Selling HDB to buy condo - how to time it so that I have a place to stay?

[redryder]

Hi all, first time HDB upgrader here. Is it difficult to coordinate selling a HDB and then buying a condo without losing a place to stay? Without selling my HDB I won’t have enough cash and also my TDSR won’t allow me to get the condo I want.

Anyone done this before? What is the recommended procedure? Go condo hunting first then start advertising my HDB or vice versa? I’m looking at resale condos only, so may have to do some renovation also.

[Arcachon]

Better don't upgrade if I will you. Consider renting a condo and renting out your HDB if you want to enjoy the life style and not the risk.

The day where you get a million just by waiting for 4 years are over.

The risk is too high for those who cannot pass TDSR.

If you have taken only one cherry better go for the other one, you can try EC.

[henryhk]

Ya, better dont buy now, wait for crash first

[Arcachon]

Don't need to crash, just maintain and lots of people cannot take it.

The World is still printing money, money will only lost it value, CPF will always not enough.

[Sandiwara]

Don't need to crash, just maintain and lots of people cannot take it.

The World is still printing money, money will only lost it value, CPF will always not enough.

Make sense to me

[teddybear]

You are going to buy a OCR private condo?

OCR private condo going to CRASH you know?

If you have enough money, better buy CCR because many prices have been slashed, not OCR private condo prices though...............

You may want to refer to this thread
"A few CCR transactions sold at a loss (reported in The Edge)"
for bargains............

Hi all, first time HDB upgrader here. Is it difficult to coordinate selling a HDB and then buying a condo without losing a place to stay? Without selling my HDB I won’t have enough cash and also my TDSR won’t allow me to get the condo I want.

Anyone done this before? What is the recommended procedure? Go condo hunting first then start advertising my HDB or vice versa? I’m looking at resale condos only, so may have to do some renovation also.

[Arcachon]

When you cannot satisfy TDSR mean you will have problem servicing the Loan.

Most of the property owner have already make the money and have the reserve to tide them through the lull period.

Better to enjoy your present status than to go into unnecessary risk.

It take me 10 years to buy my first condo even through I have the money for the deposit.

[Arcachon]

Why I buy my first condo.

1. My HDB MOP is selling for 390k and the condo I buying is 535k, I have about 100 k in CPF, 100 k plus cash and I am 42 year old.

Why I buy my second condo.

1. My first condo appreciated about SGD 1,000,000, my HDB collect rental for the last 4 year and my first condo collecting rental, I can do nothing or cash out and buy another one.

I have about 100 k plus in CPF. 100 k plus cash and I am 47 year old.

Hope the example can help you decide.

[pmet]

Hi all, first time HDB upgrader here. Is it difficult to coordinate selling a HDB and then buying a condo without losing a place to stay? Without selling my HDB I won’t have enough cash and also my TDSR won’t allow me to get the condo I want.

Anyone done this before? What is the recommended procedure? Go condo hunting first then start advertising my HDB or vice versa? I’m looking at resale condos only, so may have to do some renovation also.

Don't risk it. Better save up for rainy days few yrs down the road. The best time (cheapest) to buy is when all CMs including TDSR are lifted. If you can't wait, then at least wait till you can pass TDSR. HDB is a good asset, I wouldn't sell it to buy condo if I were you. As the saying goes: 没有这么大的头就不要戴这么大的冒。 It may be an old saying but trust the old birds here. We have made money through the cycles and this is not the time.

[mamamee88]

Hi all, first time HDB upgrader here. Is it difficult to coordinate selling a HDB and then buying a condo without losing a place to stay? Without selling my HDB I won’t have enough cash and also my TDSR won’t allow me to get the condo I want.

Anyone done this before? What is the recommended procedure? Go condo hunting first then start advertising my HDB or vice versa? I’m looking at resale condos only, so may have to do some renovation also.

Better save more $$$ first. Don't overstretch yourself. Do your sum carefully.
The cost for owning a condo is much higher than a HDB - e.g. Monthly maintenance fee, bank installment interest, etc.

Buy a condo to enjoy or invest, but don't let it become a bad debt or stress.
Plan well and you will eventually own your dream home condo.:

[walkthetiger]

Hi all, first time HDB upgrader here. Is it difficult to coordinate selling a HDB and then buying a condo without losing a place to stay? Without selling my HDB I won’t have enough cash and also my TDSR won’t allow me to get the condo I want.

Anyone done this before? What is the recommended procedure? Go condo hunting first then start advertising my HDB or vice versa? I’m looking at resale condos only, so may have to do some renovation also.

All the people here have given you correct advice. Most mature estate HBD is big, spacious and convenient, lot of new citizens love it. Please don't sell it away, as once gone, will be hard to buy another time.

[2824]

Think it is quite difficult to time it, especially if u still have Hdb loan or need proceeds for down payment(I could b wrong).Suggest maybe consider selling Hdb first, rent in desired estate for 6 months. With that time finances should have taken care of itself and can loan max ( if needed).The rental period would also allow for renovations to be done and to pick a choice unit.

Hi all, first time HDB upgrader here. Is it difficult to coordinate selling a HDB and then buying a condo without losing a place to stay? Without selling my HDB I won’t have enough cash and also my TDSR won’t allow me to get the condo I want.

Anyone done this before? What is the recommended procedure? Go condo hunting first then start advertising my HDB or vice versa? I’m looking at resale condos only, so may have to do some renovation also.

[wt_know]

in the recent tv progamme talking about cpf and retirement
one of the biggest challenge for retirement is less saving and home loan
upgrader generally age late 30s or 40-45 ... the hdb loan may or may not fully paid
at that age if upgrade to condo and take up another $400k-$500k loan or even higher is really not a good idea
for upgader who had fullly paid hdb ... might as well buy another unit and let out the hdb ... at least it's a money making tool for the next 10-20 years
sell hdb and upgrade to a condo and take on more loan ... at the age 55-60, still got mortgage payment ... *sigh* ... sibei pressure

[Arcachon]

Do we have a problem with CPF before the Lehman Crisis?

The world have just print too much money, and when they print too much, what you have become less.

http://www.tradingeconomics.com/sing...oney-supply-m3

In 2006 you can buy 2 Bedroom @ Southbank for SGD 535,000, how much do you need now.

What have change is the amount of printed money.

Do we suddenly find a lot of oil in Mother earth, if no why is the oil price reduce by 50%.

world-crude-oil-production-and-price.png

http://news.bbc.co.uk/2/hi/business/7431805.stm

They have shut the door to the printing machine, they are still thinking what to do next.

Greece problem is getting worst every single day and it will never be able to solve.

EU is printing money at a rate of 60 Billion a month.

http://www.thisismoney.co.uk/money/n...isis-work.html

[Yuki]

in the recent tv progamme talking about cpf and retirement
one of the biggest challenge for retirement is less saving and home loan
upgrader generally age late 30s or 40-45 ... the hdb loan may or may not fully paid
at that age if upgrade to condo and take up another $400k-$500k loan or even higher is really not a good idea
for upgader who had fullly paid hdb ... might as well buy another unit and let out the hdb ... at least it's a money making tool for the next 10-20 years
sell hdb and upgrade to a condo and take on more loan ... at the age 55-60, still got mortgage payment ... *sigh* ... sibei pressure

For a mid 30s couple with fully paid hdb n savings of 5k Plus per mth (after deduction all the etc etc household expenses)... N over 250k cash...

Recommend to use cpf to pay for the condo installment or by cpf or combination of both? Or use savings to pay off?

Is it still a stretch to Take loan of over 600k?

[Arcachon]

Take a loan when someone is paying down for you, otherwise think not wise to take the loan.

[Arcachon]

For a mid 30s couple with fully paid hdb n savings of 5k Plus per mth (after deduction all the etc etc household expenses)... N over 250k cash...

Recommend to use cpf to pay for the condo installment or by cpf or combination of both? Or use savings to pay off?

Is it still a stretch to Take loan of over 600k?

This is what I will do.

1. Sell HDB and buy BTO, loan max.
2. MOP rent out HDB and buy condo.
3. If can find return more than 2.6 % than use CPF money, if not leave it in CPF let the gov worry how to give you 2.6%.

[Yuki]

For a mid 30s couple with fully paid hdb n savings of 5k Plus per mth (after deduction all the etc etc household expenses)... N over 250k cash...

Recommend to use cpf to pay for the condo installment or by cpf or combination of both? Or use savings to pay off?

Is it still a stretch to Take loan of over 600k?

This is what I will do.

1. Sell HDB and buy BTO, loan max.
2. MOP rent out HDB and buy condo.
3. If can find return more than 2.6 % than use CPF money, if not leave it in CPF let the gov worry how to give you 2.6%.

Let's say the couple dun qualify for Bto.
Mop reached.

[Arcachon]

Buy resale max the loan.
MOP rent out HDB buy Condo.
You are still young, max the loan while you can, when you are old TDSR will stop you from playing the market.

[ecimbew]

Why I buy my first condo.

1. My HDB MOP is selling for 390k and the condo I buying is 535k, I have about 100 k in CPF, 100 k plus cash and I am 42 year old. <<that was in 2007 / Southbank condo>>

Why I buy my second condo.

1. My first condo appreciated about SGD 1,000,000, my HDB collect rental for the last 4 year and my first condo collecting rental, I can do nothing or cash out and buy another one.

I have about 100 k plus in CPF. 100 k plus cash and I am 47 year old. <<that was in 2012 / the Terrasse condo>>

Hope the example can help you decide.

so many measures implemented by gov. newbies can just suck thumb

[proud owner]

hang on there .... i strongly believe some measures will be removed .... sooner than many would anticipate

[Arcachon]

The Government always leave something for the people to take advantage.

Seating there complaining will not lead you to the advantage.

Take this as a game, find ways to get to the destination.

Knowing what you have and have not.

We all know CPF is not going to be enough. (Money printing will become worst.)

We have two cherry.

CPF is paying 2.6%.

Can rent out HDB after MOP.

How to max loan and get someone to pay down the loan for you.

Government is improving the infrastructure, MRT, Airport, Sea port, etc all this cost money, it need to come from somewhere.

[Arcachon]

60 Billion a month

http://www.bloomberg.com/news/articl...-euros-a-month

You are lucky they did not add CM.

If Euro to SGD is 1.54 drop to 1.00 do you think we will not print money.

If I am the government I will printing and build more infrastructure, air-con the whole of Singapore, Indonesian can go and burn their forest everyday.

[ecimbew]

Ok

[henryhk]

Yes....true, cpf not going to have enough, although I will have 1 mil wen retire, not alot... I believe I can buy my 5th unit in 2018 using my 3 rental income savings... And I believe the ABSD will be removed and property market coming back by 2018...

[Arcachon]

“Is now a good time to buy property? or should I wait till next year?”

Dave Yong, theAsianparent property expert replies:

There are two main reasons in buying a property –

a) To occupy

b) Investment.

If your priority is to buy to stay, then anytime is a good time, but if you are buying as captial gain or rental yield investment than you have to consider THREE factors – Location, Pricing and Timing.

Whether next year is a better time to buy much depending on what type of purchase like new project, subsale or resale property and government measure to cool or perk up the property market.

http://sg.theasianparent.com/should-...y-now-or-wait/

[Regulators]

Buy what you can afford anytime and never buy a project that is at a historically high price in any estate.

[Arcachon]

https://sg.news.yahoo.com/time-enter...164405445.html

[chiongkakis]

if reason for buying is for own stay, then you should be targeting at much long time frame more than 5 yrs. i seriously believe that property price in Singapore will be uptrend in the long run due to limited land size in Singapore.

[Sandiwara]

https://sg.news.yahoo.com/time-enter...164405445.html

The article have a correct point of view. Some people make money from property than it mean some people also lost money. Money must come from somewhere. Does not matter how smart the people but not many people can predict what happen in 2009.