To buy now OR Not... - dilemma..

[jwong71]

Scary 250k CPF/cash wanting to buy D15 condo.... I can sense the ultra bullish sentiment now ... the urge to gamble is UNSTOPPABLE

all in, double or nothing

[wilander]

Gambler's mentality.

[solsys]

Why are you renting such an expensive HDB flat? There are cheaper ones out there.

You made a costly mistake in the beginning, why even contemplate to make another potential costly one right now.

And if you really have to buy why D15? upside is already limited in that district already.

[cl0ver]

probably started this thread in the wrong section

[hyenergix]

The $1100 upside can soon be evaporated by higher than assumed condo fees ($200 really on the low end), prop tax, higher interest rates, and opportunity cost of $250k cash, etc. And $1100 should be $610 really because change to lower rental is an independant option.

In my books, that razor thin returns do not justify the risks involved.

Don't chiong lah. Just move to a cheaper rental like you plan to. And re-invest your $250k cash. At a rate of return 3%, easily cover that $610.

Of course if you believe in prop price chiong next few years, it's a different story....

Got book writers here?

[moneymatters]

Why are you renting such an expensive HDB flat? There are cheaper ones out there.

You made a costly mistake in the beginning, why even contemplate to make another potential costly one right now.

And if you really have to buy why D15? upside is already limited in that district already.

sound advice.

Let just add my 2 cts worth....I don't really see how much money you can save on your existing HDB lease by jumping onto another resale condo purchase when your new apartment/condo is going to be TOP in 7 months. Assuming you find a suitable resale condo next week, you still need 8-12 weeks before completion depending on whether your seller has any timing constraints. You are definitely taking huge risk by betting that you can get a tenant for your to-be-TOP condo with the right rental when you obtain vacant possession. Seasoned landlords in this forum will tell you that rental for newly TOP units usually sucks during the 1st cycle because of sheer number of units coming onto the market all at about the same time. Unless of course, your project is a very small one with a few units.

[shauntanzs]

I really admire your courage. From your story, I sense you are not trying to save the few hundreds. You are hoping to make thousands from your 2nd investment unit on best case basis. I think u can only afford to win n cannot lose. Assume u are in casino now, do u bet ur last $20 or do u use it to take a cab home? If I am ur family members, I will be very very worried. I rather u have sleepless night than ur whole family have sleepless night.

[phantom_opera]

With your gambling spirit, Marina Bays Sands will like give you VIP card dude

[amk]

aiyo dun rub ppl lah... he already admitted he made a mistake renting... so let's help him genuinely....

2700 * 24 2ys only abt 65k. buy 1M pty stamp duty already close to 30k. Some more after that you will be naked.

to me there is no question. stay put, and try to negotiate a lower rent, if u feel heart pain seeing 2700 going out "just like that".

maybe to make u feel better, at least u sold ur HDB and bought a condo (albeit not yet ready) at the same time so you are much better off than some one who BASICally sold and rent and wait. This is your primary residence. Not an investment pty. You just did an upgrade from HDB to condo. Subtract the 65k from ur HDB profit and look at it as a whole.

[hopeful]

- We have a family condo TOP in yr2014 meant for permanent staying, and it's monthly repayment to the developer will soon to be near SGD3000 in 7-8 months time later. Now is near one thousand only in monthly repayment.

I think something wrong with your calculation.
now 1k per month
7-8 months later, 3k.

assuming, 1% rate now, tenure 35 years,
to pay 1k per month, 350k has been disbursed.
to pay 3k per month, 1million has been disbursed.

TOP in 2014 or earliest should be 2013? .
so currently project should be at the foundation stage, 10% disbursed.
7-8 months time, additional 20%, ceiling of unit done,
which will bring the amount disbursed from 350k to approximate 1million, hence your monthly installment goes up from 1k to 3k per month.

so my guesstimate is you buy a condo around 3milllion

perhaps some forumers can correct my assumptions.

[Petertan123]

To all Gurus,

To be honest, I am a bit overwhelmed by all the kind responses within just one day, and thanks so much for taking the time to look into my case.

I sincerely accept all feedbacks from the gurus, as it helps me to fill in whatsoever gaps which I may have never put into my equation before, i.e., future family committments, risks, etc. These are all very good advises.

I think I have enough inputs for me now to thoroughly think through the whole matter again. With it, I would like to rest my case/thread now.

To all others bros/sis who may have the same problems as I do(hopefully not), I hope you would learn something from my story in this thread.

To all other bro/sis who may have other forms of "headaches"(hopefully not too), I would sincerely recommend you to post your question here as the people here are really nice people and they will genuinely try to help, if possible.

It is always better to ask, than jumping off the cliff and regret later on a possible mistake.

Once again, salute to all the gurus here.. and thanks so much for your valuable advise and time....