Property, time to Sell?
Joined: Sep 2007
Posts: 947
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From: asia
If you purchased a 400,000 place in the UK, Aus or the Us back in 97
Rent money is dead money ( in this situation ) and long term you would think paying 40-50K a month off the principal of any mortgage beats renting. Sure if/when rates go up this could reduce to 10-20K, but in the long run you should come out of it with something......underline: In the long run.
Joined: Sep 2004
Posts: 166
Likes: 1
From: Singapore
I have an 9 million dollar property almost paid off- bought for 6. Now I am soon to upgrade and keep the original.
House purchase is common sense and worth ruthlessly pursuing with all the cautions of buying property anywhere else.
Good luck. The guy I joined with still bags HPS. He rents. I own!
House purchase is common sense and worth ruthlessly pursuing with all the cautions of buying property anywhere else.
Good luck. The guy I joined with still bags HPS. He rents. I own!
Joined: May 2008
Posts: 103
Likes: 0
From: HK
To each his own.
The money one may make by purchasing a property in HK may not be worth the value of the sacrifice in lifestyle reduction over the period of time to some people.
Ie. buying a small apartment vs renting a large luxury home for a single guy is different to those people living here with a family.
Some people may prefer 10 years living on The Peak in a colonial 3,000' lowrise or townhouse, enjoying lifestyle and space regardless of their loss in "property profits". Instead of 1,000' in Mid Levels or DB.
Either way, if you're happy with your choice then it doesn't matter what goes on in the other camp really, does it? And each is correct in his choice.
However, if you do choose to buy , I say: buy when everyone is selling and sell when everyone is buying! It really is that simple!!
The money one may make by purchasing a property in HK may not be worth the value of the sacrifice in lifestyle reduction over the period of time to some people.
Ie. buying a small apartment vs renting a large luxury home for a single guy is different to those people living here with a family.
Some people may prefer 10 years living on The Peak in a colonial 3,000' lowrise or townhouse, enjoying lifestyle and space regardless of their loss in "property profits". Instead of 1,000' in Mid Levels or DB.
Either way, if you're happy with your choice then it doesn't matter what goes on in the other camp really, does it? And each is correct in his choice.
However, if you do choose to buy , I say: buy when everyone is selling and sell when everyone is buying! It really is that simple!!
Joined: Sep 2008
Posts: 109
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From: Where else?
I have an 9 million dollar property
Edited: As of 2 am today (HK), you may be lucky for it to be worth what you paid for it.
Last edited by Cafe City; 29th September 2008 at 19:15.
Joined: Jul 2007
Posts: 517
Likes: 0
From: www
...friend just callled. His property sale was due to go to contract today. Buyer called at 5pm and said he was pulling out unless friend dropped his price by 1mill (originally agreed at 8.5m). Needless to say, in despair... (he suspects that if he agrees..the buyer will ask for a still lower price...etc). Sell now...if you can.
Joined: Mar 2008
Posts: 191
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From: cloudcuckooland
I am guessing the deal never got as far as him getting the deposit.Anyway don't sell if you don't have to.
In fact this might be a good opportunity to sell your (small) place & buy a bigger one.
In fact this might be a good opportunity to sell your (small) place & buy a bigger one.
Joined: Sep 2004
Posts: 166
Likes: 1
From: Singapore
Edited: As of 2 am today (HK), you may be lucky for it to be worth what you paid for it.
In my position with HPS I feel I lose with a falling property market and weakening USD. Otherwise riding a winner.
Last edited by And Then; 2nd October 2008 at 01:13.
Joined: Sep 2001
Posts: 606
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From: Hong Kong
Joined: Sep 2007
Posts: 947
Likes: 0
From: asia
Min deposit to owner is generally 3% ( can be agreed to differently, more or less ) on signing of initial S&P, balance to be paid in 2 weeks ( from memory ). At any stage after signing of the initial S&P if either party backs down from the deal they have to pay back the deposit plus 100% penalty, also as a rule the Agent will want his/her full fee ( 1% ) on top.
Pulling out of a 8.5M deal in the first two weeks should cost the buyer 3% of 8.5M = 255,000 plus 100% plus agents fees, after that initial period it becomes a hell of a lot more costly.
Owners can elect to except the full deposit ( 5 or 10% ) straight up which makes it far more costly to default in the early stages.
Pulling out of a 8.5M deal in the first two weeks should cost the buyer 3% of 8.5M = 255,000 plus 100% plus agents fees, after that initial period it becomes a hell of a lot more costly.
Owners can elect to except the full deposit ( 5 or 10% ) straight up which makes it far more costly to default in the early stages.
Joined: Nov 2001
Posts: 352
Likes: 0
From: UK
Mind you, if you want to buy at least you can now. Whilst the market's going up you can often offer at the asking price only for the seller to say "thanks but it's another 1/2 mil now". You then think about it for a few days and go with the extra 1/2 mil but the seller now says "well, if you'll pay that much then someone will pay an extra mil" etc...You can end up wasting a lot of time and increasing the old BP significantly and still have no flat to show for it!
ATY, we're all dying to know - did he go for the 1 mil reduction or keep the deposit? Personally I'd just say "bog off" and rent as I hear rents are quite good at the mo.
ATY, we're all dying to know - did he go for the 1 mil reduction or keep the deposit? Personally I'd just say "bog off" and rent as I hear rents are quite good at the mo.
Joined: Jul 2007
Posts: 517
Likes: 0
From: www
he just had it independately valued. came in 1.5m less than it did a month ago. buyer is no longer interested at even his Monday offer of 1m less than originally agreed. starting to remind me of 1997 again....