The following is adapted from the original article published in Oriental Daily.
18 April 2018 - A first-time home buyer when she was only in her early 20s, OKAY.com property agent Novelle Lau has had more experience with the Hong Kong property market than most Hongkongers her age. Previously a property agent at one of the major agencies in Hong Kong, she made the switch to OKAY.com to further develop her passion for helping people beyond her personal networks find their ideal homes. Now the owner of two properties, Novelle has earned HK$5 million from her investments over the past decade. Here are her top three tips on how to get on the Hong Kong property ladder:
1. Trust Your Gut
Try to resist the urge to ask for advice on buying property: given surging local home prices, you’ll probably encounter naysayers who’ll tell you to wait. Based on statistics and analyses, the Hong Kong property market is unlikely to crash anytime soon—so, if your finances allow and you’ve received mortgage pre-approval from a bank, and are looking invest in property over the long term, don’t delay. Speak to your property agent about districts and properties that interest you. You can also refer to the OKAY.com guide on what you should do before buying a home in Hong Kong.
2. Find a Reliable Property Advisor
When you do seek advice, make sure it’s from a reliable source. Befriend property owners, for example, at property investment courses. When you’re surrounded by like-minded and experienced people, you’llenjoymoral support and greater confidence when investing in property. Befriend a property agent too—he or she can keep you updated on the best property deals in town.
3. Give Older Properties a Shot
Some people are put off by older properties because of potential hefty renovation costs. Although property owners may need to fork out tens of thousands of dollars for building renovations, the price of their properties will often go up by at least 10 per cent after that. If we’re looking at a HK$3 million property, that’s a HK$300,000 increase!
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