Posted by
wadhwany
17 yrs ago
If you are aware that recently the property prices for buying or renting are going steadly upwards due to the West Rail Project coming up and upcoming asian games. But at the receiving end who is the suferer? the tenanent. Can you suggest some way out of it?
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If you choose to buy a place and put your rent money to work on your own home then you're alot better off than those who continue to pay a landlord's mortgage for years.
There is rarely a great deal to be had buying or renting in HK, or renting - the market is very transparent and the latest prices widely known, unless you find a lazy owner....
But once you own your place you never look back. Now looks a good time to buy as prices soften from the rise last year.
See http://hongkong.asiaxpat.com/forums/hong-kong-property/threads/114674/property-market-correction?/
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Ken A
17 yrs ago
I've been renting the last 5 years here in Hong Kong, then this time around I figured that with rent increasing, I might as well look into getting my own place.
If you're going to live in the place, banks can be willing to pay up to 95%, and Standard Chartered is also able to sort out the insurance and add that onto the mortgage repayments if you're having trouble with your initial outlay.
Of course you still need to come up with 10 up front, but you will be able to recoup some of that if you get a 95% mortgage. With rates the way they are now, my mortgage repayments are only marginally more than I was paying rent for the last year or so, whereas based on some of the places we went to see new rent would have been a couple of thousand more.
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The 10% up front is standard but not set in stone.
We negotiated only 5% with the vendor.!
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