Choosing Between a House and an Apartment in Palermo

[floridamedellin]

Hey everyone,

I'm contemplating the idea of buying property in Palermo and wanted to share some thoughts on the pros and cons of houses vs. apartments. Here's a brief rundown:

**Houses:**
- **Pros:** More privacy, no shared walls with neighbors, and possibly a small garden or outdoor space.
- **Cons:** Typically, there's no building security (which can be seen as a pro for those valuing privacy and independence, but a con for those concerned about safety). Also, no "encargado" means dealing directly with maintenance issues. But again the benefits of having no neighbors and engargado always on the property.

**Apartments:**
- **Pros:** Security features and the presence of an "encargado" can offer peace of mind and convenience. Apartments in Palermo often come with amenities like a pool or gym.
- **Cons:** Less privacy due to close proximity to neighbors and shared common spaces. Maintenance and monthly expenses can be higher due to building amenities and services.

Would love to hear your thoughts or experiences, especially if you've faced similar decisions!

 

[Rich One]

For people that travel often, for long periods, a house is out of question. When gone would need a housesitter ..

 

[sts7049]

there are standalone houses in palermo?

 

[gringoexpress]

there are standalone houses in palermo?

you'd have to bring multiple suitcases of cash to closing, but yes, there are...

 

[floridamedellin]

you'd have to bring multiple suitcases of cash to closing, but yes, there are...

Is this an exaggeration, or does this happen?

 

[wineguy999]

you'd have to bring multiple suitcases of cash to closing, but yes, there are...

A carry-on holds a million in hundreds.

 

[Ries]

Actually you can wire money from abroad to a closing. You have to fill out a form explaining where it came from. We did aclosing in a bank where the wired money was converted to us dollrs by the bank, divided up, run thru a counting machine, then deposited in the seller’s account at the bank we were in. There are still hundreds of houses in palermo. We weighed this same question in 2007, and decided in favor of an apartment. If you buy a house, you are responsible not only for paying for any repairs and maintenance but finding contractors, choosing paint colors, hardware, plumbing fixtures and more. As mentioned you have security issues if you are not there- nosy neighbors do have their place. And, house prices in palermo are now based on the profit you can make by tearing them down and building a nine story building with 2 quarter million dollar units per floor. In 2007, there were fixers in hollywood for 150k…

 

[floridamedellin]

Actually you can wire money from abroad to a closing. You have to fill out a form explaining where it came from. We did aclosing in a bank where the wired money was converted to us dollrs by the bank, divided up, run thru a counting machine, then deposited in the seller’s account at the bank we were in. There are still hundreds of houses in palermo. We weighed this same question in 2007, and decided in favor of an apartment. If you buy a house, you are responsible not only for paying for any repairs and maintenance but finding contractors, choosing paint colors, hardware, plumbing fixtures and more. As mentioned you have security issues if you are not there- nosy neighbors do have their place. And, house prices in palermo are now based on the profit you can make by tearing them down and building a nine story building with 2 quarter million dollar units per floor. In 2007, there were fixers in hollywood for 150k…

Thank you for this. It seems helpful. Do you have the bank name you used, and can you share any other advice? Can you tell me the fees you paid to the bank for this service and what was the spot rate the bank charged?

 

[Ries]

Thank you for this. It seems helpful. Do you have the bank name you used, and can you share any other advice? Can you tell me the fees you paid to the bank for this service and what was the spot rate the bank charged?

sorry, this was in 2007. All of the things you are asking are subject to change weekly these days. There is NO predicting what anything will cost next week. There was no "spot rate". At that time, the wire transfer was converted to pesos at the rate the Argentine government decided, that month. The closing took place at Banco Piano, because that was the bank the sellers used. It made no difference to us. We did another closing, for a different property, just before the pandemic, and our escribano hired a room at the Colegio de Escribanos, the headquarters of the association of Escribanos. Many closings take place there all the time.

Your first priority, and the only person who can really answer a lot of these questions for you- is you need to hire an escribano. They are the navigators, gatekeepers, and legal guides you need here, much more than a lawyer or a realtor.

Colegio de Escribanos de la Ciudad de Buenos Aires

Desde 1866 al servicio de la seguridad jurídica

www.colegio-escribanos.org.ar

 

[on the brink]

Been looking for a smallish house in Colegiales/Chacarita for some time now. Everything is over U$S 400,000
However, there were some acceptable PHs under U$S 300,000