Price range to consider

[Yuki]

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...

[hyenergix]

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.

[Vangaat]

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?

[Vangaat]

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!

[Yuki]

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?

[Yuki]

How much cash you holding on?

we have around $300k+.

[Yuki]

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?

[hyenergix]

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

[Yuki]

I recommend max S$1 mil and no more at that combined income

Hi hyenergix, do you mean loan of 1m? Hence working backwards, the property price range would be max cap of 1.1m?

[hyenergix]

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.

[Yuki]

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.

[nydeidith]

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

[Vangaat]

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!

[polarinda]

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.

[Yuki]

Depends how much bank willing to loan u la duh.

we were told we can loan $1 m and even more. ..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..

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.

[Yuki]

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.

Most probably buy in east..

[Yuki]

I recommend max S$1 mil and no more at that combined income

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.

[Arcachon]

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]

why combine??? you should think of buying one each. and max out the loan.

[Arcachon]

Not everyone a high risk taker.

[rainbow77]

$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!

[polarinda]

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.

[Nas]

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.

[xtink]

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.

[Kelonguni]

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.

[relax88]

Sabbie, brother

[Yuki]

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..

[Kelonguni]

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..

[Kelonguni]

You are very lucky your parent wants to live near the sea and not Mt Sinai.

[walkthetiger]

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....