Monthly Budget of Owning a Flat in HK

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  1. #1

    Join Date
    Jan 2009
    Location
    Canada
    Posts
    54

    Monthly Budget of Owning a Flat in HK

    Hello,

    I am in the process of calculating how much is needed to live in HK and would like some advice. I am trying to avoid unexpected fees that relates to owning a flat.

    So far I have the following monthly charges:

    -Mortgage
    -Home insurance
    -Security fee (not sure if this is the correct term in HK)
    -Property tax (is there such a thing in HK?)
    -Utilities (power, water, gas, phone, tv, internet...etc)

    I know that from time to time there will be repair fees that are shared with all tenants living there. Anyone have experience with this? What dollar amount should I expect per month or year for shared expenses?

    Any input would be great.

    Thanks,

    Peter


  2. #2

    Join Date
    Jul 2007
    Location
    TST and Macau
    Posts
    1,478

    "security fee" would be called "management fee" and in most if not all cases that includes a contribution towards maintaining the building. I own 2 apartments in TST (different older buildings) and have not yet had to pay anything for building maintainance even though the complete exterior had been renovated and all water exterior pipes have been changed (in one building) since. Of course if the accumulated money is not enough for a necessary repair, you would have to pay.

    It could be differenent policies in different buildings though (I wouldn't know)

    A very important factor to me is that the interest rates are quite low at the moment and if they rise over the years that could significantly change overheads.

    Last edited by hktraveller; 23-02-2009 at 09:18 AM.