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Tips for buying a house or land without getting ripped off

VTC NewsVTC News03/04/2023


According to real estate experts, before buying real estate, buyers need to follow these 5 steps:

Determine property characteristics requirements; Survey land prices in the area; Select qualified properties ; Identify weak features of the target property; Negotiate price.

Accordingly, buyers need to carefully survey products of the same type, in the same location, with similar prices.

If the house price is 10-15% higher than the real price, it can be called expensive. If it is over 30% of the real market value, it is considered "virtually expensive".

Tips for buying a house or land without getting ripped off - 1

Home buyers need to be careful not to get ripped off. (Illustration photo)

In fact, many people buy real estate but do not have time to research and verify information, so they buy at too high a price without knowing it. In some areas, many apartment projects have doubled in price after being opened for sale for 12-18 months, even though the quality of the houses is not worth the price and have not been handed over to customers.

For example, the construction cost is 12 million VND/m2, the investor opens for sale at 60 million VND/m2 but the product is pushed up by the market to 100 million VND/m2. This will make the selling price far exceed the actual quality.

Experts warn that if you buy real estate and only focus on one product and trust the broker, it is easy to buy a "mistake", even much more expensive than other properties in the same area and segment.

If you want to buy a townhouse, it is best to survey the area. Ask the people around about house prices, land prices in the area, check if the house is involved in any disputes or lawsuits. If buying land, you should also visit at least 4-5 places to compare prices, potential of each area and make the most appropriate decision.

In addition, it is important to remember that the value of a house will depreciate, but the land will not. A new, big, beautiful house located in an underdeveloped area with no potential will not be as valuable as an old house in a good location. Therefore, before buying a house, you should also evaluate the area in detail, considering its development potential in the near future - the distant future.

The last secret is that when you have decided to participate in real estate investment, it is best to be clear about that area, clear about the segment you intend to invest in, thoroughly research the legal aspects and all influencing factors, then the level of safety in investment will be higher.

Currently, the transparency of information on the real estate market in Vietnam is still low. That is the reason why buyers are still being "tricked", tricked into buying at high prices or buying real estate that is not up to standard in terms of legality. This situation causes many long-term disputes, even causing many buyers to lose billions.

Ngoc Vy


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