Are Apartments The Best Option?

Properties in high-rise buildings are highly demanded as they require less maintenance and are easier to manage. 

In Santiago, Lima, Miami or Madrid, to name a few, apartment experts agree that it is excellent to invest in these properties. There are several reasons.
One being that, in general, the costs are not too high as they can be financed with a mortgage. They are also in high demand so can, therefore, be leased quickly. Less maintenance is required, compared to a house, and apartments are easier to manage (key issues when thinking about investing abroad). 

Jaime Ugarte, executive director of Colliers International, states that “those who wish to invest in a second home prefer apartments. The reason being that they are easier to manage and maintain. They can be used as holiday homes or for leasing to obtain a monthly profit.”

There are two types of investors: those who invest their capital in property and those with greater wealth who buy several units or a complete building (‘Multifamily’). The units can be separated or kept together. 

“This business model has captured the interest of Chileans. It is a market that we are getting to know,” explains Jaime Ugarte. 

Oscar Caries, a broker from Re/Max Mega, points out that apartments have great advantages. They are “easier to manage by an agent in the area and require less maintenance than houses.”

The Key Advice

What is the process of buying a property abroad?

Francisco Ackermann, commercial manager and co-founder of Capitalizarme.com, explains that there are specialised real estate agents who facilitate the transaction. 

“The client should only approach and ask for what he wants. The property is then searched for, and a presentation is made. It is very important to get advice on the process,” he says. “Payment can be made either by cash or by card in the desired country. For the former, there must be proof of the origin of the money. The requirements for the latter depends on the laws and the bank of the country.

“The general rule is that the buyer personally visits the property and signs the papers. If this is not possible, there is the option to process the documents with the consulate. However, this will depend on the country,” he adds. 

From Colliers International, they point out that “if you have a demonstrable economic solvency and a good commercial background, it is possible to buy a property in the US,” 

Before doing so, they advise to study “the areas of interest and to be advised by a reliable real estate company; a company capable of finding the best available option according to the availability of capital”.

Disclaimer:
Translated from ‘Departamentos, la mejor opción‘