Due to their small size and affordable prices, mini apartments are often sold to or rented by students, workers from other provinces, or individuals with lower to average incomes. Let’s explore together whether it’s worth buying a mini apartment and its advantages and disadvantages through the following article.
What is a mini apartment?
A mini apartment is a type of housing with a small scale, consisting of several apartments with one or two bedrooms, built in a self-contained manner, with a minimum floor area of about 30m2. Mini apartments are constructed by contractors or individuals on their own land.
Advantages of mini apartments:
The first advantage of buying a mini apartment is its low cost. Compared to purchasing houses or mid-range apartments, you will need to spend at least around 1.8 – 2 billion VND. For singles, small families, or those with average incomes, mini apartments are much more reasonably priced.
If you choose to buy a mini apartment on installments, it will not create too much financial pressure. This allows you to maintain a balance between spending and paying the monthly installments for the house.
Due to not occupying too much land area, mini apartment projects are often built in locations close to the city center, hospitals, schools, main roads, shopping centers, making it convenient for commuting to work or school.
Disadvantages of mini apartments:
The first drawback to consider when buying a mini apartment is the limited space. As a result, it is only suitable for singles or newlywed couples without young children.
Additionally, the infrastructure in these projects is difficult to repair or upgrade. Once they are put into use, encountering maintenance or repair issues can be challenging and troublesome to handle.
The legal status of some mini apartment projects is also quite lax. The ownership certificates are only issued to individuals, and there is only one title deed (red book) for each apartment. The rights of homebuyers may not be guaranteed in case of disputes.
Finally, during the transfer or sale, complete legal documents are required. However, mini apartments face difficulties in obtaining ownership certificates, making the process more challenging compared to regular apartment projects.
With the above information, AVA hopes to provide you with an objective view and answer your question about whether buying a mini apartment is a good decision.