Finding a New Apartment

I’m interested in buying an apartment in a new building in Yung Ho, Ban Ciao, Lu Zho (i.e. one of the developing areas in Taipei County.

I’ve heard that the re-sale value on these places should be good in a couple of years, as a new place can be bought for around 5 mil. Is this true?

My problem is, I’m not living in Taipei at the moment, so I don’t have time to go driving aroung looking for construction sites. Does anyone know of an easier way of finding such a place? Or perhaps someone knows of a building going up in their area…

Any help / suggestions would be appreciated!

So you want to sink 5 mil into something you can’t be arsed looking over.

Give me the money, I’ll buy you a house and take off my commission (4 mil).

Or if you can read Chinese, look at the estate agents websites. They list alot of houses with info, prices, maps and even some photos. That gives you a basic idea of areas property prices.

If you want info on places being built now, you can have my mailbox - the bloody things so stuffed full of “Wonder Land Cottage” and “Beauty Hill Castle” adverts that real mail can’t get a look in. And I empty the bugger once a day.

As soon as I suggest to my girlfriend that we buy a spanking new apartment like the one almost finished by Hsin Pu MRT in Ban Chiao, she tells me that nobody buys anywhere before it’s built, as the snarfing con men run away with your cash and all you get is a (radioactive) steel girder. :s

Thanks for the info (i think)

This is the first I’ve heard about the developers running away with your cash. Surely that won’t be able to get away with that … even in Taiwan.

Do you know the name of the new apartment complex in Banqiao?

Just for the record, i’ll obviously put a great deal of research into something i’m going to spend 5 mil on. Its just that i’m not in the area at the moment, i have a full-time job, and a big exam in a month and a half … i.e. i’m pretty tied up.

If you and your gf did buy a place, who’s name would you put it in?

I’m not sure Banqiao, Yong He, Zhong He, or Lu Zhou are going anywhere special in 5 years. Banqiao would be your best bet. They seem to be tidying it up a bit. Mind you they’re starting from a low base.

There’s been alot of improvement in BanQiao since I last lived there 3 years ago - the big government office with helipad (WTF?) all that area has been cleared and cleaned and is expected to be built upon in the next few years. There’ll be the MRT through to TuCheng, the high speed rail stop and a big wide road has been made linking to WanHua, cutting down (car) commutes into Taipei. Several new apartment buildings have gone up looking across to Taipei and some looking to Hsin Chuang are going up now. And if you’ve got a car but nowhere to park, you can rent a secure parking spot under said helipad building for NT$4000/month. That compares to NT$5000 for parking under Taipei train station.

I think any where between BanQiao station and Taipei is doing ok, anywhere further out (especially near the night market) is still a pile of crap.

As to the complex already mentioned, I’ll pop down and extract another glossy ad from my mailbox in the morning with the details.

When (not if) gf and I buy somewhere, I’ve resigned to putting it in her name, looks like I have no choice. I’ll try to put a paw print on it, if I can but seeing as I have less rights than a decayed dog carcass here, I doubt it will happen.

Nighty night.

Thanks for the replies wang…

Seriously though there are also a lot of nice new buildings in Lu Zhou, too (and apparently more on the way). The MRT to there should also be finished later this year, so I’m also expecting good things there. My gf’s family has done quite extensive research on the subject and have bought there recently. Her mother bought one 4 years ago and her aunt bought one recently - both new, 30 pings, 3 bed, 2 both and under 5 mil.

Anyway, i still need loads more info before i put out that kinda capital … everything seems rediculously priced here compared to back home.

teggs

Hate to break it to you guys, but the new subway lines currently under construction will not be operational until late 2008 through 2009 depending on the line.

jlick Are you sure about that? Which lines are you referring to and what was your source?

teggs

Here’s the Taipei City Government site with line expansion info and schedule:

english.taipei.gov.tw/dorts/inde … ordid=1429

The Luzhou line is scheduled to open in late 2009.

For those in Banqiao, you only need to wait until August 2006 for the line extension to open. Everything else is 2008 or later.

Thanks! That helps a lot…

teggs

Allow me to paraphrase from a post I made in another forum a long time ago.

I would never buy a house in Taiwan (for reasons I will explain in another post.

BUT

a) If you buy, use an agent and get a reputable agent. Of all the agents I’ve encountered, Mimi Pao is the one I trust.

She speaks good English and Chinese. She’s Singaporean. She can get you a contract in English and Chinese.

She looks like singing star Kelly Chen. :slight_smile:
Her cell phone number is 0939 252 790

b) Use your head, but trust your feelings. If you get a bad feeling about an apartment, an agent or a developer, get out – FAST!

1. First rule of investment:
If it appreciates, buy it. If it depreciates, lease it.

2. First rule of building houses:

 [i]"No man builds a house unless he first counts the cost."[/i]

When you buy a house/apartment, there are costs besides the mortgage, including, but not limited to: taxes, maintenance fees, legal fees, and (esp. if you plan to rent it out) agent’s fees.

Oh, and insurance, which brings us to the next item…

3. Ancient wisdom about building in a flood zone.

The wise man built his house on the rock. The rain came down, the streams rose, and the winds blew and beat against that house; yet it did not fall, because it had its foundation on the rock.

The foolish man built his house on sand. The rain came down, the streams rose, and the winds blew and beat against that house, and it fell with a great crash."

4. Did you feel that?

Earthquakes happen every day in Taiwan. The last “big one”, September 21, 1999, was a magnitude 7.3.
The strongest aftershock, three days later, was 6.8. That’s like calling Nagasaki an aftershock of Hiroshima.
And you know what… seismologist say that the 921 Earthquake WASN’T “the big one.”

Oh, and most of the buildings that were destroyed were new buildings.

5. Steve Zodiac’s rule of thumb for would-be home owners

Never buy a house/apartment in an earthquake zone.

6. Ancient wisdom from 60s British television

“Anything can happen in the next half-hour!”

The Last word in edgewise

If you want an investment, buy mutual funds, RSPs or life insurance.
If you want a place to live, rent a house or apartment.
And call Mimi Pao.

Thanks Steve. Some interesting thoughts and glad to know there is a “reputable” agent on the island (supposedly).

I’m not sure whether your main reason for not buying is valid, or at least for me it isn’t. There are many risks that we all take on a daily basis, you just have to try weigh them up against the benefits. The chances of the next big earthquake occurring with the epicenter located where you live and your apartment falling down, all in your life-time, are very slight indeed. You are probably taking more risks on the roads here … and that is only in the name of transportation.

However, the rewards of buying property can be substantial. Firstly is the financial benefit. Even if the property devalues, you will probably make a net gain on the re-sale because you would have been renting at an exorbitant rate if you hadn’t bought. That is most unlikely as property does very well in Taipei. Although the market in most areas is flooded, the developing areas show huge potential for capital gains.

There is also the intrinsic value of owning property. It gives one a sense of accomplishment and belonging (not trying to sound deep here though).

So my goal will be to buy a new place in an up-and-coming area, and then sell in 5 - 10 years when i want to buy a house. If everything goes through the floor, I’ve still got my apartment back home to fall back on.

I think the main points here are that this is a long-term proposition, and that location is the key. If you just wanna buy a cheap place and stay here for 5- years, you should rather rent. If you’re planning on staying here, you should probably buy. As for the risks … i think that they are outweighed by the benefits.

So happy shopping!

teggs

I agree that buying a house in Taiwan is not the best thing to do if you want to invest money, but there are other reasons to buy a house.

Here’s my thoughts ont he areas you mentioned.

Yonghe: Probably already gone up
Zhonghe: I don’t think it will go up
Banqiao: Could go up - same as Xindian

JLick’s right about the MRT lines. Values will go up even before they’re finished of course, but they might have already done that. Neihu values have already gone up because the MRT will go there in 4 years.

Brian

I can also recommend Mimi, she helped me to find my current place. But AFAIK she isn’t Singaporean (not that it matters though) …

Thanks to Steve and Rascal for recommending Mimi as an agent. I contacted her and she seems faily straight (in a non-sexual way i mean).

She told me about a building in Jhong Her … not sure if that spelling is correct, but its a suburb next to Yung Ho. Its gonna be 2-3 minutes walk from the MRT when its finished. There are 30+ ping, 3 bedroom apartments going for less than 6 mil. They only start construction at the end of this year. If you sign purchase agreement with them now, you pay off some of the amount as installments, and then will have to take out a loan on the balance when you move in.

Anyway, I’m sure there are other new buildings out there … i just need to find the best one.

teggs

Glad to know that you share my evaluation of Mimi.

But, for the record, she IS Singaporean: That would explain her excellent command of English and Mandarin as well as her accent, which is definitely not Taiwanese.

And, in case I failed to mention, she can provided you with a rental agreement / lease in English and Chinese.

[quote=“teggs”]
I’m not sure whether your main reason for not buying is valid, or at least for me it isn’t. There are many risks that we all take on a daily basis, you just have to try weigh them up against the benefits. The chances of the next big earthquake occurring with the epicenter located where you live and your apartment falling down, all in your life-time, are very slight indeed. [/quote]

With all due respect, that what the people in Puli and Taichung said right before the 921 Earthquake in 1999.

But, as I noted, earthquakes are not your only worry. Typhoons and floods happen every year.

The city of Taipei is built on a mud basin.

And as Typhoon Nari showed, anywhere - including the entire city – can be a flood zone.

As for the non-tangible reasons for buying a house (sense of accomplishment, etc.): Been there, done that, bought the T-shirt.

A lot of those non-tangible reasons are not really sound investment principles but things that agents and others tell you to make you feel better about something that is not always a sound financial move.

Yes it feels great to “own your own home.” A man’s home is his castle. But it is not always a wise investment.

It’s like buying life insurance: If you are doing it for someone else, that’s great and there are many non-logical reasons you may wish to do so – looking after your family, protecting yourself in case of severe injury, etc.

But if you are buying life insurance as a financial investment, there are better ways to get a safe investment and a good return on your money.

In short, I’ll continue to rent, claim my income tax deduction, and store up my treasure somewhere else.

you do that…

[quote=“teggs”]Thanks to Steve and Rascal for recommending Mimi as an agent. I contacted her and she seems faily straight (in a non-sexual way I mean).

She told me about a building in Jhong Her … not sure if that spelling is correct, but its a suburb next to Yonghe. Its gonna be 2-3 minutes walk from the MRT when its finished. There are 30+ ping, 3 bedroom apartments going for less than 6 mil. They only start construction at the end of this year. If you sign purchase agreement with them now, you pay off some of the amount as installments, and then will have to take out a loan on the balance when you move in.

Anyway, I’m sure there are other new buildings out there … I just need to find the best one.

teggs[/quote]

these schemes in Taiwan have been known to be pretty dodgy in the past - projects uncompleted, developers running away with money etc. be careful buying off the plan in Taiwan is my advice