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Buying A Home in China

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Willy The Londoner:
We are into the fun and games of buying a second home here.

There is a new complex being built a block away from our existing home and we really like the idea of a much bigger apartment that is twice the size of our existing one. 

Before the developer would accept a deposit from us we had to make a trip to the Tax Payers Hall and obtain a copy of my wifes tax records for the past 10 years to ensure that she was not behind in any payments to the Government!

We did this and low and behold my wife in those ten years had a shortfall in her payments of 16.40 rmb less that 3 dollars I believe. That entailed her making a payment of this amount and then when paid we received a printed statement for each of those ten years in duplicate.

A day or so later we returned to the developers sales office to find that the tax statement was only needed to show how much one earned and how much tax one had paid to qualify for a bank loan and to satisfy the developer that we could pay for the apartment.  A wasted journey to the tax office as far as I was concerned as we had no need of a bank loan but without it the sales office would not accept the deposit from us! It cost more in gas, time and costs of paper and printing but it was an eye opening trip.

With the first home we bought this was a pre-lived in one and we paid a deposit and moved in and then paid the balance a month after moving in!!!

A week after signing the contracts for the new home we paid the full amount to the developer and we now have to sit back and wait for that particular block to be ready which they estimate will be sometime in September.

Then which ever company we give the contract to will go in and and start to convert the concrete shell into the apartment of our choice which will add another 2 or three months depending on what 'thank you bonus' we pay to the individual workers on site doing the fitting out.

So maybe by Christmas or Western New Year we could well be installed in the new apartment and then we will have to make a decision whether to sell or rent the existing one.

With the bank interest rate being very low here and maybe getting a 6 - 7% from renting then that may be better than selling. :-\

Any thoughts on this.   Better still anyone want to rent a home from the New Year? ::)

Willy

Pineau:
I will tell my friends but i don't think you will have any trouble renting in today's market.

How big? number of rooms? what floor? Is there an elevator?  How much per month?  If you decide to sell, how much?

JohnB:
".. that she was not behind in any payments to the Government!
We did this and low and behold my wife in those ten years had a shortfall in her payments of 16.40 rmb..."

kind of funny in a way. it is tax time in America. Jing does not understand why she has to sign the American tax
form since she is in China. I told her no matter where we are, we are required to pay taxes to the government every year.
& it does not matter where we are domiciled. 

Willy,
kind of curious. what are the going prices of new apartments? May I ask.
Trying to get an idea of the China terrain thing of things, as to what is doable.

Jing wants Seattle big time. Now. I am resisting that.

Willy The Londoner:
We will wait and see what the market is like early in 2015 when we move into the new place.  Then we will decide on either a sales price or renting price.

This one is only 60 m2  and has two bedrooms. In the three years that we have had it every thing that needed fixing has been fixed.

It is on the third floor with no elevator.  Best thing about it is that there is lots of sunlight but no direct sun into the property. 

The new place is 130 m2 so will have a lot more room to wander around in.

Willy

2hip:
John B, over time she will wear you down.  She has the proper equipment to bend your will...smile

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