3 Tips for First Time Home Buyers in Vietnam

For those first time buyers of property in Vietnam, there are many things to consider and to research about before making a decision to purchase a product in the country. Here are 3 basic tips necessary for you if you are interested in buying property in Vietnam:

  • One is , inform yourself about the local real estate market information, price trends in different cities, economic indicators (GDP) and opportunities for investment (based on your needs)
  • Second, the fees incurred, because the cost of buying a home includes not only the money paid to the owner or developer like the posted sale price, but also a lot of other costs that need to be spent such as notary fees, agency fees (brokerage commission), taxes on transfer. , cost of furnishing a unit, transportation and even unnamed expenses such as tickets and accomodation in Vietnam. New home buyers need to pay attention to these costs when making financial plans.
  • Third, verify real estate information. This is the step that is considered the most important, but it takes a lot of time and effort for first-time homebuyers. There is a lot of information that needs to be authenticated such as: actual house pictures, legal documents, planning, real estate value, etc.We recommend looking for a reputable real estate agency like My Casa to support you during the whole process.

For understanding the obstacles of first-time homebuyers, reputable brokers like My Casa are your best bet by providing open and transparent information, so that first-time homebuyers can make informed decisions. In addition to the My Casa website, customers can also exchange and receive direct support from experts at My Casa via email, social media channels, and by visiting our office in District 2 of Ho Chi Minh City.

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At the consideration and negotiation stage, first-time homebuyers have 3 things that they can take advantage of. First, use free and online information and services to save time and effort. Second, take advantage of advice from reputable experts to better understand the cases encountered when dealing with real estate. Third, instead of immediately making the request the home buyer wants, start with a higher-than-expected request, and then make the actual request. At this point, from comparing the benefits of the two requirements above, the seller will easily accept the actual request according to the buyer’s original desire.

According to data from Propzy, the main issues when buying real estate are: legal problems accounts for 10%; planning direction accounts for 69%; first-time homebuyers do not distinguish between financial planning and ordinary home loans, accounting for 90%; First-time homebuyers do not know how many taxes and fees are involved, who pays the taxes or fees or are exempted when buying or selling real estate account for 75%.

According to data at Propzy, the real estate segment with the price of 3-5 billion VND is traded the most in big markets like Hanoi & Ho Chi Minh City, accounting for 34% of the total accumulated transactions. According to experts, the types of real estate in this segment are not too expensive, suitable for both people who want to buy to live in and buy for investment during the period when the market is affected by the Covid-19 epidemic.

For more information about the real estate market in Vietnam please contact me directly via email at: daisy@mycasagroup.com. Your trusted property agent in Vietnam.

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