Buying Top Floor

Posted by Peter25 (264 days ago)

Hello! Friends, Pls need urgent advice on buying top floor. I was going to buy this flat on Top Floor. The lift is is upto 11th Floor & then one floor I have to take stairs. That's ok for me. But my main worry about the top floor being hot in summer & cold in winter. Pls advice is it ok? I found many people are living on top floor in surroundings. Since my budget is low & there is no more availability. I want to choose this. But I really worried about the top floor. Pls advice your comments. thanks

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Posted by walkup (264 days ago)

There is usually a premium on being on a higher floor, but since the elevator stops short in this case, there will be a minus in the opposite direction and since you will be the only one with this deficit, this may account for the perceived good value. What is the condition of the block? I would be more concerned re management of roof area re weather incursion than the goldilocks too hot/too cold question. Do you have access to the roof? Also how about the view?....

Posted by Kingswood Country (263 days ago)

Hey Peter,

We own a top floor apartment, and the hotter / colder myth is a load of BS. From our experience, using double backed curtains and reflective venetian blinds, our place is cooler than the horrible middle floor of the building, and its much warmer in winter, with no need for a heater at all.

Your most important factors of consideration, will be how local friendly the property is if you ever want to sell it for a profit down the track.

Not having a lift is going to be an instant turn off with most HK people, unless the apartment is especially special inside, or has an amazing sea view with no buildings blocking it.

By the sound of your description, your place sounds like a very good renter outerer to the expat market, providing its fully furnished. Remember movers/delivery drivers charge for each flight of stairs, making it a bit annoying, and a lot more costly during renovations.

How much is this place, how big is it, and what areat of HK is it ?

Posted by Peter25 (263 days ago)

This property I am getting it @HKD5000/SQFT. Three months ago you could a middle floor for the same price. Now good middle floor is HKD5500~HKD5700.
Property is 20 yrs old & view is S.E but no sea /garden view etc. Facing other
same height blocks. property is built by CK, management is ok. Not allowed to go on top for security reasons. One more thing I am getting the lowest floor @same price so should I consider lowest floor? My parents/wife are making excuse they would find it difficult walking up stairs. But I know they can do it. My budget is tight. OR should I wait in expectation that property prices would fall in near future & pick the better option. Do you think property price would fall in few months to a year or so? US & UK are falling. Thanks

Posted by walkup (263 days ago)

There are different view of the property market, but IMHO it is highly unlikely that HK property is going south any time soon irrespective of the US and UK markets. The current trend is on an up. 5k psf sounds good but we still don't know what area you are referring to. Assuming you have had a good look around and you have finally narrowed your choice down to 2 apartments in the same block (you have? searching is over?) then you still have a choice. If there is no view advantage from the upper floor, then you are buying either a fresher air or better noise advantage. You are here primarily buying a home over that of an investment. Your wife and parents probably don't like the idea of being the only apartment residents who have to make an extra walk, so go with the lower apartment if that's what they want and assuming all things being equal between the 2 apartments...If this block is the one you want to be in, then you really cannot stretch the extra finance for a middle floor apartment where you might prefer to be?

Posted by Peter25 (263 days ago)

Thanks! I decided firmly to go ahead with the top floor because it had an extra shower-room that's also very important for our family. Guess what owner has turned back & asking 200K more in just two days. It's a big gambelling going on here! I am very scared, nervious. I have earned money very slowly. I can not afford gambling. I take myself out of here. Let others make millions & billions.

Posted by hoyo (263 days ago)

>peter, no lift will be a big drawback when you want to sell. also for top floor, make sure that the roof is good otherwise problem of leakage. also watch out for security if people can access to the roof top.

Posted by walkup (262 days ago)

..ah the second shower...that's worth having in a family...what a bugger, offering the asking price and then the owner asks more...it is irritating but not unusual in the current climate: one place I was interested in was already overpriced at 2.8m...so on expressing further interest the owner decided to push the price to 3.5m with no offers below 3.2m, oh and he had re-let the place at the grand rental of 10k per month, giving a pathetic return on capital...and the place could do with a makeover....Think carefully over the new price offered to you. It might still be worth it....or not.