There are many different kinds of property in China ranging from one bedroom apartments to five bedroom garden homes. That is why it is important know exactly what you are looking for beforehand. Currently in China there are no restrictions on the type of property that a foreigner is allowed to buy. Homes can be purchased from a developer, an agent, or directly from the owner.
Consider the costs
Before you make a huge mistake you should understand what costs are required to make this property yours. The Chinese government requires you to pay various taxes apart from the actual cost of the property. Be aware that the following taxes will need to be paid.
- 3% stamp duty
- 2% maintenance taxation
- 1.5% contract tax
- 0.1% stamp duty for a resale property
Factoring all the costs of buying the house, deciding on the desired characteristics, and researching the location will help things go smoothly and will minimize the time needed in finding the house of your dreams.