[Sophia]

My husband and I have been paying rent for 5 years and maybe it is time to invest (more than 1mln paid to the landlord already). We considered buying a flat in a new building, but the prices are astronomical for the size you get. Besides, we want to be on a safe side and in case we must leave, it is not too hard to sell a place that is reasonably priced (between 2 and 3 mln). I know a lot of expats have been buying an old place and renovating it nicely.
Can you please share your experience (if you had some) searching for apartments in Central Mid-Levels? Any recommendations? I would greatly appreciate any advice, thank you. Where do I begin?..

[goergeWbush]

to be honest- now is not the time.

interest rates are sky-high and property holders are not willing to reduce pricing to counter. I say wait at least 6 months to see where the market is...

[Valencia1]

How old is the building? Can you get a mortgage? Usually banks don't approve a mortgage for buildings over 25 yrs old. Then there're compulsory maintenance for buildings over 30 yrs old, and you'll have to spend a fortune.

[cb1118]

for 2nd hand flat.
expecting to pay 30% deposit (minimum)
and the remaining 70% can be paid monthly

**to estimate the payment length is very easy.
for flat that's over 25years old, the maximum accepted term is 50 years only.
therefore, if you are 35yrs old, you can only ask for 15years maximum (180 montly installment)

for newer flat, you can expect it to be 60 to 65 years maximum.


**true, it is not the right time to invest in property now!

[Sophia]

thank you, everyone, this helps me a lot - the best thing is to wait till summer, then there is more time to do the research. And yes, I am discouraged... )

BTW, is it easy to get a mortgage if I am not a permanent resident of HK but on employment visa?