Everything You Need to Know About Buying a House in Vietnam as a Foreigner

If you are a foreigner interested in purchasing a home in the Hanoi, Vietnam area, then there is some information that you should know. It is always important to do proper research before looking into making a large move or any financial investment. There are actually many benefits to purchasing property in Vietnam that should be taken into consideration.


You Can Own Houses

If you are searching for a Hanoi house for sale you may purchase the home as a foreigner. In Vietnam, you may own the house but not the land that it dwells on. This is a Vietnamese law which considers the land to be a national good and technically belonging to the people. You may participate in the “land use right” for up to 50 years and after that you may be able to extend your lease.

Being married to a Vietnamese citizen also grants you the same rights as that citizen. There are many laws that allow foreigners to own property and enjoy their time in Vietnam, as long as they have entered the country legally.

Owning Property for Your Business

According to the local laws, foreigners are also allowed to purchase property for business use. If you are in need of a residence for your workers but do not live in the area yourself, you are perfectly capable of doing this. This can be very beneficial for foreign companies looking to open new branches in the area for their local employees.

Seek a Professional

Whenever you are looking to purchase a home in a new area, it is important to seek the help of a professional. When it comes to purchasing a house or building of any kind, you must know all of the local laws before proceeding. Thankfully, Vietnam has some of the more upfront laws and regulations and the process is often not as long as it is in other locations. It is still important to seek out an agent to help you take all of the appropriate steps towards purchasing your home.

The Proper Steps

The first step after you find the property that you want is to sign a reservation agreement. This binds the buyer and the seller to the purchase before the buyer actually makes a deposit. It is important to look this over thoroughly to be sure that everything is in your best interest.

The next step is to conduct due diligence checks on the seller and he or she will do the same on you. Make sure you check with the bank and the seller to ensure that they are trustworthy. After you are sure that you can trust one another, you will proceed to signing a housing contract. You will probably need a translator for this step since it will be in Vietnamese.

There are many benefits to purchasing a home in Hanoi, including a great atmosphere and pleasant people. Foreigners will find themselves more than capable of adapting and blending into their environment. After you have done the proper research, you can really benefit from buying a house in Hanoi.

Posted by Kelli