Posted by
Meems
17 yrs ago
I am in a dilemma of these 2 choices below, need some good advice...
(1) 42 year old flat, 575sqf, next to the MTR, been renting in that building for the past 10 years, but has 20 stairs to walk up before getting the lift. Price 1.5m (need to decorate).
(1) 3 year old flat, 499sq, need mini bus to get to the nearest MTR, no need to decorate. Price 1.8m
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without knowing which area the properties are in - it is difficult to give you any meaningful advice. Get a valuation from the banks (even if you dont need a mortgage) that would be indicative values.
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Just from the information you've given, I personally would go for the newer flat, which doesn't need decorating, although it is slightly smaller. If you decorate the older and cheaper one, you'll still need around 200K to decorate it nicely, but in the end you'll still have a 42-year-old flat. Not sure if you need financing, but it's much easier to get a loan for a 3-year-old flat than a 42-year-old one. Most mini-bus services in HK run very frequently, so I wouldn't let that put you off. Also, if you've been living in the old building for 10 years, wouldn't it be nice to live somewhere new, for a change? BUt anyway, that's my personal preference. Good luck.
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ldavy
17 yrs ago
Also, when and if you want to re-sell, the newer flat will be much easier.
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lace
17 yrs ago
I second Shoe Girl and Idavy. Financing a 42 year old flat might be very difficult as banks are reluctant to give you a mortgage for an old flat. Re-selling it could become a problem too. Better go for the 3 year old flat.
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