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Discussion About Single & Hdb Flat Ownership + Hdb Loan (Compiled)


worldangel
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Guest guest
On 7/11/2022 at 8:57 PM, kidster said:

Which estate is like CCK?

 

Can take 190 and reach town in 20 mins via expressway.

20 mins so fast? If expressway no accident then it is fast, if not prepare to get stuck in the jam.

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On 7/14/2022 at 8:58 PM, Guest guest said:

20 mins so fast? If expressway no accident then it is fast, if not prepare to get stuck in the jam.

 

imagine having stomachache in the middle of expressway. No one can help you. haa

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On 6/16/2022 at 11:57 AM, Why? said:

The scenario at AMK HDB SER serves as a wake-up call, dispelling the illusion that it is a bonanza for locals. You must also pay the CASH difference of your remaining lease for a new 99-year lease, on top of having your CPF wiped out (if your mortgage is not entirely cleared). As a result, the "owner" of the property has no alternative but to downgrade due to a lack of funds for upgrades.

 

Alternatively, many concerned homeowners choose to sell their SER flat on the open market for a higher price. As the numbers add up, they may not have enough money from the selling proceeds (after setting aside the minimum retirement amount required by CPF) to buy another similar-sized unit with a shorter lease. 

 

To add insult to injury, it is difficult for the elderly to obtain full-time work in order to continue paying their mortgage installments, assuming the bank allows them to take out loans in the first place.

 

We don't need an enemy attack to feel defeated,  if this scenario is still dubbed golden age and graceful living for the elderly.

 

 

 

Is this AMK SER the same plot in the coming AMK BTO Aug 2022 ?

Don't read and response to guests' post

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Guest GUest
On 7/15/2022 at 9:58 AM, kidster said:

 

imagine having stomachache in the middle of expressway. No one can help you. haa

LOL.

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Guest guest
On 7/14/2022 at 11:34 PM, Guest Guest said:

Even can find 3 room flat price cheapest in those popular mature estate but the flat more than 40 years old which in long term wise not very recommended to buy. Cause the flat lease would be decay until not much value after staying in the flat for 10-20 years.

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Guest Guest

HDB loan requirement will need at least 60 years balance lease.

Less than 60 years lease flat buyer have to use commercial bank loan.

Deep pocket will have no such restrictions.

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  • 3 weeks later...
Guest Whywhy

What should I do if I'm 43 this year but I haven't buy my hdb.

 

I've been staying with my mom to take care of her.

 

Prices are disgustingly high now and already beyond my reach.

 

Aiming for a 4 room flat if possible so that I can collect rental. Don't need to work at McDonald's when I'm old.

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Guest Calculated
On 8/6/2022 at 5:23 PM, Guest Whywhy said:

What should I do if I'm 43 this year but I haven't buy my hdb.

 

I've been staying with my mom to take care of her.

 

Prices are disgustingly high now and already beyond my reach.

 

Aiming for a 4 room flat if possible so that I can collect rental. Don't need to work at McDonald's when I'm old.

Collecting rent will deprive you the freedom of staying on your own.  You will use the rent to service your mortgage until who knows when while you continue to work at McDonald until your mortgage is completed and then you are late 60+ years old.  You will still collecting rent while losing your independency to live on your own until....until.....who knows when you can truly be on your own, by then you don't need a home but a nursing home where you pay rent to be looked after....if you are still on earth. 

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On 8/6/2022 at 5:23 PM, Guest Whywhy said:

What should I do if I'm 43 this year but I haven't buy my hdb.

 

I've been staying with my mom to take care of her.

 

Prices are disgustingly high now and already beyond my reach.

 

Aiming for a 4 room flat if possible so that I can collect rental. Don't need to work at McDonald's when I'm old.

Another option will be go for those 3 rooms with extra utility room,  worse come to worse occupy the utility room and rent out the other 2 common rooms. 3 rooms more affordable amd usually u can get more rebates from our ah gong. 

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Guest guest
On 8/6/2022 at 9:52 PM, lonelyglobe said:

Another option will be go for those 3 rooms with extra utility room,  worse come to worse occupy the utility room and rent out the other 2 common rooms. 3 rooms more affordable amd usually u can get more rebates from our ah gong. 

Those 3 room with utility room the flat at least 40 year old plus, not very advisable to buy old flat unless really no choice. Also it is illegal to rent out utility room, or rent out 2 bedroom in a 3 room flat. Don't get caught if you plan to do such thing.

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Guest Guest
On 8/6/2022 at 5:23 PM, Guest Whywhy said:

What should I do if I'm 43 this year but I haven't buy my hdb.

 

I've been staying with my mom to take care of her.

 

Prices are disgustingly high now and already beyond my reach.

 

Aiming for a 4 room flat if possible so that I can collect rental. Don't need to work at McDonald's when I'm old.

If you do not mind buying old HDB flat, you can still able to find not so expensive hdb flat available. Even though overall the resale price is crazy high now.

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Guest Mortality thing
On 8/6/2022 at 10:24 PM, Guest guest said:

Those 3 room with utility room the flat at least 40 year old plus,...

Should be around 50 year old by now. You don't need to worry too much if your remaining lifespan can outlast your remaining HDB lease. Instead of living with the elderly in a real nursing facility, consider it an investment in your own little "nursing home." and you can rent out one room - for companion reason. 

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Guest Mortality thing
On 8/6/2022 at 11:09 PM, Guest Mortality thing said:

Should be around 50 year old by now. You don't need to worry too much if your remaining lifespan can outlast your remaining HDB lease. Instead of living with the elderly in a real nursing facility, consider it an investment in your own little "nursing home." and you can rent out one room - for companion reason. 

I stand corrected. 

 

if your remaining lifespan cannot outlast your remaining HDB lease.

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Guest Guest
On 8/6/2022 at 11:09 PM, Guest Mortality thing said:

Should be around 50 year old by now. You don't need to worry too much if your remaining lifespan can outlast your remaining HDB lease. Instead of living with the elderly in a real nursing facility, consider it an investment in your own little "nursing home." and you can rent out one room - for companion reason. 

 

On 8/6/2022 at 11:12 PM, Guest Mortality thing said:

I stand corrected. 

 

if your remaining lifespan cannot outlast your remaining HDB lease.

Buying close to 50 year old flat, even the remaining lifespan cannot outlast remaining flat lease, but the flat lease value would become super low as the flat lease decay away. And it would be difficult to sell off the flat if really need to.

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Guest Guest
On 8/6/2022 at 5:23 PM, Guest Whywhy said:

What should I do if I'm 43 this year but I haven't buy my hdb.

 

I've been staying with my mom to take care of her.

 

Prices are disgustingly high now and already beyond my reach.

 

Aiming for a 4 room flat if possible so that I can collect rental. Don't need to work at McDonald's when I'm old.

To use the excuse of "staying with my mom to take care of her" makes you sound very filial and have sacrificed a lot for her. Who knows it is her, despite her advanced age, who do the cooking, do your laundry, iron your clothing while you were swinging in 1 of the many saunas and clubs on a daily basis. 

 

What were you doing in 2014? HDB were much more cheaper then compared to today's prices.

 

For a gay who has got so use to the happy-go-lucky lifestyle for most part of his life and by early 40s still have not bought his own bachelor pad, 99.99% chance he will stay with family for the rest of his life. 

 

 

 

 

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Guest wahahahaha
On 8/6/2022 at 11:19 PM, Guest Guest said:

 

Buying close to 50 year old flat, even the remaining lifespan cannot outlast remaining flat lease, but the flat lease value would become super low as the flat lease decay away. And it would be difficult to sell off the flat if really need to.

When you reached the later stage in life, why do you still want to make money selling your flat without considering not having a roof therafter?  Unless you plan to built a temporary tent near sembawang or east coast park?.....wahahahaha

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Guest Guest
On 8/7/2022 at 3:24 AM, Guest Guest said:

To use the excuse of "staying with my mom to take care of her" makes you sound very filial and have sacrificed a lot for her. Who knows it is her, despite her advanced age, who do the cooking, do your laundry, iron your clothing while you were swinging in 1 of the many saunas and clubs on a daily basis. 

 

What were you doing in 2014? HDB were much more cheaper then compared to today's prices.

 

For a gay who has got so use to the happy-go-lucky lifestyle for most part of his life and by early 40s still have not bought his own bachelor pad, 99.99% chance he will stay with family for the rest of his life. 

 

 

 

 

If the guy is the only child, high chance no need to buy his own house, just continue to stay with parents and take over the house when his parents passed on. Esp if the house is fully paid, why go and add stress to yourself by getting into a big house debt? Esp if the person is buying a resale flat, sure need to have house loan for at least for the next 20-30 years depends how old you buy the flat and how much is the house price. Unless you buy a new 2 room BTO, then maybe the house loan would be shorter or even can full paid, since the price is cheap. All resale flat even for a 3 room flat even at low price also need $300k and more.

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Guest GUEST
On 8/7/2022 at 8:34 AM, Guest wahahahaha said:

When you reached the later stage in life, why do you still want to make money selling your flat without considering not having a roof therafter?  Unless you plan to built a temporary tent near sembawang or east coast park?.....wahahahaha

Many people say house is an asset and should able to help you to fetch money if you really need it. Who knows when later stage of in life what will happen. So if you are living in an old HDB flat which cannot find a buyer, cannot sell, or sell very cheap, and even cannot participate in the sell back remaining lease scheme to HDB, this is very sad. So buying a newer house or HDB flat with longer lease is safer. Unless you are very cash rich, so no need scare.

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really envy my straight friends.

 

Even though HDB price has gone up so much, it can still be achievable with the combined income of 2 persons. They bought a 4rm BTO for 560k.

 

With a single income and need to take care of my aged parent, how to afford this amount?

 

I also cried with I sing national anthem 

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On 8/13/2022 at 1:36 AM, Guest Whywhy said:

really envy my straight friends.

 

Even though HDB price has gone up so much, it can still be achievable with the combined income of 2 persons. They bought a 4rm BTO for 560k.

 

With a single income and need to take care of my aged parent, how to afford this amount?

 

I also cried with I sing national anthem 

You can always share with someone else and buy that same flat. You are allowed to co-own a flat as 2 adults, can you not?

 

You may have to take care of your aged parents, but the same can be said about str8 couples too. Plus they will probably have the additional burden of raising their kids.

Слава Україні!

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On 8/13/2022 at 2:56 PM, sgmaven said:

You can always share with someone else and buy that same flat. You are allowed to co-own a flat as 2 adults, can you not?

 

You may have to take care of your aged parents, but the same can be said about str8 couples too. Plus they will probably have the additional burden of raising their kids.

Str8 couples even though they have additional burden but they have combined income. Most of their combined income should be at least $10k and above, since most people are educated now, per person salary should have at least $5k or more.

 

For single, even though many people say they only need to spend mostly on themselves, so salary should be enough. But afterall still only have single income, cannot compare with str8 couples. Unless the single person salary is $15k and above.

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On 8/13/2022 at 9:55 PM, Guest guest said:

Str8 couples even though they have additional burden but they have combined income. Most of their combined income should be at least $10k and above, since most people are educated now, per person salary should have at least $5k or more.

 

For single, even though many people say they only need to spend mostly on themselves, so salary should be enough. But afterall still only have single income, cannot compare with str8 couples. Unless the single person salary is $15k and above.

Combined income is one thing,  the most important is that they are able to make a huge profit after selling the BTO. 

 

A typical example will be:

ROM and get a new 4 room flat at 500k+ around the age of 30, 5 years later sell the flat for 800k+ and use the 300k profit to get a resale 3 room. By late 30s most of them are already loan free but for single,  the option for a 35 year old would be buy a 2 room BTO or buy a resale flat at a high price. Either option not much chance for a good profit and tie down with a loan till retirement. That would be the biggest difference. Of course some will say a house is for u to stay but in SG,  this probably would be a easy way to make some good money. 

Edited by lonelyglobe
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On 8/13/2022 at 9:55 PM, Guest guest said:

Str8 couples even though they have additional burden but they have combined income. Most of their combined income should be at least $10k and above, since most people are educated now, per person salary should have at least $5k or more.

 

For single, even though many people say they only need to spend mostly on themselves, so salary should be enough. But afterall still only have single income, cannot compare with str8 couples. Unless the single person salary is $15k and above.

Sorry, but while a single income cannot compete with a dual income unit, you can always share in the flat with a friend on a 50:50 basis. In that case, the two of you will have more spending power than the str8 couple.

Слава Україні!

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On 8/7/2022 at 9:29 AM, Guest GUEST said:

Many if you are living in an old HDB flat which cannot find a buyer, cannot sell, or sell very cheap, and even cannot participate in the sell back remaining lease scheme to HDB, this is very sad.

When you leave a property that is yours, you may have to pay more money to find a replacement that might not be yours.
When all other options have failed, there is no one prohibiting you from renting a room—most importantly, you are not homeless.

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On 8/13/2022 at 10:24 PM, lonelyglobe said:

Combined income is one thing,  the most important is that they are able to make a huge profit after selling the BTO. 

 

A typical example will be:

ROM and get a new 4 room flat at 500k+ around the age of 30, 5 years later sell the flat for 800k+ and use the 300k profit to get a resale 3 room. By late 30s most of them are already loan free but for single,  the option for a 35 year old would be buy a 2 room BTO or buy a resale flat at a high price. Either option not much chance for a good profit and tie down with a loan till retirement. That would be the biggest difference. Of course some will say a house is for u to stay but in SG,  this probably would be a easy way to make some good money. 

True. Many Str8 couples can profit a lot since they buy their first flat as new BTO, like you said after MOP sell the flat and the money they profit can upgrade to private or get another HDB at lower price.

 

Single if don't want to tie down with a loan till retirement, then only can get a new 2 room BTO. If buy resale esp at high price, really loan until retirement, very sad. Unless the single is high income, then even buy a resale HDB, no need to loan until retirement.

 

Actually single who buy a new 2 room BTO, might still can profit, since the price of a new 2 room is not more than $200k, and looking at current resale price of a 2 room flat, the price is at least $300k or higher. But after selling if didn't buy another house then consider can profit.

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On 8/13/2022 at 10:52 PM, sgmaven said:

Sorry, but while a single income cannot compete with a dual income unit, you can always share in the flat with a friend on a 50:50 basis. In that case, the two of you will have more spending power than the str8 couple.

Not that easy to find a friend which can share a flat. If along the way if anything happen, still need to waste time to spilt the flat. And also afterall the relationship still only friend, difficult to ''share'' the spending power.

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Actually numerous members here, keep mentioned about resale value and making profit from selling your flat. I think this should be concerned for married couple and not for most rainbow community, maybe someone can enlighten me and switch my lens. 
 

Why I said more relevant to married couples, because when they newly married, no kids and still climbing up their co operate ladders, they probably go for smaller flats and when their family expand, then they have to resell their existing flat and go for the bigger one. Or in another way, is when married couple’s children had grown up and moved out of the flat, they will want to down size and sell the existing flat to move to smaller flat. Then the resale price of what flat they gonna get will be important in either situations mentioned earlier on.

 

For rainbow community, existing society not ready to accept civil marriage or civil partnership so no need to discuss further about expanding own rainbow family (adopting children or surrogate children). Having a roof (flat) is to ensure you have a permanent place to live since sooner or later you will be living by yourself (parents be leaving and siblings have own families). Of course, there are some cases, where siblings also single then can live in same flat together but is not common. So does resale price really a concern for us (rainbow community). Touch wood, what if we died that good resale price of our flat, the money also go to other or your young family members unless you want to leave a legacy to them for them to remember you.

 

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