Lately I have been hearing more and more about the new real estate bubble. Apartment renovation! It costs much less than building a new apartment and it can still make you money. And for the buyer? A renovated apartment looks like new but is much cheaper. What a deal! The whole idea even has a term for it in Wikipedia: Flipping.
But now I am not only hearing *about* it, I am actually HEARING IT, actually witnessing it as it takes place here in Taipei...
The last two months I feel like living inside a construction site... So much noise from all the machinery that the workers use and from the constant noise I can tell they are working really hard. There are 2 apartments in my building that are getting renovated and another one on a facing building on the back side. Within a 100m radius I can *hear* 3 apartments getting renovated, maybe there are more...
Is it just me who thinks so or is it that the most money hungry people get involved in real estate? EASY MONEY! BIG MONEY! All you need is to be smart and withhold information! These people caused the previous housing bubble, they still walk free and now they are off to their next feat.
So my advice is simple, new or renovated DO NOT BUY, just RENT.