This log entry concerns my remodeling and house purchasing in Armenia, so skip it if that isn't your thing. Today the piping was all finished, so I really need to get my doors and windows ordered so that things don't begin to slow down. They will be putting in the wiring and cementing the floors next. I really like the guys working on my place so far. They are really great gentlemen and hard workers.
Buying a House in Armenia
OK, since I have done this twice now, I can tell you at least that if you are buying a simple apartment (flat) in Armenia, it is actually frighteningly easy. Easier than buying a car in America, even without financing! If it is a house which comes with land, then things get more complicated, and I do not have any experience with that. OK, so there are normal real estate brokers that can show you what they have listed. They showed me some nice places, but I was rather picky and wanted a bargain too, so I started going through the classifieds (in Gind weekly) and looking myself. When I found what I wanted, the other persons broker took care of all the paperwork, and all I had to do was hand over the cash (yes, there is no mortgage system here yet) and then a few weeks later pick up the deed to the house. You do not need to be an Armenian citizen to do this. If you buy a non-remodeled house in the very central part of Yerevan called Pokr Gentron, a studio apt begins at around $5,000 and a one bedroom starts at about double that. But of course, those houses are not remodeled. They may be in OK condition, but most likely you will have to gut it so as to change ancient piping, rotten windows, bad parquet, electricity, etc. For a remodeled place, add about 5 to 10 thousand dollars depending on the size of the place and the fanciness of the remodeling. If you do not have a lot of time to worry about remodeling, you should definitely buy a house which is already remodeled. I am not taking the cheaper high rise homes into account when I tell you about the market. Those homes built of pre-fabricated concrete panels can be slummy feeling, and more importantly, do not seem very earthquake safe to me. Locals feel the same way about them and therefore they cost noticably less. The buildings I would consider are called "Kari-shenk", meaning stone-building. They are up to 5 or 6 stories high and rarely have elevators. The higher floors are noticeably cheaper since locals hate stairs, and often the views and noise levels are much nicer on the higher floors anyways.
If you do not plan to spend a great deal of time in Armenia, you can consider renting out your home while you are not around on a nightly basis. There are a few agencies now organizing this so that tourists can get much better value for their money. Instead of two people paying $70 a night for a lame small room in a hotel, they can stay at a private home for anywhere from $20 to $45 a night. Some of these places sleep 4 or 6 people, which makes things a lot more affordable for families. The broker will give you 90% of the money.
Buying a House in Armenia
OK, since I have done this twice now, I can tell you at least that if you are buying a simple apartment (flat) in Armenia, it is actually frighteningly easy. Easier than buying a car in America, even without financing! If it is a house which comes with land, then things get more complicated, and I do not have any experience with that. OK, so there are normal real estate brokers that can show you what they have listed. They showed me some nice places, but I was rather picky and wanted a bargain too, so I started going through the classifieds (in Gind weekly) and looking myself. When I found what I wanted, the other persons broker took care of all the paperwork, and all I had to do was hand over the cash (yes, there is no mortgage system here yet) and then a few weeks later pick up the deed to the house. You do not need to be an Armenian citizen to do this. If you buy a non-remodeled house in the very central part of Yerevan called Pokr Gentron, a studio apt begins at around $5,000 and a one bedroom starts at about double that. But of course, those houses are not remodeled. They may be in OK condition, but most likely you will have to gut it so as to change ancient piping, rotten windows, bad parquet, electricity, etc. For a remodeled place, add about 5 to 10 thousand dollars depending on the size of the place and the fanciness of the remodeling. If you do not have a lot of time to worry about remodeling, you should definitely buy a house which is already remodeled. I am not taking the cheaper high rise homes into account when I tell you about the market. Those homes built of pre-fabricated concrete panels can be slummy feeling, and more importantly, do not seem very earthquake safe to me. Locals feel the same way about them and therefore they cost noticably less. The buildings I would consider are called "Kari-shenk", meaning stone-building. They are up to 5 or 6 stories high and rarely have elevators. The higher floors are noticeably cheaper since locals hate stairs, and often the views and noise levels are much nicer on the higher floors anyways.
If you do not plan to spend a great deal of time in Armenia, you can consider renting out your home while you are not around on a nightly basis. There are a few agencies now organizing this so that tourists can get much better value for their money. Instead of two people paying $70 a night for a lame small room in a hotel, they can stay at a private home for anywhere from $20 to $45 a night. Some of these places sleep 4 or 6 people, which makes things a lot more affordable for families. The broker will give you 90% of the money.
posted by Raffi K. at 9:28 PM
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