People in Hong Kong have different priorities when they are looking for a property, some people care about the location, some about the interior design, and some people pay attention to the appreciation potential of the property. You should know your objective before choosing a property. Do you want to own or rent? For a secure future or for investment? Know what you want and do your research to make sure you are getting the right property.
If you plan to get married or organize a small family and buy a house you should consider the following
1. Single name/Joint name?
It is important that a married couple buy a house under a joint name to maintain their relationship.
However, the 15% Ad valorem stamp duty (AVD) will be waived for the first purchase of a property. With this in mind, many couples choose to buy property under a single name so that they can still be exempt from the 15 % stamp duty in the name of the second person for future purchases. Unless they have no plan to buy a second property, it is wise to buy it under a single name.
2. Safety & Security
The safety of children is always a parents’ top priority. Therefore, a family or couples planning to give birth to children should pay more attention to the security of the living environment. You may observe whether the building has a good security system and reliable security guard. Casually ask the occupants about the people flow in the building and whether there has been any burglary.
Consider your daily needs before you buy a house, such as a route to work, distance to school, nearby supermarkets, public transportation, etc. Think about your family’s future life and make sure you buy in a location that is convenient.
Have a look at the community and facilities in the living environment. For example, families with kids should keep an eye out for nearby kindergartens or schools. Those who like sports should pay attention to whether there are parks or sports facilities nearby. Choose an environment that suits you and your family so that you can live comfortably and happily.
5. School Districts
It is well known that the location you live in is closely related to your child’s chances of getting into school. There are 36 school districts in Hong Kong. Generally, Central, Sheung Wan, Mid-levels West, Sai Ying Pun, Shek Tong Tsui, Kennedy Town, and Victoria Peak are the popular locations with better schools.
If you want your child to study in a government or aided school, you need to pay attention to the location of your property. On the other hand, if you want your child to attend a direct subsidy school or international school, you may ignore the school net, you just need to pay attention to the transportation for your child to go to school.
6. Extra Room
Nowadays, most families in Hong Kong are two-income families and they need a domestic helper to take care of the children. According to the law in Hong Kong, full-time domestic helpers are required to live with their employers, so you are also required to reserve an extra room for the helper when buying a house.
7. Proximity to parents’ home
Most of the newlyweds will move out of their parent’s house. In order to visit their parents conveniently in the future, they will choose to buy property near their parents’ homes to take care of each other.
Hong Kong’s property prices are rising every day. Choosing a good location as well as a financial fit for owning your dream home is not an easy task.
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