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49yr old chinese walk up Posted by jlc (109 days ago) Seriously considering buying a 2nd floor flat in a 49yr old chinese walk up in Sheung Wan. In terms of re-sale is the age of the building problematic (Government lease goes till 2063)? Additionally should i get the building structurally assessed-if so how do i go about this? Find what you are after in our Hong Kong A-Z Directory  Posted by TC Ng (108 days ago) Only advice would be to look at the bank valuation. If it is a cash buy not a problem, however, if looking to secure mortgage, maybe difficult due to age of building, which may affext resale. Posted by C (107 days ago) check with StanChart, they gave me the best offer for a bldg and even 30 yr term (my bldg ~42 yrs). But depends on your area too, if the valuation can be met. I am in HV, not sure about how SW would measure up. Posted by associates (106 days ago) The age is not strictly relevant in re-sale but if you want to buy with financing from a bank, make sure that the bank is prepared to give you full financing back-up. The bank may not agree to lend you 70% of the purchase price given the age of the building. If you want to assess the structure, you have to engage the service of a building surveyor or architect. Posted by jlc (106 days ago) Thanks for advice on Stand Chart. I checked with Stan Chart-unfortunately they will not consider buildings over 45yrs of age! Very frustrating!! Posted by walkup2 (106 days ago) speak to mreferral who will advise you where to get the best deal for your property. Posted by lindalaau (105 days ago) HK Gov lease goes till 2047. We have soft ware that can tell you everything you need to know about the building. Glad to be of assistant if you come into our office after Monday. The system broke down this weekend. We have lots of owners who bought older building then renovate it to the highest of standard to achieve the highest yield. LindaLaau@gmail.com. We are Licensed estate agents. |
