school and work are exactly the things keeping us in Taipei…
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Prefacing this to say that obviously your mileage may vary.
No if 30 years.
Also, why is it 37%? Because I am paying 30% down on the Market Rate as determined by the banks of $5.5 Million. I will be covering the difference.
Sure, and everyone’s needs are different. I did find one that was relatively close to what I wanted, but it depends on your needs. I wanted to be closer to Taipei and the MRT, so I downsized to a house that is physically smaller, but has split levels inside creating almost the same layout. Two bedrooms, washroom, kitchen, living room, office, and even a balcony. I’m OK. Not everyone’s needs are flexible. However… If I wanted to buy the house I was living in in Danhai’s New Town, actually, with prices hanging around 6-7 million for similar sized units, I’d probably find that the mortgages there wouldn’t differ too much either.
I think for sure in the city centre, renting might make more sense, but the suburb that is Taipei County I mean New Taipei City… is a mixed bag and depending on what you can tolerate can mean very different things to you. You have to look at your plans, and see what works for you. It looks fairly linear. Farther out often means that buying can make more sense. If someone was living in Jinshan making $600-1000/hr teaching English, I think buying can work out really well for them cause the prices there are very cheap as when they move on, they sell and get some, all or even more of that money back to reinvest.
I’d think twice about the city centre unless you are willing to change your requirements.
But this isn’t my goal. This is about taking a budgeted expense that I already HAVE to pay, and moving it to a place that would be mine to resell in the future. Even if it goes down, I’d still be over 0% money back. It’s about adding efficiency to my budget.
I’m not speculating, I want to live in this place. At the moment I am renting and I ask myself… Why am I paying speculators to live?
Foreigners can purchase land. Land deed is included in my house purchase. I will own Taiwanese land.
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Apologies then, I somehow remembered that there are some restrictions on land purchases for foreigners. I have never really considered land so I don’t know the exact rules on that, sorry if I mislead anyone.
No worries. You can buy real estate in Taiwan if your country allows Taiwanese to buy real estate.
The only land that is restricted is land that is important to matters of national security like food production/agriculture, forestry and the like.
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@Marco Do you know if it is possible to negotiate prices here too? (For example in case you’re buying with cash)
Of course, even if you’re not buying in cash. One, it’s not likely someone’s gonna plop a bunch of cash down so… not really a negotiating tactic. They’re gonna get their money anyways.
But absolutely. I talked mine down to $6 Million from $6.88 Million
Common rule of thumb is everyone’s asking for too much so they can negotiate down.
I make a game of it.
How much is this house? Too much.
And that one? Too much as well.
How about that one? Also too much.
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Foreigners are allowed to buy residential land. And as far as i know, only residential land. They have exceptions written into law but its a case by case thing will rarely ever be allowed.
Correct me if im wrong, but i believe foreigners may only own one chunk of land. Unless specific and.special permission is granted.
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Nope. Foreigners can buy residential, commercial and industrial land.
Foreigners can buy as many plots of land as they like.
In fact, many houses are on commercial land cause developers, instead of putting offices there for you know… jobs, just take advantage of the looser density requirements.
How can foreigners come and bring in FDI if they can’t own the factories and offices they use to start businesses here?
In fact, all these houses in blue in Sansia are sitting on commercial land. Because Farglory decided instead of setting up offices here for jobs, it’d be easier to just sell houses and now Highway 1 is clogged with commuters to Taipei.
Thanks dirty farglory!
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And what are the approximate misc costs? (Lawyer, property tax, acquisition tax, etc…)
Sorry for the lot of questions but this topic really got me going 
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Not quite done with the transaction so… I’d be able to answer in more detail when this is completely finished.
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Does this mean the deal could still fall through?
Oh totally, but unlikely. I won’t be backing out for any reason except if the banks really throw me under the bus. I gave them all the info, but unlike Commonwealth/US banking, you can’t get preapproved, only a we-think-we-can-offer-you-this.
Will definitely be searching for the best possible deals in the coming weeks to see if I can increase the loan size.
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Any concerns about natural disasters? What is the insurance like in Taiwan? Do they cover earthquakes and typhoon and at what cost? Also the older the house, the more shady the construction was always a concern to me.
No. It’s a peer-reviewed modern high rise that has been well taken care of.
Haven’t gotten that far yet.
Buildings over 50 m have to go through a rigourous peer review session. This is why when the 1999 earthquake happened, almost all of the buildings that fell were less than 13 storeys. Even that 17 storey Weiguan building that collapsed in Tainan in 2016 was likely slightly under the 50 metre mark. Same with the Yunmen Tsui Ti in Hualien.
I wouldn’t trust any high rise under 17 storeys from the 80s. My limit is 1999 and later. My building approaches 30 storeys so…
I certainly will be upgrading the electrical inside my place, but the building is well maintained.
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I hope youre right. Id confirm with government before planning too far ahead though 
horses mouth in writing kind of thing.
The land act has pretty clear restrictions and case by case scenarios that require approvals. They build those under investment terms if its in fact through aforeigner i would assume. Didnt see the 1 per person rule though, hope youre correct! Perhaps that was due to reciprocal laws where some nationals couldnt because their country has such rules for taiwanese.
That’s why I have a lawyer.
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Great. Make sure he shows you the law from an official source 
I’m sure he’ll know to pull me back when I inevitably wander into the lava pit.
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He should do all the work you send his way 