Budget for family of four

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  1. #1

    Budget for family of four

    We're a family of four with one child of kindergarten age and the other in primary school. I've tried to read as many similar threads on this and other forums as I can and there seems to be a huge range in what people deem to be a livable budget for a family.

    School fees will be paid to the tune of up to around 250k p.a. We'll have some other benefits such as annual return trip and medical insurance. We're looking at a housing allowance of just over 30k per month and gross salary of 40k.

    The main issue really is finding suitable accommodation for that budget. Having spent a a bit of time looking on property search websites, it looks like we'll really need 40k plus for a reasonable size (1200+ sqft) place on HK Island. If anyone has any suggestions on specific areas or apartment buildings, we'd be glad of the advice. We'd consider living a bit further out but don't want to be isolated and want to be close to schools (will be on waiting lists so need to keep options open and be relatively central).

    I'd also be interested to hear opinions on what kind of a lifestyle we will be able to have on this budget in HK - Obviously we won't be on the bread line, but in terms of what we'll be able to budget for holidays, savings etc. I'm really in the dark. We'd be really glad to hear from anyone in a similar situation or anyone with an opinion.

    Thanks!

    Last edited by reggieperrin; 13-04-2011 at 06:04 AM.

  2. #2

    Join Date
    Mar 2007
    Location
    Gold Coast Marina
    Posts
    17,934

    You should be able to find something for 30k but yes, further out would be better. For example, you could get something really nice out where i live in the Gold Coast, but probably something quite small or a walk-up on HK island. I know someone who spends 28k for 800 sq ft in pokfulam that is "nice" for example. It's really hard to office advice on specific buildings, it's all about finding the deal when you can. You need to find some good agents and tell them exactly what you need.

    While schools are you waitlisted for?

    Tung Chung has some bigger places for around your budget, and it's on the MTR line.

    Discovery Bay perhaps?

    You won't be "isolated" outside of HK island (it's quite a job to get isolated in HK - I had to walk 5 hours with a pack at the weekend to find an isolated spot!) but you just travel longer to work. There are expats living all over.