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Old Building Flat 42 years Posted by Peter25 (245 days ago) Hello! I was looking at this 42 yrs old building in Hung Hom & I think the flat looks ok. It's 750 SQft & only 1.5M. My worry is the age of building. How old building is allowed by the Government. How long they can allow it to stay. thks. Find what you are after in our Hong Kong A-Z Directory  Posted by snoopy88 (244 days ago) Eh, I was under the impression that it is Yr 1997 + 50 years before the leasehold runs out. Posted by associates (229 days ago) There is no rule or regulation on how old a building is in terms of "being allowed " by the Government. The only issue is that the older the building, the higher the chance that substantial maintenance or repair costs will be incurred and or ordered by a government authority and ultimately paid by the owner regarding the premises itself or the common parts of the building to which the owners need to contribute. Also, for an older building, the bank will be more reluctant to lend and will shorten the loan in term and increase the cost of financing. Posted by walkup (221 days ago) I noticed that my HSBC home insurance states that it is applicable to buildings less than 40 years old, so I would think there is an extra premium here for the 42 year-old property, but worth checking how significant. |
