Home Uruguay Forum Uruguay Guide Moving to Uruguay Real Estate Healthcare in Uruguay
Uruguay
Resources
City Guides
JoinSign In
Cigna International Health Insurance

Uruguay Expat Forum

Real Estate

Post New Topic
MGardener
12/31/2019 14:12 EST

Hey all and Happy New Year!

Trying to get a handle on the real estate situation in Uy.
We are looking in the Punta Ballena area. Actually from Sauce de Portezuelo to Laguna del Diario up to Laguna del Sauce and even over to El Quijote. Club del Lago, Las Cumbres, Chihuahua, Tio Tom, Ocean Park, Las Grutas, etc..
Have been using Infocasas, Zonaprop, Gallito and Mercado libre for internet search.
It seems that there are thousands of homes for sale that have been listed for years. There are some areas where it appears that every home is for sale.
Could someone please explain what is happening there? Are they all investment houses that were put up for sale as soon as they were built? Is the area in a crisis like during the U.S. housing crash? Are those cool looking contemporary homes really crappy when seen in person?
Wife is Uruguayan and we know where we want to resettle. That isn't issue. Don't like feeling that any house we buy will never get sold.
Will be grateful for any insight.

Post a Reply

00abuse

joemindwarp
1/1/2020 09:25 EST

https://www.van-bevern.com/en/

I bought a house in Pinares Maldonado 10 years ago, best I ever imagined. I had lined up about 8 different properties before looking and the 1 I was most interested in fell in my lap, completely a rushed purchase. The only mistake I made was not having a 2nd contractor give an estimate on problems with the house, they pretty much rubber stamp the property inspection / assessment, I have heard numerous nightmare scenarios where buyers remorse is an understatement, Definitely could have been me, #1 problem is foundation, get this checked first, then the roof, also a reputable realtor
I bought in Maldonado as it has very convenient bus service and also walk-able to stores, restaurants, bus to Montevideo. Also check the property tax, Punta del Este and surrounding real estate taxes are very high. hope I helped, With the dollar so strong this will be a good time to get a good discount, make some offers, good luck

Post a Reply

10abuse

allianz international health insurance

For expats in Uruguay, choosing an expat health insurance provider is an important decision. Get a quote from our partner, Allianz Care. Their plans ensure that you have access to quality healthcare whenever you need it. Allianz Care's flexible solutions allow you to tailor your cover to meet your needs and budget.

Get a Quote

Jubi
1/1/2020 12:11 EST

I wish I could confirm your pleasant experience. My search, and subsequent purchase, was a nightmare.

Firstly, many of the properties published have sold, are no longer on the market, or are advertised at false prices or varying prices for the same property. An exclusive listing here is rare and agents fight over the sale which can result in dragging the buyer into the fray. Advertising properties the agent knows nothing about is quite common.

Be certain to find one real estate agent you can trust. The concept of agency in real estate is a very loose one and although agents are licensed in Punta and environs, they are otherwise unregulated. Loyalty and the concept of fiduciary duty especially to a buyer are virtually unheard of.

Agents are looking for buyers and advertise properties without any relationship to the seller which often ends up with three agents in the mix. Never ask more than one agent about a given property, even casually or over the phone or you could end up with a claim from the second agent for a 3% commission. There may be a hundred agents here but each one will know who buys what and whether they themselves may have spoken with the buyer about it.

Finding out details of a property prior to contracting is difficult as well and I used the largest legal firm in Uruguay to help close the transaction! Questions as to matters such as ownership structure (apartments), internal Co proprietor regulations, warranty (for buildings less than 10 years old), composition of gastos comunes, existence of a final de obra, and BPS registration and Intendencia permitting of prior works are often received with a dull glaze or a “why do you need to know that?”.

You cannot count on the answers being correct either. For example, I really wanted to know the Co proprietor regulations for my building in Punta before I purchased. You know things like are pets permitted or banned, etc. I was told both by my lawyers and the building administrator that there were no internal Co proprietor regulations other than those contained in the incorporating documents.

After translating and reading 55 pages of incorporating documents I felt I was comfortable with restrictions. The day I moved into the building I was handed a set of regulations by the porter which include a 2-5 pm “quiet time”. You can only imagine attempting to engage contractors with 10-2 and 5-10pm working windows!

Lastly, looking for property right now will be difficult so be patient. Most agents are busy with summer rentals and if a property is rented you will not be able to view. I finally ended up buying in winter.

Good luck to you. I wish you a stress free experience. I was not so fortunate and I still have my main residence to purchase! I may have to rest a few months for that purchase.

Post a Reply

10abuse

MGardener
1/1/2020 16:50 EST

Thank you Joe and Jubi.
The tip on foundations is very helpful to my research. I had been wondering how those concrete slabs on the sand dunes fared and whether the builders bothered to put footers under them. What is the remedy for a cracked slab over there? I assume they're cracking.
The advice regarding r.e. agents will be very useful. I had already figured out that there's no agency as in the U.S. To be fair, I have worked with agents over here that knew nothing about the properties they were showing. I think I will begin by collecting a list of the properties Im interested in, map them out and drive out to them and call the agency named on the for sale sign. That should limit the risk of false commission claims. It appears that getting free and clear title isn't as simple as getting a title search, survey and insurance. Will have to apply some neurons to that problem. The few I have left.
I really would like to understand the market as much as possible. Obviously,the sellers in the areas I prefer, know who the buyers are, for the most part. I'd like to know who the sellers are. The overwhelming majority of homes listed are also for rent and have multiple beds. Who owns these vacation homes and why are they all for sale? Have they always been for rent and for sale? Is there a bursting bubble or is this business as usual for PdE. You've been there 10 years Joe, are prices moving in any particular direction? I don't mind getting a discount but I'm not too keen on trying to catch a falling knife.

Post a Reply

10abuse

joemindwarp
1/2/2020 04:38 EST

I bought in Pinares, moved in for 3 months having the place resurrected, met a local woman who referred her woodworker and groundskeeper. You have to be very careful with the contractors, I was referred to an excellent in ground sprinkler man who did a great job fixing my sprinklers, then 6 months later when the sprinklers were not working he told my friend I needed a new well, without even visiting the property, $8,0000 USD, turned out to be a bad pump motor and he was not involved after his telephone diagnosis.
I rented the house for the 1st vacation season and did well, After that I have had long term tenants, A problem you can avoid is not living isolated from the community, from what I've heard there are thieves that will strip your house if you are not home for a day or two. As you can tell the property values are all over the map, I visited the VanBavern site and saw
https://www.van-bevern.com/en/properties/marvelous-property-surrounded-by-greenery-pbh832/
stunning yes,( another issue is the summer season ), if you have a car you may go crazy trying to get to and from your house in the Summer
As far as falling knives go I guess that property in Punta is tricky at best, my house was on the market for many years before I purchased it as you can see most are, if you do some looking you will find something you will love. Go to Expat meetings in Punta and Maldonado to get some ideas and referrals, very friendly group meet at McDonalds outside the mall

Post a Reply

00abuse

angel08
1/2/2020 17:23 EST

Hi There

I have recently bought a lovely house in Punta Ballena and I am very pleased with my purchase. The area is growing and there are all sorts of shops, restaurants, and supermarkets around. I made a careful survey on the market regarding real estate agents and I was very happy with the realtor who actually found the house for me and was extremely reliable and attentive to my needs. Checkout her webpage: www.uruguayproperty.com. She has been in the property business for many years and was highly reccomended by a friend in Brazil
Good luck with your search.

Post a Reply

10abuse

Expatriate Health Insurance

Get a quote for expat health insurance in Uruguay.

International Moving Companies

Moving to Uruguay? Get a moving quote.


Mail Forwarding to Uruguay

Mail Forwarding to Uruguay.


Expat Tax

Expat Tax Preparation, Expat Tax Professionals

Join Today (free)

Join Expat Exchange to meet expats in your area or get advice before your move. It's FREE and takes 1 minute!

Uruguay Guide
Other Links
Our Story Our Team Contact Us Submit an Article Advertising Travel Warnings

Copyright 1997-2020 Burlingame Interactive, Inc.

Privacy Policy Legal