HELP - Advice required urgently

[Petertan123]

Hi Bro and Sis,

Would like to ask for some advice from all the gurus here.

My suitation is as below:
- Need to find as house as just sold off my house for SGD650k
- Need to move out by June 2011

Hope to Do :
- Want to have at least 3 bedder or above 140sqm
- Want to stay near Hougang Central for personal reasons
- Want to invest in some properties with the SGD650K received(one for staying and others for investment)
- Other personal cash savings is about SGD300K

Questions :
- To buy properties now, or to rent a place to stay now for a year and wait for price to hopefully drop ? - now is rather on high isde
- Any condo recommendations to buy in Hougang ?
- Any condo recommendations to buy elsewhere ?
- Saw condo price in Bishan and Hougang are almost same. So will Bishan be a better buy than Hougang in this aspect ?


Really appreciate your most kind help and advise here, as I am indeed in this real situation now.... have no intention to show off or whatsoever if any...

Thanks in advance..

[devilplate]

Which condo in bishan similar price to hougang?

950k cash/cpf quite a gd sum.... Buy 1 for ur own stay now will b better den u paying rental.....

assuming u can take 20% loan..... Keep the rest.....

I m sure many others share the same thought? Hehe

[Ronan Loh]

Rent first and monitor

[Allthepies]

seems like you havent started looking for a replacement house.

my advice is u should start looking now becos typically it can take more than 1 year to hunt for your ideal home unless u have no requirements for ur home....

so at the mean time you have to make do with renting a roof...

[hopeful]

Hi Bro and Sis,

Would like to ask for some advice from all the gurus here.

My suitation is as below:
- Need to find as house as just sold off my house for SGD650k
- Need to move out by June 2011

Hope to Do :
- Want to have at least 3 bedder or above 140sqm
- Want to stay near Hougang Central for personal reasons
- Want to invest in some properties with the SGD650K received(one for staying and others for investment)
- Other personal cash savings is about SGD300K
...........

Are you sure definitely you are getting the full amount of $650k.
No need to repay loan.
No need to return back to CPF.
Other expenses like agent commision etc.

In the meantime, rent somewhere cheap.

[greenhorn]

for own stay - buy a home you like and can afford. don't rent. rental saved can go towards paying off mortgage. rental option only if you can't find a place you like now and need more time to hunt / search for your home.

for investment (2nd pty) - can wait for better time. no rush now as you said rightly that prices are on high side now.

what was your motivation to sell your current house without a back up plan? You seem desperate to find another place now.

[rattydrama]

buy one near mrt and take yr time to hunt your ideal home.
now is not the time to buy 2 together.

[fooblackie]

Hi Bro and Sis,

Would like to ask for some advice from all the gurus here.

My suitation is as below:
- Need to find as house as just sold off my house for SGD650k
- Need to move out by June 2011

Hope to Do :
- Want to have at least 3 bedder or above 140sqm
- Want to stay near Hougang Central for personal reasons
- Want to invest in some properties with the SGD650K received(one for staying and others for investment)
- Other personal cash savings is about SGD300K

Questions :
- To buy properties now, or to rent a place to stay now for a year and wait for price to hopefully drop ? - now is rather on high isde
- Any condo recommendations to buy in Hougang ?
- Any condo recommendations to buy elsewhere ?
- Saw condo price in Bishan and Hougang are almost same. So will Bishan be a better buy than Hougang in this aspect ?


Really appreciate your most kind help and advise here, as I am indeed in this real situation now.... have no intention to show off or whatsoever if any...

Thanks in advance..

I think you know that there are no developments near to Hougang Central at the moment. the nearest should be the Florida / Rio Vista further down upper serangoon. Florida, should be 8-10 min walk to Hougang MRT. Price-wise should be more affordable given that it is already 10 yr development (EC previously).

Otherwise, you can try those closer to Kovan which will obviously be pricier.

If you are not picky and can stay relatively close to HG central, those developments at Buangkok (Quartz) or Punngol Park (Rivervale, Park Green) are about 3-5 min drive to HG central. I personally like the Rivervale if you can get past its facade issue.

I do not think renting is a good option in this rising mkt. If prices continues to go up, you may have to rent a few years before there is a downturn in prices. By then, you may have suffered a significant damage to your bank acct.

[Laguna]

U hv more than one year to hunt for a property

so start looking for one now,
I think still can wait for a while as the prices will not fly off like last year.

It takes about 6 months to one year to get your dream house.

Reassess the situation, perhap renting in June 2011 could be a good choice as look like there are many TOP in 2013

[devilplate]

toking about ideal home....actually not such thingy....its a matter of one's expectations....

june 2011....2-3mths time....try looking for a home for own stay now lor....i can see more reasonably priced homes nowadays after the latest cooling measures....if u manage to find it b4 june....den u jus nid to rent a plc for a few mths/short term....if not, rent a place for 1yr lor....

looking for a home can takes few wks to few yrs.....depending on one's expectations really....

[dingding]

Hi Bro and Sis,

Would like to ask for some advice from all the gurus here.

My suitation is as below:
- Need to find as house as just sold off my house for SGD650k
- Need to move out by June 2011

Hope to Do :
- Want to have at least 3 bedder or above 140sqm
- Want to stay near Hougang Central for personal reasons
- Want to invest in some properties with the SGD650K received(one for staying and others for investment)
- Other personal cash savings is about SGD300K

Questions :
- To buy properties now, or to rent a place to stay now for a year and wait for price to hopefully drop ? - now is rather on high isde
- Any condo recommendations to buy in Hougang ?
- Any condo recommendations to buy elsewhere ?
- Saw condo price in Bishan and Hougang are almost same. So will Bishan be a better buy than Hougang in this aspect ?


Really appreciate your most kind help and advise here, as I am indeed in this real situation now.... have no intention to show off or whatsoever if any...

Thanks in advance..

bishan better - nearer mrt even better

if u do your numbers - within that affordability level - and if u see something u like, should buy - problem is this, it does take a long time to find something u like that will fit your budget. dont under-estimate the amt of time needed to find that home.

buy becos u like and can afford, dont buy becos u r scared prices will go up and settle for 2nd best.

if by apr, u still cant find, then rent first lor. rent somewhere near or in those places that u like to see if u like before u buy.

[amk]

bishan is near hougang meh ? I thought u want hougang only...

I concur with devil: should look for own stay instead of renting. resale pricing didn't really jump over the last year, only the new sale price is jumping.

for example bishan 8, after 12 yrs, finally the current price seems reasonable, but still much lower than the new condos. even cheaper than rafflesia.

[phantom_opera]

There is always a reason why a resale flat is cheaper than its peers as potential buyer can inspect the end product easily. Market is always right 99% of the time unless you know something that market is yet to know

[devilplate]

There is always a reason why a resale flat is cheaper than its peers as potential buyer can inspect the end product easily. Market is always right 99% of the time unless you know something that market is yet to know

true but there will be times of ppty price lag....jus like in 2006-07, CCR stole the limelight.....den later on OCR/RCR started to capture attention and here comes the mighty LANDED currently

[ctng78]

I just read a book - Secrets of Singapore Property Guru. I think the hints are very clear in the book. Price too high now. Rent and monitor first.

[devilplate]

I just read a book - Secrets of Singapore Property Guru. I think the hints are very clear in the book. Price too high now. Rent and monitor first.

u mean this book? avail in the stores liao?
http://www.commercialguru.com.sg/cus...lproperty-medi

it will no longer be a secret liao lor as i suppose there r thousands/millions of copies? hehe...joking ..

[mantrix]

Take 650K and buy a yacht - can stay inside and is freehold (or as long as it lasts)

[mcmlxxvi]

I just read a book - Secrets of Singapore Property Guru. I think the hints are very clear in the book. Price too high now. Rent and monitor first.

While they are busy writing the stories and reading them... I think many experts here are already living examples and practising it.

[mcmlxxvi]

Hi Bro and Sis,

Would like to ask for some advice from all the gurus here.

My suitation is as below:
- Need to find as house as just sold off my house for SGD650k
- Need to move out by June 2011

Hope to Do :
- Want to have at least 3 bedder or above 140sqm
- Want to stay near Hougang Central for personal reasons
- Want to invest in some properties with the SGD650K received(one for staying and others for investment)
- Other personal cash savings is about SGD300K

Questions :
- To buy properties now, or to rent a place to stay now for a year and wait for price to hopefully drop ? - now is rather on high isde
- Any condo recommendations to buy in Hougang ?
- Any condo recommendations to buy elsewhere ?
- Saw condo price in Bishan and Hougang are almost same. So will Bishan be a better buy than Hougang in this aspect ?


Really appreciate your most kind help and advise here, as I am indeed in this real situation now.... have no intention to show off or whatsoever if any...

Thanks in advance..

Buy Kovan Residences (downpayment only about 300k) or one of those other smaller projects nearby that TOP soon for own stay and then MM around there (downpayment about 200k or you can pay full to reap highest returns) like Kovan Grandeur for investment.

[ysyap]

Actually nobody can give u sound advises that is tailored to your specific requirements.
First, there is no mention of your preference, like leasehold vs freehold or near mrt or not and also aparment vs condo (full facilities)
Second, no mention of how much monthly u can set aside to service home mortgage for your new property or u have no intentions to borrow from bank.
Third, are u needing to shift in with time constraint? I.e. how long can u rent?

However, these are few pointers which I have.

1. If buying for stay, any time is fine. If conincide with low property price, then good, otherwise, so long as u can service the mortgage, go for it because the option of renting and waiting for price to come down seldom work. When prices are soaring and u can't buy, u think u are avoiding the crunch but guess what, you are paying high rentals too (can be about 40k to 50k annually). If prices still don't come down, rent another year. So u lost 100k. From recent history on property prices (based on studies conducted... not by me!!!), they usually don't fall (if any at all) from govt cooling measures. These measures usually only prevent prices from soaring further. Only financial crisis and SARS, etc will we see some drop in prices. However, when it climbs, it can go up 300k in 1 year for a typical 3 bedder and even 1m for a cluster house in 2 years. Therefore, renting now might result in paying more later and still loose that rental amount for 1 or 2 years. On a casual note, we can buy a D19 condo of abt 1300sq ft for about 800k in 2009 but 2 years on, that same unit is asking for 1.1m. So, if u so decide to rent now, pray that the Arab crisis will cause another unrest so that price might just fall a bit (just a bit). The govt cannot allow prices to fall too much either. What an irony!

2. If buying for investment, then not only prices of properties is vital but also bank interest rates as well as rental yields and accessibility to public transports plus a list of other factors. Well, I think investing in properties now is not exactly wise because the market is still correcting itself. Have a clearer picture before deciding which development is reacting to these price corrections. Give a few more months. Bank interest rates might be extremely low now but it might well sustain for next few months so just ensure u get a place ideal for rent. When there is no urgency to stay, then spend more time selecting and choosing the best unit. You will not regret it for getting a choice unit that has max returns.

Just my 2 cents worth of opinion.

[hopeful]

..........
1. If buying for stay, any time is fine. If conincide with low property price, then good, otherwise, so long as u can service the mortgage, go for it because the option of renting and waiting for price to come down seldom work. When prices are soaring and u can't buy, u think u are avoiding the crunch but guess what, you are paying high rentals too (can be about 40k to 50k annually). .......

Why rent so a full unit? Rent a room enough already.
If need help, please feel free to ask Tericia for advise.
He can squeeze family of 5 into a room

[sh]

you need to move out by june! It takes 3 months to close a property transaction. Even you find a property tomorrow, it's not certain you can make it.

You will probably need somewhere to squat.

It takes time to find an ideal property, especially for own stay, it may take months....

I suggest that you start looking now. Prices may rise or fall, but finding a property you like is not easy, I rather pay more for an ideal property than wait for prices to fall, you may or may not find something ideal at that time. But take your time, as prices should be quite stable for now.

Unless you're expecting prices to crash, than that's another story.

But you'll need a back up plan for a roof over your head when the time comes, because to move into your new property by june is iffy....

[Condo Kaiser]

I too don't believe prices will crash (-20% or more). But I also don't believe prices for resale can move much.

So bottom line is how much are you willing to spend to find your dream home. It is definitely better to rent first and slowly look for a unit to buy. Especially so if you have several family members' needs which need addressing.

It is not easy at all to find one suitable for own stay and within your budget, but at the same time you are burning money by renting. So consider carefully before signing the rental agreement.

[ysyap]

Given the improbably timeline to get your dream home, I suggest you negotiate with the buyer of your current property to rent it for 6mths while you continue to search for that home. If the buyer is rushing to move in, then rent elsewhere. Your tension is if u rent and home prices don't fall, you will incur rental cost but if u secure a unit tomorrow (can just ask for few weeks extension from your current buyer) you risk getting a unit that is less than a dream home. But like many who has mentioned, never rush to grab a property or else you have the next year to regret. Its not like doing your grocery. Property prices should be pretty stable for now. Even when it is climbing, it is still at a quite acceptable rate. I suggest you pen down your requirements for your dream home (like near mrt / freehold / near ammenities / condo facilities / price range / old or new condo / no. of rooms / etc.) Then get an agent to help you do the sourcing and running around. Hopefully something good comes along in the next couple of weeks or months.

[rattydrama]

if there is a CM5, more cash needed. If reduce to CM3, price will shoot up. So better to buy one with investment value.

[romeo]

hmm.. not wise to buy two properties in one go..
with $950k and looking at 3+1 with 140sqm.. n another property.. bank loan u muz take full for both..? seem quite shiong to me.. esp when interests start picking up..

make your move wisely.. dun rush.. getting your own roof over your head first is priority, investment come second..

anyone agree?

[hopeful]

hmm.. not wise to buy two properties in one go..
with $950k and looking at 3+1 with 140sqm.. n another property.. bank loan u muz take full for both..? seem quite shiong to me.. esp when interests start picking up..

make your move wisely.. dun rush.. getting your own roof over your head first is priority, investment come second..

anyone agree?

That'a a motherhood statement.

[hopeful]

if have 950k to spend
1) if buy only 1 property, you can buy a more expensive condo as LTV80%.
2) if buy 2 or more property, your combined properties are lower quantum as 1st property is LTV80% an 2nd property is LTV60%.

[rattydrama]

if have 950k to spend
1) if buy only 1 property, you can buy a more expensive condo as LTV80%.
2) if buy 2 or more property, your combined properties are lower quantum as 1st property is LTV80% an 2nd property is LTV60%.

max 2 property and keep balance cash.

[Douk]

Given the improbably timeline to get your dream home, I suggest you negotiate with the buyer of your current property to rent it for 6mths while you continue to search for that home. If the buyer is rushing to move in, then rent elsewhere. Your tension is if u rent and home prices don't fall, you will incur rental cost but if u secure a unit tomorrow (can just ask for few weeks extension from your current buyer) you risk getting a unit that is less than a dream home. But like many who has mentioned, never rush to grab a property or else you have the next year to regret. Its not like doing your grocery. Property prices should be pretty stable for now. Even when it is climbing, it is still at a quite acceptable rate. I suggest you pen down your requirements for your dream home (like near mrt / freehold / near ammenities / condo facilities / price range / old or new condo / no. of rooms / etc.) Then get an agent to help you do the sourcing and running around. Hopefully something good comes along in the next couple of weeks or months.

Right. Too short time to search for home. Rent first will be ideal.