The skyrocketing house prices in Hong Kong are making its citizens depressed, with two thirds of the residents isn’t a great area to live, reported Forbes mentioning a Civic Exchange research.
This is much lower compared to Singapore’s Shanghai’s and 13 percent 16 percent. Moreover, 42 percent of Hong Kong residents indicated they’d leave the city if they were free to stay elsewhere on earth.
Their pessimism is largely driven by the city’s soaring property costs. In its 2016 report, economical group Demographia recorded Hong Kong as the world’s toughest place to purchase a house.
The most affect young individuals. Confronted with the prospect of being unable to purchase a house without assistance from their families, 79 percent of individuals aged 18 to 29 said Hong Kong is now a worse place to reside; 61 percent of 60- to 65-year olds concurred.
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Owning your own home can be intimidating for some. You may worry what will happen if you become ill and cannot make a mortgage payment, or what if a Category 5 hurricane blows through and you have a large insurance claim to make. But the truth is all of these negative things can also happen when you are renting your home too. And then where would you be?
If you got sick for a month when owning your residence, the bank may accept a late payment, or even put one to the back of your payment book and let you skip it. If you are renting and cannot make the payment, you are given seven days to vacate the premises. Large insurance claims are not a good thing, as they mean you have suffered a loss and can make your premiums rise. But in the end you have your home to go back to, and the equity it provides.
Have you stopped to think, though, about the good things home ownership can mean?
Rent is normally more expensive than a mortgage. It’s unfair and awful, yes, but it is the truth. A condo that has a 500 dollar mortgage payment will often have a rent of 800 or 900 dollars a month. And keep in mind those rent payments are never-ending. Your mortgage will eventually be paid off.
The tax deductions are a big bonus that renters never receive. You get deductions for interest paid on the mortgage and for property taxes. If you go to sell the home, the IRS will not apply a tax for up to 250 thousand dollars of the profits you make. This number is doubled if you are married.
All those little things that your landlord has control over when you rent are your decision if you own. You won’t have to ask if you want to hang a heavy bathroom mirror, fence in the yard to get a dog, or build an outbuilding. There won’t be any ‘no trucks allowed’ rule or ‘no pets’ rule.
Many people who rent an apartment vs a condo or house have to use a laundry room with a coin-operated laundry room. You always have to have a big stash of quarters around, the laundry is only open certain hours of the day, you cannot leave a load to wash while you go run another errand, and so on. In your own house, this is never a problem. You always have washer and dryer hookups, and it’s open 24/7.
As you can see, there are a lot of pros to home ownership. Happy house-hunting!
1.Know the property well:
To manage the time properly and take the decisions onto the correct time, the very first thing that end up being done to understand about the properties well. One can sort through the local areas while a record of the marked properties. This can help in remaining updated one upcoming properties and conserve the buyers by offering the most suited property/land.
2.Interaction without the pain . property owners:
Having a talk the new property owners helps good in deciding which property they desires to invest in the future. Interacting with persons if not helps in present time, then which is often used surely support in taking future decisions with perfection. Individuals anyhow important, as might give clear understanding among the projects in which might get interested within just.
3.Knowing the attitude from the investors:
Occupying the local property at easy price is always an experienced option. But, to decide whether the house or property is actually fruitful or not, it’s not important to think about from the investors see. For this, one must keep on talking towards investors on regular intervals to identify their attitude and thoughts related to investments.
4.Identify the time & opportunity:
To take the decisions well on time, it critical to know which state of mind in the investors, this is ultimately the investors or home buyers, which to consider the decision. If one knows as soon as the investors are usually planning to acquire more property or customise the investments, then availing the opportunities attached to it get easier.
5.Enhance the network
In a business like real estate, it is important that database is revived on regular periods. The database of recent customers is very important as interaction with increased people assistance expanding the network and cover wider market, thus business opportunities also get widens.
6.Keeping the network active
If the contacts aren’t interacted with on regular basis, any created network might get jam. So, ensuring that the people with whom contacts are built are constantly contacted. Providing relevant & useful information to men and women about the properties of their interests works well for building relations & reliance.
These end up being the six crucial points will be very necessary in taking right decisions at right time. Those possess done license course marketplace already be knowing about its meaning. So, follow them and see great gains.