Apartments for Low Income

Questions and Answers

Your Questions About Cheapest Apartments In America

July 26, 2013

Michael asks…

I am thinking of buying a property in Buenos Aires to let to tourist, who should I contact?

Administrator answers:

Buenos Aires Real estate is a boom. Our anecdote tells you just how much real estate in Buenos Aires is booming. In February 2006, we went to see a 70 square metre two bedrooms apartment on the Palermo and Recoleta borders. Palermo and Recoleta are fantastic neighbourhoods next to the city centre, Centro or Downtown Buenos Aires. The Palermo apartment needed a new kitchen and bathrooms, en-suite and guest. The Palermo Apartment sold for US$78,000. We happened to notice last month that it is back on the market, after what looks like a basic cosmetic upgrade – price guide: US$150,000.

The Palermo apartment is okay, with two reasonable double bedrooms and a good size balcony that overlooks a tree-lined street. The kitchen is small (the reason we did not buy) and should have been open plan, but never mind. We find it hard to see $150,000, but it will sell. You must expect to pay $2000 to 3000 per square metre for residential real estate in Buenos Aires’ best neighbourhoods.

You cannot get a mortgage in Buenos Aires and so cash buyers drive the market. Numerous agents tell us that the Buenos Aires real estate boom is due to foreign investment, particularly, American and European money. However, many of our Argentine property owners have added one, two or three properties to their own portfolios over the last two years and we act for consortiums of Argentine investors that pool their resources to invest in residential real estate in Buenos Aires.

One might think that foreign investment could dry up with the credit crunch hitting banking systems and the ongoing fight to find liquidity and cheap money. However, I am not sure that Buenos Aires’ micro-economy will suffer. Buenos Aires is a cash-driven economic jewel in Argentina’s tilted crown.

The credit crunch and knock-on economic uncertainty will no doubt reduce the number of properties purchased by foreign investors during 2008, but those more learned than me feel that Buenos Aires real estate will hold its value.

Many of our clients have made their money and sold expensive homes in Europe and United States of America. They happily leave the so-called civilised world, cash-rich and in search of low-cost living and a better quality of life.

Moreover, since 2001, porteños are getting wealthier and they will continue to buy property to let to tourists and business folk because it is a fantastic business.

The districts (barrios) where prices have appreciated most quickly are in the centre of Buenos Aires, the barrios where tourists prefer to stay and upwardly mobile Argentineans choose to live. These gentrified barrios are the safest, policed well and home to both commerce and Buenos Aires’ main tourist attractions. Click here to read about my barrios of choice.

If tourism is to grow to the dizzy heights of double figures in the millions, Buenos Aires needs work on its infrastructure and a lot more apartments and hotels are necessary to lodge guests during high season, November to March – today, we need at least 100 new properties for waiting tenants. We have less than 90 properties available for the whole month of December and just 180 for January. If you are thinking of buying real estate in Buenos Aires and want our advice on rental income returns, please email raemac@bastay.com.

Back to Buenos Aires real estate, and our US$150,000 apartment in Palermo, Buenos Aires.

The apartment in Palermo, Buenos Aires we described, with basic furnishing, internet connection and cable TV would yield US$400 each week or US$1300 each month. If we went to town decorating the Palermo apartment and it had grade one appliances and a minimalist and luxury design, we might ask US$700 (longer rents) up to US$900 each week for 5*accommodation. To be on the safe side, we tell our clients to expect eight months rent each year. We normally reduce rents by 15-20% for bookings of one to six-months. I will let you do the math. The return is very good.

Many clients ask us to guesstimate refurbishment and furnishing costs. It is not an exact science. We use a company called DACTIVO for the renovation and furnishing of both houses and apartments. We selected this company because they specialise in expatriates, speak English, operate subject to a written agreement, and seem to project manage in an effective and timely manner. Let me add, Argentine construction companies, in our experience, can be worse than the worst builders you might instruct at home. Be warned.

James Boyd Niven of DACTIVO said, ‘prices fluctuate in Argentina constantly and inflation means that raw materials become more expensive from month to month. We have first-class suppliers and our vast experience and contacts in the construction and property sectors ensures that our clients achieve good value for money and their projects completed to budget. ‘As a rule of thumb (I love your expressions),’ we estimate that the cost to refurbish an apartment is between US$500 and US$700 per square meter, and US$200 and US$ 400 per square metre to furnish.

Buenos Aires Stay specialises in short and long term apartment rentals, property management, and tourist and business traveller services. We buy property, but we do not invest our clients’ money or offer Buenos Aires real estate consultancy, we leave that to the professionals. We recommend two real estate consultancies in Buenos Aires, each for very different reasons, both have something in common – each provider has a reputation for first-class service:

Pericles James walks you through the precarious process of buying your first property in Buenos Aires. Pericles has an eye for a bargain and contacts throughout the Buenos Aires real estate sector. He is highly recommended to first-time investors who want a highly professional soundboard and good local knowledge. His rate is reasonable – US$500 for a property search (up to six months), which is deducted from his 2% of purchase price fee on completion.
RWB Associates is a real estate consulting firm, which acts for private individuals, companies and investment funds to acquire both residential and commercial property in Argentina. RWB Associates finds investment opportunities for first time buyers and sophisticated investors looking for both property investment and business opportunities. More recently, Robert Bates, President, has specialised in finding premium properties for hotels, hostels and bed & breakfast accommodation. Fees are subject to the size of the project that you intend and your instructions. RWB has a good team if international professional advisors.
Renovation and design

DACTIVO specialises in seamless architectural and interior designs. Their goal is to utilise space with clever and practical designs that add value to your property
All of our recommended Buenos Aires real estate consultants are happy to meet with our clients and provide free, no obligation, and no hard sale advice. We strongly advise you to properly research real estate in Buenos Aires and find a good team of professional advisors before purchasing property in Argentina. In our experience, your savings and peace of mind more than cover their charges. Simply register online and we will arrange appointments during your Buenos Aires Stay.

More reading about Buenos Aires real estate and the Argentine economic outlook:

http://www.latin-focus.com

http://www.consensusforecasts.com/Argentina_Economic_Forecasts.htm

http://store.eiu.com/product/1930000193AR.html

Thomas asks…

Help im moving to iad and i dont know what to do?

Im about to become a flight attendant and i will be moving out to Washington d.c in about a week. i want to know if anyone know any cheap hotel that i can rent for a bout a month, or any rooms. I dont know what to do, im homeless.!!!

Administrator answers:

I know that there are a few extended stay hotels in the Dulles area. I used to arrange foreign travel to Virginia… Short term apartment rentals are around 1750+ per month.

If you are going to be stationed here I would suggest renting an apartment (this will be a lot cheaper).

For corporate short term rentals see:
http://www.corporatehousing.com (there is one property in Reston which is very close to Dulles)

http://www.extendedstayamerica.com/

Extended Stay America:
Chantilly -14420 Chantilly Crossing Ln. – Chantilly, VA 20151 3.58 miles from IAD

Herndon – 1021 Elden St. Herndon, VA 20171 4.32 miles from IAD

Sterling – Homestead Studio Suites 45350 Catalina Ct.
Sterling, VA 20166 2.97 miles from IAD

Chantilly – ExtendedStay Deluxe 4506 Brookfield Corporate Dr. Chantilly, VA 20151 4.61 miles from IAD

Chantilly – Homestead Studio Suites 4504 Brookfield Corporate Dr. Chantilly, VA 20151 4.61 miles from IAD

You will need a car in order to get around also. I know that there are shuttles from the hotels and there is an employee shuttle for Dulles (not sure of the limits of their service).

I live in WV and drive past Dulles Airport every day to work… If you’d like for me to look for other options for you I would be willing to do this (since I know the area). Let me know if you need more help (click on my avatar to send me an e-mail).

Best wishes!

Heart is my Art

Paul asks…

which is the best canary island?

we are looking to go to the canary islands in summer- either tenarife or lanzarote

which would be the most appropriate to take a teenager?
we want to stay in a hotel, of good standards but somewhere that will also have other teenagers?

Administrator answers:

I am from Tenerife and I’ve been in Lanzarote. If you are looking for fun as a teenager you can have it in both islands. And in both islands you have the volcanic areas that is quite interesting (National Park Timanfaya and National Park Las Cañadas del Teide http://www.tenerife-travel-secrets.com/mount-teide.html#.UaheT9KLCSo ).

I know more about Tenerife and I would recommend to stay in Playa de las Americas, where they can go out during the night, but of course, as they are under 18 years old, they are not going to be able to get drinks.

In Playa de las Americas you can go during the day to Siam Park, one of the best water parks in the world (the entrance fee is a little bit expensive, but worth it!) with the amazing swimming-pool with waves and other attractions. Then you can go to one of the thirteen beaches they have in the township (for black sand beaches in the south you have to go to La Tejita). Other attractions of the area are the Monkey Park, Las Aguilas del Teide Jungle Park, and in Adeje more for trekking in the mountains el Paisaje Lunar and Barranco (ravine) del Infierno.

In the north of the island you can go to Loro Parque (Puerto de la Cruz), and go up to the volcano Teide (3718 meters, the third highest volcano in the world) and maybe one new experience in a black sand beach (El Bollullo or El Socorro)

Apartments or hotels in Playa de las Americas are great and you can find very good deals half or full board. It is cheaper than Costa Adeje area (more for adults).

Anyway, wherever you will spend your holidays, you will have an amazing good time there. Enjoy your holidays and have fun!!!

Donald asks…

I want to take a six month vacation to Latin America and spend only $15,000 US Where would be the best place?

I’ll be coming back to the U.S. from a contract job after 18 months on site and want to take a nice long vacation. I don’t want to spend more then $15,000 US and want to live as nicely as possible. I’m 30 y.o., single and plan on having my 15 y.o. and 14 y.o. nieces visit for about a month when school is out. I like to dive and have a PADI Master Diver rating so would like to spend at least a while near the ocean. I’ve had two semesters of Spanish in college and am using the Rosetta software to improve my spanish. I like to fish and would like a little time near a lake. Archaeology is of interest to me so I’ve been thinking Peru or Mexico but not really decided yet. I plan on starting the vacation around May. Apartments or casas preferable to hotels. I really just want to take a vacation where I can sit around a little but still have things to do so I’m not bored out of my mind. Where would the best place be to stay in Latin America?
I’ll be coming back to the U.S. from a contract job after 18 months on site and want to take a nice long vacation. I don’t want to spend more then $15,000 US and want to live as nicely as possible. I’m 30 y.o., single and plan on having my 15 y.o. and 14 y.o. nieces visit for about a month when school is out. I like to dive and have a PADI Master Diver rating so would like to spend at least a while near the ocean. I’ve had two semesters of Spanish in college and am using the Rosetta software to improve my spanish. I like to fish and would like a little time near a lake. Archaeology is of interest to me so I’ve been thinking Peru or Mexico but not really decided yet. I plan on starting the vacation around May. Apartments or casas preferable to hotels. I really just want to take a vacation where I can sit around a little but still have things to do so I’m not bored out of my mind. Where would the best place be to stay in Latin America?

Amy, I’ve been in Iraq for 18 months.

Administrator answers:

Every country in Latin America you could live good on that for 6 months even Chile and Costa Rica which are some of the most expensive Latin American countries.. I have been in Bolivia for the last 3 months and averaging 1100 dollars a month and eat at good restaurants and drink beer almost every night. Before that Uruguay and Argentina
For dive course Roatan, and Utila Honduras is a very popular area for getting a master dive rating http://www.roatanonline.com/roatan_diving.htm#dive

http://www.deepblueutila.com/

In Guatemala one of the most beautiful lake settings in the World and cheap is Lago Aititlan http://www.atitlan.com/
In the south of Chile there are many beautiful lakes and volcanoes

Sharon asks…

how much does life really cost?

I mean about how much money do you need to be making a year to support yourself.
rent,food,bills(i want ot live somewhere close to NY or CA.
Then what if you have a child.
so yes i’m a teen i want to move out and wondering
how much does life really cost?

Administrator answers:

For you to judge my answer, you need to know a little about me. I am in my 40′s, married, kids, live in suburbs … I made a list of typical expenses and estimated the cost of those items based on pretty middle-of-the-road costs. You said you wanted to live in NY or CA (I would recommend CA for long term, NY for short term) so for example I assumed $1,500 for rent, which actually assumes you will have a roommate or live in a shoebox apartment if in NY. I assume same is true for CA in many places esp. San Fran, LA, North Hollywood, San Diego … It depends on what quality of life you want.

Without going into details the estimate comes to about $50,000 a year or about $25 per hour. That may sound like a lot to you now, and yes a lot of people live on less. But it’s a conservative estimate if you want to live in a half-decent apt, drive a relatively cheap car, eat out occasionally and go out occasionally, buy some clothes and shoes occasionally, get a mani/pedi occasionally, etc. Yes, you can probably get your dates or boyfriends to pick up some of those expenses, but don’t count on it. Oh and this includes some savings too (about $700 a month or $8,400 a year, again a nice amount but not gonna make you rich. And that has to cover short-term needs and retirement savings, or you’ll have to make even more money.)

So if you are a teen, give that some consideration. If your parents are helpful, responsible and caring, talk to them about your goals. If they are not, use your own brains and street smarts (plus a pencil, paper, your list of “stuff” that you would need, like rent, utilities, cell phone, car, car insurance, health insurance, food, eat out, entertainment, etc.), your own estimates of those expenses and what you can live with, and add it all up. And maybe consider going to college. And try to meet somebody who is a good person and who has or wants a good education, to help you live a good life. By the way that doesn’t mean living the life of corporate America and having a house with a picket fence, 2.5 kids, a dog … That’s not heaven either. :-)

Well I prolly sound like an old geezer, but you asked. Good luck!

P.s. If you want to live GOOD in NY or CA (big city like LA), you need to make (independently or with a spouse) about $200,00 MINIMUM … Again, it may sound crazy, but it’s actually conservative. There are a lot of people that make a lot more than that.

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