Hello all, We have had a VERY frustrating time of striking a deal to rent an apt. for one year.
My questions for those of you out there who've signed leases are: 1. Did you use the Banco Hipotecario (BHU) to "guard" your guarantee? 2. If so, did you have to pay the BHU a 2% administrative fee?
Our inmobilaria and the apt. owner are asking for 5 months' guarantee, which we've read and heard is standard. Ok, we can live with that, altho it seems a bit steep. Just now, the realtor tells us that we have to pay the BHU the 2% fee, in addition. It just seems odd, considering the BHU will be investing this $$ for a year and earning interest, no?
Please help, anyone, who knows about such things. We have asked an attorney acquaintance the same and have sent an email about it (in Spanish) to the BHU directly, but thought perhaps you all might have some insight.
The rental process here can be quite confusing/unnerving for new arrivals. I couldn't believe it when I first got here and argued my way through a lot of landlords before eventually finding something suitable. I didn't know about the garantia when I arrived in Uruguay and was expecting the usual 1 month rent up front or one month security deposit- not FIVE!
As for the account in Banco Hipotecaria, yes the administration fee is normal and obligatory, no way around it really. Also, they only accept deposits in pesos, so you must agree with your landlord how much the deposit will be if you have signed a rental lease for a dollar amount. In doing this exchange you may lose money along the way (if you have to buy pesos at only 18 to the dollar when it goes in but your dollars are worth 20 pesos when it comes out). However you earn interest on the money you deposit, I think its quite a high rate too.
Thanks so much, Elaine. We knew about putting the $$ in pesos, and we're prepared to either gain or lose $$ on the exchange, dep. on when we make the exchange and then cash out. I'm happy to learn we'll at least be earning interest for the whole year it's with the BHU!
