Apartment Rental Negotiation Procedures in Hong Kong
Renting an apartment requires a lot of research. You have look for the right location, the right apartment and the right rent for you. Apartments vary in terms of amenities, age and size. Some apartments come with a 24 hour security and swimming pool while others are rented out fully furnished.
When you are out to hunt for your future home you have to keep in mind that there are many things on the list that can be negotiated. Therefore, it’s advisable to read all the clauses carefully to eliminate any terms you are not comfortable with. This can include a clause for a very early break or financial responsibility of normal wear and tear of the house.
Rental prices are in most cases negotiable unless they have been specified otherwise by the landlord. The rental prices that of any apartment are of two types:
- Inclusive: The monthly management fee and the government rates are included in the monthly rent.
- Exclusive: The monthly rent does not include the management and government fee and they must be individually calculated before the payment.
It is always advisable to look for an apartment that offers inclusive rentals. If it is not there then you must negotiate.
An agreement is made between the landlord and the tenant. Once there has been a verbal agreement upon terms and conditions an offer letter is handed to the tenant to sign it and put a stake on property. The letter contains basic guidelines about your stay in the apartment.
In order to finalize your decision about living in an apartment on rent you have to make a deposit.
- A holding deposit is given to a third party who is more often than not a rental agent. The deposit consists of one month’s rent. This rent is a form of safekeeping unless you sign the formal contract post which it is taken by the landlord as the rent for the first month.
- You also have to make a security deposit that is as much as two or three times your monthly rent.
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