Re: Buying Property: Your Advice and Views

HomeForumsGeneral DiscussionBuying Property: Your Advice and ViewsRe: Buying Property: Your Advice and Views

#25379
Avatar photoRick in China
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@ng

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Agent told me there will be 2% agent fee & a kind of sales tax to govt i.e about 6-7%… so it will add about 10% up as cost.

If you consider new properties have purchase taxes and other processing fees, buying 2nd hand isn’t much different – and there are ‘ways’ to avoid 2nd hand transfer fees if you know people 😀

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If there is any another hidden costs?

For new purchases you usually have to pay some other fees up front when you take charge of the apartment, namely wuguan/other monthly fees for the first (or until the end of the current) year. You should also keep in mind you’ll have pressure to buy a parking spot, and they’re expensive (mine was 150k rmb, cash). If you don’t drive, keep in mind: if the spots are all sold out..which they sell out fast, and you later want to sell or rent the place but have no spot and the buyer/renter drives, you may end up cutting down the value of your sale/rental.

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And if a foreigner can alone buy a property here?

You can buy apartments at any place that has a foreigner sales certificate or whatever it is. Most any high end development has one, but you should verify that as soon as you walk in to a new development sales office or talk to an agent about 2nd hand apartments.

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And any idea who is the best developer here?

There are lots of good developers, and more bad ones. Many foreign developers are better but sometimes they offload a lot of the actual development or after-sales service to domestic companies, so it’s not just which developer’s name is on the development but who is actually doing the work/going to be managing the complex afterwards.

I bought a place next to Ikea, City Springs – they’re almost done building the 5 star millenium hotel or whatever in the complex, it’s a Singaporean developer. Happy with everything so far, actually the Wu Guan has been very good to me. Many examples/stories to support that but not enough room in a post 😉 Good WuGuan and making friends with them (and the guards) will make life easier in many instances here.