What is Property Booking? Benefits, Risks & Tips
Hello! Are you interested in booking real estate but don’t know where to start? Don’t worry, Ngoc Thanh Vinhomes will help you “decode” all your questions about booking in the simplest and most straightforward way!
What is real estate booking?
Simply put, real estate booking is like “reserving” to buy an apartment, villa or any real estate. Just like when you go to the movies and book tickets in advance to avoid running out of seats, booking in real estate works the same way! It helps you make sure you get a place to buy an apartment when the investor or someone else opens for sale. According to Ngoc Thanh, currently, if we want to buy a new apartment from the investor, 100% of us must make a booking to have the right to buy the newly opened apartment. If you don’t book during the initial sale, you will not have the right to purchase. Usually, after the booking period, the remaining apartments may have less desirable features like poor orientation, lower floors, or other issues. If we still wish to buy, we can choose from these remaining apartments.
There are 2 types of booking:
- Refundable booking: Similar to the auction, if you do not agree with the asking price, you will not buy and will be refunded the money you booked. Refundable booking is the same, you can get your deposit back if you don’t buy anymore. People who are certain about their decision, or older individuals, often choose this form of booking because it is safer.
- Non-refundable booking: This is like buying a cheap airline ticket, once you buy it, you “cannot return it”! Non-refundable booking is the same, if you have booked it, you are required to choose an apartment that suits you best (new projects open for sale with many apartments). If you don’t buy, the investor will not refund that amount. Normally, Vinhomes projects or any project that the investor requires you to book to buy. If you are serious about buying, you should opt for the non-refundable booking to secure the right to purchase and choose the apartment as soon as possible.
Compare the criteria between people with bookings and people without bookings when buying real estate.
Ngoc Thanh will create a table for you to have the most detailed view of your bookings and non-bookings when buying real estate. Below is a direct comparison table in Vietnamese between people with bookings and people without bookings when buying real estate:
Criteria | With bookings | Without bookings |
---|---|---|
Priority in choosing products | High priority, can choose products early | No priority, risk of not being able to buy |
Opportunity to choose beautiful products | More options (corner apartments, nice views) | Re-select apartments that people with bookings have missed buying |
Financial flexibility | Can plan finances over time | Must make quick decisions, may need enough money immediately |
Risk of losing desired product | Low risk, reservation guarantees right to buy | High risk, especially with attractive projects |
Consideration time | More time to consider and make decisions | Less time, must decide quickly |
Access to offers and promotions | Can receive early incentives such as discounts, gifts | Usually no promotions |
Ngoc Thanh hopes this table clearly helps you compare the benefits of booking versus not booking when purchasing real estate.
What are the benefits of booking?
Real estate booking is not simply “reserving a purchase”! When you book to buy an apartment, it also brings you many benefits:
- Get to choose the house first: You will be one of the first people to choose the apartment you like. When you get to choose first, you can choose the apartments with a nice location, cool direction, high floor with open view to buy.
- Don’t worry about running out of stock: HOT projects have apartments that sell out very quickly! For example, recently (October 5, 2024), the project The Victoria by investor MIK had 1,800 apartments sold out within the first 24 hours of opening for sale, both the bad and the good apartments were sold out. Many people booked but still couldn’t buy, even though they received a refund. So, let me ask: If you don’t book to reserve your place, will you have the right to buy?
- Freely think and choose: After booking, you have more time to carefully consider your finances, needs, and the legality of the property before deciding to “put down money.” If you don’t like that apartment, you can still opt not to buy and get your deposit back.
If there is no apartment to buy, will you lose money when booking?
- When you have booked to buy, you definitely have a right to buy that apartment. However, if the number of apartments is limited (for example, there are 10 apartments), everyone wants to buy and the number of bookings is large (for example, 1000 bookings), the investor will draw lots for the right to buy those apartments. If there is no apartment, even if you have a non-refundable booking, the investor still has to refund you.
- Usually, if you make a non-refundable booking (for example, booking an apartment facing southeast) when there is no apartment facing that direction or there is an apartment facing that direction but it is not to your liking, you can still refuse to buy. At this time, your booking will be held for a while, after that time you will also be refunded but it will take a little longer.
- According to Ngoc Thanh’s sales experience, 100% of customers’ non-refundable bookings will be refunded if they do not choose a satisfactory apartment. It’s just that the money will come back a little slower than the refund booking.
Should I book early or late?
Surely many of you are wondering whether to book early or late, right? Ngoc Thanh doesn’t have a general answer for everyone, because each option has its own advantages and disadvantages. Ngoc Thanh will analyze for you to understand clearly: Early booking – “If you are fast, you will still have some, if you are slow, you will lose all”:
- Early booking gives you the right to choose early: Early booking is like “reserving a seat” before the restaurant is crowded. You will have more choices about location, direction, floor… than those who book later. So early booking is very beneficial, right?
- Early booking gets a discount: Some projects of Vinhomes prioritize early booking. During the investor’s announcement period in the early booking period (usually 3-5 days), customers who book during this period will receive an additional discount of 1-3% of the apartment price. A 3% discount on 5 billion is also a significant amount, very beneficial, right?
- Early booking gets preferential services: Some projects have special promotions for customers who book early, such as free services for a certain period of time, or support for bank loan interest rates to help customers save on future costs.
Late booking – “Slow but sure”:
- Clear and transparent information: In the early stages of the project, information may be incomplete or subject to change. Booking late helps you have a clearer view of construction progress, legality, utilities, etc. If the product you buy from a new investor, when receiving the booking there are no drawings, facilities or important information, then booking late is a good solution.
So, should you book early or late? The answer is… “It’s up to you!” Carefully consider your needs, financial capacity and risk tolerance to make the most appropriate decision. If you find that the developer is reputable and there’s limited information about the apartment you want to buy, booking early can be a good decision. But if the investor is reputable, and you want to “hunt” for a beautiful apartment at a good price, then “put down money” to book early!
Should you book and buy through a real estate agent or buy directly from the investor?
Booking directly with the investor
Advantages:
- Direct transaction: You will be able to transact directly with the investor, helping you avoid the risk of fraud because you have worked directly with the investor.
Disadvantages:
- Lack of information and support: If you do not have experience buying a house, you may have difficulty finding accurate information and handling legal procedures later.
- Finding an apartment yourself is more difficult: It is quite difficult to search for project information on drawings, areas, and other details yourself. If you don’t know where to look, you can’t find the information you want.
Booking and buying through a real estate agent:
Advantages:
- Save time: Real estate agents often have a very good grasp of the information on the properties they are selling. Agents with knowledge and expertise help you compare apartments, saving you time and effort.
- Support with paperwork and legal procedures: Agents such as the one Ngoc Thanh is working with will prepare all paperwork for customers. From going early to get the number for the customer, the agent willtake care of everything. Your job is just to choose the date to come and sign, and the date to receive the handover.
- Get the fastest information support from the investor: Any notification from the investor will be immediately communicated, such as notices about payment, contract signing, and deposits. Recently, Ngoc Thanh encountered a case where a customer did not know about the payment notice from the investor, resulting in a 10-day delay and a fine of nearly 30 million VND due to late payment. Too wasteful, right?
- Some cases are supported with commission: For apartments with extremely high value, the agent’s commission will also be high. The agent can share a part of the commission from introducing you to the investor. If you buy directly from the investor, this amount would be retained by the investor. If you buy through an agent and the agent has a high commission, you may receive a portion of the commission without losing out on fees.
Disadvantages:
- Reputation risk: You need to carefully consider the reputation of the agent. If they are not reputable, working with them may present risks to your capital.
Refund policy for Booking from Vinhomes Place
Some Vinhomes Place projects have a program to refund 100% of the apartment booking fee to customers who book at the right time and successfully sign a purchase contract. This program is not always available, so you should occasionally visit the homepage https://vinhomesplace.com to check. If the project you like offers this policy, it’s quite beneficial for those who buy directly from the investor. Steps to receive a refund from Booking from Vinhomes Place:
- Choose a project that Vinhomes Place supports for a booking refund. (If you are unsure, you can call Ngoc Thanh directly)
- Consider the project, if it is ok, then book to reserve a place to buy.
- Choose an apartment and sign a deposit contract to wait for the contract signing.
- After the project announces the contract signing, you will sign the contract and receive a refund from Vinhomes Place.
Shared from Ngoc Thanh Vinhomes.
Hopefully, this article has helped you better understand real estate booking. If you have any questions, do not hesitate to leave a comment below! And don’t forget to share this article with friends and relatives so that together you can “pocket” useful knowledge about real estate booking. For more information about attractive real estate projects, visit vinhomesplace.com today!