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Q: waiting years to buy a new house in china
I have heard that buying a 2nd hand a used house in china is a waste of money since the quality of materials or construction is shoddy they don't last And a tax on buying a used house in china is high to where if u have to wait years just to be chosen to buy a new house and it takes years till its built its cheaper to rent till the new house is built Is this true?
Tax is only paid on a 2nd hand house if the owner sells it in under 5 years after buying it.
You our don't have to wait years to be chosen to buy a house. If you have the money you buy one. What happens though is a lot but off plan. They pay a deposit and then have to wait for the development to finish. They'll then rent until it's finished.
cub:
yes hot that is what i understand about buying a new house I have heard that before a new one is built and if there is a long list of people wanting to buy one, lets say a apartment, first u have to get a number and when/if it gets drawn u have to deposit money and hopefully get chosen among many and this is even before its built When u could buy a used house for and be taxed for it u would be better off [cheaper]renting till the new home/apartment is finished This way u wouldnt have to try to sell a used home thats hard to sell or get your money back being its probably falling apart
I was viewing apartments today. The agent told me the building I was visiting is three years old. It was dilapidated and had this horrible smell. Three whole years... Absolutely shocking.
cub:
yes, thats why renting is cheaper then buying a used apartment/house while waiting for a new house to be built being its made so cheap If u bought a used house it will be even harder to sell later because it will be even in worse shape then when u bought it
RandomGuy:
My residence is brand new like 6 months and the adjacent mall isn't even done building yet. Yet there are broken light bulbs in the garden and black stain on walls outside. 6 f*cking months, and they wamt us to believe that made in China now means quality LOL. Been here 10 years and I will never ever buy a flat in this country, wifey agrees, we rather buy in Europe.
i dont believe its true.
'2nd hand used house... quality of materials or construction is shoddy they don't last'
this was also new house bfr. quality of materials n constructn cant change just by livin' in it.
if its constructd by a reputd buildr, evn 2nd hand wil b trustworthy.
cub:
if the Chinese are as cheap and only interested in making more money by cutting corners cutting costs to make more profits as I have been told then I can see this could happen See post by timtimtim ask him how old this apartment was he looked at. In some places I hear its cheaper to tear down a building than fixing it being its made so cheap and don't last very long
The two things you need to understand are:
1. There is a vast over-supply of new apartments in China, and
2. Chinese people generally prefer not to purchase a home that someone else has lived or died in.
As I can only speak from personal experience, there is no waiting. That said, I did have to wait for 2 years to get the keys for my completed apartment even though it was finished at the time of purchase. I had to wait until the whole garden was completed before I could get the keys.
Perhaps it depends upon the particular location in which you are looking. I got a bargain in an excellent area and the construction is very good.
When I went to the key picking up event, some guy offered me 3 times the price I paid for it in 2014 even knowing it is builiding 4, 4th floor, apartment 4! Thank you China 
I declined his fine offer.
It depends.
I was told that for a GOOD residential complex, the average shelf life is about 40-50 years. Of course, I have seen some that looked horrid after only 5-10 years.
Quality of materials is very low in comparison to Europe or North America. Chinese do buy second hand houses but mainly based on location. If you purchase a home in China, you should check for the following things:
- is it close to any large universities (always good)?
- is it close to an airport (but not too close)?
- it is close to a railway station or a high speed tram?
- it is easily accessible and is close to or can easily access downtown of the city?
- are there any highly sought after or prestigious high schools in the region (parents have to buy nearby houses to admit children)?
- does the construction/real estate company have a good history?
- have you talked to any other residents about any known issues?
- is the ownership going to by under both your and your spouses name?
- does it have elevators? If so, just one or two for the entire building?
- how is the parking situation? Is it underground? How is the security?
----
I bought a condo in China, 160 square meters that checked out on all of these items. I expect it will be an easy sell in about 4-5 years due to location. A nice novelty factor is that both my wife and I designed the interior (so designed by a foreigner). It is brand new, but I would consider buying second hand if all the things above checked out and I liked the interior decoration.
Be VERY strict on ONLY selecting property that you know you can sell in a few years time that meets the criteria above. China is buiding WAY too many apartments to avoid a huge bubble burst. Investing in a house/condo in China is very dangerous.
I felt safe knowing that my condo was close to the best university and high school in the city. If you own a property near good schools, rich rural people will buy it so they can send their children to the urban schools.
