Many old apartments are located in prime locations in Hanoi, close to the city center, schools, hospitals and other amenities. However, due to the deterioration of the apartments, the prices are not as expected.
To get rid of the goods and sell them at high prices, many homeowners have spent 200-300 million VND on renovations and repairs.
Coming from his hometown to Hanoi to study and work, Mr. Do Manh Luc (39 years old, from Thanh Hoa) after saving enough money was able to buy an apartment in Thanh Xuan district (Hanoi). The apartment he bought has been in use for nearly 20 years, recently it has been increasingly degraded, the walls are peeling, the interior is starting to be seriously damaged...
Mr. Luc said he planned to move to a larger and newer house, but after putting it up for sale, customers who came to see it often did not respond, and even offered a lower price than expected.
“My husband and I discussed and decided to spend nearly 200 million VND more to renovate and reinvest in the new interior for sale. The renovation makes the house cleaner, newer and more appealing to the eye.
After spending money on renovations, I closed a deal a week ago. It is worth noting that, after deducting the additional investment, the apartment price is still higher than before," Mr. Luc shared.
Not only residents but also some investors often look to buy old apartments, then renovate and sell for profit.
Mr. Nguyen Van Quang - a real estate investor in Hanoi - shared that for the past 2 years, due to the high price of real estate, there are not many opportunities for "surfing" like before, so he switched to trading in old apartments, then refurbished them and sold them at high prices.
According to Mr. Quang, the price of new, beautiful apartments at the moment is about 5 - 6 billion VND, so liquidity is not easy. Meanwhile, investing in old apartments costs only about 4 billion VND (depending on location). After that, the owner can hire workers to repaint and add some furniture. The cost is about 200 million VND/apartment, but when reselling, they can make a profit of 200 - 300 million VND.
“With not too much capital, I often choose old apartment buildings that have been used for more than 15 years to buy for investment. For example, in October 2024, I spent 3.7 billion VND to buy an apartment in Nam Tu Liem district and then spent another 150 million VND to repaint and add some furniture. After 2 months, I sold it for more than 4 billion VND,” said Mr. Quang.
Sharing with reporters, Mr. Nguyen The Diep - Vice President of Hanoi Real Estate Club - gave some advice to home buyers at the end of the year. Accordingly, before deciding to buy, check the quality of the renovation project.
According to Mr. Diep, this inspection includes reviewing items such as electrical and water systems, construction materials and interiors to ensure that renovations have been carried out to the correct standards and ensure the safety of residents.
