Should I forfeit my 25% of my 5% deposit? Just receiving my Sales and Purchase.

[LaFiestaOwner]

Will this cooling measure affect me? I am 1st time buyer but no loan. Looking for a place and bought this condo that is under construction. So no fixed rate I can still back out as I have not signed the sales and purchase agreement. I already did not chase "expensive" projects like J Gateway. So no choice, look for cheaper one but must be near MRT as COE so expensive and I have kids. Now that government implement this, I may have to lose my deposit. Any other as unlucky as me?

[wind30]

Will this cooling measure affect me? I am 1st time buyer but no loan. Looking for a place and bought this condo that is under construction. So no fixed rate I can still back out as I have not signed the sales and purchase agreement. I already did not chase "expensive" projects like J Gateway. So no choice, look for cheaper one but must be near MRT as COE so expensive and I have kids. Now that government implement this, I may have to lose my deposit. Any other as unlucky as me?

are you saying you are over 60% income for your monthly repayments?? If it is your only property and first time buyer, how you can finance over 60% of your income into the housing loan? you don't have to pay CPF, eat meh?

Or are you just worried the price will fall after this CM?

[hyenergix]

Will this cooling measure affect me? I am 1st time buyer but no loan. Looking for a place and bought this condo that is under construction. So no fixed rate I can still back out as I have not signed the sales and purchase agreement. I already did not chase "expensive" projects like J Gateway. So no choice, look for cheaper one but must be near MRT as COE so expensive and I have kids. Now that government implement this, I may have to lose my deposit. Any other as unlucky as me?

Sounds like subsale. I will continue with the purchase if I like the location for self stay.

[LaFiestaOwner]

are you saying you are over 60% income for your monthly repayments?? If it is your only property and first time buyer, how you can finance over 60% of your income into the housing loan? you don't have to pay CPF, eat meh?

Or are you just worried the price will fall after this CM?

I am thinking the developer may cut the price more than my deposit lost. No, I don't think I am over 60%. Having a nightmare to decide sign or don't sign because what if new measures are introduced again? I am trying to get a home. The assumption is that for all 20 over years, I won't be sacked, my pay will rise, etc. We are not the super rich people who buy 2 or 3 properties but I guess when I die, the only thing I have is my house. I saw an advert for a Toa Payoh HDB flat, $900000. Condo same price, which one? Logical right? I need a roof to stay right? I can't be renting and renting. Then one day landlord don't like or raise rent, I need to shift my kids from school again.

[kal]

Since u buying for own stay, why bother about the latest cm?
For the past 7 CM, did the price drop very much or rise?

[wind30]

I am thinking the developer may cut the price more than my deposit lost. No, I don't think I am over 60%. Having a nightmare to decide sign or don't sign because what if new measures are introduced again? I am trying to get a home. The assumption is that for all 20 over years, I won't be sacked, my pay will rise, etc. We are not the super rich people who buy 2 or 3 properties but I guess when I die, the only thing I have is my house. I saw an advert for a Toa Payoh HDB flat, $900000. Condo same price, which one? Logical right? I need a roof to stay right? I can't be renting and renting. Then one day landlord don't like or raise rent, I need to shift my kids from school again.

ok understood.

Sorry I don't have advice to you except it is a bad position to be in now.

Frankly, that is why I feel big property swings inherently is bad for the country.

Some people makes tons of money at the expense of a big group of first time buyers. Makes the wealth distribution totally skewed. Some people will make it big time for guessing right, others will commit suicide for guessing wrong, while others will spend their lives paying for their only mortgage bought at the peak (nobody knows when is the peak...)

Just looked at the people who bought in 1997. They spent the past 15 year paying of their mortgages while younger people who entered in 2000 bought a much bigger place with a smaller loan.

There isn't really a good answer to your dilemma

[mcmlxxvi]

Nothing to worry since you already bought and can handle the mortgage.

Just make sure you get the loan before any income shock eg. Pay cut.

[wind30]

Since u buying for own stay, why bother about the latest cm?
For the past 7 CM, did the price drop very much or rise?

errr... you encouraging him to hold or quit?

Logically, if the run up is long, the eventual crash will be more stunning.

I feel that the risk goes up for every CM introduced that failed.

The government is trying to tell you the price is too high like 2 years ago...

[LaFiestaOwner]

ok understood.

Sorry I don't have advice to you except it is a bad position to be in now.

Frankly, that is why I feel big property swings inherently is bad for the country.

Some people makes tons of money at the expense of a big group of first time buyers. Makes the wealth distribution totally skewed. Some people will make it big time for guessing right, others will commit suicide for guessing wrong, while others will spend their lives paying for their only mortgage bought at the peak (nobody knows when is the peak...).

Actually, I did my homework already. Around there, this is one of the most decent condo around and the price is reasonable... Sorry, no offence to people who bought Jewel as there's really nothing at Jewel area and same price. And also the punggol area where same psf and rooms type go up to $1500 for punggol (at least what the agents advertised.). This one more decent as around $1220 psf (Ya, very expensive but it keeps going up.) I am married with kids, wait and wait and wait. But hor, i am not the super rich and loads of cash. I can lose my job. I may be left with no job, can't pay. Of course, if my work is super stable, no office politics etc, don't say.

HDB close to 1 million, Condo same price. So buy condo. So either way if I bought either one, I also die as repayment scheme also there. So I wait lor.. 1 to 7 cooling measure. Never drop much...Sigh...

[lot286]

if you do not have a roof over your head and you are buying one for the first time, AND you are comfortable meeting your bank repayments for at least 3-5 years forward, then you should just buy and don't worry so much

[august]

errr... you encouraging him to hold or quit?

Logically, if the run up is long, the eventual crash will be more stunning.

I feel that the risk goes up for every CM introduced that failed.

The government is trying to tell you the price is too high like 2 years ago...

he is buying for own stay, still need a roof whether crash or bull run.

[lot286]

the correct way to analyze this position is that if you buy a new place (live in)and your monthly repayment (over X years) is about the same as the rent you are paying, you should buy it.

This is because you incur the same risks if you rent a place and lose your job - you will be homeless anyways.

The only risk is there could be triggers in the loan clause where the bank will force you to top up in case the value of the house falls below X. so you need to read the fine print. But usually banks are cooperative once that happens because it becomes a lose-lose situation for both you and the bank.

And even then most banks offer some kind of insurance on this so you can call and check up on them

Anyways good luck and don't worry too much unless you really feel that your job is at risk. And you should consider moving to Iskandar if living costs are really a concern

[LaFiestaOwner]

Nothing to worry since you already bought and can handle the mortgage.

Just make sure you get the loan before any income shock eg. Pay cut.

I heard if property price drop, they will ask u to top up money right? I am worried about that. I have worked with my wife, based on "current" situation before the cooling measure came in. Sigh, finally find a suitable place and then go and knock my head on the wall. The rich gets richer and the middle class gets poorer and poorer.

[hyenergix]

Anyways good luck and don't worry too much unless you really feel that your job is at risk. And you should consider moving to Iskandar if living costs are really a concern

Kids should be schooling, so it is difficult to shift overseas.

[LaFiestaOwner]

Kids should be schooling, so it is difficult to shift overseas.

Yes. Kids still cooling. And to be fair, I know got a lot of people bash our government, I think Singapore is decent enough to stay in. Can't imagine jam on 2nd link and pay toll everytime in and out.

[august]

I heard if property price drop, they will ask u to top up money right? I am worried about that. I have worked with my wife, based on "current" situation before the cooling measure came in. Sigh, finally find a suitable place and then go and knock my head on the wall. The rich gets richer and the middle class gets poorer and poorer.

for first time buyer like u buying for own stay, nothing has changed.
if u are thinking of selling everything now and wait for prices to drop and then buy in, i say u are taking an even bigger risk. Pty is not shares where u can just 'short' it.

[henryhk]

I heard if property price drop, they will ask u to top up money right? I am worried about that. I have worked with my wife, based on "current" situation before the cooling measure came in. Sigh, finally find a suitable place and then go and knock my head on the wall. The rich gets richer and the middle class gets poorer and poorer.

Don't need worry la, I nver get ask to top up in 1998...even though I owning near a 1 mil condo and earning only 3.5k.....steady la....in fact I am holding a hdb too at that time...I remember nid to go into my special account for monthly instalment for a few hundred dollars during the great retrenchment period......nothing to worry since u only have one roof....I have kids, I understand ur concern..

[LaFiestaOwner]

for first time buyer like u buying for own stay, nothing has changed.
if u are thinking of selling everything now and wait for prices to drop and then buy in, i say u are taking an even bigger risk. Pty is not shares where u can just 'short' it.

Agree. So I guess the only thing I can do is short property shares when market opens on Monday. I wait very long but when I finally take the plunge, new policy comes in. Just wondering those super expensive one like Sky habitat, will they drop to same price. Should I wait?

[LaFiestaOwner]

Don't need worry la, I nver get ask to top up in 1998...even though I owning near a 1 mil condo and earning only 3.5k.....steady la....in fact I am holding a hdb too at that time...I remember nid to go into my special account for monthly instalment for a few hundred dollars during the great retrenchment period......nothing to worry since u only have one roof....I have kids, I understand ur concern..

That's good to hear Henry. I dun have hdb, this is the only one I have. Can't believe Toa Payoh also going at $900000 for a resale. Totally speechless.

[hyenergix]

Yes. Kids still cooling. And to be fair, I know got a lot of people bash our government, I think Singapore is decent enough to stay in. Can't imagine jam on 2nd link and pay toll everytime in and out.

If you time your travel time to avoid the jam, you will be very surprised at the quality of life and savings you can accumulate. No joke. The only thing that is pulling a lot of people back is the schools for the children.

[august]

Agree. So I guess the only thing I can do is short property shares when market opens on Monday. I wait very long but when I finally take the plunge, new policy comes in. Just wondering those super expensive one like Sky habitat, will they drop to same price. Should I wait?

sky habitat has already started discounts, u dunno?

[LaFiestaOwner]

If you time your travel time to avoid the jam, you will be very surprised at the quality of life and savings you can accumulate. No joke. The only thing that is pulling a lot of people back is the schools for the children.

Ok. No la, my kids are young. But you are right, if I am not married and no kids, I may do it.

[LaFiestaOwner]

sky habitat has already started discounts, u dunno?

Nope. How low is it? Below 1 million also? I need at least a 2 rooms...

[taggy]

Ok. No la, my kids are young. But you are right, if I am not married and no kids, I may do it.

Kids in Nan Chiau or aiming to get in ?

[henryhk]

Agree. So I guess the only thing I can do is short property shares when market opens on Monday. I wait very long but when I finally take the plunge, new policy comes in. Just wondering those super expensive one like Sky habitat, will they drop to same price. Should I wait?

Capitaland will not reduce the price of sky Hab. too much, 1) developer is rich 2) mrt project 3) bishan area 4) another sister project bid at high price....... so I won't tink u will get the same price for sky after CM 8..... u may get a good deal from not so good location, like interlace, or others not so near mrt

[LaFiestaOwner]

Kids in Nan Chiau or aiming to get in ?

Nope, no kids in Nan Chiau but thinking of. No la, the main reason is around Sengkang, punggol, buangkok, this project most affordable and most amenities around. Nan Chiau is a plus as within 1km. U know, some other projects also say Nan Chiau as nearby but if not within 1km, not counted right? Like I said, I go down towards Toa Payoh etc and I find ridiculous pricing and COV. So finally got a place but all these measures scare the hell out of me. If I have loads of cash and can pay off in full, i will not be scared. But I don't. I need a close to 30 yr loan.

[mcmlxxvi]

I heard if property price drop, they will ask u to top up money right? I am worried about that. I have worked with my wife, based on "current" situation before the cooling measure came in. Sigh, finally find a suitable place and then go and knock my head on the wall. The rich gets richer and the middle class gets poorer and poorer.

In theory yes. In practice if you can still service the monthly mortgage the bank most likely will leave you alone.

[ecimbew]

Will this cooling measure affect me? I am 1st time buyer but no loan. Looking for a place and bought this condo that is under construction. So no fixed rate I can still back out as I have not signed the sales and purchase agreement. I already did not chase "expensive" projects like J Gateway. So no choice, look for cheaper one but must be near MRT as COE so expensive and I have kids. Now that government implement this, I may have to lose my deposit. Any other as unlucky as me?

Doubtful of this new character

[LaFiestaOwner]

In theory yes. In practice if you can still service the monthly mortgage the bank most likely will leave you alone.

Really appreciate the advice. 1st time buying and got hit straight away. I guess if I have signed the Snp already, I no choice. Now got choice, I have headache. Lose money and wait... Could end up wait forever since 2009 or go ahead and see more measures such that eventually if I lose my job, I will have to sell and end up renting.

[hyenergix]

Doubtful of this new character

Could be property agent, wealth consultant, property seminar speaker, magazine writer, reporter, or secret agent from the government.