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Renovate or Buy New

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  1. #1

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    Renovate or Buy New

    Hi all

    I know it depends on numerous factors and it's highly subjective but would it be cheaper to buy an apartment in an older building and do it up or buy a unit in a new/fairly new building?

    I would be looking at western style renovation so modern bathroom (rain shower etc), modern kitchen (e.g. western style built-in oven etc) and more spacious living space / feeling.

    I'm looking at apartments across the HK Island MTR line of around 300-450 sq foot net.

    Thanks all


  2. #2

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    Most people when buying here rip out the interior anyway, regardless if it is brand new or not.

    Older flats usually have thicker walls = more options when renovating.

    shri likes this.

  3. #3

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    Thank you emx - probably a stupid question but how does thicker walls mean more options for renovation?


  4. #4

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    Quote Originally Posted by K_UK:
    Thank you emx - probably a stupid question but how does thicker walls mean more options for renovation?
    Means non-load bearing walls can be moved or removed if one so desires.
    K_UK likes this.

  5. #5

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    300 sq ft old building will cost 4M. New building will cost 7-8M. Unless you are going to renovate for 3-4M old building will be cheaper.


  6. #6

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    so why don't more people do this - seems like a no brainer...? banks unwilling to lend for this?
    very new to the HK market so i have a lot of questions! thanks

    HK_Katherine likes this.

  7. #7

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    If you buy new, you're going to have to rennovation anyway if you want a 'western style' layout and fittings. And if you buy completely new, you may have some rennovation costs regardless, as some of the developers are know for incredibly shoddy construction quality.

    A downside to rennovating is finding good, reliable contractors.


  8. #8

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    Thanks...if that's the only downside then I might take my chances then

    How long does it take to renovate (generally speaking)?

    Does having a terrace/rooftop add $$$$$ to the value or is there negligible difference?

    Quote Originally Posted by jgl:
    If you buy new, you're going to have to rennovation anyway if you want a 'western style' layout and fittings. And if you buy completely new, you may have some rennovation costs regardless, as some of the developers are know for incredibly shoddy construction quality.

    A downside to rennovating is finding good, reliable contractors.

  9. #9

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    How would I know if a wall is load bearing - would I need to take a surveyor to property viewings? Thanks


  10. #10

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    You can check here, many of listings should have floorpans, which show the darker load bearing walls:

    Centadata - Home Page

    Example: Thicker walls load bearing, thinner walls not.

    Name:  load bearing.jpg
Views: 471
Size:  63.7 KB

    juanalias likes this.

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