Budgeting

How much would it cost?

The paramount expense is the rental. Other housing expenses include telephone and utilities charges, management fees, rates, etc. For village houses, there are normally no management fees, but rates are still levied. You should take all these into account as recurrent housing expenses.

There are other expenses associated with renting an accommodation. These include:

Commission for the agent – if you rent the accommodation direct from the landlord, there is no need to pay any commission. However, if you rent it through a property agent, you will have to pay a fee normally amounting to 50% of the monthly rental, i.e. $5,000 for an accommodation at a monthly rental of $10,000.

Deposits – these are not expenses per se but money placed in the custody of the landlord to be returned when the tenancy is over and all costs duly settled. The size of the deposit is normally equal to 2 months of rental.

Stamp Duties – this is the fee collected by the government on "stamping" the tenancy agreement. The cost is shared equally by the landlord and the tenant, and is calculated according to the rent level. For an accommodation at a monthly rental of $10,000, the stamp duties borne by the tenant is about $300.

Miscellaneous expenses – when you move into a new house, some miscellaneous expenses are inevitable. These may include the purchase of certain furniture and other household items. Be prepared for these expenses and budget accordingly.

 

Monthly Estimated Cost of Living Outside Campus in 2019/20
(Per Person)
  HKD
Rent for Off-Campus Accommodation $5,000 - 7,000
Utilities $400
Food $3,600
Local Transportation $500
Personal Miscellaneous $1,200
Total: $10,700 - 12,700

 

Sharing the flat with others

In term of cost, renting flat with others is usually cheaper because the shared rent will be reduced when you have more flatmates. For a 700 sq ft 2-bedroom flat, you may consider to have around 3 flat mates. Yet, Agreement must first be sought from the landlord as to the number of tenants in all cases.

Finding Flatmate

Apart from looking for flatmates through personal social network, you may also look up and post online notice through the below platforms. Since all data are provided and accessible by individuals, the more you share, the greater chances to match with a flatmate/roommate. Below are some example.