Posted by
jd0105
19 yrs ago
Hi,
Is a 1,200/1,500 sqft apt for 20-25k in an old building around Bowen/McDonnell/Kennedy Road (Central part) definetely a dream?
Also is that done in HK to get lower rent for that type of apt in exchange of taking care of some of the reno work?
Thx
Please support our advertisers:
hey if u are looking to rent, why would you want to pay so much? it's not the standard to pay so much. My advice for you is to look for a decent apartment which is in a move in condition instead of moving into a big but OLD apartment which sounded like it's gonna collapse anytime....
Please support our advertisers:
since you are talking about old buildings. My wife and are looking for an apartment to buy. found a great one on lyttelton road, with roof, but the building is 45 years old. we are having a somewhat difficult time finding a mortgage. my wife works for a bank, so they think they can waive the age limit, but are we limiting ourselves on resale options 5 years down the road? I am an architect and te place needs ALOT of work. but if no one can get a mortgage to buy it down the road, it's all not worth it. what do you think? thanks. 1000sf net with 1000sf roof. asking 6,5M
Please support our advertisers:
Location, Location and Location.
Well, if the bldg is a good candidate for developers to acquire for future development (Lyttleton Road is good), I think it might be a sound investment. Otherwise, it might get a little difficult to sell when the market is down.
Also, I would say you should check with the appraised value. If it is asking price is not in line with the appraised value, you need to come up with a lot of cash, together with the fix-up cost.
Please support our advertisers:
Hi ccayten, this place at Lyttelton Road sounds interesting and unique, I have been looking for similiar with big roof of such a size in Midlevels area, but no success. If you dont want to go for it, pls do let me know the details.
Older properties in good areas such as Conduit Rd, Lyttelton Rd are fine for resale as long as you make it into something unique and special, those who buy from you next are not the oridinary people or HK families who need 90% mortgages, most likely to be investors or those with cash who can appreciate good quality Apt. I know, I have been turning these really run down Old apartments into something nice for the past 10 years, and I dont have any problems of selling them on at very good margin. If you are archtec, you can probably do a better job than me. Many expats are into this, and they are making good money. If that Lyttelton Rd Apt is still available pls do let me know.
Please support our advertisers:
thanks for all the input. Looks like we are going ahead with the purchase. -ccayten
Please support our advertisers:
ferg
19 yrs ago
Ken, I'm interested in you flat, what time frame are you thinking - looking to move about August
Please support our advertisers:
You must be logged in to be able to reply.
Login now
Copy Link
Facebook
Gmail
Mail