5 Tips for Renting in a Pricey Market

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A home, no matter how temporary, should be able to meet a person’s needs and comfort. When searching for a new apartment, never settle for less. Looking for the best possible apartment may mean that you will spend a lot of money, especially in today’s market where rental property rates are getting higher and higher. This is especially true in global financial centers, such as Hong Kong. To help you in your Hong Kong rental property search, here is a guide for good house hunt to ensure that you get a good house for your hard earned money.

Acquaint Yourself with the Housing Laws

To start off, you should know that in today’s pricey market, you will probably meet a lot of agents and landlords bending the law to their advantage. The worst that could happen is that you will be led into a scam and get nothing out of your money. These occurrences happen because very few people actually get to read housing laws. Who has time to read tedious and long written documents? If you say that you do not, you might want to reconsider.

You also don’t want to violate the laid housing laws yourself because of ignorance. It is not even a proper excuse. If your chosen apartment you have happens to have a no-pet policy, and you have a cat, you might want to know before you start signing papers and giving out deposits.

Grab a Great Deal, Fast!

Great deals usually get grabbed first. Then, vacancies become scarcer and scarcer. When this happens, prices will just increase more and more. Second guessing is then not an option. If you find an apartment which is within your budget and is subject to rules that agree with your lifestyle, you must appeal to the property administration directly. Make sure that you have all your documents at hand, too. This way, when you are called back and your reservation is confirmed, you can transfer without any hassle.

Make Room in Your Budget

In an ideal world, you only pay for the room you have rented monthly. However, this is not entirely true. In pricey markets, agents and landlords usually expect you to pay at least a month’s worth of rent even before you stepped inside your apartment. If you found and reserved the apartment online, you would be charged for the processing fee. If you consulted an agent, you would also pay a fee for consultation, which usually amounts to 12% – 15% of your yearly rent. If you approached the landlord directly, there would be fare expenses.

It’s true that searching for a new place will not only take considerable time, but also requires a significant amount of money, so you better set a budget for that, too.

Deal With What You Have

People usually expect good facilities and spacious rooms with the big sum of money they’ve spent. However, the price you pay for your apartment does not usually entail that you will get to stay in a 5-star hotel. In order to get in such place, you must pay a higher price. If expanding your budget is not an option, you must learn to deal with what you can afford.

Do not dwell so much with the aesthetics. You can change that later on with the permission of your landlord. The important thing is that your apartment has all the essentials, such as a bed and a bedroom, a ceiling, a kitchen, heating etc.

Find a Roommate

If renting an apartment alone is too much for your pocket, you might want to consider searching for a person to share the place and the expenses with you. This will lessen your burden by half.

Finding a new place to stay is no small feat. Luckily there are property services that can help you in doing so. Qi Homes can help you in your search for the best rental property in Hong Kong without compromising your budget.