Secrets to buying a cheap house

Hunting for new projects

Experts say that housing is always an attractive segment in the real estate market. As urbanization is accelerating, the demand for housing is also increasing. Meanwhile, the scarce supply has made projects more sought after than ever, so housing prices are unlikely to decrease, and may even reach an average annual compound growth rate of 8-10% until 2024 (data from CBRE).

Therefore, buying an apartment at this time not only meets the need for housing but also is an asset that will truly increase in value in the future. In fact, almost every completed project launched on the market is in high demand, even not quickly sold out.

Secrets to buying a cheap house - 1 — Suburban apartments are a choice worth considering for young families with limited financial resources. (Illustration photo).

Therefore, buying an apartment at the right time when the "goods" are launched on the market is the biggest goal that home buyers are currently aiming for. Especially for projects that are about to be completed, customers can also meet the need to see and experience the actual quality of the project as well as the future living space.

Therefore, the first secret to buying a cheap house is to regularly find out which projects are under construction or about to be completed. If the price is suitable for your financial ability, you will proceed to deposit to buy immediately.

Buy directly from the investor

In reality, real estate transactions are mainly conducted through real estate exchanges or brokers and very few investors have their own exchanges.

Experts recommend that buyers should try to approach investors directly to reduce many significant costs, which can range from tens of millions to hundreds of millions of dong.

Or if through exchanges or brokerage companies, you must choose a reputable unit so that the information is honest. Note that you should avoid buying through individuals who are susceptible to price speculation.

Secrets to buying a cheap house - 2 — Buying a cheap apartment is not easy. (Illustration photo).

Find projects far from the center

Buying an apartment far from the center will definitely be cheaper than projects near the center, and at the same time you can enjoy more public space because the land fund is larger.

Although a bit far from the center, the advantage of suburban apartments is that they often have convenient traffic. If not too far from the center and close to major roads, public utilities such as markets, shopping centers, and housing are still guaranteed to be of good quality and security.

But most importantly, if your budget is not large and you need to buy a cheap house, you should determine that it is difficult to buy apartments in the city center. Instead, prioritize projects with a moderate distance from the workplace for convenience in commuting and daily activities.

For example, many apartments costing over 1 billion VND in Hanoi are far from the center, but the infrastructure has been invested in so it still meets the daily travel needs of the people.

However, it is necessary to carefully research the investor because this is an important factor when deciding to buy a project house. You should choose reputable investors with high financial capacity to ensure fast and quality construction progress. Many home buyers have had to lose their deposits on ghost projects or projects that were suspended due to incompetent investors.

Learn about the legality of low-cost apartments

This is the most important issue to help you avoid losing money. If the apartment has clear legal status and a red book in the owner's name, the transfer and sale will be much easier later. If you buy an apartment from a real estate investor, you do not need to notarize it, but you should find out the legality to be more certain. If you buy an old apartment or buy from an owner who is not a real estate company, it is mandatory to have it notarized or certified to have legal value.

Before signing a contract to buy a cheap apartment, you must carefully check the terms inside to see if they are the same as what was agreed in the deposit contract. The more detailed and clear the contract is, the less likely it is to cause disputes and conflicts later.

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