Property purchase - completed

The purchase of my latest property was completed on schedule today. There were no last minute problems (which has not always been my experience). So I am now officially even further in debt on a property which is currently producing no income.

The contractor will get back to me on Monday with his quote and I have instructed the agent to look for a tenant on an "as is" basis while I am still deciding whether to renovate or not.

As a footnote, I should have geared higher on this property and used the extra cash to make a partial repayment on one of my other mortgages. The interest rate on the new mortgage is 0.1% less than an older mortgage from the same bank. The difference is not enough to justify the costs of refinancing but with no penalty for early repayment, I could have reduced my financing costs by about HK$4,000 a year.