【Preparation for Property Purchase】 Practical Tips for Purchasing a Property at the Lowest Cost
[A comprehensive guide on government rent] Which types of properties need to pay government rent? How is government rent calculated?
Many people find it difficult to distinguish between rates and government rent, and they don’t even know how they are assessed. Some people still say that those living on Hong Kong Island and Kowloon need not pay government rent.
Tom: “The government has relaxed mortgage insurance schemes, thus paving the way for more properties to become eligible to apply for and obtain mortgage loans of up to 90 per cent of the value of a flat. But is it difficult to apply for a mortgage loan?”
[Trading of a haunted house] Is a haunted house worth buying? Is there a way to determine if a property is haunted?
Many people are averse and are very likely to resist any suggestion to purchase a “haunted house.” But because prices of “haunted houses” are generally discounted, properties in good locations have become the pick of some first-time homebuyers.
Currently, the Ad valorem stamp duty rate for residential property transactions is flat at 15 per cent.
Banks usually evaluate the market value of a property based on different factors, including the property’s location, views from the flat, on which floor it is located, and transaction records in the building when appraising the property.
The law requires developers to issue sales brochures at least 7 days before the start of sales of flats in a new project to ensure homebuyers have sufficient time to scrutinise essential pieces of information relating to the property, including its location, estimated completion date, floor plan and size of flats.
In response to rookie homebuyers’ call for information, we have summarized 7 tips below that all of you can consider to make your home purchase journey a blessing instead of a burden.