News Hong Kong Property & Finance

Tell me where to buy a flat :)

ORIGINAL POST
Posted by Maar 11 yrs ago
I have about 1.2 M. cash, and I don't particularly like the stock market (I kind of have a skill to pick the losers), so I am willing to buy a new flat. The maximum I could afford is about 4 M, and I expect the rent to cover the monthly mortgage payments (at an interest rate of 3-4%). Which area/buildings should I look at, in your opinion?


If you have any tip or know of any good opportunity, and are not personally interested in buying, I would be very grateful if you could pm me.


Thanks a lot! :)

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COMMENTS
punter 11 yrs ago
Lohas Park

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punter 11 yrs ago
City One in Shatin

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OffThePeak 11 yrs ago
Boots on ground getting to know neighborhoods that interest you is my suggestion. You don't expect to us to believe that you would buy somewhere simply because it was suggested by some Unknown guy on the internet ?



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Maar 11 yrs ago
Yes, some tips would be very useful. I don't go around much, and am very familiar with my area, but not at all with others. For example, I go to HK Island once a year (or less, when I really really can't avoid it). Same goes for West NT, and many other areas. I also don't have time to walk around all of HK to try to figure out which areas might be good. That would take the whole day of every day of the year, and I also have to (gasp!!) work.


So some tips would be useful.

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Maar 11 yrs ago
Punter, why do you recommend these particular estates? In particular, City One is already 20+ years old. Wouldn't that be a problem when I retire in 15 years, and my daughter sells it when I die in 30 years?

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punter 11 yrs ago
No need to think about 30 years from now. Your question was where you can buy a property unit which can pay its mortgage from the rent.


I haven't looked into ownership of very old flats, but old flats in HK seems to be doing okay. If not resold, they're redeveloped and owners of redeveloped flats don't lose out. It's either the redeveloper or the government pays more than the reasonable current market value.

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Maar 11 yrs ago
Fair enough. Thanks for the advise! Any more, keep it flowing.... :)

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OffThePeak 11 yrs ago
As I have said before, if you want to buy, you may be wise to think about being "defensive", and buying something cheaper with less debt, than you would buy in a more normal market. To me, that suggests not paying more than $4-5 Million, unless you are have found something ideal for own use, and you can afford to pay more, and have found a place you want to live for years to come. Then you can buy with the comfort that your cost of owning such a place is currently much cheaper than renting it.


If you agree with me about limiting you purchase to maybe $4-5 million, you may want to limit yourself to flats costing no more than $8,000 psf, Gross and $10,000 psf, Net. There are not too many in those "cheaper" price ranges.


Have a look at the CCI data, and find those estates, and go and visit them:

Read More


Here are some brief comments, from my own perspectice:


Tung Chung :


Park Island :


Tseung Kwan O/ LOHAS Park :


Tuen Mun :


Tseun Wan :

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