Ola Uruguay Real Estate and Investments

To dust off an old cliche, when looking for a property what matters most is—location, location, location. The same goes for your search for an apartment to renovate in Montevideo. And along with choosing the right neighborhood, there are other things to consider too, such as how much you are willing to invest, the level of renovation you want to take on, and your own personal style of living.

Before beginning your search, ask yourself, “what am I willing to invest? You not only have to thing in terms of capital, but also how much of your time you can give to the project. Then you need to decide if you want to invest a lot of money up-front on a place that is in good shape and doesn’t need a large amount of renovation capital, or if you’d prefer to bag yourself a bargain and keep a larger proportion of your money to really put your stamp on it.

If you are looking to for an easy “slap-a-coat-of-paint-on-it” remodel, you’ll want to look for an already restored property in need of some light TLC. Of course, your initial cost may be more, but you will then have to put less into it. And remember, while your purchase price may be the same amount you would end up putting into a similar restoration, you will have bought a jewel ready to be treasured by you or a future buyer.

If you are serious about remodeling, you will want to remember: the worse for wear an apartment is, the more money you will need to invest in renovating it. There are some beautiful, dilapidated buildings in the Old City, for example, but renovating them would probably cost much more than the building itself.

On the subject of location, remember, the more remote your apartment it is, the farther you are from the cities amenities, and—unless you drive—the more you’ll have to rely on public transport or taxis. There are however mini-epicenters of social and cultural activity throughout the city, especially around any of the plazas. Some plazas that you might want to look at include Plaza Independencia, Plaza Fabini, and Plaza Cagancha. Otherwise, look for streets with lots of movement that have restaurants, corner stores, and pharmacies. Or find a place near a major thoroughfare, like 18 de Julio, which is bustling with all the stores, restaurants, and everyday amenities you could possibly need.

If you can, buy on a higher floor, to keep you above the noise and give you a view. Plus, depending on the neighborhood, the higher you go, the more likely you will get to see the river from your window.

Ideally your apartment would have a doorman or portero, but in older buildings this is unlikely. At the very least, look for a building with buzzer capabilities, so you don’t have to bajar, or go downstairs, each time a guest rings.

Where to buy?

Thanks to low prices and incredible architecture (ranging from art deco to Spanish colonial), the recycling boom hit the Old City first. European investors snatched up jewels and restored them into offices and homes, and the Old City came alive again. While great for Montevideo, the renaissance of Ciudad Vieja means good deals are now hard to find. “Picked over,” is how one developer described the neighborhood.

Fear not, other great neighborhoods still present ample architectural options, and the occasional “steal of a deal.” Parque Rodo and Cordon have tree-lined streets and homes featuring indoor patios and elevated ceilings, while the Prado is full of super mansions that are by no means cheap, but are priced well below world standards. The Centro offers buyers a more urban experience, and a range of architecture styles that include a more modern variety. If you want to stick close to the Old City, start your search from Plaza Independencia and work east down 18 de Julio.

Look for next week’s follow-up: Redoing an Apartment in Montevideo, Part II: Tips from Owners and their Architects. We will finish the series post-Christmas with Part III: Furnishing your Apartment—Tricks of the Trade.