Save Money Properly for Your Property – A Budget Plan to Win a Flat

By team gini on August 20, 2019

Randomly ask a HongKonger for the top 5 dreadful problems they are facing right now. To save money for getting a property is probably on the list.  Being one of the wealthiest places in the world, Hong Kong is where people struggle most to get a shelter. Ridiculous, isn’t it? According to the Demographia International Housing Affordability Study, Hong Kong has been ranked the least affordable housing market 9 years in a row. 

Yet, don’t be hopeless, fellow HongKongers. With a proper buget plan, a 5-digit monthly income can turn into an investment in a 7-digit-priced flat. The first thing you can do is to understand your budget goal.

gini blog - Save Properly for Your Property - a Budget Plan to Win a Flat

Know what you want

Location: Where do you want your flat to be? Are you looking for a flat in a prime location?
Size: Does it matter how big it is? Do you value the size of your flat most?
Purpose: Are you trying to settle down with the property you budget for? Or are you planning to trade it for a better choice a few years from now?  

Lay all these out and figure out what you are exactly looking for. Identify your budget target and have a clear budget plan in mind.

gini blog - Save Properly for Your Property - a Budget Plan to Win a Flat

Photo credit: @grtshw

What about an Express Flat?

After the evaluation, you realize that although there seem to be lots of flats on sale, available choices within budget are in fact limited. If you are desperately in need of a place of your own and that you are targeting at public housing units, then the Express Flat Allocation System serves just right. 

Eligible Public Rental Housing applicants are invited to participate in the flat selection procedure where less popular flats will be available for participants to choose from.  Such express flats include units with the floor level, orientation or internal layout less desirable, while some have involved unpleasant incidents.  

To make up for such downsides, other than fast-tracking applicants, the government provides rent reduction incentives for tenants who take up flats with effective vacancy of 12 months. If it sounds like something you want to look into, keep an eye on the next round!

gini blog - Save Properly for Your Property - a Budget Plan to Win a Flat

Photo credit: @markgohlie

Grow with size, grow with price

When it comes to private domestic property, the prices are definitely higher. But it worths it if you treat it as a long-term investment. For first-time property buyers, studio flats are what your budget is after. Priced around HK$4,000,000 to HK$5,000,000, these units are around 200 square feet, just enough for a kitchen, a toilet and a bedroom. Sounds cramped? But for singles, they are just right. 

The Aurora in Tsuen Wan by Billion Development and Project Management Ltd released 238 units in early August. Providing orientations ranging from studio flats to 3-room units, it caters the needs of different potential buyers. The price per feet for The Aurora ranges from HK$16,299 to HK$20,083. Definitely a reminder for us to work harder on our budget plan if we are to get ourselves a flat.

gini blog - Save Properly for Your Property - a Budget Plan to Win a Flat

No ways to save? No way!

With that said, it’s time we look into the costs of buying a flat, including the property price and other legal and agency fees, stamp duties as well as interest payments.  Estimate a lump sum you will need and go ahead into working towards the budget goal.  

gini is here to guide you through your budget – identify it when you are out of budget and help you stick with your own property budget plan. We know that keeping your budget alone can be hard, and that is why gini is here with you on your property buying path. Download gini now to take charge of your financial budget again!


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