Give up the dream of buying a house in the city

After Tet, Thu Hoai decided to spend nearly a billion dong to buy a car “to work for happiness”, accepting to share a room with three friends, instead of taking out a loan to buy a house.

After more than eight years of working, the 32-year-old tour guide has accumulated more than a billion dong. Hoai’s plan in previous years was to buy an apartment in the capital to bring his mother home to live with, because it was just the two of them. The apartments that she likes cost more than two billion dong. Mother said that if Hoai decides to buy it, she will give her child nearly 200 million dong of old age care money.

She plans to borrow more than 400 million dong from a bank, with an interest rate of 10% for five years. If borrowed, Hoai has to pay both principal and interest every month of nearly 10 million VND, equal to half his salary.

Close friends and family are willing to lend the above amount, but imagining them suddenly demanding it, she is afraid. Thinking that she is single, she can accumulate a few more years to buy a house, she tightens her spending, and at the same time, gets a job in the evenings and weekends. She went to a meeting to find foreign guests who needed a guide. At the end of office hours, Hoai went to translate again and took guests to visit.

Two years of the epidemic, income is precarious while apartment prices in early 2022 increase by several hundred million dong each. Feeling that the harder he tries, the farther his dream of buying a house is, so Hoai goes down to buy a car with half his savings.

The rest of the money, she spends a part in the bank and a small investment in securities to learn. Hoai expects to have more passive income in the next few months. “Even if I have a hole, I’m not too pressured,” said the girl staying in Hai Ba Trung district.

City homes are a lifelong goal and pressure for many couples. Illustration: women

Hoai is not a few to stop planning to buy a house. A survey in early 2022, done VnExpress done, 76% of readers delayed their home-buying plans due to Covid-19. In which, 45.6% of respondents said that they would delay buying a house in the long term, while 30.4% would postpone this plan in the short term.

Among many factors, financial problems are mentioned the most. Accordingly, 25% of respondents do not have enough equity capital; 8% worry about paying bank interest; 11.4% both wondered about the problem of paying bank interest and did not have enough capital.

Ms. Thu Hien, 31 years old, a real estate broker, specializing in selling and renting affordable apartments in Hanoi and Ho Chi Minh City, said that 40% of customers came to her company last year to rent a house, even though they were not living in the city. have enough money to buy.

“Instead of taking out a loan to buy a house of VND2 billion, customers let that money invest in securities and send it to the bank to earn interest. Bank interest alone is more than enough to rent a mid-range apartment, so that the family can live comfortably. It’s convenient to travel,” said Hien.

Nguyen Van Dung and his wife, 32 years old, in Cau Giay, Hanoi also decided to postpone their plan to buy a house, when they saw some friends have to sell their newly bought apartment for two years because they “cannot pay their debts”.

When the child was two years old, his wife went back to work. Having an additional source of income, the couple aims to have a house before the child enters grade 1. They plan to contribute 50% of the value of the apartment, which will reduce the money.

Brothers and sisters send their children back to their hometown to their grandparents to reduce expenses. Mr. Dung works two jobs at the same time, for many weeks in a row he only comes home at 2 am. “Having a cold meal, going home without a bath, taking advantage of every minute of sleep to go back at 7 am the next morning. Living together, the husband and wife could not eat a meal together, could not tell the story,” he said. “Crazy to plow hoes”, Dung’s income tripled while his wife’s salary was enough for living expenses in the family.

After three years of accumulation, Mr. Dung and his wife have more than 800 million VND, reaching the milestone they have set. The couple embarked on a home search.

But the house has not been bought yet, in recent months, Mr. Dung has felt dizzy and stressed. The doctor concluded that he lost sleep and labor due to overwork. He was forced to reduce his workload and take time off.

Seeing the doctor’s conclusion, Hoa, his wife gave up on buying a house. “I think having a home is new to having a true home. But to have it, I have to be away from my children, my husband has to be sick and work hard,” she said. This year, Ms. Hoa returned to her hometown to pick up her children and mother-in-law to Hanoi, and at the same time bought a plot of land in the countryside, costing more than 600 million VND for investment. The rest, she deposited in the bank in case of illness. “Without the goal of buying a house, I feel like I can throw a rock on my body,” Hoa said.

Reply to reporter VnExpress, most real estate brokers believe that with the situation like Dung and his wife, they should not try to buy a house. “Two years of the epidemic, I witnessed the number of homeowners who asked to sell their apartments because they could not pay the installments twice before the epidemic,” said Hien.

Trinh Bang Vu, Head of Personal Loan Division of Shinhan Bank Vietnam, said that when deciding to borrow to buy an apartment, four principles should be followed. In particular, the first rule to note is to only borrow within your ability to repay.

Wanting to buy a house but found that they couldn’t afford the loan, Minh Hong and her husband, 35 years old, from Nam Tu Liem, also gave up the idea. She thinks that buying an apartment house has a term of only 50 years, “leaving nothing for children when they get old”, so they only like real estate. However, with nearly two billion dong in hand, to get what they want, they are forced to borrow 3-5 billion dong.

To save money, Hong discussed with her husband temporarily not allowing her daughter to learn more English. I wanted to take dance classes like my classmates, but she also rejected me. “Increase revenue, reduce expenditure, calculate when you have a home”, she declared martial law. Every day, her husband can only spend no more than 100,000 VND, including breakfast, lunch, and gas. Many times, being frustrated by her husband because of money management, she immediately mentioned the goal of buying a house to calm his anger.

But when Covid-19 hit, the teacher and his wife no longer had any income from tutoring. “Thinking about the interest that I have to pay each month, I immediately stopped thinking about it,” Ms. Hong said.

The couple rented an old apartment for more than three million VND per month and then renovated it themselves. They bid for 5 more apartments, taking advantage of the holiday time to paint, repair, refurbish and purchase equipment and then rent it out. Currently, with that passive income, Ms. Hong does not have to pay rent.

The money accumulated to buy a house before, she bought a piece of land in the countryside, and deposited one billion in the bank. “If taking a risk to buy a house, this year the children have not returned to school, the couple will probably sit on the fire because they do not have the money to pay the debt,” she said.

As for Thu Hoai, instead of riding a bus or motorbike once a month, she drives home to her mother by car. To change the wind, at the weekend Hoai picked up his mother to go to the city center to shop, eat, and bring home at night. Mother and daughter also plan to travel to have many good memories.

After days of rest, Mr. Dung’s health has stabilized. He chose to rent an apartment located in the middle of where both work, for 7 million VND a month. After office hours, Ms. Hoa cooks for the whole family, Mr. Dung plays and teaches children to study, instead of working until two in the morning.

This year, they plan to take a trip in the country and go abroad to experience one trip. “Life is too short. It’s best to avoid unnecessary stress. Instead of working hard to earn money to buy a house, when you’re young and can still walk, you should take advantage of going here and there to expand.” , he confided.

Pham Nga


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