Calculate The Expenses To Buy A Home

Own your own home. It’s a dream worth pursuing. But how much can you afford? There are many factors to keep in mind. Is this your first home? Are you a well-established professional, a retiree or have you just started your career?

Recent regulatory changes have made things more complicated. Everyone must pay the basic stamp duty when they buy a home, but additional duties now apply depending on your situation. Your Hong Kong residency status, the number of properties you own and whether a property is being resold within three years of its last sale are all factors that can influence the amount of tax you have to pay.

There are other factors to consider, too. The deposit for a purchase is usually 10 percent of a purchase price, while the down payment can range from 30 to 50 percent. (If you are buying off plans of a new development, the deposit and down payment will need to follow their set schedule.) Your monthly mortgage payments will depend on interest rates. Then there are the fees for property agents and solicitors.

Things can get complicated quickly, so it’s always best to check with your bank for the details of their mortgage plans. But we can help. Our expenses calculator helps you estimate how much is required for the unit you are interested in , putting you one step closer to realising your dream.

_{Disclaimer: This information is for reference only. No warranty or representation is given by Savills as to its accuracy, completeness and/or fitness for a particular purpose. The amount of the current stamp duty payable is computed according to the information that you have entered. Savills accepts no liability for any loss and damages arising from or related to the use of the information. All the prices are in Hong Kong Dollars. (Last review date: November 2016)}