Many customers when first buying apartments in HCM City often do not know what to note. Here is a list of 9 apartment buyers should know, sorted by importance decreasing.
Note on Price
Real estate brokers always have a lot of ways to start introducing their clients to the project, but the first question they ask is: How much do you want to buy a flat? This is the first element you need to define.
However, I suppose, the saying “any money that” still quite true with Vietnam real estate. This is reflected in the price difference between apartments in HCMC. According to the survey, the average price of the high-end segment in this city is $ 1,700 per m2, the average is $ 900 and the average $ 700. So do not look at the discount adverts to expect the purchase of a bargain. Reducing the sale price may mean changing delivery products and terms of payment …
Note about Payments
Flexible payment terms are being utilized by developers as an important factor in attracting customers. The prevailing rate of payment for housing in Ho Chi Minh City is currently 50% of the value, the rest is paid for a period of 6 months to 2 years, with 0% interest. Especially some projects only pay 30% or discount 18% when paying immediately 98% of the value …
As a home buyer, you should carefully consider these conditions. An apartment is paid later but the current price is higher or the project is still on paper, which should be considered very carefully.
Note about Location
The clear position is always a prime concern of any investor when intending to launch a real estate project. However, in Ho Chi Minh City, when many gold lands are owned by most, some businesses have to choose the peripheral areas. At this time the infrastructure, landscaping around the urban area, living space become one of the factors determining the success of the project.
Note about the capacity, prestige of the investor
Over ten years of development, the real estate market in Vietnam appears thousands of investors. However, most of them are not professional property developers and in fact do not have independent reviews or ratings on these units. Meanwhile, the comprehensive assessment of investor capacity is very difficult for apartment buyers. Therefore, the buyer should rely on the completed projects of these units to make a decision.
Note on Construction Progress
This factor is closely related to the capacity of the owner. In the current difficult context of the real estate market in Vietnam, where most investors lack capital and dependence on bank loans, this criterion is very important.
What happens when the project cannot be completed on schedule? The answer has been many in the market recently when a series of lawsuits took place. The risk is pushed towards the buyer because of the risk of losing, while the investment may be subject to bank interest.
Note on Legal Risk
The most prominent legal issue in Vietnam over the past few years is the “paper-on-sale” situation. According to the regulations, projects are only sold when the design is approved and the foundation is completed. However, the investor still sells houses in the future in the form of capital mobilization and capital contribution. After the freezing market, many investors have “projected” with the money raised from customers. To avoid legal risks, the buyer should consult a lawyer before placing a pen in the deal.
Note about Rentability
Just like investing stocks, instead of just waiting for the price increase, investors also want a high dividend. Unlike the years before the market brought many speculators to profit from the current price, buyers will be interested in the ability to rent next to the ability to sell when the price increases. This point is probably an important consideration in the current context where the potential for price appreciation is weak. In Vietnam, rental income for serviced apartments ranges from 5% – 8% in HCMC in USD.
Notes on environment
It is not a coincidence that foreigners coming to Ho Chi Minh City often choose a number of peripheral areas such as District 7, District 2, and so on, although the distance to the center is not close. The reason is that in addition to a shelter, they need an ideal living environment that fits the family’s living, working and entertainment needs. This space is designed with many green areas, low construction density and fully equipped for service needs and living utilities.
Notes on the Community
In the United States, the real estate industry has said, “Tell me who your neighbor is, I’ll let you know the price of my apartment!” In other words, the price of the apartment will depend on the community of the property and the community-building efforts of the owner and manager.
In the United States, Donald Trump’s Trump Place, located in the Hudson River in New York City, is only worth the price when Donald Trump himself arrives, and he has built the utilities to attract business. The rich man comes along.
For high-end projects, residents are business people or celebrities, they are particularly concerned about the living environment, the factors that affect and determine the price of housing products.
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