Renting An Apartment In Hong Kong
What exactly is a normal Lease Term for renting a Hong Kong apartment?
The normal residential Lease term in Hong Kong consists of 2 years, wherein 1 year is a fixed agreement, while the next year is optional. Only once the one year Fixed Term has expired there's a break clause which allows the early Termination of the Tenancy provided that a written notice is offered to the Landlord two months in advance. Hence, the Tenancy Agreement is usually composed of 14 months all in all - 12 months to be consumed on the fixed term and 2 months necessary right after offering the notification for termination.
Can I rent an apartment for less than a year?
In Hong Kong, there is no minimum term for renting an apartment, but most landlords opt to rent out their apartments using the normal 2-year lease term. If you are searching for a Short Term Lease in Hong Kong it is extremely advisable to consider a serviced apartment where Terms are flexible and in Hong Kong you will find a plethora of options that can suit your budget.
What are the costs that renting an apartment in Hong Kong generally incur?
As a renter, you need to pay the real estate agent's commission amounting to half of the monthly rental, as well as the Stamp Duty, which is 0.5 percent of the typical yearly rent for standard lease terms that exceed one year but not more than three years.The Stamp Duty is paid equally by both the landlord and the renter. In some instances where the landlord would require the Tenancy Agreement to be executed with the presence of a lawyer, additional legal fees may must be paid by the renter.
How much do renters usually pay for the commission?
The commission is equal to a 1-month rent, and is paid by both the landlord and the renter as soon as the Formal Tenancy Agreement is executed. The renter pays half of the commission and the other half is paid by the landlord.
How much is the deposit that the renter should pay to rent an apartment?
The usual deposit in Hong Kong is equivalent to 2 months rental, while some landlords choose the three months rental. Provided that there's no breach of any of the terms and conditions of the Tenancy Agreement, the Deposit will be refunded to the Tenant without interest from the date of delivery of vacant possession of the Premises. Don't be surprised, this is standard in Hong Kong Property. Note that in a standard Tenancy Agreement, in the case that the Landlord suffered a loss or damage other than from typical wear and tear and as a result of the Tenant's breach, the Landlord may deduct this loss from this Deposit.
How much outlay does someone need to rent an apartment?
Throughout the signing of the Formal Tenancy Agreement, the renter should bring the following: two months' worth of rental for the security deposit, 1 month worth of rental for the advance, half month worth of rental for the agent's commission, and the stamp duty, which must be paid to "the Government of the HKSAR".
What are the documents that renter need to bring on the day of the signing of the agreement?
You are going to want a Hong Kong Identification Card or your Passport, and in some cases the Landlord may request a copy of your employment contract.
In Hong Kong, what tends to make the Inclusive rent different from the Exclusive rent?
In Hong Kong, whenever a rental price is stated as inclusive, it indicates it already includes all of the fees that are associated to the property like the management fees, property prices, and government rent. Whereas the quoted exclusive rent does not include these costs, these fees needs to be taken account when seeking to rent an apartment and ought to be included into the total rent payable. Nearly all of the time, rental costs are stated as inclusive to prevent renters from getting confused, but in some instances, agents state only the exclusive prices to make a lot more pricey rental properties seem much more attractive to renters.
In Hong Kong, are the utilities included in the rent?
In Hong Kong, the rental rates don't usually include the utilities. But, renters can ask and negotiate with the landlord to pay for the utilities at a lesser worth. If you want to know much more about applying for utilities in Hong Kong, visit this link.
What are my rights as a Tenant in Hong Kong?
As a Tenant you have the right to hold and enjoy the Premises throughout the Term of Tenancy totally free from any interruption by the Landlord, and it's implied that the Landlord shall provide and keep the premises fit and safe for habitation. The landlord need to also keep and maintain each of the structural components of the premises, such as the pipes, drains, electrical cables, and appliances included in the premises, to be in a functioning state, and in cases when repair is required, the landlord need to also execute what's necessary.
Is it allowed to bring pets when renting an apartment in Hong Kong?
Bringing your pets in the apartment may or may not be permitted dependent on what has been agreed on the Deed of Mutual Covenant of the apartment, but this decision is at the discretion of the landlord. In case you are planning to bring with you your pet during your stay in the apartment, ensure to obtain the approval of the landlord first, and, as stated in the regular tenancy agreement, you must not develop any nuisance or annoyance to the landlord or to the other tenants inside the building.
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Unknown - Saturday, November 24, 2012
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