Am I getting ripped off?

I just rented a flat on Caine Road, well will have by Thursday, waiting for final agreement and keys. My foreign friends say it is great, locals say i got ripped off, but none of them live in that area. Since I haven't signed final agreement, possibly time to kill deal, but I lose my deposit of $9000.


It is a 425 sq ft studio near escalator and I am paying $9000 a month, with 2 months deposit. Foreigners say this is normal, or I got a great deal, locals say it should be one month. Agent said guy could easily get 11+ if he had waited a week, but we had him down from 10k in 15 minutes.... I guess I should have worried then. The flat is newly renovated, all new fixtures and paint, seems quiet despite being on main road.


Since I just moved to HK and because of my job, which means I might move elsewhere within Asia in the next year, I had a clause added that I can break lease with one months' notice. Should I just stay for a few months and find somewhere else later? Or try to get deposit to one month, even though i have pre-agreement for two months already signed.


Any thoughts?


Many thanks, I hope I can sleep once I move in, haven't since I started talking to friends... haahaa


Steve.

Thanks for reply. My friend also rented flat nearby this weekend, but I have yet to see, she paid $8000 for 450 for roughly same flat but a few streets over. So I may just stay for a few months and then move on, at least not lose deposits.


How can I check the local transaction action? I was told I had to pay $250 for transaction fee to HK government, I assume this is what that refers to.


Steve.

Like most places, in HK locals think they have it all over non-locals and that non-locals always get ripped off (but look how many non-locals bought during SARS, not so dumb after all!).


Two months is absolutely standard - ask your friends (those who are renting, keep in mind that a lot of HK locals are still at home so have no idea!) how many months their deposit is.


And once you sign, you have signed. You can't just tear it up or seek something better. Appears you are a little nervous and inexperienced, that doesn't mean you got ripped off, just means you are inexperienced and a little nervous. Just my thoughts, $9k on Caine Road seems a great deal, esp a renovated place with a break lease clause. Your friend's flat, does it have a break lease clause? as that would easily explain the slight price difference.


Just because the landlord negotiated immediately doesn't mean you got ripped off, just means knew what wanted did the deal, as did you (would a long drawn out negotiation over a week have been better?). Don't second guess, esp when you have others in the same situation telling you not to.


Stamp duty (the approx $250), you will pay half of that.


Final comment - good luck finding a cheaper place with one month deposit and a break clause in it if you decide to move on. Personally, I think unlikely. Enjoy what you have. I suspect you will find that you have done well.


Enjoy your time and don't waste time second guessing. Even if you do get ripped off (which you didn't), learn for the next time.

Check out the following link for your reference. Your transaction may not be able to show since it is too recent.


http://proptx.midland.com.hk/propTx/index.jsp?estateId=&phase=&bldgName=&block=&floor=&unit=&estate=&tempDistId=MLW&tempDistId2=&tempDistId3=&minSell=6000000&maxSell=10000000&minRent=5000&maxRent=10000&area=between+431+and+750&txType=N&propType=R&page=0&lang=en&x=15&y=14

Ignore them. 9k is a good deal and I'd bet money not one of the guys advising you (that you were ripped off) has ever rented a flat in soho/midlevels. I'll bet they're living in Tseng Kwan O with Mum and Dad.

I don't think it's ripped off. It sounds reasonable!!! Don't listen to nonsense. Have a happy stay.

Out of curiousity, I went to see another flat in the same building as mine that is offered for $1000 cheaper than mine and same size. Though agent said, landlord would take $500 off, probably. The flat was horrid, the floor plan ruined the flat, there was no kitchen at all, just a sink and you had perhaps 3sf to shower in with 16 inches between toilet and sink, no shower stall. I didn't notice a door on the bathroom, though I assume, probably, there was one, it was just open when I went in.


I can say I have none of these issues in my flat and so just having seen this other one, I am much, much happier and for sure I was not ripped, at least not for possibly more than $500, which is in the acceptable range and more of a dodge than a rip.


Thanks for your feedback, it has helped put my mind at a greater rest. Now deeper question of PCCW for 24 month contract or icable for half the price for 18 momth contract....I have till Friday to decide.