A Home: how to choose it

A home in Hong Kong usually means an apartment. Most of us live in apartments sized from 400 sq feet to 1200 sq feet. Because prices of apartment in Hong Kong are very high, most of us think that buying an apartment is our biggest investment. We do want the price of our home soars but in reality it may not be the case. Based on my experience, it is important that we follow some rules to choose an apartment so that we can keep it's value:

1. choose a nice district, such as the mid-levels (not the Peak), Happy Vally, Taikoo Shing, Kowloon Tong, Discovery Bay, etc. - it is a strong factor that can keep the value of an apartment, never choose the northern part of the NT or any remote islands. Ask yourself if your close friend moves to the district you intend to buy an apartment there what would you say. If your reply is "nice" than choose the district but if your reply is "oh no" or "well...", do not choose it;

2. choose those "blue chip estates" if possible, such as the City One Shatin, Taikoo Shing, HK Parkview, Beverly Hill, etc. - many people tend to buy these apartments as the demand and supply are high, never buy an apartment of a "lonely block" that does not have any facilities, you will have a hard time to sell it;

3. choose an apartment that has a size between 700 and 1200 if possible - we want to live in a big apartment but we need to watch our budget, a size below 500 is too small but over 1200 is over budget;

4. the transportation facilities of the estate should be ample, it is good if an MTR station is within walking distance, or your office is nearby so you can walk to it - it saves your most valuable asset: time;

5. make sure that the bank that you apply for mortgage regards that the value of the property is equivalent to the price you pay - otherwise it means that you have to pay more.

If you have not decided which apartment you should buy, rent it. Rent an apartment in the estate you like and try it for a year to see whether it fits your requirements. If it goes well, buy one; if not, choose another estate. You keep the flexibility and you do not need to owe your bank a huge sum.