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Costs of Major Life Events in Hong Kong

Jul 24

10 minutes

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Costs of Major Life Events in Hong Kong post illustrative image Whether it's moving, renovating, buying a car, getting married, etc., how much will these major life events cost? MoneySmart will estimate the costs of these 'big projects', the range of expenses, influencing factors, and potential 'pitfalls' to help you better grasp your budget.

Moving: Starting from HK$3,000

The cost range for moving companies in Hong Kong is quite broad, with the price for a single moving service ranging between HK$3,000 and HK$16,000. The actual cost varies depending on the area, the amount of furniture, weight, type of building, complexity, etc. The most common pricing model is per-item charging, where the more items you have to move, the higher the quote will be; other moving companies may use different quotation standards, including:

Per-item charging: This is the most common model, estimating based on the type, size, weight, and quantity of the items to be moved. For example, small miscellaneous items (cardboard boxes, red-white-blue bags, etc.) are about HK$6-15 per item; large furniture (sofas, bed frames over 5 feet, etc.) are about HK$100-150 per item; valuable items (pianos, large decorations, etc.) may start from HK$400 per item.
Per-square-foot charging: Quoting based on the area of the unit, for example, units under 400 square feet are about HK$4,000-5,000; units between 700-1,000 square feet are about HK$5,000-8,000.
Package charging: Some companies offer packages divided by the number of family members, for example, HK$2,200 for 1-2 person families, HK$3,200 for 3-4 person families.

Factors Affecting Moving Quotes

In addition to the basic moving fee, the following factors can affect your moving quote. Neglecting these could lead to unexpected costs:

Factors	Explanation
Item Weight	Some companies have a weight limit per box (e.g., 20-25 kg), with additional fees or double charges for overweight items
Moving Distance	Additional fees may apply if the truck cannot park near the unit's entrance, requiring manual moving over a distance
Stairs	Moving companies charge a stair fee for units without elevator access (e.g., walk-up apartments), usually calculated per floor
Furniture Disassembly and Assembly	Disassembling and reassembling large furniture (e.g., modular cabinets, bunk beds, IKEA furniture) is typically not included in the basic quote and incurs extra charges
Tips ("Tea Money")	While some moving companies do not explicitly state they accept tips, workers might ask homeowners for "tea money." Refusing could lead to difficulties. To avoid this, it's best to choose moving companies that state "no tips accepted."

Renovation: Full Package Starting from HK$500,000 for 500 sq. ft.

Moving into a new home, many people would consider a major renovation. However, renovation costs can be hefty and sometimes quite 'volatile,' with quotes varying significantly from one contractor to another. Different project items can add up to a considerable expense. Generally speaking, the average cost for a full-house renovation in Hong Kong is around HK$1,000 per square foot, ranging from HK$600 to HK$1,200 per square foot. However, this is just a starting point; the actual total cost can vary greatly depending on factors such as the unit's size, age, materials used, and complexity of the design.

Taking a full-house renovation (complete demolition) including custom-made furniture as an example, the estimated total budget for units of different sizes is as follows:

Unit Size	Basic Renovation Cost (Estimate)	Including Custom-made Furniture Cost (Estimate)
300-400 sq. ft.	Starting from HK$150,000	HK$250,000 to HK$360,000 or more
400-600 sq. ft.	Starting from HK$250,000	HK$330,000 to HK$560,000 or more
600-700 sq. ft. and above	Starting from HK$400,000	HK$500,000 to HK$1,000,000 or more

However, it's important to remind everyone that although renovation costs are high, it's advisable to prepare a budget that's slightly more generous than tight. For example, a 500 sq. ft. unit, as shared by a netizen involved in renovation design, requires a full demolition package (including plumbing, electrical work, wall demolition, window and door replacement, etc.) costing about HK$400,000 (excluding custom-made furniture), bringing the total to at least HK$500,000. After all, a unit is often lived in for at least a decade or more. If the renovation is not done properly, or even ends up unfinished, it's the owner who stands to lose.

Consider Partial Renovation to Save Costs

If you want to save some costs, you can also consider partial renovation, aiming to live comfortably, and the price will be much more cost-effective than doing a full house renovation. The following are the cost ranges for different renovation projects:

Renovation Project	300-400 sq.ft. Unit	400-600 sq.ft. Unit	600 sq.ft. and above/Large Unit
Demolition Work	$8,000 - $25,000+	$10,000 - $40,000+	$15,000 - $108,000+
Electrical and Plumbing Work	$25,000 - $48,000+	$38,000 - $65,000+	$65,000 - $125,000+
Masonry Work	$35,000 - $100,000+	$60,000 - $128,000+	$80,000 - $200,000+
Carpentry Work	$55,000 - $150,000+	$80,000 - $210,000+	$100,000 - $300,000+
Painting Work	$10,000 - $35,000+	$10,000 - $80,000+	$30,000 - $128,000+
Flooring Work	$15,000 - $80,000+	$25,000 - $112,000+	$35,000 - $160,000+
Custom Furniture	$40,000 - $200,000+	$80,000 - $350,000+	$110,000 - $750,000+
Full House Renovation (Estimate)	$250,000 - $660,000+	$320,000 - $1,000,000+	$500,000 - $1,640,000+

Buying a Car: Buying a Used Car is Cheaper but the Cost of Maintenance is Higher

"Buying a car is easy, maintaining it is hard" is a consensus among many car owners in Hong Kong. If you want to buy a new car, you need to pay the first registration tax, and the final tax payment may even be higher than the original price of the car; if you buy an electric car or a used car, you can save on taxes, but the cost of maintaining a car in Hong Kong is also a considerable expense.

First Registration Tax Rate Calculation
Pre-tax Car Price (HK$)	Tax Payable (HK$)	Final Car Price (Including Tax) (HK$)
$150,000	$69,000	$219,000
$400,000	$313,000	$713,000
$600,000	$560,000	$1,160,000

Buying an electric car can get a tax reduction on the first registration tax, the tax-free ceiling for general electric private cars is HK$58,500, and the first registration tax reduction ceiling for private cars that meet the "one-for-one" plan is HK$172,500. Taking Tesla as an example, a Model 3 Rear-Wheel Drive (RWD) meets the "one-for-one" full tax exemption qualification, so it can be purchased at the pre-tax price of HK$254,200. But for more advanced models, such as the Long Range or Model Y, etc., some taxes need to be paid.

For more details on Tesla prices, please refer to this article: [New Model Y] Tesla Model Y / 3 / S / X Prices (Cash Price/One-for-One Replacement Price) How to Choose Buying a Car on Installment/Loan Monthly Payment?

If you want to save on car purchase costs, you might also consider directly buying a used car. Currently, there are quite a variety of used car platforms to choose from, with prices to suit every budget, and many used cars represented by car dealers can provide comprehensive maintenance and after-sales services.

Monthly Car Maintenance Expenses in Hong Kong

Although buying a used car can save costs temporarily, you need to be prepared for the long-term battle of car maintenance expenses. From parking, refueling, license fees, insurance, to repairs, it's literally "everything costs money." Below are some regular car maintenance expenses for reference:

Expense Type	Price Range (Monthly)
Monthly Parking	HK$2,500 to HK$4,500 and above
Hourly Parking	HK$500 to HK$3,000 and above
Refueling / Charging	Gasoline: HK$500 to HK$1,800Charging: about HK$300
License Fee (Annual Vehicle License)	Gasoline Car: about HK$425 to HK$650 (charged by cylinder capacity)Electric Car: about HK$100 (charged by weight)*
Car Insurance	Third-party insurance starts from an estimated HK$150 per month; comprehensive insurance starts from about HK$450
Maintenance and Repairs	About HK$1,000
Miscellaneous Expenses	HK$500 to HK$3,000
*Electric vehicle license fees will be adjusted, by the end of 2025 they will be charged by rated power

Taking a Tesla Model 3 as an example, the total monthly car maintenance expenses in Hong Kong can be as high as HK$9,000. Although electric vehicles have significantly lower energy costs, with an estimated monthly charging fee of only about HK$280; the license fee is also lower than that of gasoline cars of the same class, about HK$90 per month, but the biggest expense — parking fees (including monthly parking and hourly parking) amount to about HK$6,000 in total, and it will be more expensive if you frequently use the car for commuting. Adding in other insurance costs, tunnel miscellaneous fees, daily maintenance, etc., the cost of maintaining a car is likely to be around HK$10,000.

Marriage: Average Cost HK$400,000

Marriage is a significant event in life, and hosting a wedding in Hong Kong often requires a substantial amount of preparation. According to the latest "2024 Hong Kong Wedding Consumption Survey" published by ESDlife, it was found that the average wedding expenditure per couple reaches HK$410,079, with the main expenses including:

Expense Item	Price Range
Wedding Banquet	HK$187,758
Wedding Rings and Jewelry	HK$94,542
Honeymoon	HK$43,924
Wedding Photos	HK$26,499
Wedding Photography	HK$16,269
Wedding Gown	HK$13,434
Other Miscellaneous Expenses	HK$27,653

The top four expenses (banquet, jewelry, honeymoon, photography) already account for 86% of the total wedding expenses. Other potential expenses also include pre-wedding preparations (such as medical check-ups HK$1,500-$5,000), printing wedding invitations (approximately HK$1,000-$2,000), bridal gifts (gifts and cash gifts can reach HK$50,000-$70,000), wedding planning, venue decoration (approximately HK$9,000-$16,000), marriage celebrant (approximately HK$1,000-$7,000), and so on.

How much does a honeymoon cost?

A honeymoon is a once-in-a-lifetime trip, and newlyweds are often more willing to spend than they would on a regular vacation. The 2024 Hong Kong Wedding Expenditure Survey shows that on average, each couple spends HK$43,924 on their honeymoon, with popular honeymoon destinations including the Maldives and Europe. Of course, this figure is just an average, and there can be a significant difference depending on the length of the trip, the destination, and the level of luxury.

If the couple is looking for a more typical 7-14 day honeymoon in the Maldives or Europe, the actual budget is likely to far exceed the average of HK$43,000. A more realistic budget range might be HK$60,000 to over HK$100,000 per couple, and simply referring to the average may lead to insufficient budgeting. If you want to save on expenses, you can also consider avoiding the peak travel season and choosing to travel during the off-season when airfares and hotels are usually cheaper. Additionally, you can opt for countries and regions with lower consumer prices but equally beautiful scenery, such as Hokkaido, or Eastern European countries like Prague, Estonia, Croatia, and Latvia.

Make Good Use of Personal Loan Plans to Meet Important Life Expenses

Facing major life events such as moving, renovation, buying a car, marriage, honeymoon, etc., these often require preparing a large sum of expenses, and many people inevitably encounter the pressure of short-term capital turnover. At this time, the appropriate use of personal loan products can give you a helping hand, calmly welcoming a new stage in life.

Personal loans can provide you with flexible funds to meet immediate expenses, such as paying the down payment for renovation, the deposit for a wedding, or as a backup fund for a honeymoon trip. Applicants can also choose the repayment period according to their financial situation, spreading large expenses over a longer period to alleviate immediate financial pressure, allowing you to focus on enjoying the joy brought by major life events without worrying about current financial pressure. Below are some popular personal loan institutions in the Hong Kong market and a comparison of their product features for your reference:

Lender	Loan Product	Minimum Effective Annual Rate*	Maximum Loan Amount	Longest Repayment Period
Citi Bank	Citi Speedy Cash Loan	As low as 1.56%	HK$3,500,000 or 12 times monthly salary	60 months
Standard Chartered Bank	Installment Loan	As low as 6.28%	HK$4,000,000 or 18 times monthly salary	60 months
DBS Bank	Fixed Personal Loan	As low as 5.91%	HK$2,000,000 or 20 times monthly salary	60 months
UA Finance Asia	i-Money Fast Online Personal Loan	As low as 1.68%	HK$1,500,000	60 months
WeLend	Personal Loan	As low as 1.88%	HK$1,500,000	72 months
PrimeCredit	Fixed Personal Loan	As low as 1.18%	HK$900,000 (additional documents required)	72 months
*The minimum effective annual rate is usually applicable to specified loan amounts, repayment periods, and customer categories, and may change at any time, for reference only.