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Renovate or Buy New

  1. #21

    Join Date
    Jul 2017
    Location
    Kowloon
    Posts
    43

    Another thing to think about if buying old is how close the building is to its mandatory renovation. I think once a building passes 40 years old (I can’t remember how old off hand) the govt helps subsidise mandatory works which include pipe replacement, exterior tile work, lift upgrade etc. It can be a fair old chunk of money despite the subsidy. It also means 6+ months of external scaffolding which is when all the burglaries will start.


  2. #22

    Join Date
    Nov 2015
    Posts
    20

    Thanks... was not aware of the very short shelf-life of a roof in Hong Kong! How old was your place when you bought it? No one here has mentioned asbestos...is this a common concern too?

    Quote Originally Posted by Geraldo
    Banks do lend on older buildings but require a much larger deposit - 50% for example. Hardly anyone here employs a surveyor - you have to use common sense - e.g. check for concrete spalling etc. If a top floor watch out for leaks - as a rule of thumb, ALL roofs leak here after about 10 years and tearing up roof tiles and re-laying a roof can be pretty costly.
    You get a LOT more space for your money - we bought a 1000 sq ft top floor apartment and roof some years ago, completely re-furbished it - yes, it was quite a hassle - but well worth it. However we will probably have to have the roof re-done in a year or so....

  3. #23

    Join Date
    Nov 2015
    Posts
    20

    Forgot about the incense and was not aware of the 40 year mandatory renovation rule.

    Ironically, this renovation idea now sounds like something I should do when I have MORE money to spare...


  4. #24

    Join Date
    Nov 2009
    Posts
    30

    Our building was about 35 years old when we bought the apartment. Would agree with the previous poster about security when the building was being re-furbished. A burglar climbed down the scaffolding and broke into our apartment. Apparently it's very common.


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