Buy a house in BA?

[mmoon]

My experience is don’t buy anything where you’re responsible for the roof. We bought and also built several properties in BA province. Even being on-site most of the time during construction, every single roof leaked and had to be repaired, sometimes multiple times. Construction quality and craftsmanship is nonexistent.
It was like the proverbial boat story: our happiest day was the day we sold everything. Now I would only rent in Argentina.

 

[BAHibs]

My partner bought her apartment in Once but it was bought with the sale of an inherited house in the province.

We're in the process of buying land in the province to build a house, during our search I felt everything was overpriced even in areas of the province, it seems like people would prefer to hold out years rather than sell for a lower price than asked.

 

[semigoodlookin]

My wife owns her/our house, no inheritence.

 

[¡Sencillamente yo!]

My experience is don’t buy anything where you’re responsible for the roof. We bought and also built several properties in BA province. Even being on-site most of the time during construction, every single roof leaked and had to be repaired, sometimes multiple times. Construction quality and craftsmanship is nonexistent.
It was like the proverbial boat story: our happiest day was the day we sold everything. Now I would only rent in Argentina.

I have seen a lot of construction project in Argentina. Individual houses, apartment buildings, commercial space and I constantly have to say: QUALITY of construction is terrible. It's part on the shoulders of the contractors / workers and municipal oversight. Now I want to make a point:

I chuckle to myself when we get discussion on the board about wether Argentina is third world or first world. Well, I state is is FIRMLY THIRD WORLD. Most of the structures I see built or being built would not past muster from an inspection process in a first world country. No way - no how.

The infrastructure of it's highway system, bridges, etc. is lacking. This is definitely a third world country. One I adore, but third world none the less.

FTR, I would never buy any real estate in Argentina. I would only rent. Reasons: I can relocate without hassle and with ease. I can pick up stakes and walk away. And the government is un predictable. Last, rental prices are distorted to the low side while values are distorted over the high side.

 

[¡Sencillamente yo!]

My wife owns her/our house, no inheritence.

Then she worked hard and she is a lucky girl. (BTW - if your name is not on the deed - it is her house.)

 

[semigoodlookin]

Then she worked hard and she is a lucky girl. (BTW - if your name is not on the deed - it is her house.)

I would hope my name is on the deed considering I paid for half the house (it is). I know a few people who own their house not through inheritence. There was a time just after the default in 2001 that you could get a mortgage that became extremely cheap just a few years later. Paying off the house became easy. If you were in a position to get on the ladder during that time, as my wife and her then husband were, they had paid the mortgage within five years. I know a lot of people who did the same.

 

[Fiscal]

After living here for so many years,I have yet to meet any local who bought a house/apartment. All received in inheritance .. keyword - ALL

So middle class people, doctors, engineers etc who don't come from a family with means just have to rent forever?

 

[Ries]

After living here for so many years,I have yet to meet any local who bought a house/apartment. All received in inheritance .. keyword - ALL

I know several argentines who bought apartments with their own money. Generally they bought their first one for $30k or so, then traded up on equity over time- Exactly the way I did it in the USA.
But its absolutely true that many argentines inherit apartments.

In my small building, 2 apartments sold in the last few years, both to professional single women who go to work every single day. Hard to say where people get there money, and if its inherited, but plenty of argentines start small and work up.

current price for the average home in the USA - the ENTIRE USA- is $400,000 plus.
Which doesnt make argentina seem so overpriced to me.

My opinion, based on owning a home in BA, is that the desirable apartments and homes will hold their value- but, to me, that means two things- a good neighborhood, and an older, well built home. The new apartments are terribly built, and will not last 20 years before needing major work. But my 120 year apartment has original, quality, windows, doors, floors, tile, and hardware. Good older buildings hold their value, as they are irreplaceable at any cost these days.

 

[Ceviche]

The only two people I know who bought somewhere recently were able to do it with the mortgages that Macri was giving out.

Correct. To the misinformed, he gave out "throw away" mortgages to people who were married and who had kids ( singles were not given). Most loans were at fixed price of 15,000 pesos per month fixed for 30 years o so irrespective of the loaned amount. LOT of people bought during this time.they are still paying but it Will become easier as 15,000 wis now worth 100 usd and was worth 200 usd during macris time

 

[Ries]

We must know different people.

I know somebody who just bought a tiny apartment in Palermo, as an investment, a couple of months ago. I know another young-ish couple building a home in Maschowitz. No Macri mortgages.