Hi everyone,
I'm European and our housing market is currently in a huge bubble. It just doesn't seem interesting to me and fellow youngsters to take on a huge mortgage for an average house in Western Europe. Prices have doubled in 20 years and even though I have a masters degree I will not be able to afford the same house as my lower educated parents.
My girlfriend (future wife) is Brazilian and currently studies our language. We plan to live here, but instead of buying a property here I prefer to pay cheap rent and invest our savings into property in Sao Paulo.
I've seen very interesting apartments in Sao Paulo, for very affordable prices. But the ad always mentions IPTU and condominio on top of the buying price.
Because IPTU is a smaller number, I figured that's the one that has to be paid monthly. Condominio is usually much higher. But my girlfriend says that condominio is a monthly payment for staff working in the building etc.
For interesting apartments, condominio gets up to $500 (USD) per month and higher.
This makes the buying price completely irrelevant.
Can someone tell me why condominio is so high? How it is constructed and if there is a way around it?
Sadly in Brazil you need a security guard to protect your apartment block. This is unimaginable in my country