SHOULD THE “RICH” BUY APARTMENTS?

Apartment and condominium projects are appearing more and more, with many segments from affordable to high-end with many incentives from investors.

So how is it that we so often forget to teach respect by respecting the children themselves? should buy apartment? There are many conflicting views and opinions. However, what about Saigon Luxury customers – buyers with financial strength and owning many expensive properties? Don’t miss the following article by Saigon Luxury was consulted by experts.

1. Advantages and disadvantages of apartments and underground houses

APARTMENT	UNDERGROUND HOUSE
Advantage: – When evaluating the pros and cons of apartments, you cannot ignore the many great amenities offered to decide whether to buy an apartment. – Examples of shared community amenities include indoor gyms, swimming pools, BBQ areas, outdoor gardens and patios, balcony spaces, storage, shopping centers, parking, parks and recreational spaces. Condominiums are generally safer and more secure than houses. – To enter the apartment, you need to declare to the security department, it will be more difficult for thieves to break in. Security camera systems and internal communication are also installed in apartment buildings. Security is enhanced because guests must have permission from the tenant to enter the building. There are security guards on duty 24/24. – Many apartment projects today not only have convenient locations and synchronous infrastructure, but buyers also enjoy incentives such as bank guarantees and support for installment loans up to 70% of the apartment value.	Advantage: – One of the benefits of living in a house is that you have more space. If you have a large family, living in a house has more benefits than an apartment. – In addition, when buying a house or land, you also have the full right to use it as you like, including repairing and adding floors (if permitted by the authorities). During the time of living, residents do not have to pay any costs such as maintenance fees, elevator fees, security, parking fees, etc. – In addition, houses and land are also more private than apartments. Owning a house can be a good long-term investment. Studies show that many houses are on the increase in value over the years. You can also add value to the house by renovating, repairing, etc. – To get quality amenities and services, you can only choose townhouses and villas in projects developed by investors, and in the center there are not many options and the selling price is also very high.
Disadvantages: – The first disadvantage in should buy apartment As a buyer, you are often limited in what you can do to build or renovate your apartment. The homeowner must register with the management and get approval for the renovation process. – In addition, because apartments are often located next to each other, problems with electricity, water, or sanitation in another apartment can affect it, and repairs are also quite difficult and complicated, because everything is synchronized. – Additionally, loud noises may be your new normal when living in an apartment, so make sure you are okay with such neighbors before moving into an apartment. In apartments in Vietnam, fire safety is not taken seriously. Escape for those living on the upper floors of the building also becomes difficult, even impossible.	Disadvantages: In the same area, land prices are many times more expensive than apartment prices. For the same amount of money, the house you buy may be a bit far from the city center. Choosing a house means not enjoying the same amenities as an apartment, because today’s apartment buildings tend to integrate many services and living amenities. Buying a house can cost a lot of money, making it a huge commitment. In addition, houses are also at a higher risk of theft than apartments. Especially when the whole family is traveling or away and no one is there to look after the house.

APARTMENT

UNDERGROUND HOUSE

Advantage:

– When evaluating the pros and cons of apartments, you cannot ignore the many great amenities offered to decide whether to buy an apartment.

– Examples of shared community amenities include indoor gyms, swimming pools, BBQ areas, outdoor gardens and patios, balcony spaces, storage, shopping centers, parking, parks and recreational spaces. Condominiums are generally safer and more secure than houses.

– To enter the apartment, you need to declare to the security department, it will be more difficult for thieves to break in. Security camera systems and internal communication are also installed in apartment buildings. Security is enhanced because guests must have permission from the tenant to enter the building. There are security guards on duty 24/24.

– Many apartment projects today not only have convenient locations and synchronous infrastructure, but buyers also enjoy incentives such as bank guarantees and support for installment loans up to 70% of the apartment value.

Advantage:

– One of the benefits of living in a house is that you have more space. If you have a large family, living in a house has more benefits than an apartment.

– In addition, when buying a house or land, you also have the full right to use it as you like, including repairing and adding floors (if permitted by the authorities). During the time of living, residents do not have to pay any costs such as maintenance fees, elevator fees, security, parking fees, etc.

– In addition, houses and land are also more private than apartments. Owning a house can be a good long-term investment. Studies show that many houses are on the increase in value over the years. You can also add value to the house by renovating, repairing, etc.

– To get quality amenities and services, you can only choose townhouses and villas in projects developed by investors, and in the center there are not many options and the selling price is also very high.

Disadvantages:

– The first disadvantage in should buy apartment As a buyer, you are often limited in what you can do to build or renovate your apartment. The homeowner must register with the management and get approval for the renovation process.
– In addition, because apartments are often located next to each other, problems with electricity, water, or sanitation in another apartment can affect it, and repairs are also quite difficult and complicated, because everything is synchronized.
– Additionally, loud noises may be your new normal when living in an apartment, so make sure you are okay with such neighbors before moving into an apartment. In apartments in Vietnam, fire safety is not taken seriously. Escape for those living on the upper floors of the building also becomes difficult, even impossible.

Disadvantages:

In the same area, land prices are many times more expensive than apartment prices. For the same amount of money, the house you buy may be a bit far from the city center.

Choosing a house means not enjoying the same amenities as an apartment, because today’s apartment buildings tend to integrate many services and living amenities. Buying a house can cost a lot of money, making it a huge commitment. In addition, houses are also at a higher risk of theft than apartments. Especially when the whole family is traveling or away and no one is there to look after the house.

2. Should the “rich” buy an apartment or not?

Apartments concentrate many different households, thereby creating a civilized and modern residential community. Especially in high-end apartment areas, people in the same apartment area will have the same level of knowledge and civilization.

In the apartment complex, if there is any dispute, it will be controlled by the apartment management board. Vehicles will be kept in the basement area, so there is no dispute. At the same time, entering and exiting the apartment requires a magnetic card and is carefully checked, and must be clearly presented, so the security issue is extremely safe. You can completely rest assured to let your children play and make friends so that your children can develop from physical to cultural.

Most apartments are invested by investors in terms of infrastructure, public utilities, etc., so residents’ lives are convenient and synchronous.

Some of the amenities include: swimming pools, parks, entertainment areas, etc. Some high-end apartments also have supermarkets, schools, hospitals, yoga, etc. The infrastructure system is also synchronized and has the ability to connect from the residential area to the workplace, making it extremely convenient.

Nowadays, many high-end apartment projects are exclusively for customers with good financial conditions. In these projects, the selling price is not cheap.

In apartment projects for the “rich”, in addition to outstanding infrastructure, there are other advantages such as: The project only builds large-area apartments, has private parking for supercars, owns a marina, private elevators along the axis or some Branded Residence apartment projects are operated and managed by the world’s leading hotel brands, … In fact, there are many businessmen and celebrities who own apartments worth tens of billions or even hundreds of billions. That proves that a part of the successful still chooses to buy apartments instead of houses on the ground.

Grand Marina Saigon apartment complex is managed and operated by Marriott in Ba Son area, Saigon.

The majority of Saigon Luxury customers – those who own many real estates and valuable assets, are very clear in deciding whether to buy real estate for investment or to live and enjoy. When buying to live, the quality of the living environment is the top priority.

There are also opinions that people who are still interested in buying real estate to both live in and make a profit are still people who have to work hard to earn money and are not “rich people”.

3. Things to note when buy an apartment

3.1 Consider financial resources

Currently, apartments have many segments with many different prices. The price difference depends on many factors such as location, area and amenities you receive. Considering personal financial capacity is extremely important to decide. Should I buy an apartment or not?? Don’t put yourself out of pocket just because you decide to buy an apartment that is beyond your means.

Or because of being too frugal, they choose a location too far from the city center, leading to difficulties in daily travel. Currently, most apartments have many payment methods to support buyers.

You can pay the entire value of the apartment at once if your financial capacity is strong enough or buy the apartment in installments. However, when deciding to choose the installment payment method, you need to pay close attention to the interest rate and loan term.

3.2 Prioritize reputable investors

The apartment market is developing rapidly with many beautiful advertisements about profitability, service utilities… However, not all introductions are true.

Investor reputation is one of the criteria to consider before deciding. should buy apartment. Reputable investors ensure timely completion of the project with the quality as committed. Choosing a reliable investor will help you avoid the risk of receiving an unwanted product.

There are several factors to identify whether an investor is reputable or not, such as: Financial status, operating time, implemented projects, list of partners, and legality of the project.

3.3 Pay attention to apartment management fees

Housing management fee is the amount of money you have to pay regularly when buying an apartment (usually calculated by unit price/m2. This is the fee that residents have to pay to the Building Management Board periodically every month or quarter.

The money will be used to pay for the management of the apartment building. High-end apartments usually have management fees from 23,000 VND/m2 to 80,000 VND/m2. Therefore, you should research carefully before deciding to stay long-term.

3.4 About apartment sale and purchase contracts

When it comes to should buy apartment, safety is top priority. The apartment sale and purchase contract is the legal representative for the sale and purchase with binding terms between the buyer and the seller.

Contract value: This is the most important part of the contract. Before signing, it is necessary to clearly determine whether the contract value includes land use rights, taxes, other costs, etc. Some buyers do not pay attention to this item from the beginning, leading to additional costs later. Therefore, after receiving the apartment, the investor requires the buyer to pay additional fees such as: completion deposit, pink book issuance fee, etc. or the investor arbitrarily increases the management service price, arbitrarily adds other fees without agreement with the residents.
Payment terms: This is a factor that protects the buyer’s interests, so please pay close attention when deciding. should buy apartment.
You must ask the investor to commit to the quality of the project, delivery time, and an appendix with full information about the services and utilities you receive when handing over the apartment and the accompanying obligations.
Time to issue pink book

Make sure you review the contract carefully or consult your lawyer. Do not sign until you have fully understood and agreed to its terms and conditions.

3.5 Facilities and infrastructure of the apartment building and surrounding area

When buying a house, issues of security, fire safety, emergency exits, etc. must also be carefully considered. should buy apartment to ensure a safe living environment.

In addition, buyers also need to pay attention to the facilities and infrastructure of the surrounding area. Are there frequent traffic jams, flooding when it rains, high tides, etc., and what is the traffic situation around the apartment area? It is also important to consider whether your area often has power outages or water shortages.

3.6 Legality of apartment buildings

Pay attention to the legality of the matter. should buy apartment is important. Unlike townhouses, the legal status of real estate is the pink book. As for apartments, there are types of apartments that already have a red book and types that still have a sales contract or are in the process of making a red book, buying or transferring or buying directly from the investor. Each type will have different ways of buying and selling.

Therefore, the legality of the project depends on the Investor Company. Accordingly, when the apartment project has a certificate, it will be bought and sold normally like buying and selling real estate. When the apartment does not have a certificate, the following documents are required:

Certificate of land use rights of the investor
Business license
Investment approval document
Land fund red book
Detailed real estate planning 1/500
Construction permit
Bank guarantee

In addition, you need to pay attention to the types of apartments in the project you buy, such as shophouses and officetels. Normally, projects with officetel apartments should be located in separate areas. Some projects have officetel apartments interspersed with normal apartments, so employees working in officetels may affect you.

Some apartment projects have long-term ownership or 50 years, 30 years, etc.

3.7 Rent before you buy

Another option that many people who want to buy a house use is to rent a house for a certain period of time to evaluate it before deciding. should buy apartmentOf course, this only applies to completed and put into use apartment projects.

Job should buy apartment Whether to buy a house or land is a concern of many people. Apartments often have advantages in terms of services, utilities, and multiple payments, while land and houses have advantages in terms of long-term value. Hopefully, the above article has helped you choose the type of real estate that suits your financial ability and needs. Don’t forget to continue following Saigon Luxury to update more useful information!