Posts by MoneySmart
Costs of Major Life Events in Hong Kong
The blog post provides a detailed overview of the costs associated with major life events in Hong Kong, including moving, renovating, buying a car, and getting married, along with factors influencing these expenses and tips for budgeting. It also suggests considering personal loans to manage the financial burden of these significant expenditures, offering a comparison of loan products from various lenders.
Prestigious School Districts: A Parent's Guide
Parents often move to prestigious school districts to enhance their children's education opportunities, with property prices in these areas reflecting their desirability and the age of the buildings. Despite a 27% drop in Hong Kong property prices over three years, the market has not yet bottomed out, offering potential bargains but also risks for buyers.
Rent Tax Deduction Guide 2023
The 2022/23 tax season introduces a new tax deduction for residential rents in Hong Kong, allowing tenants to deduct up to HK$100,000 per year, with specific eligibility criteria and conditions outlined. Taxpayers must report this in section 8.5 of their tax return, and the measure aims to alleviate the tax burden for those renting without owning residential properties.
HOS Flat Renovation Guide & Costs
The blog post provides a detailed guide on renovating Home Ownership Scheme (HOS) flats in Hong Kong, covering budget considerations for different sizes, the renovation process, and decoration restrictions. It also offers cost references for full house renovations and suggests considering low-interest renovation loans for financing the project.