10 things to consider before buying a property
1. Take care of the needs of relatives and friends, transportation and community facilities
Relatives and Friends: Do you need to live close to your parents or spouse’s parents so you can care for them?
Transportation: Are you willing to spend a lot of time commuting to school and work?
Community facilities: Prefer areas with high population density but convenience or quiet areas with lack of supporting facilities
2.School network
Do your children need to attend prestigious schools? For example, Canossian Sacred Heart School, St. Stephen’s Girls’ School Affiliated Primary School, La Salle Primary School, etc.
3. Property prices and mortgages
Down payment and mortgage ratio are factors considered when buying a property. In addition, expenses such as stamp duty, brokerage commissions, and attorney fees also need to be considered.
4.Building selection
Housing estates and single-building tenement buildings are also factors to consider when buying a property. The housing estate has complete supporting facilities, such as swimming pools, gardens, etc., and has a high ability to maintain value.
Stand-alone buildings and tenement buildings generally only have security guards and cleaners. Moreover, the unit area of a single building is small and the number of households is not large. If major maintenance of the property is to be carried out in the future, the cost shared by each household will be higher.
5. New building vs. second-hand building new building
New building:
The price is clear, you can enjoy the promotional discounts provided by the developer (such as property price discounts, exemption of lawyer and printing fees, etc.), and there are different payment methods to choose from. In addition to the general mortgage plan, you can also apply for a second mortgage from the developer if necessary. Generally, the approval conditions are relatively loose. Buyers also don’t have to pay an agent’s commission.
Most new houses have basic decoration throughout, including air conditioning and kitchen appliances. Some properties also offer furniture and decoration packages at discounted prices, allowing you to save money. In addition, the developer will provide a certain maintenance period when you move in.
Second-hand property:
Need to negotiate price with owner. Buyers who go through an agent also have to pay a commission, find a lawyer and go to a bank to arrange a mortgage loan. On the other hand, the quality of rebates in second-hand buildings varies.
6. Building age
In the early years, many property units did not have window sills, and the space between them was practical. As for newer buildings, there is an opportunity to add terraces and other spaces, but the separation is less practical.
If you choose an older property when purchasing a home, you must consider the impact of the age of the property on the mortgage and the cost of building maintenance.
7. Are pets allowed?
If you need to keep a pet, you should first check the deed of mutual covenant of the building. You can check it on the Land Registry website or ask the management office.
8. Sitting direction and feng shui
In Hong Kong, it is best to choose a north-south location when buying a property, because this direction makes it easier for sunlight to enter the house in winter, making the indoor units warmer. In addition, in summer, the summer monsoon wind from the southern ocean blows, which makes the room cool.
9.Club facilities
Some buildings have different facilities in the residents' clubhouse, such as fitness rooms, swimming pools, etc. Now, some housing estates will have banquet halls, musical instrument practice rooms, barbecue areas, sports fields, etc. Please note that the more facilities there are, the more expensive the management fee will be.
10. Regional future planning
Whether there will be new facilities in the district in the future. Such as roads, railways, parks, stadiums, etc. This information can be obtained from the Government Town Planning Board and the Hong Kong Government News Network.
