[BenderBends]

I am interested in buying a flat in the coming year or 2 at most. This would be my first buy....and i am looking forward to it more than anything.

1. Can i buy something for HKD $3 million and get a permanent residential status? I am afraid to buy in the case that I lose my work visa and have to move home.

2. if buying an apartment, then how does the water / electric work? I mean...do i need to inspect the wiring and the pumps or well or anything like that?

3. What exactly is the management fee owners pay every month? Does this mean when there is a problem in apartment (like bad plumbing or bad wires) the management company would pay to take care of it?

4. Since we pay taxes once a year...what is the government fee on property every month? is that property tax you pay monthly instead of once at end of year?

5. What mortgage term do most people here do (locals vs expats)? 20 years? 5 years?

6. Any problems for Americans to buy here?

[KnowItAll]

1) You cannot get a PR through any means other than staying here for 7 years. Buying for less than $7 or 8 (not sure what the number is) will not qualify you for an investment visa. Separate the two issues.

2) Most people when they buy, if they buy new (i.e. from the developer) will get some sort of warranty or servicing agreement on the structure and some of the items like plumbing etc. But don't count on it.

When you buy old (esp if its older than say 10 years) chances are you'll have to get a quick survey done on the wiring / plumbing. I know we had to replace all the wiring and internal plumbing (from the building service points to the sink / toilets etc) and drainage (again internal to the building service points, replaced.

Factor that into the cost -- usually not too much of a negotiation point, as what you're buying in HK is pretty much the shell.

3) Management fee usually covers general maintenance of the structure (say a lift breaks or the lobby door needs fixing .. etc etc and also externals .. plumbing etc). It DOES NOT cover anything that is in your flat -- including say your upstairs neighbours bathroom leaking into yours. It also covers security, general electricity / utilities (lobby lighting etc etc).

4) Govt Rates are due quarterly.

5) Usual mortage is about 15 years from what I gather.

6) No problems HERE .. but you might need to talk to someone to see how it affects your situation THERE.

[BenderBends]

and what about home owners insurance....is that widely available in HK?

is it recommended here or should i avoid certain companies?

[KnowItAll]

>> and what about home owners insurance....is that widely available in HK?

Now thats a wind up isnt it?

Your mortgage bank should be able to give you a good deal on both structural (incase the building burns down) or internal (say you flood your house).