Basics of renting a Hong Kong apartment

Lease Terms


Most of the properties for sale in good decorative condition, without furniture, and often but not always provided with equipment, which may include stoves, refrigerators, washing machines and dryers, dishwashers and air conditioners, except upholstered furniture, such as carpets and curtains. In addition to apartments, there are far fewer furnished apartments, and these few are usually smaller units with one or two bedrooms.


Air conditioners are essential for a comfortable stay during the summer months, and if not provided by the landlord, must be installed on the tenant.


There are also offers serviced apartments are available from good to excellent for the short term rental for three months or longer. Rent for these units is relatively higher. Most of them are one or two bedrooms, although some three bedroom units available.


Rent


Rent in Hong Kong dollars paid monthly in advance, and, in apartments, usually without a monthly payment of management and government rates for which an additional 12% to 15% of rent should be included in the budget.


Contributions


They are usually equivalent to two, sometimes three, months, and paid rent to the lessor when the proposal to lease is accepted. They are mostly returned in full should the lease is signed. Once the lease is signed, the deposit is held by the Landlord without interest, and returned to the tenant after the lease term. The cost of any damage or restoration work necessary for the apartment, except for fair wear and tear will be deducted from the deposit until maturity.


Lease contract


Most leases in Hong Kong for two years, although it is often possible to have a loophole that gives the lessee the right to terminate the lease on notice 2 or 3 months to master after a minimum occupation period of 12 to 15 months.


Government rent and rates


Rents are a form of property tax for leased accommodation, assessment and paid the government for about 5.5% of the estimated annual cost of the lease. In addition, properties in some areas (of the New Territories and outlying islands) are subject to Government rent for the land, which is calculated on the proportional value of 3%. These fees are payable quarterly in advance tenant.


State Tax Stamp


Form of government tax payable on all lease agreements and are usually paid by the tenant and landlord in equal shares. The total outstanding two-year lease is 0.5% of annual rent, plus $ 5, or 0.25% of annual rent, plus $ 5 for a one year lease (with the exception of unusual serviced apartments).


Management Fee


These fees are payable by all passengers, to provide public services such as security, cleaning and maintenance of common areas and facilities. The amount varies depending on the age and number of units in the building and the type of recreation or quality of services provided.


Legal Fee


The lease is usually carried out by the lessor or his counsel (lawyer) with the initial draft for approval by the tenant. Tenant may use a lawyer to consider renting on your own. Each party is responsible for their own legal costs.


Agent's commission


Buy-in half a month rent is paid. In accordance with local practice, the agent may also receive fees from third parties such as the owner or agent of Lessor. Package details are available for corporations on request.


Utilities


In addition to apartments, is the responsibility of the tenant to arrange connection of utilities such as gas, electricity and telephone / fax lines. Deposit or fee paid to each supplier, roughly speaking, it is estimated using a two-month period, returned at the end of the service.