Nghe An couple bought land with nothing but risked it, pocketed nearly 3 billion in 4 years
Bought a 50m2 plot of land for 480 million, after 4 years my plot of land has increased in value to over 3 billion VND.
Recently, I have read many stories about young couples struggling to buy a house because their low salary is not enough to cover living expenses and they cannot borrow from the bank to buy a house worth 2-3 billion. Now I want to share my story to motivate people to find a place to settle down.
My husband and I are both from Nghe An, went to the South to study at university and graduated. Because we were determined to stay in the city, we both decided to have a simple wedding and find jobs to plan for the future together.
After 2 years of marriage, my husband and I gave birth to a beautiful baby girl. However, since having a child, our life has become even more difficult. With a small salary that is only enough to cover living expenses, plus the money to raise the child and pay the rent every month, I have to constantly borrow from friends, take from one place to cover another, and pay back with my salary every month, making my husband and I always in a state of tension with money.
In 2015, after many sleepless nights, my husband and I decided to borrow money from friends to buy a house to settle down. Everyone probably thought I was joking, but at that time I only had 10 million VND in hand, but I still decided to buy land and build a house.
After 2 months of searching all over the districts on the outskirts of Ho Chi Minh City, I aimed at a newly opened project in the Long Truong market area, District 9, Ho Chi Minh City. Due to limited finances, I chose the smallest plot of land with an area of 50m2 for 480 million VND. At that time in 2015, this was a huge amount of money for my wife and I.
After choosing the land, I started asking to borrow from both families, friends, anyone who could borrow, no matter how much or how little, I took advantage of all relationships. After saving up, I had enough 350 million, with the remaining little, I decided to ask my mother to borrow from the bank and pay both interest and principal monthly.
After buying the land, my husband continued to use his connections at the company he was working for to advance his salary and gradually deduct it every year, and borrow more money from his boss and colleagues to have money to build a house. Many of his friends worked in construction, so my husband asked them to design and help with construction to reduce costs.
As a result, after exactly 8 months, my husband and I bought land and built a 2-bedroom house to live in, although we initially only had 10 million VND in hand. After moving to the new house, my husband and I started planning to pay off the debt. It was true that difficulties continued to pile up, but in return, we no longer had to pay monthly rent like before.
I used that money to pay off the bank loan, and tried to do other jobs to gradually pay off the loan. Living in a private home, my husband and I also saved on a few other expenses such as parking fees and electricity and water bills.
I don't know if it's because of the new house's compatibility or not, but since we got the house, my husband and I's work has been smooth sailing. After only 3 years, my husband and I have paid off all our debts outside and to the bank.
Now, after 4 years, both my husband and I are free and have decided to have another baby. The house that my husband and I are living in has increased in value to over 3 billion after 4 years. Not long ago, someone asked to buy it for 3.3 billion. If I sell it, I can pocket nearly 3 billion, but my husband and I are calculating and do not want to sell it right away. The land price I bought before was only 8 million VND/m2, but now it has increased to 50 million VND/m2. There are many people living here, although 4 years ago it was just a deserted area covered with overgrown grass. Thanks to favorable work, my husband and I are also thinking about buying another car to make traveling easier.
People often joke that my husband and I “captured the enemy with bare hands” and completed the “5-year plan” before our friends and siblings. But I think that our success, in addition to luck, was also due to our daring and choosing the right location to buy. I see many couples are reluctant to buy land in areas far from the center because they are afraid of traveling far, or they only want to choose beautiful locations, near markets and schools with a large population, so of course the price must be high.
The day I bought land in District 9, many people asked me “why did you come to such a remote place?”, but I thought differently. On one hand, I hoped that this area would change in the future, and on the other hand, I desperately needed a place to live, so I took the risk and in the end, God did not disappoint me.
I tell my story to tell young families not to be too pessimistic. The current real estate prices have increased a lot compared to when I bought 4 years ago, but there are still many places with reasonable prices. Although the location may not be good, when the infrastructure and roads change, you may hit the jackpot. If you know how to calculate, you and your spouse can still buy a house. Instead of paying monthly rent, use that money to pay off debt.