View from the apartment I paid a deposit for in 2019, to be handed over in 2021 - Photo: YEN TRINH
Choose to buy an apartment far away, within your budget
In 2018, I came up with the idea of buying an apartment. Referring to prices from friends who had bought and information about projects, I realized that if I bought near the center of Ho Chi Minh City, I would not be able to afford it, not to mention the slow issuance of the pink book was also something I was worried about. Going to the suburbs, I had to face the problem of traffic jams and wasted travel time.
At that time, a younger brother happened to tell me about the apartment projects in the Thu Duc University Village area (Di An, Binh Duong) that were about to start construction, with prices starting at around 800 million VND/unit. This location is convenient, there is no traffic jam from here to the center of Ho Chi Minh City, and there will be a metro line in the future. This area is densely populated, so it is easy to sell or rent out if you don't live there in the future.
Looking back at my savings of more than 300 million VND, my monthly salary of more than 20 million VND, in early 2019, I chose to buy a 40m2 apartment on a high floor. The price at that time was nearly 1 billion VND.
After paying the deposit, I paid 30% in advance and paid gradually according to the construction progress. Relatives gave me a little, the rest I managed to borrow from relatives and acquaintances, sometimes borrowing from one person to pay another.
Of course, during that period, I spent sparingly and limited my travel and shopping. There was a time when I was in a tight spot, so I sold all the gold I had saved to pay for the apartment in time.
The apartment was empty the day I received it - Photo: YEN TRINH
In those days, life was more difficult than before, but I felt happy because I had a specific financial goal to strive for. When I paid 95% of the apartment value, then the remaining 5% to get the pink book, I breathed a sigh of relief. As for the debt to relatives, I paid it off gradually and did not feel much pressure because there was no interest like a bank loan.
I was lucky to have relatives supporting me and lending me money, but if I hadn't made the decision to buy it then, I probably wouldn't have my first apartment now. On the handover day, my mother and I went down to receive the house and were overjoyed. It wasn't a huge asset, but it was still my youthful effort.
Just buy because it's an asset, don't be afraid of distance.
The apartment was handed over in early 2021. In 2022, the COVID-19 epidemic had subsided. Seeing that the apartment was too far from my workplace, I rented it out and used that money to rent a decent room in the inner city.
So, the apartment I bought generates a profit of nearly 50 million VND per year in rental income. Although I am still renting, I feel comfortable because I do not have the pressure of paying rent because I have already paid for the apartment rental.
I looked it up and found that the current selling price of my apartment is around 1.3 - 1.4 billion VND. You can say that it is a depreciation or a profit. Actually, if I don't buy it, I can't save that much money in a few years. Moreover, the price of newly built apartments near that area has increased, if I wait until I have enough money, I don't know when I can buy it.
You should buy an apartment to have assets formed in the future, you should not think that you have to buy near the city center, or buy to live - Photo: YEN TRINH
I advise my friend to buy an apartment to have assets formed in the future, should not think that it must be near the city center, or buy to live. If not living, can rent or resell. As long as before buying, you carefully consider the legal factors, payment progress, convenience in terms of travel distance...
Nowadays, bank loan packages are flexible, we can rely on savings, borrow more from the bank, borrow from relatives... to buy.
The economy has been tougher since COVID-19. My intention to buy a second apartment hasn’t come true yet, but with the first apartment, I have some assets. And at least, in addition to my salary, I have some passive income from renting. I’m happy about that.
After buying the apartment, I paid more attention to financial management, researched investment channels, researched the real estate market, etc. Buying an apartment gave me a lot of experience in advising friends when they intended to buy. My family was very happy when I knew how to calculate and create assets, no longer spending money on whims like when I first graduated.
If you have saved up some money, don’t hesitate to consider buying an apartment. Carefully choose a feasible area, you can buy an apartment or buy land far away, then sell it later and move closer to the center. Don’t let money sit idle when prices are rising. Money will make money if we know how to use and invest it.
Many young people have bought their first house before the age of 30 through their own efforts. How was your journey? Tell your story to the email address [email protected]. Tuoi Tre Online thanks you.
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