What would I do if I am yowetan?

[roly8]

This is out of topic.

you can jio the sexy young big breast angmo girl opposite your d10 condo everyday..
and maybe have fun in the swimming pool in the evening..

shiok ,right?

just don't let your wife or children see it

[Vincegoh]

This is out of topic.

do u have enough money to renovate and refurbish the place? it's more than 20 yrs old after all!

[yowetan]

do u have enough money to renovate and refurbish the place? it's more than 20 yrs old after all!

Hi. You have raised a vaild point.

Yes, this is why I'd like to visit and survey the said unit(s) if any to survey and assess the kind of renovation(s) required to make it stayable.

As far as I am aware, there are several units with reasonable good interior condition todate. I am factoring this hidden cost as part of the whole offer preposition component.

[Vincegoh]

Hi. You have raised a vaild point.

Yes, this is why I'd like to visit and survey the said unit(s) if any to survey and assess the kind of renovation(s) required to make it stayable.

As far as I am aware, there are several units with reasonable good interior condition todate. I am factoring this hidden cost as part of the whole offer preposition component.

u need to cushion at least 30k cash for v basic work (electrical wiring, plastering and repainting etc) and furnishings. good luck.

[yowetan]

u need to cushion at least 30k cash for v basic work (electrical wiring, plastering and repainting etc) and furnishings. good luck.

Thanks for the estimated cost.

I can ask my dad, and rope in my wife and mum to paint the walls.

Electrical wiring should be just fine if we get the right unit. Of coz, by surveying the place well, we may avoid additional job like plastering etc.

Flooring, I can loan a buffer machine for marble, or I could ask my friend to help out sanding and varnishing the timber flooring. I diy before, and it is really possible.

[Poloclub]

Thanks for the estimated cost.

I can ask my dad, and rope in my wife and mum to paint the walls.

Electrical wiring should be just fine if we get the right unit. Of coz, by surveying the place well, we may avoid additional job like plastering etc.

Flooring, I can loan a buffer machine for marble, or I could ask my friend to help out sanding and varnishing the timber flooring. I diy before, and it is really possible.

When you get a old unit, also need to consider changing the aircon and pipe if they are old. Or else it will be messy if you do it after moving in.

btw, have you for any letter of offer from bank yet?

[yowetan]

When you get a old unit, also need to consider changing the aircon and pipe if they are old. Or else it will be messy if you do it after moving in.

btw, have you for any letter of offer from bank yet?

Yes, I have friend who is an air-con contractor. A system 4 Mitsuibishi Starmex was quoted by him at around 3000SGD inclusive of pipping and trunking etc. If I going to do or if there is really a need (Air-con too old), I will not conceal them since it is already old unit. I just have to make sure it doesn't protrudes out of nowhere.

Yes, I have recieved IP approval from SCB (My friend works there as relationship manager).

Yes, with IP approval and my manager's approval my workplace is granting me 80-90% loan amount up to 1.5 mil SGD.

[buttercarp]

When you get a old unit, also need to consider changing the aircon and pipe if they are old. Or else it will be messy if you do it after moving in.

And yowetan, you should consider changing the water pipes and re do the water proofing in the toilets.
These usually break down in about 10 years.
If there is an inter floor leak, it will be one of the biggest headache especially if you have uncooperative neighbours.
If the unit that you are interested in has been extensively renovated, do ask the owner whether these have been done and whether he can pass you the receipt and guarantee of these when you have bought over the place.

Good luck!

[Vincegoh]

Thanks for the estimated cost.

I can ask my dad, and rope in my wife and mum to paint the walls.

Electrical wiring should be just fine if we get the right unit. Of coz, by surveying the place well, we may avoid additional job like plastering etc.

Flooring, I can loan a buffer machine for marble, or I could ask my friend to help out sanding and varnishing the timber flooring. I diy before, and it is really possible.

ok make sure u dun skimp on the paint quality... need to get non toxic paint that's good quality as u have young children. all the best man (even though i'm still technically unconvinced you can comfortably afford a 1.3mil condo).

[yowetan]

And yowetan, you should consider changing the water pipes and re do the water proofing in the toilets.
These usually break down in about 10 years.
If there is an inter floor leak, it will be one of the biggest headache especially if you have uncooperative neighbours.
If the unit that you are interested in has been extensively renovated, do ask the owner whether these have been done and whether he can pass you the receipt and guarantee of these when you have bought over the place.

Good luck!

Thanks for the nitty gritty details on the seepage and piping issues. I appreciate that. I will also ensure my incoming water has necessary filtration membrane to ensure water quality.

Yes, I will watch out on this too. Replacement of toilet bowls are necessary and mandatory as it is a hygiene and personal.

[yowetan]

ok make sure u dun skimp on the paint quality... need to get non toxic paint that's good quality as u have young children. all the best man (even though i'm still technically unconvinced you can comfortably afford a 1.3mil condo).

I am probably using the Nippon Matex quality paint that is good enough to support the walls. Will be using sealant if required.

Matex is priced reasonably, resilient and effective.

[Vincegoh]

Yes, I have friend who is an air-con contractor. A system 4 Mitsuibishi Starmex was quoted by him at around 3000SGD inclusive of pipping and trunking etc. If I going to do or if there is really a need (Air-con too old), I will not conceal them since it is already old unit. I just have to make sure it doesn't protrudes out of nowhere.

Yes, I have recieved IP approval from SCB (My friend works there as relationship manager).

Yes, with IP approval and my manager's approval my workplace is granting me 80-90% loan amount up to 1.5 mil SGD.

with a 7k household income, i'm surprised they are willing to loan up to 1.5mil.. your mthly installments (coupled with your existing HDB loan) will be close to 5k (and i/r are expected to move up eventually) and u still need to fork out condo maintenance fees say 300. sounds squeaky tight.

[ay123]

gross income 9k plus net rental 2.5k. which means net disposal income of 9.7k. with 1.5m loan (not taken account of existing 450k hdb loan), more than half will go to instalment which left with less than 5k for a big family with 1 kid, 1 infant, 4 old ppl.
wow ah tan really has very big steel ball. i hear already jelly leg

[yowetan]

with a 7k household income, i'm surprised they are willing to loan up to 1.5mil.. your mthly installments will be close to 5k (and i/r are expected to move up eventually) and u still need to fork out condo maintenance fees say 300. sounds squeaky tight.

I am spreading my loan tenure over 35 years span.

I have a disposal income of 2k+ from my parent's HDB rental.

I admit the financial flow will be tight, however I also believe we can manage it if we strictly adhere to the ground rules.

[yowetan]

gross income 9k plus net rental 2.5k. which means net disposal income of 9.7k. with 1.5m loan (not taken account of existing 450k hdb loan), more than half will go to instalment which left with less than 5k for a big family with 1 kid, 1 infant, 4 old ppl.
wow ah tan really has very big steel ball. i hear already jelly leg

To add further to your above analysis, I do have intention of sublet my HDB flat out once I secured D10 Mt Sinai FH/999 private property.

I am looking at another 2k+ disposal income under this arrangement.

[ay123]

To add further to your above analysis, I do have intention of sublet my HDB flat out once I secured D10 Mt Sinai FH/999 private property.

I am looking at another 2k+ disposal income under this arrangement.

respect yr courage

[Vincegoh]

gross income 9k plus net rental 2.5k. which means net disposal income of 9.7k. with 1.5m loan (not taken account of existing 450k hdb loan), more than half will go to instalment which left with less than 5k for a big family with 1 kid, 1 infant, 4 old ppl.
wow ah tan really has very big steel ball. i hear already jelly leg

i think it's 7k+ gross income (ard 5.5k take home) plus 2k rental on parent's hdb plus potential 3k rental income on his TB hdb (got rental tax and ppty tax hor!)... so max 10k in total. TB hdb loan covered by both cpf, but 5k condo loan will have to come out of cash.

so their daily expenses will need to be covered purely by their hdb rental income. sounds like walking on a tightrope. dunno how to well if economy really go south and retrenchment exercises come along!

[Vincegoh]

I am spreading my loan tenure over 35 years span.

I have a disposal income of 2k+ from my parent's HDB rental.

I admit the financial flow will be tight, however I also believe we can manage it if we strictly adhere to the ground rules.

ok, if really really touch wood u or your wife lost your jobs... u got consider how u going to tide by? i think this is the ground scenario u need to work on.

do u have at least 6mths rainy funds in cash to cover the potential mortgage payments on both hdb and condo loans (lost cpf and lost income) before u can potentially get a new job?

[yowetan]

i think it's 7k+ gross income (ard 5.5k take home) plus 2k rental on parent's hdb plus potential 3k rental income on his TB hdb (got rental tax and ppty tax hor!)... so max 10k in total. TB hdb loan covered by both cpf, but 5k condo loan will have to come out of cash.

so their daily expenses will need to be covered purely by their hdb rental income. sounds like walking on a tightrope. dunno how to well if economy really go south and retrenchment exercises come along!

HDB rental tax is classfied under generated revenue in IRAS, and this can be easily offset with my wife's account as we have 2 kids and we have good tax rebates.

Property tax for HDB is managable, and our private property in D10 will fall under sub 4%, effectively and will be manageable.

Daily expenses as mentioned, I will do bulk purchase of food and usually dine in home. It's very rare to eat out and it is not economical to eat out with all kind of junk food.

Our workplace (my wife and myself) are very near to Mt Sinai and effectively we are taking company bus from Holland V; hence car usage etc will be minimize.

All and many more are calculated move and plan to ensure our dollars are being maximise. I could have share more, however it is again personal preference for one's person meat is the other's poison.

[ay123]

i think it's 7k+ gross income (ard 5.5k take home) plus 2k rental on parent's hdb plus potential 3k rental income on his TB hdb (got rental tax and ppty tax hor!)... so max 10k in total. TB hdb loan covered by both cpf, but 5k condo loan will have to come out of cash.

so their daily expenses will need to be covered purely by their hdb rental income. sounds like walking on a tightrope. dunno how to well if economy really go south and retrenchment exercises come along!

this is the risk that he think he can swallow. but i really doubt he is serious abt buying. i came across someone who over commit and end up commit suicide (didnt die)

[yowetan]

ok, if really really touch wood u or your wife lost your jobs... u got consider how u going to tide by? i think this is the ground scenario u need to work on.

do u have at least 6mths rainy funds in cash to cover the potential mortgage payments on both hdb and condo loans (lost cpf and lost income) before u can potentially get a new job?

Under worst case scenario, I will have to sell away my parent's HDB flat and retreat to Tiong Bahru 5 room HDB flat to consolidate my finance.

Next, I will also rent out the Mt Sinai property at a reasonable, not far-fetch rental amount. If the price is not attractive etc, I will weigh in the 4% saving in property tax; whichever better I will choose to stay there.

Technically speaking, our jobs are secure for now. However, in view of uncertainty ahead my wife has started to look for a new job while consuming her 04 months maternity leaves.

[Vincegoh]

Under worst case scenario, I will have to sell away my parent's HDB flat and retreat to Tiong Bahru 5 room HDB flat to consolidate my finance.

Next, I will also rent out the Mt Sinai property at a reasonable, not far-fetch rental amount. If the price is not attractive etc, I will weigh in the 4% saving in property tax; whichever better I will choose to stay there.

Technically speaking, our jobs are secure for now. However, in view of uncertainty ahead my wife has started to look for a new job while consuming her 04 months maternity leaves.

ok.. then all the best. i hope it will all pan out well for u in the end for the sake of your dependants.

singapore employment laws are extremely lax to encourage foreign firms to set up shop here so dun take for granted that jobs are secure.

the reason why is cos during 2009, high and low flyers both also kenna chopped left right centre. it could be dismayal... and at that pt, if u sell your hdb flat u can forgo the yummelicious COVs bandied ard now.

[Poloclub]

Yowetan, have you done a cash flow projection for your investment and backup plan if things doesnt pan out as per what you hope?
e.g kid couldnt get into Henry Park, interest rate goes up, job, medical expenses etc. And most importantly, will your family, especially your kids be HAPPY living like a church mouse within D10 neighborhood?

For now, you might think that it will be a big deal to be living in D10, but once you move in, i can assure you that within 3 months you will feel that it is not such a big deal after all.

[chiaberry]

I heard that in Ridgewood, there is at least one family who uses the swimming pool changing rooms regularly for their family showers to save on water and utilities in their own home.

[extremme]

I am spreading my loan tenure over 35 years span.

I have a disposal income of 2k+ from my parent's HDB rental.

I admit the financial flow will be tight, however I also believe we can manage it if we strictly adhere to the ground rules.

what are the ground rules?
- Deprive your children of monthly macdonald's (that is unfortunate but it's livable)
- Deprive children of enrichment classes (that is unfortunate but it's livable, you and wife will have to work doubly hard to educate your children)
- Deprive of a maid to look after your young kids (Instead of having a maid to look after your old parents & young kids, now your old parents have to look after the kids)
- Deprive of a maid to help your old parents do housework (Your old parents just have to continue doing housework in their old age instead of enjoying their golden years)
- Kids and parents fall sick cannot see doc? self medicate? (or maybe go polytechnic can le, no need go GP or PD or whatever specialist..) Or go JB see doc?

And many others that some might say are needs and some might say are wants... but just to live in a D10 3 bedder, all life's enjoyment are so constrained in order to be in these 4 walls that most of the time you are not inside. Why not use this $$ to enjoy life instead? And if you are retrenched how? If you are able to leave by these rules, what about your young children or old parents. Have you asked them, is this what they want? Please do not be so selfish to sacrifice the entire family to suffer along with you just so you can fulfill an impossible dream

[ay123]

I heard that in Ridgewood, there is at least one family who uses the swimming pool changing rooms regularly for their family showers to save on water and utilities in their own home.

really meaningless to live in such just to have achieve a private house goal

[yowetan]

I heard that in Ridgewood, there is at least one family who uses the swimming pool changing rooms regularly for their family showers to save on water and utilities in their own home.

Hi, is this really the truth?

Interesting...

[pinkpolkadot]

I have only this to say to Ah Tan:

自不量力

[Estella83]

what are the ground rules?
- Deprive your children of monthly macdonald's (that is unfortunate but it's livable)
- Deprive children of enrichment classes (that is unfortunate but it's livable, you and wife will have to work doubly hard to educate your children)
- Deprive of a maid to look after your young kids (Instead of having a maid to look after your old parents & young kids, now your old parents have to look after the kids)
- Deprive of a maid to help your old parents do housework (Your old parents just have to continue doing housework in their old age instead of enjoying their golden years)
- Kids and parents fall sick cannot see doc? self medicate? (or maybe go polytechnic can le, no need go GP or PD or whatever specialist..) Or go JB see doc?

And many others that some might say are needs and some might say are wants... but just to live in a D10 3 bedder, all life's enjoyment are so constrained in order to be in these 4 walls that most of the time you are not inside. Why not use this $$ to enjoy life instead? And if you are retrenched how? If you are able to leave by these rules, what about your young children or old parents. Have you asked them, is this what they want? Please do not be so selfish to sacrifice the entire family to suffer along with you just so you can fulfill an impossible dream

Bank staff family members can get free medical.

[chiaberry]

Hi, is this really the truth?

Interesting...

Yes I have a friend who lives there.

She says the family go down to the shower rooms in the swimming pool to shower and she has seen them bring their toothbrushes to brush teeth there too......You can save money like them if you get your condo there. But hope you don't have to fight with them to use the facilities during peak hours.

btw Ghim Moh market is good. Nice food there. Your parents, in-laws will like going to the market in the morning to shop and have breakfast.