[Novice Teaching]See all purchase expenses other than the first phase in one go! | Hong Kong 香港



Think you can buy the property with enough savings for the first installment? Attorney fees, mortgage premiums, and management fees are all money! In this episode, the expenditure on buying a house will be calculated with you one by one! The purchase of a property with attorney fees generally involves three main legal documents: the sale and purchase agreement, the property deed and the mortgage deed. If the age is too old, or if the village house involves land rights, the legal issues that lawyers need to deal with are more complicated, and the lawyer fees may be higher, while the mortgage deed attorney fees are calculated based on the loan amount. Under the new mortgage insurance plan, up to 90% can be borrowed for properties of 8 million or less, and 80% for properties of 10 million, but all must meet the relevant requirements, such as not holding a Hong Kong residential property at the time of application, Income, passing stress tests, etc. Even if it fails the stress test, as long as the contribution-to-income ratio does not exceed 50%, the applicant will be granted a high-volume mortgage by adding a 15% mortgage insurance premium to the original premium. There are three ways to pay premiums. The first is one-off payment, the second is to pay annually, and the third is to borrow from the bank and pay in one-off. Under normal circumstances, if you plan to make contributions for more than 4 years, it will be more economical to pay the premiums in one lump sum. Management fees and miscellaneous expenses No matter whether you buy a second-hand or first-hand property, you must pay a water deposit and gas deposit after you buy the property. The building management office will also require a deposit equal to two to three months of management fees in advance. At present, the management fee for private buildings ranges from $1 to $5 per square foot, depending on the property services and facilities. In addition, some new buildings will charge different fees to the owners when they move in, including special fund fees, clubhouse operating deposits, additional prepaid management fees, and waste disposal fees (dumping fees), etc. The amount is 1 month to residential Management fees vary for several months. Therefore, compared with second-hand buildings, the miscellaneous expenses of new buildings are relatively high. Rates and government rent are prepaid in 4 quarters a year, and the annual rates and government rent collection rates are 5% and 3% of the rateable value respectively. After buying the property, the buyer has to pay the rates and government rent on or before the “last payment date”. The amount will be in proportion to the rest of the quarter. If the quarterly rates for the property are calculated at $1,800, and there is one month left in the quarter, the buyer will have to pay rates of $1,800/3=600. Agent commission Property transactions are generally carried out through real estate agents, which involve commission fees. The current law does not stipulate the amount or rate of commission charged by real estate agents, but it is usually 1% of the property price. If a new real estate is listed in the market, the commission is usually paid unilaterally by the developer. Stamp Duty The Hong Kong government has always collected stamp duty from property buyers. For Hong Kong permanent residents who have bought a home for the first time, the stamp duty is calculated on the basis of the property price. The higher the property price, the higher the stamp duty. Calculated on the basis of 5-6 million buildings, the stamp duty is 3% of the property price, that is, 150,000 yuan. The time limit for the payment of stamp duty is 30 days after the signing of the provisional agreement for sale and purchase, that is to say, it must be paid before the formal settlement of the property sale. Therefore, the relevant funds must be prepared in advance when buying and selling the property. All kinds of fees and burying are “good plans”. I suggest that friends who plan to get on the bus start deployment as soon as possible, and calculate the number of times to “pump the hammer” and get on the bus! 📌 If you have any questions about the property market or mortgage, please leave a message below, or inquire to our online customer service: ▄▄▄▄▄▄▄⭐️ Featured videos⭐️ ▄▄▄▄▄▄▄▄ 📺 3 minutes to master the test Building Basic Skills📺【Novice Teaching】7 Reasons to Borrow a Mortgage 📺【Novice Teaching】Housing Mortgage Crash Course! 📺【Novice Teaching】Look at the process of buying a second-hand building step by step! Now on ” HongKongFloorPlans”: Subscribe to ” HongKongFloorPlans” YouTube channel: Like ” HongKongFloorPlans” Facebook page: h Follow ” HongKongFloorPlans” Instagram: Follow public account: meilian_hk ( HongKongFloorPlans Hong Kong).

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