Due to fluctuating prices and unstable conditions of Hong Kong property, buyers may never find the right time to sell their property and maximize their profits. Instead of making the decision based on the status of the property market, you should also consider other factors to determine when to sell your apartment:
The property might’ve been brand new when you bought it, but as time progresses, your property will require more and more renovation. If the renovations become too costly for you, it may be an ideal time to sell your apartment. Even if you sell the property without renovating the apartment, you may make a financial profit due to inflation and rising Hong Kong property prices.
As you enter a new life stage, your apartment may not be suitable for your living standards anymore. For example, if you first bought your apartment to start a family, you might be thinking of downsizing after your children have moved out of the house. Depending on your life changes, this may contribute to your final decision.
As Hong Kong urban development evolves in the speed of light, various districts are becoming more modern and gentrified. In the past, your district may not have been the hip part of town, but as urban planning develops in different districts, this has a direct correlation with increased property prices. If your district has become the “it” place, this may be one of the best times to sell your apartment.
Hong Kong people may not be particularly close with their neighbours, but changes in the community may influence your decision in selling your property. Other than developing familiarity with your home, if your favourite stores and facilities start to close down, you may lose a sense of belonging in your neighbourhood. Selling your property should be a rational decision, but most of the time emotion trumps reason.
Problems with tenants
Depending on your past experiences with tenants, this may influence your decision in selling your property. If you’ve come across rogue tenants in the past, you might be disheartened by the thought of renting out your property. If this is the case, perhaps it’ll make your life easier to sell your property instead of dealing with complicated tenants.