limit. From then on, it is recommended to have more than one, otherwise you will be waiting forever to go up or down.”
4) How much are the expenses?
Expenses are another important pillar to take into account when buying a property. If it is an apartment in a building with few units, the expenses will be more expensive, since they are divided between fewer apartments. “It is important to see if the other owners of the building are paying the expenses, since failure to do so will lead to poor maintenance of the building in the future,” explains Manfé.Within this payment, a typical dilemma arises about whether or not to have a building manager. Since the salaries for hiring a person to perform this function represent around 30% of the expenses, many decide to do without this, in order to reduce costs. “ You will have lower expenses, but you do not have someone in case of emergency, who receives the deliveries, opens and closes the door, provides help; in some way, the quality of the building decreases,” says Migliorisi.
Manfé points out that sometimes the manager is replaced by the security totem (a person who watches from the screen, although he is not physically present), but "it is only a matter of security, he does not clean, nor receive orders nor assist in case of an emergency," explains the broker .
The salaries of the caretakers represent 30% of the value of the expenses in a building Archive
5) Some musts before signing the purchase
Although it may be common knowledge, sometimes little importance is given to the good presentation of the property in photos and videos on portals. In addition, the appraisal is essential to achieve an effective sale. “70% of the properties that do not sell are due to bad advice since they are outside the market value ,” reflects Manfé.For his part, Migliorisi suggests not signing any documentation until the titles have been 100% checked for validity. “One can make the purchase agreement and if the title is invalid, either because there were successions that were not correctly diagrammed or because it has buildings without the corresponding authorizations, reversing the purchase is very complex,” explains the broker . It is therefore essential, before signing any paper, to check that the surfaces are not out of plan, there are no unauthorized constructions or poorly managed inheritances.
www.buysellba.com
