Ola Uruguay Real Estate and Investments

Whether building a house or redoing an apartment, investing in real estate in Uruguay is a great choice. Here are our top five tips, for not only for saving money on your next real estate project, but also—if you’re renovating—for maintaining the best original features to add the most value to your property.

1. Traditional vs. alternative building methods

Find a building system that suits your needs, but isn’t more labor intensive than is required. For example, some traditional methods, like double brick walls are not necessary if you plan to spend just the summers in your new home. Instead research more economical, lightweight options for your property. If you are going to need a four-season home, you will want to look into the more expensive options. Depending on your needs, a traditional brick house maybe too overbuilt, or just right. Though the climate here can be cold and damp, it isn’t Nordic by any stretch of the imagination.

2. Master designer or young architect?

If you want an elaborate design, you will want to look for a master architect who will focus more on the design of your home rather than spending time overseeing the construction. You will end up with a very special house, but you will obviously have to pay more for the vision. If you are content with something simpler, search for a younger architect who can also act as foreman.

Also note that you may want to agree upon a fixed fee rather than percentage of project, as percent of project fees can encourage costs to be higher so the fee is larger.

3. Three bids minimum

Don’t let your architect have full reign. Require a minimum of three bids to ensure you are getting the best deal. Be sure contractors come with references. Also, hired contractors should provide their own material to ensure you are getting the best rate. If you’re footing the bill, they may care less if they use more materials than needed.

4. Finishing details

Finishing touches can get expensive, so decide beforehand how much you are willing to spend on details like light fixtures, sinks, ceramics, tiles, toilets, and marbles. Be aware that these items will not be included in the architect’s proposed budget, so you will need to budget for them. When it comes time to buy, don’t buy alone. Not with your foreign accent. Go with your architect who, on top of speaking native Spanish, may also have discounts at certain shops. Also, visit street fairs and auctions when looking for furniture. Take your time and have fun in the process.

5. Renovating? How to spend your money well.

The most important thing to bear in mind when doing a renovation is lo antiguo se mantenga. In other words, you will want to maintain certain aspects of the original design, while updating others. The true value of your old house or apartment is in the characteristics that are not often found in more modern projects. Outside of these, modern and new is better.

Design features to maintain

Wood or tiled floors

If the floors are completely tiled, this is an incredible attribute to preserve. Specialists can polish and wax floors to restore them, and can change out any broken parts. The same goes for wooden floors.

Molding

Molded details found on the walls and ceiling give a home a more authentic look and feel. They can be refreshed and painted a different color to highlight them.

Outside facades

Generally facades on the outside of a building are not painted, but rather have a natural color that should resist fading. However, car exhaust fumes can leave them black, so you can inexpensively pressure wash them to revive their luster.

Wooden doors and windows

Doors and windows are usually painted. But often you’ll find that if you remove the paint, you will expose beautiful wood underneath.

Objects to install anew

Kitchen

If you are reforming to resell, a new kitchen is a selling high point. Think new and modern when you are deciding on furniture, flooring, sanitary, taps, and granite countertops.

Bathroom

Like with the kitchen, a new bathroom is a selling point. Modern is better than antique when it comes to the WC, bidet, sink, marble counter, faucets, sanitary, and furniture.

Electrical

Usually older homes have outdated wiring that will need to be modernized for safety reasons.

Painting

It is advisable to paint the entire house because it gives it a fresh look.

Furnishings

Antique light fixtures go well with renovations. Likewise, you can pick antique furniture to play up the restoration. Or you can go with more modern and minimalist furniture in contrast to the old of the apartment. You can also buy furniture that is older, but not necessarily antique, and restore it.