The rental market in Hong Kong varies greatly from area to area, provided cost estimates often vary uncontrollably for similar apartments, and there are no tenancy securities written into law. To an Expat hoping to rent their first property in Hong Kong this can be anywhere from confusing to out and out dangerous, especially in the event that you sign something you ought not, or be driven astray some way or another.
The following are 5 things you have to realize that will help you begin.
- Property Management Services. Property management, where you pay rent to a real estate agency, is rare in residential real estate in Hong Kong. On marking the final rental contract, you will deal legitimately with the land owner or their employee. This leads to certain apartments renting direct proprietor to save on commission.
- Provisional Lease Agreement. The majority of rental properties experience a real estate agency. Rental agents get by on commission cited as one-half the month to month rent from both the tenant and land owner. The property agency hk provisional lease agreement will be marked by all 3 parties: tenant, landlord, and agent however there is nothing provisional about it. You ought to have all negotiations and the contract complete before marking it.
- 2 year lease. The normal length for a residential lease contract is 2 years. After 1 year the tenant ought to have the choice to terminate after giving 2 months notice.
- Rental Contracts. As noted previously there are no tenancy insurances under Hong Kong law. This means that all insurances that you want during your tenancy must be written into the contract you sign with the land owner.
- Net floor area. Apartments are sold and rented by citing gross floor area. This incorporates a share of the common areas of the structure, for example, lifts, garbage disposal, stairs and passageways. On the off chance that you are asking why a 500 square foot apartment appears to be somewhat small, you may ask as to its net floor area, rather than the gross floor area.
Truth is there is not something to be stressed over as long you illuminate yourself beforehand. With no legal insurances apart from your contract real estate agent services, learning how the Hong Kong rental market functions is in your own best advantages.