12 replies to this topic

[faund]

I come from a coastle city which is in relative advanced area in China. I could make some wrong spell and grammar.

Most of people buy house for themself here. Buying a 100 square meters residence will cost about 8 hundreds thousands Yuans(1 hundred thousands US$). The cost is increase rapid recent years. About 1997, when I was graduated from my university, the price is about 1,000 Yuans(125 US$) per square meter, And it's now about 10,000 Yuans(1,250 US$) per square meter for some house in the central city. More central the house more expensive it is.

Otherwise most family's revenue is about 50,000 Yuans(6250 US$) per year. The most popular way to buy a house is borrow money from bank and return the money in the next 10 to 20 years.

I have borrowed about 400,000 Yuans(50,000 US$) to buy my house, and I have to return 2900 Yuans(360 US$) to bank every month in the next 15 years.

Only people who are temporary live in the city for some reason such as work for some years will hire a house, which cost about 2500 Yuans (312 US$) for a 100 square meters house per month. The rent increase not so rapid compared with the price.

People here like buy house for themself and like live in city. How about your city?

**I am sorry for the wrong title, but I can't change it, it's supposed to be "Buy it or hire it"**

Edited by faund, 12 September 2007 - 04:02 AM.

[abminara]

faund, on Sep 11 2007, 11:58 PM, said:

I come from a coastle city which is in relative advanced area in China. I could make some wrong spell and grammar.

Most of people buy house for themself here. Buying a 100 square meters residence will cost about 8 hundreds thousands Yuans(1 hundred thousands US$). The cost is increase rapid recent years. About 1997, when I was graduated from my university, the price is about 1,000 Yuans(125 US$) per square meter, And it's now about 10,000 Yuans(1,250 US$) per square meter for some house in the central city. More central the house more expensive it is.

When we were getting ours - it was a perfect time - the price for rent went up, but the amount of money you need to pay for mortgage did not yet. Thus We pay about 700/month for it, though, we could rent the same size house for 1200.


P. S. This is rare.

[faund]

Do you means that the cost of rent a house is less than mortgage is rare?

Yes, that's right in theory. But it's not strange in my city or in my country. Maybe that is just tradition. Who knows.

[abminara]

faund, on Sep 13 2007, 10:46 AM, said:

Do you means that the cost of rent a house is less than mortgage is rare?

No. Right the opposite - renting is more expensive, thus, it makes no sense to overpay for something that doesn't even belong to you.

[faund]

I see. But if the rent is less then accrual, what will happened?

This happens in my city and most other city in advanced area in China.

People will not buy a house but rent a house is right, but the fact is not, most people choose to buy a house.

That's I am puzzled.

I am not sure if I have understand what you say that to buy a house spend 700 per month and rot rent a same house spend 1200 per month? That's no doubt to buy one.

[Carson]

We are renting a house, while my parents are saving up. We have been renting this same house for four years now, and in those 4 years the rent prices have absolutely soured. It costs $150 per week to rent this house, and there are 5 members in my family. That is really really cheap. You would pay more for a 2 bedroom flat in my country. We haven't moved yet because we are still saving to buy a house, and we can live cheap in the meantime.

[sylenzednuke]

It really depends on the situation. If I am moving to a new city permanently, I would rather chose to buy a new home by my own money or if not possible then take a loan from the bank. 'cause renting a house would be way more costlier and actually dumb when you know you're gonna be here for a while, maybe more than 2 decades! Buying a house, be it on loans would be way more beneficial and cheap in the long-run. If it's just for a year or two regarding studies. Then it's better to rent out a house.

But one thing's there. If I would've come from Delhi (Washington D.C. of India) to Mumbai (New York City of India), and if I had hard cash. I would buy up a house. And then give it away on rent while I am back in Delhi and when the prices raise high, sell it out.

[Tenshi]

My dad is in and Engineer so he has to move to different locations every few years so it would be a waste of time, energy and money to buy a house every time we move. We normally first get a temporary location when we move to a new town and then find a much better, much suitable place to live in. The place where I am currently staying is also rented and I absolutely love it, maybe one day we might be able to buy the house from the original owner.

[stranded]

In my country people mostly build there own houses. They start building there houses and till its complete they live on rent.

[Misanthrope]

I bought my properties through a dogged determination to avoid paying someone else's mortgage, which is essentially what you do when "renting" a house or flat. In my adult existence I've rented once, and regretted it. It was a flat for $300 a month, and I could hear the tenant below me pissing in his bathroom. Talk about thin walls. The woman next door complained the one time I turned my stereo up, but I was forced to endure her opera "singing" night after night. Needless to say, I soon decided apartment life was no life at all.

I paid $90,000 for my first house, lived there for ten years while the property literally doubled in value. But gone, I fear, are the days of real estate appreciation. The house was located in a desirable, suburban area near a lake, and only 14 miles from the city center. But it was also on city water and city services, which I came to understand was not desirable to freedom-minded folk. As long as you're paying someone else for basic services, you are in monetary bondage, and therefore, a slave. I was surrounded by nosy neighbors in clear view. I could hear their screaming brats, smell their cooking, sense their foul presence. I recall the time I attempted a simple bonfire in my backyard but an over zealous neighbor saw the need to call in the fire department. Freedom is not possible surrounded by such zombies.

And so I set my sites on the country. With the monies I received from the sale of the urban property I had a sizable down payment for my current home which is on twenty, secluded acres in the middle of nowhere. The home itself is roughly 3600 square feet with white oak wood floors, granite counter tops, stainless steel appliances, a hot tub, two jetted tubs, built-in outdoor grill, three decks, and not a neighbor in sight. In other words, if you sell your home in the city, you get twice what you'd pay for in the city, and you lose the nosy neighbors.