Buying an apartment in Hong Kong

[smarti]

Hi there.

i consider to buy an apartment. Size 550-750 sqft, depending on the price.

Main reason is that i have some funds and then have no rent payment.
The saved rent can be invested in stock.

What points i have to consider for a good deal?

Financing:
full payment or down payment + credit ( tax reasons?/low mortage costs + alternative investment)

Timing:
Is now a good time to buy or are the prices too high?

Is it also possible to rent first the flat and buy it after a certain time?

Costs:
What are the side costs for buying a flat in HK?

Location
Personally i like the areas:
Discovery Bay, Clearwater Bay/Sai Kung, Tai Po

Which areas of the given are good to buy now and have a good chance for resell the apartment later?

Which other areas are good for resell? (Kennedy Town, Mei Foo)

What are the fixed costs for a flat in HK?

Are there any good books or articles as guide for buying?

Any independent consultant for value valuation?

Good agents? Websites to find out average prices?

Are there other investement options, which can bring a stable profit to pay the lease?

Glad to receive your comments!

[KnowItAll]

Financing: Usually 30% down payment + 70% mortage. However, there are schemes which will allow you to borrow close to 90-95% of the value of the apartment from either developers, or banks.

Costs: Real Estate agents commission, Stamp Duty, Lawyers Fees

Fixed Costs: Management Fees, Insurance, Govt Rates & Rent

One thing - if you're considering buying, try and get pre-approved for the upper limit your bank will lend you. This will allow you to close the transacion quickly, as sellers want quick closing dates.

[elle]

Additional to KIA comments:
5% of the purchase price is due when you sign the provisional agreement, another 5% about 10 days (if I remember correctly) later.

Recommended areas in DB
Any building within walking distance to the ferry pier - also for the re-sell value later on

Check GOHOME for asking prices.

[smarti]

Thanks for comments.

Is there a "common rule" for the saving amounts for repairs etc.?

[banang]

No common rule for fix up or repairs as it really depends on the work. If you're not a handyman and are not going to DIY, then the cost of local contractor varies.

For a new paint job of a 550-750 sqft apartment, it may set you back HKD10,000 w/ old paint/primer removed.