Posted by
maz27
18 yrs ago
Landlord has put our apartment up for sale and we don't know whether to rent again or buy in DB. We are not on a fixed employment contract (local hire) so plan on staying in HK long term. Its a hard decision to make and would appreciate anyones comments on this situation.
Many thanks in advance.
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How long would you stay in Hong Kong? You can consider to buy if you are going to stay in Hong Kong for next five years. But if your salary is not stable, you really need to consider your financial situation. Try to look a few more places in Hong Kong, and see if you can buy something potential apartment & perhaps the price would go up in the future. The key is before you buy a property, you have to ensure this property would be easy to sell. So location is very important as well.
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maz27
18 yrs ago
We plan on staying in HK for at least 5-10years. My husband's employment/salary is stable so that is not a concern. We have spoken to one agent here who says buying a property the same as the current one we rent would be one of the better blocks to buy in especially if we renovate it.
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If financial is not the case, then you can consider to buy. After 5 or 10 years, you would have an asset to sell when you leave Hong Kong. But if you do not buy, you would only have so many rent receipts. Any buying business, in a way, have its risk. Look at the DB location. Do you think you can easily sell this property out with a good price?
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The main difference between buying and renting (in addition to what Teress has pointed out) would be the 30% that you have to pay. For most properties in Hong Kong (unless you are getting a second mortgage or a VTB), you will only be able to get a 70% mortgage.
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Mortgages of over 70% are 2 a penny nowadays so that really doesn't count even on Village Houses. Basically you have to ask yourself how much you will spend in the next 10 years on rent and compare it with what you will spend to buy. I've sat down with many people and done the sums and suddenly they have realised just how much money they are wasting if they are here for the long term and they continue to rent.
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ltxhk
17 yrs ago
Definitely buy if you are looking at 5+ years. Buy what you can easily afford, and upgrade later if you need something bigger.
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