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Owning home just a better choice or the most important? [Copy link] 中文

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Post time 2007-6-29 11:03:10 |Display all floors
Amid the wild property price hikes, there's a heated debate in China on whether it's necessary to own a home. Long Yongtu, secretary-general of the Boao Forum for Asia, said it was not a "correct choice" that everyone wants to purchase their own home. He suggested more Chinese rent homes as in the US.   http://www.chinadaily.com.cn/biz ... /content_898255.htm

However, his opinion was attacked by many ordinary people. A survey showed that  69.5 percent of Chinese are inclined to buy houses, and only 15.8 percent of the citizens are willing to rent. Their reasons are that they feel better when they live in their own houses.  http://www.chinadaily.com.cn/biz ... /content_905025.htm

I myself disagree with Long too. What about you? If you are a non-Chinese, what's the situation in your country?

[ Last edited by alee_dodo at 2007-6-29 11:08 AM ]

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Post time 2007-6-29 11:11:59 |Display all floors

sure i want to have my own house.

most people will feel much happier if they own a home. the situation in china makes it unfeasible to rent a home for a long term, 'cause you see the rental is too high. supposing you live in a rented home for 30 years, with all the rentals added up, you can buy a house through payment by installments.

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Post time 2007-6-29 13:57:55 |Display all floors

my choice is owning home


IF chinese people don't want to buy a house just because of  lacking of money!!!!

I don't  agree with Long's word too!!!

[ Last edited by huwx_ghost at 2007-6-29 02:00 PM ]

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Post time 2007-7-5 16:11:01 |Display all floors
Never Agree.

I am not American, if I were American, this would not be the big problem.

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Post time 2007-7-5 21:39:09 |Display all floors
There are two schools of thought about home ownership in the US:
(1) Your home is your castle.
(2) Your home is an investment.

I do not know the Chinese market, or their banking system well enough to speak to the possibilities, or what is the best route to take. Owning real estate will improve your families financial stability in the US. Plan your purchase.

If your home is your castle, then expect many years of being house poor as you make payments until your income improves and catches up with your expenditures. Find the neighborhood you wish to live in for decades and plant roots. Raise your family, and enjoy your life. Negotiate the best rate you can, and avoid refinancing too often. As your income improves, increase your principal payments to ultimately reduce the total interest you pay.

If your home is an investment with the intent to accumulate wealth, then expect to move several times as you go through equity building with multiple buying and selling cycles. Avoid long term loans, and negotiate loans that have the highest payments you can afford. Refinance as better opportunities come available. Expect to make improvements to each property to increase it's value to the next buyer.
Husband, father, farmer, logger, woodcutter, and rancher

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Post time 2007-7-9 16:28:00 |Display all floors

Reply #5 1st_resp's post

Agreed. I will buy a home in China sometime in the near future because my missus demands it of me, for her own security. I don't blame her and will do as she wishes in this, as with some other things. In my country, NZ, most folks end up owning their own homes eventually and it's a nest egg for retirement, a legacy for the kids, or as you say, a speculative venture aimed at increasing wealth. I just want a place with my babe, to have a few kids, have a garden and a pool, a place of peace and safety for my family. Life'd be good after that....and even better if there's room for a bbq, NZ style too!
Peace y'all !

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Post time 2007-7-9 23:25:03 |Display all floors
in my opinion, the price and pride for a house is of unweathiness.  as it  is ningbo,zhejiang, the price is twice more than it was in 2003, but the economy growth never catch up with this speed. i won't buy it until it's cooling down or i get a 5million lottery.

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