Is it advisable to buy a 6th Element condominium? It’s a perfect area for settling down and offers attractive investment opportunities.
The 6th Element apartment is a luxury residential project developed by Bac Ha Group in Tay Ho District, Hanoi. With its unique location near West Lake and expansive views, the project quickly generated a buzz and attracted attention from both those looking for a place to settle down and investors as soon as the information was revealed.
Should we buy a 6th Element apartment?
To make a decision on whether to purchase an apartment at the 6th Element project or not, first, you need to clearly determine your financial resources and budget for the transaction. Additionally, you should consider whether the project’s location aligns with your needs and desires. Is this location poised for future development, ensuring an increase in the property value of the 6th Element apartment?
However, it’s not just about the location; you should also consider the amenities and services the project provides to see if they adequately meet your lifestyle and entertainment needs. Furthermore, you should assess the surrounding development plan, including transportation, infrastructure, and social amenities, to ensure a quality living environment for you and your family.
Assessing one’s own financial capability
When evaluating your financial situation to purchase an apartment, there are several crucial factors to consider to ensure that your decision is reasonable and feasible. Below are some points to take into account:
- Income: Determine your monthly income, including your primary source of income from your job as well as any secondary sources. This will help you gauge the feasibility of monthly debt payments and other apartment-related expenses.
- Savings and Investments: Assess the amount of savings and investments you have. This money can help ensure you have enough for a down payment and monthly payments.
- Down Payment: Identify the amount you need to put down as a down payment for the apartment. This is typically a percentage of the apartment’s price and should be prepared in advance.
- Mortgage Loan: If you plan to take out a mortgage to purchase the apartment, calculate the loan amount and monthly debt payments. Ensure that the loan amount and interest rate align with your financial capabilities.
- Related Costs: Besides the mortgage, there are other expenses such as transaction fees, service fees, taxes, and insurance. Make sure you have accounted for all these costs to have a clear picture of the total amount you need to pay.
- Anticipated Financial Changes: Evaluate potential financial changes that may occur in the future, such as marriage, having children, retirement, and determine how they may affect your ability to make payments.”
Please note that this information is for general guidance, and it’s advisable to consult with a financial advisor or real estate professional for a more personalized assessment of your financial situation.
When you consider these factors, you will have a clearer understanding of your financial capability to purchase an apartment. This will help you make an informed decision and ensure that buying a 6th Element apartment is financially prudent for you.
The location of the 6th Element residential apartments
The 6th Element development boasts an enviable location with all the essential elements in the prime area of North Hanoi. Positioned conveniently on Nguyen Van Huyen Street, it is adjacent to a spacious 40-meter-wide road connecting from Ho Dieu Hoa within the West Lake Urban Area to Vo Chi Cong Street. Furthermore, it is only approximately 500 meters away from the elevated urban railway station, creating a convenient network of connectivity. The strategic location of the 6th Element condominium offers easy access to the city center, making it essential to consider whether this location suits your daily commute or school needs.
Amenities of the 6th Element development
The apartment provides all essential amenities for its residents, including a shopping center, shopping area, gymnasium, infinity pool, and beautifully landscaped surroundings.
What sets it apart are three outstanding amenities that distinguish it from other condominium projects: the CooWorking the Art Book facility, the Wine Cellar Cigar Bar, and the Sky Bar 6th Element. These are exclusive amenities accessible only to the homeowners of the 6th Element condominium.
The profit potential of the 6th Element apartment
Over the past 5 years, real estate prices in the West Lake West area have consistently maintained a high level of stability, drawing particular interest from investors. This trend has been driven by modern infrastructure, a diverse community that includes both foreign residents, and upscale amenities such as schools and shopping centers. From 2020 to 2022, the area experienced a significant price increase, especially due to the extension of Nguyen Van Huyen Street.
Real estate experts have assessed that, with improving transportation infrastructure, increasingly abundant amenities, and tighter development planning, this real estate area still holds strong development potential over the next 5-10 years. However, according to them, this area is only suitable for investors with a long-term vision, ready to deploy significant capital and commit to deep investments.
The selling prices range from 45 to 60 million VND per square meter, with the following apartment types and their corresponding prices:
- 2-bedroom apartments (with areas ranging from 59.8 to 81.8 to 86.3 square meters): 4 to 5 billion VND.
- 3-bedroom apartments (with an area of 109 square meters): 5.5 to 6.5 billion VND.
In summary, the decision of whether to buy an apartment in the 6th Element condominium should be based on a comprehensive evaluation of your financial capability, location, amenities, development planning, and investment potential. Make sure you have thoroughly researched all the information and consulted with a professional advisor before making a final decision.
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