Hong Kong properties are among the most expensive real estate in the world due to factors such as location, building age, view, and many more. Because of this, it is advisable for any foreigner buying property in Hong Kong to take into consideration these five things before you decide to buy property in Hong Kong. More importantly, this will ensure you get your money’s worth.
High-rise residential and commercial properties in Hong Kong
Want to buy property in Hong Kong? Here’s the price range
Before buying a Hong Kong condo, first thing to remember is the maximum amount of money you are willing to spend. Always be realistic with your property investments. Ensure that you are comfortable with the price range to avoid facing financial dilemmas in the future. You may research on the prices of the Hong Kong properties in the area you are interested in to have an idea how much a property will cost.
Hong Kong property size
Determine the number of people who will be staying in this property. Keep in mind that the size of a Hong Kong condo will affect the overall cost, which includes maintenance and electricity to name a few. If the property will be used by one to three people, you may look into buying property in Hong Kong that’s relatively smaller.
Location of Hong Kong property
Location is extremely important when you buy a property in Hong Kong. Know how long it will take you to get to the office from the area of the Hong Kong property you are eyeing. Most investors make sure that when they are buying a condo in Hong Kong, it is near the business centre, hospitals and schools, for easier access. The areas where the most desired Hong Kong properties are located in include Wan Cai, Repulse Bay, Stanley, Happy Valley, and The Peak. Another factor that investors look for when purchasing an overseas property is the safety of the location.
Amount of work required for the overseas property
Are you one of those buyers that enjoy fixing properties? Some buyers are willing to consider inexpensive properties that need some renovation. While not everyone is into this additional work, others find it appealing to buy overseas property at a cheaper price and work on a controlled budget for some fix-ups in the future. This is something you may want to be open to, especially considering how expensive it is to buy property in Hong Kong.
Overall value of a Hong Kong property
You can ask for a professional help in determining the worth of a certain property. Consider everything from the age of the property, the location and materials used. Knowing the overall value of the property will also be helpful when you consider its resale value if you plan to move again in the future.
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- Why invest in Hong Kong real estate?
- How to finance your property investment in Hong Kong