View Full Version : Price range to consider
Hi all seasoned buyers,
Would like your opinion. With the following considerations:
1) combined income 12k +
2) no outstanding mortgage loan
3) stable jobs
4) both early 30s
5) car loan of 1k per month
What is the price range we should look at? For own stay...
Hi all seasoned buyers,
Would like your opinion. With the following considerations:
1) combined income 12k +
2) no outstanding mortgage loan
3) stable jobs
4) both early 30s
5) car loan of 1k per month
What is the price range we should look at? For own stay...
A safe figure would be a loan below S$1 mill. Go for a compact three-bedder 99-year leasehold near your workplace and MRT station.
Hi all seasoned buyers,
Would like your opinion. With the following considerations:
1) combined income 12k +
2) no outstanding mortgage loan
3) stable jobs
4) both early 30s
5) car loan of 1k per month
What is the price range we should look at? For own stay...
How much cash you holding on?
A safe figure would be a loan below S$1 mill. Go for a compact three-bedder 99-year leasehold near your workplace and MRT station.
Loan of 1m constitutes to 3Kplus p/m for 25 years loan.
Minus cpf should still have outstanding 1k plus cash. Seems like you can stretch further for bigger space!
A safe figure would be a loan below S$1 mill. Go for a compact three-bedder 99-year leasehold near your workplace and MRT station.
what would be the figure? 800k? 900k still below a million? perhaps a range would be good?
How much cash you holding on?
we have around $300k+.
Loan of 1m constitutes to 3Kplus p/m for 25 years loan.
Minus cpf should still have outstanding 1k plus cash. Seems like you can stretch further for bigger space!
many thanks! Is the 3k plus based on 800k loan at around 2% interest rates?
Loan of 1m constitutes to 3Kplus p/m for 25 years loan.
Minus cpf should still have outstanding 1k plus cash. Seems like you can stretch further for bigger space!
I recommend max S$1 mil and no more at that combined income :cheers1:
I recommend max S$1 mil and no more at that combined income :cheers1:
Hi hyenergix, do you mean loan of 1m? Hence working backwards, the property price range would be max cap of 1.1m?
Hi hyenergix, do you mean loan of 1m? Hence working backwards, the property price range would be max cap of 1.1m?
A max S$1.25 mil property will be quite okay, assuming 20% down payment.
It is better to nail down which current launches at that location you are looking at and either negotiate directly with developer or wait for discount.
Good to discuss with a bank agent now to know how much loan you actually qualify.
A max S$1.25 mil property will be quite okay, assuming 20% down payment.
It is better to nail down which current launches at that location you are looking at and either negotiate directly with developer or wait for discount.
Good to discuss with a bank agent now to know how much loan you actually qualify.
Thanks...we are a bit wary of the bankers since they would want us to loan as much as possible.
Hence, we thought that its best to ask around too...at the price range that is deemed realistic for us.
We are looking at OCR since we do not like to densely populated areas...hence prefer projects with sea views, unblocked sky views which will offer some peace and quiet from the maddening crowd.
Thanks...we are a bit wary of the bankers since they would want us to loan as much as possible.
Hence, we thought that its best to ask around too...at the price range that is deemed realistic for us.
We are looking at OCR since we do not like to densely populated areas...hence prefer projects with sea views, unblocked sky views which will offer some peace and quiet from the maddening crowd.
come and join me buy eco sancutuary...lol
Thanks...we are a bit wary of the bankers since they would want us to loan as much as possible.
Hence, we thought that its best to ask around too...at the price range that is deemed realistic for us.
We are looking at OCR since we do not like to densely populated areas...hence prefer projects with sea views, unblocked sky views which will offer some peace and quiet from the maddening crowd.
1st unit should loan max!
Hi all seasoned buyers,
Would like your opinion. With the following considerations:
1) combined income 12k +
2) no outstanding mortgage loan
3) stable jobs
4) both early 30s
5) car loan of 1k per month
What is the price range we should look at? For own stay...
Depends how much bank willing to loan u la duh.
Depends how much bank willing to loan u la duh.
we were told we can loan $1 m and even more.:scared-5: ..maybe becoz no outstanding cc other debts as we dun spend a lot....me seldom shop and hb long work hours means hardly go out eat, also..:tongue3:
But as mentioned earlier...bank can loan is one thing...whether we should max the loan amount is another...so thought of consulting your opinions so we have a more balanced view.
come and join me buy eco sancutuary...lol
When is the TOP? I adore the high ceiling!! But location too far from our parents who are in the east. :o
Most probably buy in east..
I recommend max S$1 mil and no more at that combined income :cheers1:
Its our first condo purchase...perhaps we should look at the range of $850k to $900k?
This will mean $650k to $700k bank loan...which would be 2 bedders high floor or 3 bedders low floor for OCRs...
Perhaps this would be safe zone since our combined income is not a lot.
Hi all seasoned buyers,
Would like your opinion. With the following considerations:
1) combined income 12k +
2) no outstanding mortgage loan
3) stable jobs
4) both early 30s
5) car loan of 1k per month
we have around $300k+.
What is the price range we should look at? For own stay...
2) no outstanding mortgage loan means no HDB or HDB fully paid.
smellyfish
30-05-14, 23:48
why combine??? you should think of buying one each. and max out the loan.
Not everyone a high risk taker.
$12k combined income is quite a lot loh! Early thirties somemore! If no kids, just whack max! If got kids, play safe... Go for less than a $mil purchase! :)
12k no need thing so hard and long la. The most bank loan u 1mil. Your range also not very wide to choose from.
why so headache? just buy the one u like most la within that range.
Your cash is 300k+. So assuming this is your 2nd property (HDB fully paid), you need to pay 3% stamp + 7% ABSD & 20% downpayment.
So 300k = 30%. You will be looking at a 1mil property, assuming cash + cpf = 300k.
If using only one income earner can get u the 80% loan for a 1mil property, I suggest that, and save the 2nd name (spouse) for the next property. Can save ABSD on property 3.
If can get good deal, then buy as big as possible. If looking to pay premium for desired location, then a compact design. That way can maximise profit or minimise loss when market shifts.
Your cash is 300k+. So assuming this is your 2nd property (HDB fully paid), you need to pay 3% stamp + 7% ABSD & 20% downpayment.
So 300k = 30%. You will be looking at a 1mil property, assuming cash + cpf = 300k.
If using only one income earner can get u the 80% loan for a 1mil property, I suggest that, and save the 2nd name (spouse) for the next property. Can save ABSD on property 3.
If can get good deal, then buy as big as possible. If looking to pay premium for desired location, then a compact design. That way can maximise profit or minimise loss when market shifts.
Another suggestion.... decouple the hdb. Say between A and B, B becomes owner of HDB, so he has to pay A whatever A had used in cpf. B can use whatever balance is left in his cpf plus use part of the cash to repay A. Now this money will only sit temporary in A cpf, cos A can use everything in his OA to pay for the private property which he buy under his own name.
Can save a hefty absd. Downside is only one person name to get loan and Only one pax to repay using cpf.
I did an approximate calculation and it seems you and your spouse are the rare breed developers are looking for.
It's a curious thing how you managed to hold through all those years while the income floated out of HDB affordability. Still possible to but the step is complicated.
Based on what you have provided, if no other loans or guarantorship or credit debts, you can almost get a 2 million property.
Regarding what is worthy or should you max out the credit, that is very arbitrary. Things like how many children, whether you want to consider the option of staying with parents, when you plan to have, whether you can live with parents, whether you want to treat it as a home etc.
For your preference to stay in suburb region, your options are wide open. Take time to think about your future in 40s and 50s.
Thank you all for your suggestions n advises.
We have gone through all of them n will consider them seriously.
As to how we managed to 'float out of hdb affordability'...we are just a simple couple who got married while in our mid 20s. Our combined income back then is approximately 5k plus.
Along the way.. Also took pay cuts when switched jobs.HB even took part time degree...paid for very expensive school fees...worked so hard..at times no sleep at all..study with full time job..but we were very hardworking n rose through the ranks. now we are both middle managers already.
We have a very simple prudent lifestyle.. Except for a car which HB really need... Due to his extremely irregular work hours..we don't have any liabilities.
However.. We have to thank my mum for she is the one who inculcate prudent lifestyle. She didn't even complete her primary school studies as her family is extremely poor..but she is an excellent manager of resources.. Which is money.
With the little money given to her.. She, the eldest in the family, managed a household of 7...and she was just a child..still a primary school student.
As to how good my mum is..with very little income as a factory staff for 10 over years....and along the way she stopped work to become a homemaker to take care of me n my sibling..N then started work again for 4 years as a supermarket staff for SOGO.. She managed to accumulate a savings of nearly 80k when I was in Jc..Which to me is an extraordinary big sum back then.
From very young, she taught us how to differentiate between needs n wants..liability n investment...N from her teachings, we her children influenced our partners deeply too.
As a result, my HB and I became excellent managers..afterall...managers are all about budgeting, managing limited manpower,money and getting the best out of the company investment isn't it?
Buying a condo is just a want..now that we are presumably at the peak of the property cycle..it is actually not wise to get one now.
However what prompted us to start thinking seriously to get one now is that my mum is getting very old already. There is a particular area near the sea which she simply adores...N coincidently there is a new condo development in the area. Deep in our hearts we know she will want to retire in that area..wake up to the sea breeze.
Hence We thought of buying one for her to retire in....N don't want to wait too long since we already looked around that area for around 3 years..anyway in distant future it can be our retirement home too..
No need to think le. There are many options in the area you are referring to.
The only concern is size. It's considered ultra prudent to loan 700k for a smaller one and moderate to loan say 1.2mil for a bigger one.
Thank you all for your suggestions n advises.
We have gone through all of them n will consider them seriously.
As to how we managed to 'float out of hdb affordability'...we are just a simple couple who got married while in our mid 20s. Our combined income back then is approximately 5k plus.
Along the way.. Also took pay cuts when switched jobs.HB even took part time degree...paid for very expensive school fees...worked so hard..at times no sleep at all..study with full time job..but we were very hardworking n rose through the ranks. now we are both middle managers already.
We have a very simple prudent lifestyle.. Except for a car which HB really need... Due to his extremely irregular work hours..we don't have any liabilities.
However.. We have to thank my mum for she is the one who inculcate prudent lifestyle. She didn't even complete her primary school studies as her family is extremely poor..but she is an excellent manager of resources.. Which is money.
With the little money given to her.. She, the eldest in the family, managed a household of 7...and she was just a child..still a primary school student.
As to how good my mum is..with very little income as a factory staff for 10 over years....and along the way she stopped work to become a homemaker to take care of me n my sibling..N then started work again for 4 years as a supermarket staff for SOGO.. She managed to accumulate a savings of nearly 80k when I was in Jc..Which to me is an extraordinary big sum back then.
From very young, she taught us how to differentiate between needs n wants..liability n investment...N from her teachings, we her children influenced our partners deeply too.
As a result, my HB and I became excellent managers..afterall...managers are all about budgeting, managing limited manpower,money and getting the best out of the company investment isn't it?
Buying a condo is just a want..now that we are presumably at the peak of the property cycle..it is actually not wise to get one now.
However what prompted us to start thinking seriously to get one now is that my mum is getting very old already. There is a particular area near the sea which she simply adores...N coincidently there is a condo development in the area. Deep in our hearts we know she will want to retire in that area..wake up to the sea breeze.
Hence We thought of buying one for her to retire in....N don't want to wait too long since we already looked around that area for around 3 years..anyway in distant future it can be our retirement home too..
You are very lucky your parent wants to live near the sea and not Mt Sinai.
walkthetiger
01-06-14, 11:25
Buying a condo is just a want..now that we are presumably at the peak of the property cycle..it is actually not wise to get one now.
However what prompted us to start thinking seriously to get one now is that my mum is getting very old already. There is a particular area near the sea which she simply adores...N coincidently there is a new condo development in the area. Deep in our hearts we know she will want to retire in that area..wake up to the sea breeze.
..
......making sacrifices for parent, filial piety..... but also check if she really wishes her children to upgrade at this time... a home and a house, not the same.... :)
......making sacrifices for parent, filial piety..... but also check if she really wishes her children to upgrade at this time... a home and a house, not the same.... :)Thanks... We did sound out her views.. Brought her there.. Drove around the neighborhood before we decide to get one..her advice is that we should live withi
n our means..not overstretch. She concured that buying a property is generally the best way the hedge inflation if we look at long term and hence a good investment too..
But what she didn't know is that we intend to purchase with her in mind.. Coz the area is very near my sibling's place..with the types of amenities she will frequent I.e wet market neighborhood shops etc so it's convenient for her daily needs.
We did discuss whether if it's wise to buy now or near future..looking at the many uncertainties ahead..the maybe better to wait for another 5 years or longer.. Since we already Mtb...when the land bids slowly moderate.
But we do not to live in regret of not giving her what she deserves after all the hardship she had went through since she is so old now...N that area is especially the area is dear to her as it holds many fonds memories for her.
Ya..usually parents buy for their children but we another way around..
You are very lucky your parent wants to live near the sea and not Mt Sinai.
What is Mt Sinai?
What is Mt Sinai?
My wife and myself both combined household income of 7k+SGD. I am in my late thirties and my wife mid thirties.
We stay in Mt Sinai D10 landed home. The landed lives my parents, my in-laws, my brother-in-law and a Shetland with my two toddler boys. We have a small car with 3 years COE left.
I am being heavily criticized for getting this landed and labeled as a scheming person though I have strongly emphasize family values over many priorities in life.
I have had convinced my parents and in-laws to dispose their HDB flats and our own HDB flat together with Mt Sinai apartment (minus SSD penalty) and went ahead with the acquisition of Mt Sinai Landed.
To date, it has been almost 10 months since we have moved in Mt Sinai landed and everything is still under control and manageable.
It is a risk but we took it.
Well Done, wish you all the Best.
Not easy to have extended family staying together and for you case with in-law.
:cheers4::cheers4:
walkthetiger
01-06-14, 17:02
Thanks... We did sound out her views.. Brought her there.. Drove around the neighborhood before we decide to get one..her advice is that we should live withi
n our means..not overstretch. She concured that buying a property is generally the best way the hedge inflation if we look at long term and hence a good investment too..
But what she didn't know is that we intend to purchase with her in mind.. Coz the area is very near my sibling's place..with the types of amenities she will frequent I.e wet market neighborhood shops etc so it's convenient for her daily needs.
We did discuss whether if it's wise to buy now or near future..looking at the many uncertainties ahead..the maybe better to wait for another 5 years or longer.. Since we already Mtb...when the land bids slowly moderate.
But we do not to live in regret of not giving her what she deserves after all the hardship she had went through since she is so old now...N that area is especially the area is dear to her as it holds many fonds memories for her.
..
You did well, one of the many successful stories I have heard, please feel proud to buy a house for parent. Singapore is a great place to let everyone to achieve something.
You are wise to know the bottom is yet to come, investment = timing, must be rational, you have the patience as well...… Many people don’t have these, due to the "Itch" whenever they have some money.....
Not criticising you. Relax. The focus is on the TS - what if the parents' aspiration is like yours? Just food for thoughts.
My wife and myself both combined household income of 7k+SGD. I am in my late thirties and my wife mid thirties.
We stay in Mt Sinai D10 landed home. The landed lives my parents, my in-laws, my brother-in-law and a Shetland with my two toddler boys. We have a small car with 3 years COE left.
I am being heavily criticized for getting this landed and labeled as a scheming person though I have strongly emphasize family values over many priorities in life.
I have had convinced my parents and in-laws to dispose their HDB flats and our own HDB flat together with Mt Sinai apartment (minus SSD penalty) and went ahead with the acquisition of Mt Sinai Landed.
To date, it has been almost 10 months since we have moved in Mt Sinai landed and everything is still under control and manageable.
It is a risk but we took it.
You did well, one of the many successful stories I have heard, please feel proud to buy a house for parent. Singapore is a great place to let everyone to achieve something.
You are wise to know the bottom is yet to come, investment = timing, must be rational, you have the patience as well...… Many people don’t have these, due to the "Itch" whenever they have some money.....
It seems that the TS is married for several years but does not have a property yet. The move cannot be classified as an investment. I would not advocate waiting too long, they are way overdue. Having children can wait, what happens if fertility falls as a function of age? Parent can wait, but for how long more?
A lot of things can happen in 5 years, and I am not just referring to financial situations.
It seems that the TS is married for several years but does not have a property yet. The move cannot be classified as an investment. I would not advocate waiting too long, they are way overdue. Having children can wait, what happens if fertility falls as a function of age? Parent can wait, but for how long more?
A lot of things can happen in 5 years, and I am not just referring to financial situations.
Agree. first time buyer may not necessrily gain to wait too long.
Like the Nike Advertisement Goes " JUST DO IT!"
if thats for own stay.....
Hi all seasoned buyers,
Would like your opinion. With the following considerations:
1) combined income 12k +
2) no outstanding mortgage loan
3) stable jobs
4) both early 30s
5) car loan of 1k per month
What is the price range we should look at? For own stay...
"own stay".
alamak what are you waiting for ? do it NOW ! you can do easily 1.5mil price tag (if you dare, 2mil also doable).
early 30s has not yet reached peak of your earning capacity.
some more you want your mother to enjoy life.
plus now can mortgage the max years, this is very very important. you will lose it forever.
*** and you are the wife right ? better co-own a property NOW ok ... "A lot of things can happen in 5 years, and I am not just referring to financial situations." ;)
Sorry didn't make myself clear. .
Living in Hdb...buying for mum stay. Not able to rent out since she is staying. .
The property market is very unstable now n riddled with many uncertainties.
We know we are really stupid to buy one now..but after witnessing how mum took a month just to recover from a common flu..which become increasingly apparent that she is not as strong as she used to be.
Hence we decided not to delay any longer ... just buy a small 2 bedder unit ba...
"own stay".
plus now can mortgage the max years, this is very very important. you will lose it forever.
*** and you are the wife right ? better co-own a property NOW ok ... "A lot of things can happen in 5 years, and I am not just referring to financial situations." ;)
Hahaha..agree co own still better . Yes, the max loan years influence d our decision too.
does staying in condo make a person feel happier? more comfortable? or healthier? breath better air?
does staying in condo make a person feel happier? more comfortable? or healthier? breath better air?
There are several factors which made us decide on a condo for her..
We do not want to dispose our flat...the resale hdb prices is high n moreover they are not built in the area where she is looking at...only condo or landed.
Landed is out of our reach...as mentioned earlier..its the sediments that made the area special to her.
darkseed73
02-06-14, 11:42
TS, I have the same mindset as u.
Normally, I don't like to share this in forum but I am quite touch by your heart with your mom in mind.
I also come from a poor family where my dad left nothing to me and my mom is a simple woman. @ age 25, I brought an HBD with mom and later like you. I wanted her to have a better life so I brought a condo while encouraging my spouse to buy another condo so we can own 2 but the sacrifice of course is that we did not ROM (although we together for almost 18 years) not that the cert matters.
You keep saying now is high etc frankly when I brought my first condo ppl also say it was HIGH, when my spouse brought her condo ppl once again say HIGH (all around $700-$800 sqf). I really don't care what other says becos I too believe property is good against inflation and if i have the holding power - meaning if the price drop just don't sell lor. There is not much risk, unless both of you get jobless TOGETHER. It's almost impossible you are unable to support your 1 single home as i believe your cpf is quite substantial by now.
So go ahead pursuit your dreams and let your mom enjoy.
Like one of the bro says "A house is not a HOME"
I am sure my mom did feel very proud when her friends come visit her in our condo. Best, she proudly tell others she got 2 condo home now.....lol
There are several factors which made us decide on a condo for her..
We do not want to dispose our flat...the resale hdb prices is high n moreover they are not built in the area where she is looking at...only condo or landed.
Landed is out of our reach...as mentioned earlier..its the sediments that made the area special to her.
In one's golden years, what is more treasured, to be beside kins or to be with certain sediments?
Very touching indeed.
TS, I have the same mindset as u.
Normally, I don't like to share this in forum but I am quite touch by your heart with your mom in mind.
I also come from a poor family where my dad left nothing to me and my mom is a simple woman. @ age 25, I brought an HBD with mom and later like you. I wanted her to have a better life so I brought a condo while encouraging my spouse to buy another condo so we can own 2 but the sacrifice of course is that we did not ROM (although we together for almost 18 years) not that the cert matters.
You keep saying now is high etc frankly when I brought my first condo ppl also say it was HIGH, when my spouse brought her condo ppl once again say HIGH (all around $700-$800 sqf). I really don't care what other says becos I too believe property is good against inflation and if i have the holding power - meaning if the price drop just don't sell lor. There is not much risk, unless both of you get jobless TOGETHER. It's almost impossible you are unable to support your 1 single home as i believe your cpf is quite substantial by now.
So go ahead pursuit your dreams and let your mom enjoy.
Like one of the bro says "A house is not a HOME"
I am sure my mom did feel very proud when her friends come visit her in our condo. Best, she proudly tell others she got 2 condo home now.....lol
The longer you think, the more fear will creep in. Just go ahead and do it since you can afford the property. Get a good size one so that won't turn left knock someone turn right knock someone. Older folks like a bit of space to walk around. And money can earn back, lose a bit never mind. Family time cannot.
Good luck! Seems like you narrow down your choice already. Go for it!
TS, I have the same mindset as u.
Normally, I don't like to share this in forum but I am quite touch by your heart with your mom in mind.
I also come from a poor family where my dad left nothing to me and my mom is a simple woman. @ age 25, I brought an HBD with mom and later like you. I wanted her to have a better life so I brought a condo while encouraging my spouse to buy another condo so we can own 2 but the sacrifice of course is that we did not ROM (although we together for almost 18 years) not that the cert matters.
You keep saying now is high etc frankly when I brought my first condo ppl also say it was HIGH, when my spouse brought her condo ppl once again say HIGH (all around $700-$800 sqf). I really don't care what other says becos I too believe property is good against inflation and if i have the holding power - meaning if the price drop just don't sell lor. There is not much risk, unless both of you get jobless TOGETHER. It's almost impossible you are unable to support your 1 single home as i believe your cpf is quite substantial by now.
So go ahead pursuit your dreams and let your mom enjoy.
Like one of the bro says "A house is not a HOME"
I am sure my mom did feel very proud when her friends come visit her in our condo. Best, she proudly tell others she got 2 condo home now.....lol
Your story really moved me too. I can understand your feelings back then. I don't usually share my stories online too.
My mum made huge sacrifices in order to give us better education. She spent so little on herself as she rather go hungry to save the $ for our education. Hence since Pri 1, I topped my school - just so I can "earn" the book price or any sort of monetary rewards to lighten her burden. My dad on other hand did not see any value in education and always quarreled with her on this matter.
However, our situation worsen when my dad passed on just before I made it to NUS; she had to work longer and clock OT just so to bring back more $. I vaguely remember that university fees back then amount to $20k or $30k. To save $, I applied for bursary and skipped lunch at time to save $ to buy photocopies of the textbooks. In the end, seeing how hard she worked, I secretly opted out of the honor degree even though it was offered to me...until today, I still vividly remember having to explain to the Dean twice why I chose to opt out..when others are begging him to be admitted. Nevertheless, on hindsight I admit it was really a bad move. :( But my priority back then was to start work asap to repay my student loan and finally allow my mum to have some rest. My elder sibling who had the same concerns as me opted to study at the polytechnic so that he can start work asap too. I am proud to say that after nearly a decade of work, my sibling who studied part time in NUS even made it to the Dean list.
We are very fortunate that my mum saw us made this far...as for my hb, who juggled his 12 hrs shift with part time studies, was not was lucky as us. His mum, my MIL, passed on a few weeks before he graduated. His only consolation is that she finally saw us got married.
I did discuss with my sibling on his thoughts...he said he would do the same thing as me after he went on a final recce the area with us. His only regret is that he is unable to afford now and also agreed that it was the idea place for our mum. My hb is very supportive and kept saying we will never know what will happen in future..just like what happened to my dad and his mum.
I really want to thank all of you who have contributed to this thread. I am aware what we are doing is sort of going against the norm...especially in this current negative climate, yet you still spent time to analyse at our situation.
If you or your mum have such strong feelings for the place, it might really be a great buy.
Might be the best decision you ever make. We can only know for sure later. But definitely a better time and better set of prices than 1 or 2 years ago.
Good luck!
Hi Yuki,
Why do you keep saying you are being stupid to buy a 2nd property at current market?
That will make me the same hehe. I have been staying at my HDB for the past 13 years? Likewise I have no loans etc but I do have a daughter to raise. I am someone who hates to be in debt or take any loan so it has somehow never cross my mind to upgrade or whatsoever. But somehow by chance while I am thinking about buying a new car as my current one is reaching 10th year I started to think and figure out my money will be much better spent on buying a property. The difference between you and me is that I am spendthrift. I shop a lot and I spend on other stuffs too. So instead of continuing to spend my money on frivolous stuffs like bags and shoes, I decided to do what I am best at doing - shop - buying a 2nd property that is. And it took me only 3 weeks from the day I thought abt it to me booking for a unit. I intend to move to the new property when it gets TOP 3 to 3.5 years down the road. My folks were also put into consideration when I bought the unit thinking they too can come stay on some days and it's a direct bus ride from their current home :) and it's also located in between my sis' and my parents' home. And surprise surprise. I'm actually quite happy with this new debt. It's like a new found goal for me hehe. And yes, I paid the additional ABSD as well. Very expensive stamp duties indeed!
I agree with other forum members that u r in a good shape. Ur case is very similar to mine. Presuming u bought ur HDB direct from govt, it should have appreciated quite a fair bit by now and plus it's already all fully paid for. I too am retaining my HDB cuz I really do love it and perhaps in 12 to 15 years time I will fully reno it and move back when I am older as it's located right next to the upcoming mrt and surrounded by full amenities.
What I did though is that I purchase a unit that allows me options so I can only nearer to TOP how I want to live/rent/sell between my HDB and condo. Cuz seriously anything can change these days quite fast and change is really the only constant~
So go ahead to buy ur new home. Like they have said a home is not a house :)
Hi Yuki,
Why do you keep saying you are being stupid to buy a 2nd property at current market?
That will make me the same hehe. I have been staying at my HDB for the past 13 years? Likewise I have no loans etc but I do have a daughter to raise. I am someone who hates to be in debt or take any loan so it has somehow never cross my mind to upgrade or whatsoever. But somehow by chance while I am thinking about buying a new car as my current one is reaching 10th year I started to think and figure out my money will be much better spent on buying a property. The difference between you and me is that I am spendthrift. I shop a lot and I spend on other stuffs too. So instead of continuing to spend my money on frivolous stuffs like bags and shoes, I decided to do what I am best at doing - shop - buying a 2nd property that is. And it took me only 3 weeks from the day I thought abt it to me booking for a unit. I intend to move to the new property when it gets TOP 3 to 3.5 years down the road. My folks were also put into consideration when I bought the unit thinking they too can come stay on some days and it's a direct bus ride from their current home :) and it's also located in between my sis' and my parents' home. And surprise surprise. I'm actually quite happy with this new debt. It's like a new found goal for me hehe. And yes, I paid the additional ABSD as well. Very expensive stamp duties indeed!
I agree with other forum members that u r in a good shape. Ur case is very similar to mine. Presuming u bought ur HDB direct from govt, it should have appreciated quite a fair bit by now and plus it's already all fully paid for. I too am retaining my HDB cuz I really do love it and perhaps in 12 to 15 years time I will fully reno it and move back when I am older as it's located right next to the upcoming mrt and surrounded by full amenities.
What I did though is that I purchase a unit that allows me options so I can only nearer to TOP how I want to live/rent/sell between my HDB and condo. Cuz seriously anything can change these days quite fast and change is really the only constant~
So go ahead to buy ur new home. Like they have said a home is not a house :)
I guess most of them here are like that..we still have a chance to recover the paid ABSD provided you sold away your HDB within 6mths of your new TOP PC...at least buying a PC still have an option to keep or to sell your existing HDB..as for EC, no option but to sell HDB within 6 mths upon TOP of EC...currently market sentiment may not favour EC buyers..
I guess most of them here are like that..we still have a chance to recover the paid ABSD provided you sold away your HDB within 6mths of your new TOP PC...at least buying a PC still have an option to keep or to sell your existing HDB..as for EC, no option but to sell HDB within 6 mths upon TOP of EC...currently market sentiment may not favour EC buyers..
I'm a sole owner so I'm actually not eligible to get a refund of the ABSD. Might try to put in an appeal just in case I do sell.
I guess most of them here are like that..we still have a chance to recover the paid ABSD provided you sold away your HDB within 6mths of your new TOP PC...at least buying a PC still have an option to keep or to sell your existing HDB..as for EC, no option but to sell HDB within 6 mths upon TOP of EC...currently market sentiment may not favour EC buyers..
Divorce (De couple), wife take HDB, Hushand take EC.
Your story really moved me too. I can understand your feelings back then. I don't usually share my stories online too.
My mum made huge sacrifices in order to give us better education. She spent so little on herself as she rather go hungry to save the $ for our education. Hence since Pri 1, I topped my school - just so I can "earn" the book price or any sort of monetary rewards to lighten her burden. My dad on other hand did not see any value in education and always quarreled with her on this matter.
However, our situation worsen when my dad passed on just before I made it to NUS; she had to work longer and clock OT just so to bring back more $. I vaguely remember that university fees back then amount to $20k or $30k. To save $, I applied for bursary and skipped lunch at time to save $ to buy photocopies of the textbooks. In the end, seeing how hard she worked, I secretly opted out of the honor degree even though it was offered to me...until today, I still vividly remember having to explain to the Dean twice why I chose to opt out..when others are begging him to be admitted. Nevertheless, on hindsight I admit it was really a bad move. :( But my priority back then was to start work asap to repay my student loan and finally allow my mum to have some rest. My elder sibling who had the same concerns as me opted to study at the polytechnic so that he can start work asap too. I am proud to say that after nearly a decade of work, my sibling who studied part time in NUS even made it to the Dean list.
We are very fortunate that my mum saw us made this far...as for my hb, who juggled his 12 hrs shift with part time studies, was not was lucky as us. His mum, my MIL, passed on a few weeks before he graduated. His only consolation is that she finally saw us got married.
I did discuss with my sibling on his thoughts...he said he would do the same thing as me after he went on a final recce the area with us. His only regret is that he is unable to afford now and also agreed that it was the idea place for our mum. My hb is very supportive and kept saying we will never know what will happen in future..just like what happened to my dad and his mum.
I really want to thank all of you who have contributed to this thread. I am aware what we are doing is sort of going against the norm...especially in this current negative climate, yet you still spent time to analyse at our situation.
I would say just buy. If possible, get landed. Ask your siblings and your mum to sell away the hdbs including yours and stay landed. Everyone will be under one roof that will be a good family bonding and cohesiveness.
子欲养而亲不在
reading through your case, just do something great for your mother.
don't think too much, 只望能报三春辉
Hi Yuki,
Why do you keep saying you are being stupid to buy a 2nd property at current market?
That will make me the same hehe. I have been staying at my HDB for the past 13 years? Likewise I have no loans etc but I do have a daughter to raise. I am someone who hates to be in debt or take any loan so it has somehow never cross my mind to upgrade or whatsoever. But somehow by chance while I am thinking about buying a new car as my current one is reaching 10th year I started to think and figure out my money will be much better spent on buying a property. The difference between you and me is that I am spendthrift. I shop a lot and I spend on other stuffs too. So instead of continuing to spend my money on frivolous stuffs like bags and shoes, I decided to do what I am best at doing - shop - buying a 2nd property that is. And it took me only 3 weeks from the day I thought abt it to me booking for a unit. I intend to move to the new property when it gets TOP 3 to 3.5 years down the road. My folks were also put into consideration when I bought the unit thinking they too can come stay on some days and it's a direct bus ride from their current home :) and it's also located in between my sis' and my parents' home. And surprise surprise. I'm actually quite happy with this new debt. It's like a new found goal for me hehe. And yes, I paid the additional ABSD as well. Very expensive stamp duties indeed!
I agree with other forum members that u r in a good shape. Ur case is very similar to mine. Presuming u bought ur HDB direct from govt, it should have appreciated quite a fair bit by now and plus it's already all fully paid for. I too am retaining my HDB cuz I really do love it and perhaps in 12 to 15 years time I will fully reno it and move back when I am older as it's located right next to the upcoming mrt and surrounded by full amenities.
What I did though is that I purchase a unit that allows me options so I can only nearer to TOP how I want to live/rent/sell between my HDB and condo. Cuz seriously anything can change these days quite fast and change is really the only constant~
So go ahead to buy ur new home. Like they have said a home is not a house :)
Hi Jem...wow! you took only 3 wks to buy while we took 3 years! :doh:
Yes, I am like you too..hate to be in debt..the very thought of being in debt is scary too...and I had been poor before and never ever want to experience the same too...
I am a pessimistic person..worry this and that...analyse this and that...think so much...especially after reading up so much on property bust and boom ...hahahahhaa
Your last para made me realize that it is high time that we reno our HDB. To keep our costs low....we had left our rooms very very bare..bad move coz we seriously need storage and cabinets! :banghead:
Perhaps we will move in with mum once the unit TOP while we reno our HDB...can enjoy her home cooked food every day too!
Thank you for sharing your story with me too! :)
I would say just buy. If possible, get landed. Ask your siblings and your mum to sell away the hdbs including yours and stay landed. Everyone will be under one roof that will be a good family bonding and cohesiveness.
Hi..its impressive that you could do that with your families.
For us...we want to keep our HDBs because we really love our current locations. And buying landed is way out of our reach...I seriously cannot imagine owning an over 1 million property. ...seriously the thought is still daunting...:scared-1:
My bro place is only 3 bus stops away...very near ...and in addition, she values some peaceful time on her own too....
子欲养而亲不在
reading through your case, just do something great for your mother.
don't think too much, 只望能报三春辉
Yes...we decided to get it already. :)
I am just curious. What is your husband and your industry?
My spouse and myself have been working dilligently and efficently yet we don't earn that much!
Divorce (De couple), wife take HDB, Hushand take EC.
Haha, then the move of property cooling measures would have resulted many "divorce" families....any real examples here? 😟
Haha, then the move of property cooling measures would have resulted many "divorce" families....any real examples here? 😟
I did that. Hdb procedures cost about 500+ only (could be size dependent). Much cheaper than absd even for a mm unit. Downside is u can only use one name end of day to buy and repay the condo purchase. So cash component needs to be carefully worked out to prevent cashflow pblm downstream
it's not divorce Btw, it's only tsf of ownership. The other half still needs to be an essential occupier. Most people might not know, actually onset when a couple buys a hdb, it is legal to have only one owner. But must still form nucleus with essential occupier. But most couple buy hdb with thoughts both will have to share hdb repayment together, which is logical to do so, hence both names are used.
I did that. Hdb procedures cost about 500+ only (could be size dependent). Much cheaper than absd even for a mm unit. Downside is u can only use one name end of day to buy and repay the condo purchase. So cash component needs to be carefully worked out to prevent cashflow pblm downstream
it's not divorce Btw, it's only tsf of ownership. The other half still needs to be an essential occupier. Most people might not know, actually onset when a couple buys a hdb, it is legal to have only one owner. But must still form nucleus with essential occupier. But most couple buy hdb with thoughts both will have to share hdb repayment together, which is logical to do so, hence both names are used.
Can this be done once the condo Top?
Can this be done once the condo Top?
But why do it after condo top? The intention of doing the decoupling before any private purchase is to avoid the absd upfront.
Btw, decoupling is not just between couple. You could also tsf ownership to your mum as gift, but she needs to pay you back. So if you have cash, easy to move around from you to mum and back to you
condoviewer
07-06-14, 11:44
Another suggestion.... decouple the hdb. Say between A and B, B becomes owner of HDB, so he has to pay A whatever A had used in cpf. B can use whatever balance is left in his cpf plus use part of the cash to repay A. Now this money will only sit temporary in A cpf, cos A can use everything in his OA to pay for the private property which he buy under his own name.
Can save a hefty absd. Downside is only one person name to get loan and Only one pax to repay using cpf.
The other half still needs to be an essential occupier. Most people might not know, actually onset when a couple buys a hdb, it is legal to have only one owner. But must still form nucleus with essential occupier. But most couple buy hdb with thoughts both will have to share hdb repayment together, which is logical to do so, hence both names are used.
Hello xtink, thank you for enlightening us on decoupling. Can an essential occupier buy a private home during the MOP period?
Hello xtink, thank you for enlightening us on decoupling. Can an essential occupier buy a private home during the MOP period?
Is best to refer to the eligibility stated on hdb site:
http://www.hdb.gov.sg/fi10/fi10326p.nsf/w/ChgOwnerEligibilityCriteria?OpenDocument
condoviewer
07-06-14, 12:26
Is best to refer to the eligibility stated on hdb site:
http://www.hdb.gov.sg/fi10/fi10326p.nsf/w/ChgOwnerEligibilityCriteria?OpenDocument
Thanks xtink, for the link.
Hi Jem...wow! you took only 3 wks to buy while we took 3 years! :doh:
Yes, I am like you too..hate to be in debt..the very thought of being in debt is scary too...and I had been poor before and never ever want to experience the same too...
I am a pessimistic person..worry this and that...analyse this and that...think so much...especially after reading up so much on property bust and boom ...hahahahhaa
Your last para made me realize that it is high time that we reno our HDB. To keep our costs low....we had left our rooms very very bare..bad move coz we seriously need storage and cabinets! :banghead:
Perhaps we will move in with mum once the unit TOP while we reno our HDB...can enjoy her home cooked food every day too!
Thank you for sharing your story with me too! :)
It was my sole decision to buy. So it's all up to me and I don't have to discuss or accommodate with anyone so it makes the decision easier and certainly much faster heh. I actually took 17 days :D Started researching on 1 May and booked a unit on 17 May. In the 17 days I did pour in many hours doing extensive paper research, looking and rebooking at multiple floor plans and I visited 4 show flats and 1 brand new resale unit. I was clear about my budget, locations that will fit and I was fussy abt the floor plans to the type of windows etc so options were effectively and quickly narrowed down. Most importantly I didn't buy for investment but for own stay so my focus is not to lose money vs gaining money as the aesthetics, floor plan, location etc etc weighs more importance to me.
I too like you grew up in a humble family. I knew well as a kid we were living from paycheck to paycheck and should anything happen to my dad our family would have been in dire state. I had the same worry abt everything trait as u do (I outgrew that in last few years though as I see and realized in life everything is often not within our ctrl and life can be very short and why worry abt tmr for tmr will worry itself :)) so to circumvent that I started working and earning extra $$$ since I was 13 and hasn't ever stopped working since. I also did my degree part time while working full time and paid for it fully myself.
I have always been a spender as I feel that I had worked so hard and I deserve to live life. I so often think if I had been thrifty I think I would have own much more assets by now but I truly have no regrets. So I have been spending freely on everything else except for the biggest ticket item like house and car. I live in the same HDB for past 13 years and I have been driving the same car for almost 9 years. What I'm essentially trying to say is yes I probably could have bought a 2nd property and upgraded earlier years back but that would have come as a compromise to my lifestyle in other areas. So though it doesn't seem like it's the best time to acquire a 2nd property now it's more important to consider ur own means that look solely at the market. That's why I feel that now is the best time for me as I can afford my 2nd property with no compromise to other aspects of my life and with sound financial and feasible calculation and fall back plan in the event something works opposite for me :)
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