[Beuze]

Hello

I'm thinking of buying a 42 year old flat in causewaybay. The building still look nice and have new lifts. Some bank (HSBC) are not willing to give me a mortgage longer than 5 years ... But BoC can still give me a 15 or 20 years mortgage.

i ll leave in this flat, but with some of the bank refusing mortgage i'm a bit scare if i have to re-sell it in maybe 5 or 10 years! At that time the flat ll be 50 years old and i wonder will i be able to sell it

I would like some input

Cheers

[PerryCo]

Some others on here will have more details. But my experience in Hong Kong property is any building over 40 years is due for demolition. Developers are always seeking older buildings to buy and tear down. I think the old rule of 90% owners agreeing to sell has been lowered (or will be) to 80%. Also, the demand for real old flats is not very good, and most young people prefer newer flats. Chances are good that the flat in old buildings will go down and not up in value. I just sold a 40 year old flat in Kennedy Town and it was way under current prices/sq/ft. Also sold a flat on Western Street and it took 1.5 years to sell. Building is now being sold to make way for MTR. I suggest you look at newer property (20-30 years old). Either way, good luck whatever you choose.

[walkup]

If price has been factored in then is OK.

[KnowItAll]

>> over 40 years is due for demolition

Not always the case. We're in a large complex which is well over 35 years old and still well maintained and one of the best deals you can find in Pokfulam.

It would be simply too expensive for a developer to redevelop this place and the chinese banks (i.e. pretty much every back other than HSBC) will be happy to continue lending on it.

HSBC are, to be honest, a pain in the arse to deal with when it comes to anything that requires a little bit of out of box thinking, unless you have millions of dollars tied up with them.

[Alby]

I am with KIA on this ...

There is a market for older buildings but location, location, location is key!

Afterall older buildings tend to have more livable footage, higher ceilings and also less restrictions on remodeling ... in newer buildings remodeling restrictions apply from the building management committee.

[Beuze]

Thanks for all your comment really helpful !

Actually BoC accept to do the mortgage on 20 years. With a valuation almost same as the asking price. Let's not talk about HSBC my blood pressure will increase too much

The location is Causeway bay 2mins from Sogo!

[walkup]

2 mins from Sogo? just go for it! good luck.