Hidden Costs When You Rent Out
No matter if you’re moving to another district or next door, moving is expensive with hidden costs. It involves a ton of other costs so here is a checklist of hidden costs to breakdown the numbers for when you move out.
Security Deposit
A security deposit is essentially a ‘good faith deposit’ — for future payments and any damages. Typically, one or two months’ rent worth of deposit will be required. However, getting your security deposit depends on the condition of your entire flat.
Rent + x
In addition to your deposit, you’ll usually be required to prepay the first month’s rent when you sign your lease. In some cases, you may need to prepay the last month’s rent on top of your deposit and first month’s rent.
Dash Living requires a one-month rent deposit and a small utility deposit fee.
Agency Fee
Before you work with a realtor, ask what his or her commission fee is. It’s common In Hong Kong to half having to pay from half a month’s rental fee.
What agency fee at Dash Living 😉
Moving Cost – Mover Fee
Whether you hire professional movers, they start from HKD3,000+ per hour, but they do the packing for you. If you’re on a tight budget, rent a Go Go Van and ask friends to help you out. However, you’ll need to buy bubble wrap, boxes, package tape, etc . These items add up quickly.
Moving Cost – Stair Fee
If you’re moving into a building without a lift, you will need to pay an extra stair fee. Even if your building does have a lift but a small set of stairs, most professional movers will charge an additional fee.
Moving Cost – Parking Tickets
If your movers park in an illegal spot for too long, it’s your responsibility to pay for the parking fine.
Our fully furnished units means you can move in with a suitcase. Aside from a taxi fee if you have personal belongings, figure out where your taxi can stop off briefly to avoid parking fees.
Utility
Remember to add the services included to the value calculation for your rent paid, ranging from HKD850 to 3090, depending on your apartment size, for electricity, heating, water, etc.
Wi-Fi
Most Wi-Fi installation services are free with the purchase of a broadband plan starting from HKD108. At Dash Living, we provide free high-speed Wi-Fi in all of our units. It’s installed and ready to connect from the day you move in.
Buying & Rebuying Items
Your existing furniture may not fit into your new place. You might suddenly feel compelled to rebuy basic items like towels. If you’re starting from scratch, expect to spend HKD8,800 and more. If you already have items to work with, your spend should be significantly less.
Estimate the up-front costs and make a list of things you’d like to buy to factor in the cost. Alternatively, choose a serviced unit, so you don’t need to think about the furniture and buy basic supplies.
So how much cash will you need? Check out our financial comparison for an estimate of the upfront costs.
