Buy an apartment to own forever, 50 years later also have to go to the street because the house is dilapidated

Mr. Ly Ngoc Nam (Tay Ho district, Hanoi), a construction engineer knowledgeable about works, analysis, a house if it is self-built by people can have a useful life of more than 100 years, but most Some of these are houses built during the French period. At present, the quality houses are mainly built for only 50-100 years, the houses that investors build and sell are only 20-50 years old.

Therefore, most apartment buildings today have a lifespan of about 50 years.

“I think 50 years is quite a long time, almost the end of human life. Because he goes to work, has money to buy a house, he must be under 30 years old, the house has a lifespan of 50 years, by the time the house breaks down, that person is already over 80 years old. Therefore, it is reasonable to issue a pink book for an apartment with a term of 50 – 70 years”, commented Mr. Nam.

According to Mr. Nam, if an apartment is owned permanently, but when the building deteriorates, the owner still has to leave the house.

“Even though it’s their own house, but the construction is expired, degraded, and dangerous to life, even if they own it forever, they must voluntarily go out to the street and find a new place to live.” Mr. Nam expressed his opinion.

Mr. Nam further analyzed: Lessons about old apartments and dormitories in Hanoi still remain. Currently, many old dormitory areas are seriously degraded, but it is very difficult to reach consensus on relocation of 100% of households. Moreover, these are only 4-5 storey buildings, the number of households is still small, while the current apartment buildings are all 40 – 50 floors, the story received the consensus of all residents almost as follows: cannot be performed.

Moreover, how will the repair be? Currently, the renovation of the old dormitory areas that own the golden land location does not attract investors, so with the current high-rise apartment buildings, which investors will pour money to renovate? ? And if people pay for the construction themselves, will 100% of the households agree to contribute money to build, who will be responsible for the construction? The amount of money contributed to rebuild is sometimes equal to buying a new apartment, so what’s the difference between long-term ownership or long-term ownership?

Meanwhile, going back in time 50 years ago, if buying an apartment with a term, the price will be 30% cheaper than a permanent apartment. This difference is also up to billions of dollars. So obviously, buying a condominium with a term will save a large amount of money for the owner.

Sharing the same opinion, Ms. Nguyen Thi Hong Hanh (Hai Ba Trung district, Hanoi) also said that with the type of apartment, ownership is the same forever or with a term. Because 50 years later, if the building deteriorates, the occupants are also forced to leave their house.

“As for considering the permanent apartment building as your property, it is a difficult story to confirm for sure. In fact, many urban land plots do not attract investors to renovate because the compensation price is too high, they cannot see the profit. Therefore, if hoping that the current high-rise apartment buildings will have investors in 50 years to work and be compensated, it is a far-fetched story, no one can foresee it.”Hanh said.

According to Ms. Hanh, in 2016 her family bought a 50-year-old apartment on Minh Khai Street (Hai Ba Trung, Hanoi) for only 25 million VND/m2, while at the same location on Minh Khai Street, the apartment was owned by the owner. Permanent ownership costs from 35-40 million VND.

“My apartment is cheaper than an apartment with a permanent ownership of billions of dong, that money I save, take care of my family. As for hoping to be compensated in the future when owning it forever, in my opinion it is true that “wait for it, my cheeks are swollen“, Ms. Hanh expressed her opinion.

Sharing his opinion about owning an apartment with time, Prof. Dang Hung Vo, former Deputy Minister of Natural Resources and Environment, said that in fact, many old apartment buildings are currently deteriorating, but the renovation is very difficult due to People do not accept the compensation offered by the investor.

In addition, many controversies around old apartment buildings such as investors circumventing the law to upgrade floors for business, and people racing to build tiger cages. People are used to thinking that condominiums will be owned indefinitely, left forever for their children and grandchildren, or when they are rebuilt, they will be highly compensated.

Mr. Vo commented: “Buildings that have expired should only be demolished and rebuilt, but cannot be repaired. It is true that people’s psychology can be confused, but I think that if we let them permanently use the apartment, we will again fall into a situation of being flooded with old, dilapidated dormitory buildings.“.

According to GS. Vo, owning an apartment with a term will solve many conflicts and obstacles for urban development as well as the real estate market. However, it should be known that the value of current apartments not only includes apartment buildings but also includes the value of the land. And land for construction of apartments is stable and long-term residential land like land for building townhouses.

“To avoid shock to people, we need to propagate and build apartment culture. The shelf life of each apartment should only be 50 – 70 years depending on the construction quality of each project. Even mini apartments need to be put into the framework and used for a limited time“, GS. Dang Hung Vo said.

In the revised 2013 Housing Law drafted by the Ministry of Construction, two options are proposed for the term of the apartment building. The first option specifies the term of ownership of the apartment building, which is determined based on the useful life of the building in accordance with the law on construction. Accordingly, the apartment building is specified in terms of ownership period based on the use term of the building (50 years, 70 years). At the end of this use period, if there is a conclusion of inspection by a competent agency that the apartment building is no longer usable, the ownership of the apartment building will be terminated and the owners will demolish and rebuild the apartment building. live.

Option 2 stipulates the term of apartment ownership according to the provisions of the land law. In this option, the apartment building does not have a term of ownership, but it is stable and long-term according to the law on land.