Property in Broadcast Drive
Mon, 2005-01-10 02:27 — Anonymous
I am thinking of buying a flat in Broadcast Drive. But the premises there arevery old, 27 or 28 years. I am afraid that after several years, the reslae value will be very low and it is difficult even to find a buyer. Can anyone give me some advice or opinion? 8O
Buy old property in Hong Kong
We are also looking at old flats. We'd like to get an extra room, but the only way to afford it is to go for an older flat. Banks used to say the maximum length of the mortgage was (40 - age of the building) years. The popular opinion was that flats over 15 years old would be very difficult to sell, as the new buyer could not get a 25-year mortgage, making it too expensive.
Thankfully, this seems to be changing. Since the flats we are looking at are already considered old, we're hoping that any bad effects of age are already built in to the price. So we'll get a lower buy price, but prices will still go up if the general market rises.
I'd suggest you look-up the property you're considering on a site like http://www.gohome.com.hk/
How many sales transactions have there been? Are the prices for recent sales rising? And how long has the flat you are looking at been on the market? At least that can help you see how well it sells now, and give you an idea how easy it may be to sell in future.
Hope that helps, MrB