2 billion could not buy an apartment in the central district of Hanoi, buyers turned to find old apartments, cheaper prices, from worrying about the risk of “no book”
Due to demand, Do My Van and her husband (Thanh Xuan, Hanoi) plan to buy a new apartment. However, after researching projects around Thanh Xuan area that are open for sale, they found that the price was much higher than the family’s financial ability. With a new 60m2-70m2 apartment in Thanh Xuan district, you need to have a financial budget of 3 billion -3.5 billion. (equivalent to about 50 million/m2). In particular, there are projects open for sale with prices up to 55-60 million/m2.
Information about apartments for sale on Batdongsan.com.vn
Therefore, Ms. Van decided to find a used project. With a finance of about 2.2 billion, they found a 60m2 apartment in GoldSeason apartment (same segment of mid-end apartments).
The financial problem of buying a house also gives Tung (Co Nhue) a “headache”. The prices of new apartments are now too high. If Mr. Tung accepts to buy, he will have to borrow a large amount of money estimated from 30% -50% of the apartment’s value. The monthly interest and principal is beyond your ability to pay at the present time. With an interest rate of 7%-9% depending on the policy of the bank signed with the investor, the calculated apartment purchase after adding the interest paid over time also increases by hundreds of millions. Taking advice from friends and colleagues, they decided to find out about used apartments.
According to the reporter’s research, the price of used apartment buildings, although increasing according to the general price trend of real estate, is still cheaper than new apartment projects. Specifically, with the same area, location and segment, the price of the old apartment building will be 20%-25% softer than the price of the new apartment. For example, the projects Rivera Park (Vu Trong Phung, handed over in the third quarter of 2018), An Binh City apartment complex (Pham Van Dong, handed over in the fourth quarter of 2018) cost from 2.5 billion to 3 billion for each project. 60 m2 – 70 m2 apartments.
With the segment of low-cost apartments such as projects in Xa La Area (Ha Dong, handed over around 2013-2015), Kim Van Kim Lu (Hoang Mai, handed over around 2015-2016) has prices from 1.4 billion VND. – 1.6 billion for an apartment of 70m2 – 76m2 (according to information for sale on news site Batdongsan.vn).
Some ads for sale of old apartments on Batdongsan.vn page
With open-plan apartments, the Harmony Square project (Nguyen Tuan) has a price ranging from 2.8 billion – 3 billion or more for a 60m2 apartment or the Nine project (Pham Van Dong) costs from 3.8 billion or more for the 75m2 apartment.
In general, the shortage of new apartment projects and rising prices are one of the reasons why it is difficult for buyers to choose a new apartment. According to CBRE’s statistics in the first quarter of 2022, there were about 3,500 new apartments for sale in Hanoi, down 39% compared to the same period last year. Newly opened projects in the capital, 6 projects have been opened for sale (lasting from 2021) and only 2 projects are open for sale for the first time. The scarcity of affordable products is forecasted to continue as the infrastructure connection to more suburban areas beyond the Ring Road 4 will take a long time to complete.
3 advantages when buying an old apartment
Thus, the biggest plus point when buying an old apartment at the present time is that there are many projects for buyers to choose from with affordable prices, easy money down. In addition, if you buy old apartments, the legality of the apartment will also be more secure when most of the projects have been returned to the buyer by the investor.
The infrastructure of the old apartment buildings has also been completed, so it is easy for buyers to imagine the suitability for individual requirements. For a new apartment project, most of the utility living space is still on the purchase and sale contract or the investor’s advertisement.
After paying, the buyer can move in immediately without waiting for the completion of the apartment/project.
Usually, the purchase price of an old apartment will include some furniture / all furniture left by the old owner. Depending on the actual situation and usage needs, buyers can take advantage of furniture such as wooden floors/electrical appliances… For a new apartment, most buyers will have to spend an extra one. the amount of about 100 million – 200 million to complete the interior after receiving the house.
Some notes when buying an old apartment
However, buying an old apartment also has many risks. In the immediate future, the quality of the apartment goes down along with the time it has been used. Buyers need to pay attention to the level and use of the apartment, carefully check the number of apartment areas corresponding to the information on the legal papers/pink book. From there, the real value of the old apartment product can be quantified. Take steps to negotiate a reasonable price.
Legally, it is necessary to carefully learn about apartment documents because currently, some apartment projects have been handed over to people for many years, but investors have not yet issued pink books.
In addition to the above factors, buyers also need to carefully read the provisions and terms in the contract…In many cases, many owners are still borrowing preferential loan packages from investors associated with banks but not yet paid. Therefore, it is also necessary to discuss specifically to finalize the payment plan of interest and principal. Choose the option in the direction that is most beneficial to the buyer.
Equally important thing that buyers need to do is check the investor’s capacity. This is the first way to know the quality of the project. Buyers should find out information about the investor through people who have been living in the apartment to consider buying an apartment. Information about the investor includes: projects that have been and are being implemented, project quality, planning style, design, handover status of legal documents, security system – fire prevention.
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at Blogtuan.info – Source: cafebiz.vn – Read the original article here
