Buying a Property in China

Moving to a new country can be an exciting experience which can help us to grow and expand our life experiences. One of the more worrying aspects, however, is the need to find a secure property which is homely, convenient and affordable. Below are some tips on how to buy a property in China:

Apply for permission to buy a property - All foreigners in China who wish to purchase a property in China must first apply to the Chinese government, who will assess a number of different criteria to establish whether you are suitable to own a property in the country. If you do not follow this procedure there will be serious consequences.

Be sure to factor in purchase taxes - There are a number of taxes which you are required to pay upon purchasing a property in China. These taxes can add significantly to the price of the house, so be careful not to overspend on your property and end up short of cash. The taxes will be approximately 7%.

Cost of Ownership in China - If you are not confident that you will retain your right to live in China it may be an idea to rent a property as opposed to buying. This is because you can quite easily have your home re-possessed should you lose your right of citizenship.

Legal aspects - There are a number of legal aspects to take into account when purchasing a home in China. These laws can be reasonably complex and you may wish to seek legal advice to ensure that you have a comprehensive understanding of the laws before committing yourself to them.