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In Asian countries, typically Vietnam, having a house is always a great wish of everyone. A new house with modern equipment and high-class design is the reason why more than 50% of Vietnamese people come to the show flat. So, what should we consider before signing a transaction?
SHOULD
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Have a dedicated agent. When buying a new apartment, people often make a mistake of the extra cost of agents comparing to buying directly from the developer. In fact, the final price already includes marketing costs and commissions, not using an agent will lose your own benefit.
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Choose the right developer. Let’s get the advices from other homebuyers, real estate investors and professionals (eg, agents). Always make sure you know clearly about the developer by searching on Google about last projects, and their development timeline.
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Check out the legal status of the project. In Vietnam, there are still some issues with the laws, especially the real estate industry is in a nascent stage, the law is still lax, this leads to a number of projects being started without permission. Thus, make sure that the developer has valid documents such as a land use right certificate (red book), and a building permit during groundbreaking.
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Ask about how fast the products are selling. Developer often inflates the sales rate of their unfinished projects for a variety of reasons, one of which is to give homebuyers more confidence, thereby increasing sales. Therefore, you should try to learn from different sources about the sales progress of a project.
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Consider the resale potential of the project. It is important to look at the transferability of the project, assess the competitiveness of your apartment with other units in the market. Find out about the regulations on maintenance, in Vietnam, developer often warrants 5 years for structural elements of the building (such as leaking windows, cracked walls ...) and warrants one year of defects in equipment (e.g. furniture, toiletries ...). If it is less than that time you should reconsider.
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Understand surcharges before signing a contract. Expenses such as registration fees for real estate ownership (Pink Book) are often not mentioned in advertising or sales contracts, so ask your agents for clearer information.
SHOULDN’T
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Ignore the cost of items that come from the developer. To get the most return on your investment, you should carefully calculate the value of the attached equipment to reduce future investment costs.
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Ignore investors' efforts to stimulate demand. Any discounted cost that is above average level is a proof that the project is difficult to sell. You should get advices from experts to make an analysis of the project's location and the owner.
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Only choose the expensive apartment. The most expensive one does not mean the highest profit. Do not be in a hurry to ignore the opportunities which can optimize the value of your investment.
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Ignore the risks of buying project at phase 1. Although there are now housing laws to protect the interests of home buyers, the project has not yet started construction still can have certain risks. Make sure the investor has completed the necessary paperwork, has a good reputation and is able to complete the project on time.
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Forget about making a checklist on the handover day. Ask another person to take the time to check the apartment with you and if it has an error, make a list, give it to the developer to solve the problem, only sign the paper when all conditions are met.
From the above notes, Propnex hopes to give you an overview when deciding to buy properties in phase 1.
