Property Advice On Buying / Selling (Compiled)

[Guest Guest]

question is when the market is right? over the next 2 to 3 years, there will be more than 60000 units excluding EC dump into the market, must have the power to hold, if you are looking at rental yield, hdb actually offer a better yield, also the government every year give rebates for hdb, if your flat is old and in good location, also got a chance to get enbloc, which already happen to a few of my friend

 

Yes, you must have the power to hold. But a property is mainly an asset for you to live in. Selling it off as an investment is supposed to be just a bonus, nothing more.

 

The rebates given to HDB is almost next to nothing. The oversupply of units is going to affect everyone, HDB and condo alike. The location of the unit affects both HDB and condo the same way too. However, HDB can only be enbloc to HDB itself, while condo can be enbloc to different private parties.

[teatree]

reno, servicing, some fixtures etc, it's known that they will charge higher for condo residents. it's unfair, but the market is like this.

 

Quite true.  The contractors will charge higher even for a simple repair job for condo residents.  They also tend to charge higher for HDB 5 roomers compared to 2 or 3 roomers. 

[mate69]

Be modest in the assets chase. 

 

Can't agree more with this statement.

 

I would prefer to have a much smaller place enough for my own needs, and then have a pile of cash standby for rainy days any time

over a big condo and then having to slave my way through just to pay it off.

 

If I could now, I would love to be able to buy the 2-room BTO from HDB.

Enough for my needs.

Sadly, that's not to be now.

[Guest mat]

Is it safe for someone in his fifties with 10K salary per month to get a condo? 

[Guest HDeeBee]

Is it safe for someone in his fifties with 10K salary per month to get a condo? 

 

Erm.. I think you can only for 15 years loan at maximum if I am correct. So your monthly mortgage will be much higher which may put you at risk. Unless you have plenty of spare cash on hand

[onlylonely]

By 50 you should have accumulated alot of cash. If u are getting 2 bedder of smaller I'm sure u can afford with a shorter bank loan. Do a free bank assessment first to see how much the bank is willing to lend before u go out to hunt.

[Guest heremeee]

Whoever said that the gov is always one step ahead is probably from a well-to-do family, a gov employee or has not gotten a house himself/herself.

The reason why our wages do not keep pace with property prices is precisely because of our gov. Our gov. seek short-time solutions like importing cheap labour instead of increasing productivity. In the last 15-20 years, more so in the last 10 years, the gov. was simply kicking the can down the road in terms of transforming the economy.

Next, the gov. SWF has vested interests in big-time property developers. With high property prices, these SWFs benefit and they meet their KPIs in terms of turning is big profits. The management gets rewarded. SWFs can show the public they are effective and tell them they are managing our CPFs well. But the question is who are the people really benefitting from this? Our OA has remained at 2.5% for good many years.

Grads in the 70s and 80s can easily afford a car n flat after working for 1-2 years n clear their housing loan before they are 40-45. And that was achieved by 1 income only. Some can even afford a landed property after 1 upgrade.

Now, the gov. planning parameters are premised around duo incomes (for straight couples) and maximising out their economic lifespan (i.e. maximum no. of employable years). On the flat size side, they are minimising the livable space. Look at the size of flats built in the last 10 years compared with those built in >15 years ago.

[Guest Oooh]

PAP voter here. While I believe in our government's capabilities, I have to admit they did not handle housing prices right. I'm earning 3.5k a month 2 years after graduating and already I worry about affording my own house. Still, I'm positive that things will get better.

[Guest Teatree]

Can't agree more with this statement.

 

I would prefer to have a much smaller place enough for my own needs, and then have a pile of cash standby for rainy days any time

over a big condo and then having to slave my way through just to pay it off.

 

If I could now, I would love to be able to buy the 2-room BTO from HDB.

Enough for my needs.

Sadly, that's not to be now.

 

If you have 3-room, it is not a bad choice either.  You can rent out a room and have an income after retirement.  At the same time, have someone to accompany the elderly you and if need be, to call the ambulance if something bad happened to you. 

[lonelyglobe]

If you have 3-room, it is not a bad choice either.  You can rent out a room and have an income after retirement.  At the same time, have someone to accompany the elderly you and if need be, to call the ambulance if something bad happened to you. 

Better if your 3 room come with an extra utility room, then u got more rental income.....the time for affordable hdb and condo have ended some 10 years back where u can get a resale 3 room hdb @ 150K and a 1 room condo @ $450K.....who to blame? the govt, the developer, the foreigner or the local? Perhaps all of the above.

[Guest Guest]

PAP voter here. While I believe in our government's capabilities, I have to admit they did not handle housing prices right. I'm earning 3.5k a month 2 years after graduating and already I worry about affording my own house. Still, I'm positive that things will get better.

 

What an oxymoron. If they are capable, they'd have handle the housing policies right. You get who you voted for. You deserve it. Let's hope to see you sleeping on the streets one day.

[Guest Guest]

Whoever said that the gov is always one step ahead is probably from a well-to-do family, a gov employee or has not gotten a house himself/herself.

The reason why our wages do not keep pace with property prices is precisely because of our gov. Our gov. seek short-time solutions like importing cheap labour instead of increasing productivity. In the last 15-20 years, more so in the last 10 years, the gov. was simply kicking the can down the road in terms of transforming the economy.

Next, the gov. SWF has vested interests in big-time property developers. With high property prices, these SWFs benefit and they meet their KPIs in terms of turning is big profits. The management gets rewarded. SWFs can show the public they are effective and tell them they are managing our CPFs well. But the question is who are the people really benefitting from this? Our OA has remained at 2.5% for good many years.

Grads in the 70s and 80s can easily afford a car n flat after working for 1-2 years n clear their housing loan before they are 40-45. And that was achieved by 1 income only. Some can even afford a landed property after 1 upgrade.

Now, the gov. planning parameters are premised around duo incomes (for straight couples) and maximising out their economic lifespan (i.e. maximum no. of employable years). On the flat size side, they are minimising the livable space. Look at the size of flats built in the last 10 years compared with those built in >15 years ago.

 

But our Minister says our flats did not shrink in size leh. In fact, HDB has also said that the amount of living space per person has risen, as the number of people in an average household has dropped. ....LOL.

 

http://www.stproperty.sg/articles-property/hdb/hdb-hasnt-shrunk-flat-sizes-says-khaw/a/64116

​

[Guest heremeee]

But our Minister says our flats did not shrink in size leh. In fact, HDB has also said that the amount of living space per person has risen, as the number of people in an average household has dropped. ....LOL.

http://www.stproperty.sg/articles-property/hdb/hdb-hasnt-shrunk-flat-sizes-says-khaw/a/64116

​

They don't live in flats. Just like how they don't take public transport frequently. They can say what they want but people know the truth.

[Guest heremeee]

I have a suspicion that in the next 10 years or so, we might have to entertain the possibility of shorter lease term for flats (i.e. from 99 years to maybe 65 years). But make no mistake that the prices will remain at the levels today! E.g. 5 rm flat in 10 years time will be $400k-$500k but for 65-year lease. Same levels as now though the lease now is for 99 years.

Their justification would be something like; most would start buying their first flat at 25-30 (straight couples). With a shorter lease of 65 years, they would still get to live in their flats till they are at least 90! 90 years of age is still longer than the life expectancy of Sporeans.

If you ask them what happens to those who live beyond 90? They would say they can move in with their children's families. For childless couples, there are aged homes to go to. Or the gov will 'rent' their own houses back to them for 3,5,10 years until the old folks die. Most would be dead by 100. No problem. Easy peasy. Lol.

[mate69]

If you have 3-room, it is not a bad choice either.  You can rent out a room and have an income after retirement.  At the same time, have someone to accompany the elderly you and if need be, to call the ambulance if something bad happened to you. 

 

I intend to sell off my flat in the near future and move overseas to work and live. 

Get PR there, with a view to emigrating and getting citizenship (a tedious process) in under 10 years from now.

Somewhere very far away from Singapore.

[Latte]

I intend to sell off my flat in the near future and move overseas to work and live. 

Get PR there, with a view to emigrating and getting citizenship (a tedious process) in under 10 years from now.

Somewhere very far away from Singapore.

 

You might want to stop and think whether it's better to rent out your flat in the first few years while you're overseas, instead of selling it right away, especially if you don't need the money. That way, if you change your mind about emigrating, you still have your flat to come back to. 

[Latte]

A lot of people make the mistake of thinking of affordability solely in terms of cashflow ie. how much i can afford to pay out each month (mortgage, condo fees etc) vs what cashflow i receive every month (ie. salary).

 

Affordability is also ultimately about what proportion of your total wealth that you want to allocate to your accomodation needs in the long run.

 

To give simple example: Say a retiree has $1M total wealth. 

 

If he has 20% of that wealth in his residence, that leaves 80% (or 800K) to fund his retirement.Assuming a real rate of return of 5%, he has 5%x800k = 40K per year, or 3.3K per mth income.

 

If he allocate 50% into his residence, then his retirement portfolio gives him: 5%x500K=25K per year, or 2K per mth income.

 

For singles with $1M or less at retirement, it's clear to me that they should stay in HDB 2-room or studio flats in their retirement.  

[keyboard]

Just going to jump in and asked everyone if they had already considered where they are going to get money to pay for the monthly installment when they get retrenched. You could be looking at a loss of a third to half of your last drawn or more depending on your age. Also these statistics are from "good" economic years, with bad years coming at cycles that's unavoidable. I love how banks sell you on the prospect and hope of owning your own property without advising on the risks when you miss your installment. Can you sell your butt (at whatever age) and cough out 2-3k for your monthly installment?

 

http://www.straitstimes.com/singapore/highly-trained-middle-aged-and-out-of-work

 

Fifty-seven per cent of Singaporeans and permanent residents who lose their jobs are able to find a job within six months, according to the Manpower Ministry. For professionals, managers, executives and technicians (PMETs), however, the proportion was below average at 49 per cent for the same time period.

Workers aged 40 and above also fared worse than younger groups, with a re-entry rate of 53 per cent.

Here, however, it is unclear if those who managed to find jobs actually reached a level similar to that which they used to hold.

[Guest heremeee]

Be very discerning in getting a property.

So far, the biggest winners are the developers.

When they rack in huge profits, they keep quiet. With the cooling measures, their profits r squeezed n they keep telling the gov to relax the cooling measures. Why can't they accept that gone are the days of big profits.

Below are e.g. of what i said above.

http://www.straitstimes.com/business/property/home-oversupply-a-concern-redas

http://m.todayonline.com/business/right-time-tweak-property-cooling-measures-cdl-chief

[keyboard]

Just recalled this important aspect of the valuation limit and the loan to valuation ratio. Should happen to properties that people buy now and property falls with the reduction of population in singapore with excess homes with nobody to buy. (Past years have been good because population increases more than homes were built, with population decreasing, value of your homes will decrease as there's no buyers).

 

 

"Also note that your lender may ask you to pay off some of the outstanding loan should the value of your property fall and the original loan to value ratio is exceeded. You may have to be prepared to dip into your savings for this purpose."

 

Basically the valuation limit, limits the amount of money from your CPF that you can use to pay off your loan amount. Like if you reach 55, and you haven't got enough to meet the minimum sum, you no longer be able to pay using CPF for your installment, all must be made out in cash. (people didn't use to have this problem, because, well, houses used to be paid within 10-20 years, never exceeding 55).

 

The other thing is, if you brought your property for 1 mil today, and 10 years down the road, the valuation decreases to 800k, the bank will ask you to top-up in cash some money to reduce the risk to the bank for your loan since they can no longer sell the property in the market for the 1m then.

 

http://www.moneysense.gov.sg/Life-Events/Buying-a-Home.aspx

[Guest Guest]

Be very discerning in getting a property.

So far, the biggest winners are the developers.

When they rack in huge profits, they keep quiet. With the cooling measures, their profits r squeezed n they keep telling the gov to relax the cooling measures. Why can't they accept that gone are the days of big profits.

Below are e.g. of what i said above.

http://www.straitstimes.com/business/property/home-oversupply-a-concern-redas

http://m.todayonline.com/business/right-time-tweak-property-cooling-measures-cdl-chief

 

Be very discerning in getting a property.

So far, the biggest winners are the developers.

When they rack in huge profits, they keep quiet. With the cooling measures, their profits r squeezed n they keep telling the gov to relax the cooling measures. Why can't they accept that gone are the days of big profits.

Below are e.g. of what i said above.

http://www.straitstimes.com/business/property/home-oversupply-a-concern-redas

http://m.todayonline.com/business/right-time-tweak-property-cooling-measures-cdl-chief

 

That is why most of the tycoons are property developers.  They are the only winner in the property market.

[Guest heremeee]

Sg is becoming like Hong Kong where the property market is concerned. Graduates have to manage their expectations and settle for less. For non-graduates, the situation is more dire.

It is such an irony that the gov. keep talking about Kampong spirit and good neighbourliness when they also encourage old folks to lease out their room to supplement their retirement funds. Lessees tend to change frequently and they do not have shared values and vision for sg. They see sg as a means to their end.

Kampong spirit and good neighbourliness require time to develop and nuture. If we have so many aliens and they keep changing ever so often, how to build such bonds?

[Guest Fatty]

Sg is becoming like Hong Kong where the property market is concerned. Graduates have to manage their expectations and settle for less. For non-graduates, the situation is more dire.

It is such an irony that the gov. keep talking about Kampong spirit and good neighbourliness when they also encourage old folks to lease out their room to supplement their retirement funds. Lessees tend to change frequently and they do not have shared values and vision for sg. They see sg as a means to their end.

Kampong spirit and good neighbourliness require time to develop and nuture. If we have so many aliens and they keep changing ever so often, how to build such bonds?

The 70% has some reasons to bond among themselves

[Guest guest]

wat if i cant continue  paying the installment to the bank  cause of retrenchment?U never know the older u are  and with no further qualification very soon yr position will be taken by the cheaper  labour.

[Guest heremeee]

The 70% has some reasons to bond among themselves

I suspect many of the 70% has gotten themselves some sort of property and would not like to see prices to drop drastically. They believe to ensure that the whites have to be in power. It may not be the only reason why they voted for the whites but certainly one of the reasons.

[Guest Fatty]

wat if i cant continue paying the installment to the bank cause of retrenchment?U never know the older u are and with no further qualification very soon yr position will be taken by the cheaper labour.

Gahment will ask you to take course and upgrade

[Guest Condor]

Saw ad. Woodleigh residences. 2Br. Cash 51k and monthly payment from 2.3k. 

 

Is it good to buy? Can rent out 1 room.

[newbie85]

Woodleigh residences is overpriced in today’s market.

[nip_fun]

Location wise and pricing based on what u have provided is consider reasonable. However the sq ft for 2 bedder is very small. I recently purchase a resale condo (non town area) , 1060sq ft (2+1)at ard the same monthly installments as u. Best part is it’s near mrt too. 

Edited April 15, 2020 by nip_fun

[Firday]

49 minutes ago, Guest Condor said:

Saw ad. Woodleigh residences. 2Br. Cash 51k and monthly payment from 2.3k. 

 

Is it good to buy? Can rent out 1 room.

 

if your rental can match up with monthy payment 2.3k - why not.

but if one room rental - i doubt u can fetch up so high - if 1.3k rental - i feel also tough for you too.

 

consider about it afterall is your money and choice of lifestyle.

 

 

[single42]

for a condo owner, if u were able to rent out a common room.. it fetches somewhere around S$800 - S$1000 in neighborhood area.. unless ur condo its somewhere in novena / town area.. then ur rental rate might increased a little..

[Firday]

8 minutes ago, single42 said:

for a condo owner, if u were able to rent out a common room.. it fetches somewhere around S$800 - S$1000 in neighborhood area.. unless ur condo its somewhere in novena / town area.. then ur rental rate might increased a little..

agreed 

 

[Guest Hot Swimmer]

1 hour ago, Guest Condor said:

Saw ad. Woodleigh residences. 2Br. Cash 51k and monthly payment from 2.3k. 

 

Is it good to buy? Can rent out 1 room.

Good. Go a head to buy. Monthly repayment 2.3k you can use CPF let's say 1k every month to pay. Rent out 1 room for $1k and all you need to pay cash is $300 monthly.

[Guest Condor]

1 hour ago, nip_fun said:

Location wise and pricing based on what u have provided is consider reasonable. However the sq ft for 2 bedder is very small. I recently purchase a resale condo (non town area) , 1060sq ft (2+1)at ard the same monthly installments as u. 

How much is your monthly maintenance fees? Any other hidden cost? How much you spent to furnish your condo?

[Guest Condor]

1 hour ago, nip_fun said:

Location wise and pricing based on what u have provided is consider reasonable. However the sq ft for 2 bedder is very small. I recently purchase a resale condo (non town area) , 1060sq ft (2+1)at ard the same monthly installments as u. 

2+1 means got study room? 

[nip_fun]

14 minutes ago, Guest Condor said:

How much is your monthly maintenance fees? Any other hidden cost? How much you spent to furnish your condo?

Monthly maintenance fee is $220. What u mean other hidden cost? Reno is ard $53k

[nip_fun]

13 minutes ago, Guest Condor said:

2+1 means got study room? 

Yes. Thats the meaning when ppl say +1

[Guest guest]

2 hours ago, Guest Condor said:

Saw ad. Woodleigh residences. 2Br. Cash 51k and monthly payment from 2.3k. 

 

Is it good to buy? Can rent out 1 room.

Woodleigh residences? Is this the new condo project? 2 bedder monthly payment from $2.3? I think should be much higher than this since the average price at least $1m for 2 bedder for this condo. Need to fork out 51k cash? That's all? No others downpayment?

[Guest guest]

2 hours ago, nip_fun said:

Location wise and pricing based on what u have provided is consider reasonable. However the sq ft for 2 bedder is very small. I recently purchase a resale condo (non town area) , 1060sq ft (2+1)at ard the same monthly installments as u. Best part is it’s near mrt too. 

So good lobang? Which area?

[Guest guest]

2 hours ago, Firday said:

 

if your rental can match up with monthy payment 2.3k - why not.

but if one room rental - i doubt u can fetch up so high - if 1.3k rental - i feel also tough for you too.

 

consider about it afterall is your money and choice of lifestyle.

 

 

If the monthly payment needs to depend fully on rental, i find too risky to buy in the first place. If no one wants to rent or rental amount drop, then how?

[benedict5856]

waste money to buy new condo nowadays. Pathetic size.

-Pathetic kitchen without service balcony (at times)

-Pathetic bedroom, some even can only put 1 single bed and NO study table

-Wasted walkway area that can be put to good use.

 

Get a old condo, landed or old hdb flat.

 

[nip_fun]

3 minutes ago, Guest guest said:

So good lobang? Which area?

Older flat has its value in a way. Im not a fan of the new BTO or condo. Sibei small. You are not getting the space that u r paying for. 

[nip_fun]

1 minute ago, benedict5856 said:

waste money to buy new condo nowadays. Pathetic size.

-Pathetic kitchen without service balcony (at times)

-Pathetic bedroom, some even can only put 1 single bed and NO study table

-Wasted walkway area that can be put to good use.

 

Get a old condo, landed or old hdb flat.

 

I agree on this

[nip_fun]

3 hours ago, Guest Condor said:

Saw ad. Woodleigh residences. 2Br. Cash 51k and monthly payment from 2.3k. 

 

Is it good to buy? Can rent out 1 room.

Hang on, 51k including BSD? Cannot be right on the fact that it is near town area. My total (option fee, exercise fee and BSD) is already 63k for a resale and non town area 

[benedict5856]

Just now, nip_fun said:

I agree on this

 

I am in renovation trade, seen too many condo, flat, etc, kaypo about their prices, etc, I really dunno why ppl wanna pay for such places. But if its like waterway point where condo is on top and mrt, etc, yes, it make senses.
And, if wanna buy, and yet can't afford to pay, dreaming of getting a tenant, that''s not a wise move. Good tenant, ok. Lousy tenant, unable get tenant, then how?

What is the purposes to buy the condo then?! just to have it and yet can''t afford and need to rent out? Why stressed yourself of all these.

PLUS, not all condo will make money after few years. THose era are over, dunno what will come back again.

 

[Guest guest]

1 minute ago, benedict5856 said:

waste money to buy new condo nowadays. Pathetic size.

-Pathetic kitchen without service balcony (at times)

-Pathetic bedroom, some even can only put 1 single bed and NO study table

-Wasted walkway area that can be put to good use.

 

Get a old condo, landed or old hdb flat.

 

Condo without a proper kitchen layout has been like this very quite long, esp for 1 or 2 bedder. If you want a better layout, have to get bigger condo like 3 bedder and above. For bed room size, usually condo has small size for common room.

 

Old condo usually don't have 1 bedder and limited 2 bedder unit, if people interested in buying. I think get an old condo better than old hdb, since old condo might have higher chance of enbloc than old hdb.

[Guest guest]

Just now, nip_fun said:

Hang on, 51k including BSD? Cannot be right on the fact that it is near town area. My total (option fee, exercise fee and BSD) is already 63k for a resale and non town area 

The $63k you are paying must be full cash or can use cpf? $63k is for roughly how much of a condo price?

[benedict5856]

Just now, Guest guest said:

Condo without a proper kitchen layout has been like this very quite long, esp for 1 or 2 bedder. If you want a better layout, have to get bigger condo like 3 bedder and above. For bed room size, usually condo has small size for common room.

 

Old condo usually don't have 1 bedder and limited 2 bedder unit, if people interested in buying. I think get an old condo better than old hdb, since old condo might have higher chance of enbloc than old hdb.

 

enbloc? like the Mandarin condo at East coast? where the enbloc fails??!?!

 

i was told, my hdb area might be enbloc. But i wished not to.

Its a hassle to move house and live in new flats without rubbish chute at the kitchen. I love my place so much. Very accessible by bus and mrt. Bus already got 18 surrounding my block. wanna gym, cross the road will be AF. what else i needed?!?!

 

[Guest guest]

8 minutes ago, benedict5856 said:

 

I am in renovation trade, seen too many condo, flat, etc, kaypo about their prices, etc, I really dunno why ppl wanna pay for such places. But if its like waterway point where condo is on top and mrt, etc, yes, it make senses.
And, if wanna buy, and yet can't afford to pay, dreaming of getting a tenant, that''s not a wise move. Good tenant, ok. Lousy tenant, unable get tenant, then how?

What is the purposes to buy the condo then?! just to have it and yet can''t afford and need to rent out? Why stressed yourself of all these.

PLUS, not all condo will make money after few years. THose era are over, dunno what will come back again.

 

Quite true, for resale condo for a 1 bedder, cheapest also need at least $600k plus or more for ulu location. If want a better location, need to pay average $800k. When you already spend $700k-800k buy in this condo, i wonder how much can you sell few years down the road? Esp the age of the condo also get older.

 

But many people ultimately goal is to own a condo, no matter 1 bedder or bigger, and no matter which location. This is how the trend now is. For married couples, even cannot buy condo, also must at least upgrade to EC first. So for gays, cannot buy EC, so no choice can only get condo which is more ex.

[Guest guest]

2 minutes ago, benedict5856 said:

 

enbloc? like the Mandarin condo at East coast? where the enbloc fails??!?!

 

i was told, my hdb area might be enbloc. But i wished not to.

Its a hassle to move house and live in new flats without rubbish chute at the kitchen. I love my place so much. Very accessible by bus and mrt. Bus already got 18 surrounding my block. wanna gym, cross the road will be AF. what else i needed?!?!

 

HDB enbloc usually would not move too far from your current flat location, so not too bad to move to a new house.