Property Advice On Buying / Selling (Compiled)

[Guest gorgeous]

Wow, you make a good income per month. What is the nature of your profession?

Hello orginator of this topic:- I havent got the chance to read all the email trail:-

a) U worked for 5 years ? how much savings u got for downpayment - say $1 mil - that worked to be 20% down payment `S$200k ;o)

b) Say u not going to touch or sell your current hdb flat which belongs to your parents - good boy

c) God Bless - these days , jobs are not forever. 40plus is prime and most vulnerable.

d) whats wrong with staying in hdb

e) have u seen children playing in private condos- as noisy as as public pool. , that doesnt stop children from knocking onto you.

f) Work out your sums- properly

g) dont over commit

h) stay simple and healthy

i) dont think your parents will be happy to see u struggle to meet these finanical burden,

etc... I have more to say but ... above good enough

I am only gorgoeous

[Guest si bei gorgeous]

Hello orginator of this topic:- I havent got the chance to read all the email trail:-

a) U worked for 5 years ? how much savings u got for downpayment - say $1 mil - that worked to be 20% down payment `S$200k ;o)

b) Say u not going to touch or sell your current hdb flat which belongs to your parents - good boy

c) God Bless - these days , jobs are not forever. 40plus is prime and most vulnerable.

d) whats wrong with staying in hdb

e) have u seen children playing in private condos- as noisy as as public pool. , that doesnt stop children from knocking onto you.

f) Work out your sums- properly

g) dont over commit

h) stay simple and healthy

i) dont think your parents will be happy to see u struggle to meet these finanical burden,

etc... I have more to say but ... above good enough

I am only gorgoeous

i am si bei gorgeous , many levels up the gorgeous status =P

anyway... 75% of singaporeans are struggling with a hdb le.... wat for buy a condo?

[Guest gorgeous]

i am si bei gorgeous , many levels up the gorgeous status =P

anyway... 75% of singaporeans are struggling with a hdb le.... wat for buy a condo?

Hello si bei gorgeous, you win ;o)

Yes - i agree with you under statement :-

There are many hdb dwellers and struggling to meet ends ;o)

Merely gorgeous here

[WeiHan]

Hi,

There is a one stop service available for your problem. Dennis Ng will calculate the amount of loan that you will be able to secure from a bank using the information you provide him and he will find the most suitable bank loan packages for you saving you the trouble having to go to each banks and ask yourselves. All these are free services. He only get commission from the banks for the customers that he provides.

http://www.housingloansg.com/web/

[lucwind78]

I'm just curious!!!

How much a person must earn to afford a condo?

What are the calculations like?

Can someone advise?

[Guest Guest]

I'm just curious!!!

How much a person must earn to afford a condo?

What are the calculations like?

Can someone advise?

Err..........after so many postings you still ask this question hor - it shows that you never learn anything from whatever you read (if you read). Don't just ask questions blindly - read, think, then ask.

In the first place, your question is too general. There are so many types of condo ranging from $500k to a few million, how to give you an answer to HOW MUCH a person must earn. $500k condo can earn less, $2mil condo must earn more loh............

[WeiHan]

As I have said, go to Dennis Ng's company in the above link and find out what you can afford.

Basically, you need to find out how much loan you can obtain from a bank first. This is the first step. And you won't know until you find out. You need to provide your pay slips for the past few months and financial conditions, then Dennis you find out from the banks for you. Then you need to calculate how much from the CPF and cash that you have to come out with. Then viola! you will know what the price of property you can afford assuming you retain your job.

[WeiHan]

Let me add another important point.

After you do your calculation and set your mind to buy a property, before going out to search for one, obtain a temporary bank loan approval. Ask Dennis about it. This is to ensure that you secure your loan first before you make your downpayment in case you see a property that you like so much. Or else, there is one case, if you place your down payment and the bank is unable to give you the bank loan, your down payment will be forfeited. This happens to people often.

Edited March 19, 2010 by WeiHan

[Guest cw30]

please seek proper advise from the domain expert , as what WeiHan had mentioned,

[Guest Michael]

Hi all,

I'm wondering if anyone can tell me where can I download sample of property buying and selling contract? I've tried google and searched through results but to no avail. I'd pretty much appreciate your help if anyone of you can point me to the right direction.

P.S : Kindly note that I'm not currently in Singapore. So any suggestion of taking a trip to local government office or shop would not be feasible.

Thanks in advance

[Sean]

Hi everyone!

My first post on BW -First and foremost,the only thing that appeals to me about staying in my condo is the 'security'factor .Other than that,nothing's worth mentioning except the panoramic view .Although I've never stayed in a flat before but as I walk my dog around Tanglin estate,I realised that certain flats such as Strathmore and Dawson are so clean and the environment's good as well!If I ever can settle my fear about not having strangers outside my units'and AVA allowing golden retriever in flats,I seriously won't mind getting one in future!

Edited May 12, 2010 by Sean

[superflawless]

i m currently staying in a 4 room with my parents - i m thinking of upgrading to a condo (hoping to have better lifestyle for my parents)

I know the adjective "better" is subjective.

It means different things to different people.

But speaking from my own experience, living in a condominium may not necessarily be a better choice.

Not taking into account whether the house is a free hold or lease hold, condominiums have council members.

They are there, supposedly, to take care of issues raised by owners.

But my personal experience is that, not only are they inapt, they are most often than not inefficient.

In addition, the maintenance fees can be a lot higher, depending on the number of units in that condominium.

The more units, the less you pay.

But the more units there, the more problematic it can be.

Like parking space and noise.

Many condo owners also do not stay at the units.

They prefer to rent them out, many times to expatriates from the West, India, China and the Philippines.

They so not share our values and may be a cultural shock to other Singaporeans.

For example, some renters further sublet their homes to others, sometimes without the permission of the landlords.

Late night noisy parties, drugs, prostitution can occur.

I am not saying that this doesn't happen at HDB but it's a lot less plausible.

If you are looking for investments, condos may the way to go.

But don't expect it to be "better".

A lot of the tenants and owners are just as ungracious.

And because you have such high expectations, you and your family might be in for a rude awakening.

Good luck!

[Sean]

I know the adjective "better" is subjective.

It means different things to different people.

But speaking from my own experience, living in a condominium may not necessarily be a better choice.

Not taking into account whether the house is a free hold or lease hold, condominiums have council members.

They are there, supposedly, to take care of issues raised by owners.

But my personal experience is that, not only are they inapt, they are most often than not inefficient.

In addition, the maintenance fees can be a lot higher, depending on the number of units in that condominium.

The more units, the less you pay.

But the more units there, the more problematic it can be.

Like parking space and noise.

Many condo owners also do not stay at the units.

They prefer to rent them out, many times to expatriates from the West, India, China and the Philippines.

They so not share our values and may be a cultural shock to other Singaporeans.

For example, some renters further sublet their homes to others, sometimes without the permission of the landlords.

Late night noisy parties, drugs, prostitution can occur.

I am not saying that this doesn't happen at HDB but it's a lot less plausible.

If you are looking for investments, condos may the way to go.

But don't expect it to be "better".

A lot of the tenants and owners are just as ungracious.

And because you have such high expectations, you and your family might be in for a rude awakening.

Good luck

[maturemedium]

Is it true that most gays likes to live in a condo ? A gay thing?

[Guest Poor kid next door]

Is it true that most gays likes to live in a condo ? A gay thing?

No, I am planning to sell my 3-room HDB and stay in HDB 2-room studio in future. I think the price is $80K (about there), than I used 30% of the profit to travel around the world and 70% to retire. Is anyone here thinking alike?

[Sean]

No, I am planning to sell my 3-room HDB and stay in HDB 2-room studio in future. I think the price is $80K (about there), than I used 30% of the profit to travel around the world and 70% to retire. Is anyone here thinking alike?

I didn't know there are two room studio in Spore that one can own,sounds like you are those happy-go-lucky type'good for your future plan! Sometimes I wish I've lower expectations and demand from young...

[Guest Travis]

I didn't know there are two room studio in Spore that one can own,sounds like you are those happy-go-lucky type'good for your future plan! Sometimes I wish I've lower expectations and demand from young...

Sean > i juz chk yr profile.. i m disgusted! u r staying in a condo and drive a SLK! but u r only 29

u put many of the ppl her e to shame....

[Sean]

Sean > i juz chk yr profile.. i m disgusted! u r staying in a condo and drive a SLK! but u r only 29

u put many of the ppl her e to shame....

[/quot

Huh really?I'm 30 soon.. What should I say'hmm one should never compare and work towards our goal! Perhaps the route I've gone through is different from many...Good luck!

[Guest goondu]

Hope to hear your comments and discussion ... is there really a bubble and what's the risk of it bursting anytime soon?

[snowball]

my predict, storm is coming soon

[Guest goondu]

Many people have been predicting a "storm"? Is this really going to happen? What's the basis for such a prediction?

[Guest squatter]

Price increase over the past two years really quite ridiculous. Many walk up condos/apartments I've seen in the east are vacant, haven't been sold for the past two years yet prices can increase from 800psf to 1200psf.

[Guest Guest]

Price increase over the past two years really quite ridiculous. Many walk up condos/apartments I've seen in the east are vacant, haven't been sold for the past two years yet prices can increase from 800psf to 1200psf.

At the rate the prices are increasing, how many Singaporeans can afford private property? Very sad.

[Guest squatter]

At the rate the prices are increasing, how many Singaporeans can afford private property? Very sad.

Not many, and imagine having to be tied to the loan for 30 over years.

And no offense, but many PRCs are buying these properties like hot cakes, even if I get a unit, I would not want to be surrounded by them.

[Guest Guest]

Only business tycoons and top professionals like doctors and lawyers need apply. The rest of us can still dream on ...

[swimlife]

A lot of people are holding back on buying properties now in view of the US market crisis therefore local property prices are currently stable so this will be a good time to buy. Don't wait till everyone starts rushing in then prices will start to move up again.

There's a new project that I am currently marketing, yet to be launched - Private Condo SOHO units, nice location, very affordable for one and two bedroom type. Price range from $5xxK to $7xxK due to the huge discount given by developer. PM me if you are keen to have more information. My email : swimlife@live.com.sg.

Edited August 21, 2011 by swimlife

[swimlife]

A lot of people are holding back on buying properties now in view of the US market crisis therefore local property prices are currently stable so this will be a good time to buy. Don't wait till everyone starts rushing in then prices will start to move up again.

There's a new project that I am currently marketing, yet to be launched - Private Condo SOHO units, nice location, very affordable for one and two bedroom type. Price range from $5xxK to $7xxK due to the huge discount given by developer. PM me if you are keen to have more information. My email : swimlife@live.com.sg

Edited August 21, 2011 by swimlife

[Guest Guest]

A lot of people are holding back on buying properties now in view of the US market crisis therefore local property prices are currently stable so this will be a good time to buy. Don't wait till everyone starts rushing in then prices will start to move up again.

There's a new project that I am currently marketing, yet to be launched - Private Condo SOHO units, nice location, very affordable for one and two bedroom type. Price range from $5xxK to $7xxK due to the huge discount given by developer. PM me if you are keen to have more information. My email : swimlife@live.com.sg

Should we wait a bit longer? Is it true that property bubble will burst soon and prices will crash.

[Guest passerby]

Haha, asking a salesman if you should buy his product.

[MobyDick]

A lot of people are holding back on buying properties now in view of the US market crisis therefore local property prices are currently stable so this will be a good time to buy. Don't wait till everyone starts rushing in then prices will start to move up again. There's a new project that I am currently marketing, yet to be launched - Private Condo SOHO units, nice location, very affordable for one and two bedroom type. Price range from $5xxK to $7xxK due to the huge discount given by developer. PM me if you are keen to have more information. My email : swimlife@live.com.sg.

$5xxK for <400sqft? Buy property if you are certain that you are able to pay the mortgage and survive should you be retrenched during a recession.

[Guest Guest]

when will property prices ever come down?

[Guest mervin]

when will property prices ever come down?

The fundamentals are sound and good in Singapore, our financial system is robust, banks are not overextended. Do you think prices will come down soon to a sane level.

I doubt so, will property developers allow their projects to be sold at a loss to them if you are thinking of a 40-50% price correction.

I doubt so too, Think of all the young people working as property agents, where will their fat commissions come from then.

Lastly, do you think our GOVT who have work and toiled so many donkey years to give Singapore a good solid foundation of infrastructure , and work ethic and financial system will allow the housing and property sector to have a market correction that will cause a lot of present home owners to have a negative equity when they have tied themselves to a 30 -35 year bank mortage , if their property is suddenly valued at less than what they purchase, let say a 30-40 % correction, and the cause of that correction is a global slowdown, banks will be in trouble too, people who lost their jobs and servicing a $1.5 million east coast box in the sky will default on their payments and we are talking hundreds to thousands of loan defaulters here, it will be a disaster, for Singapore as a whole.

Our global branding of Singapore as a Rock of Gibraltar of the South East Asia will be severely tarnished, it will not happen, and our Govt will not let it happen.

This is where our huge reserves ( assuming there is really one) will come in handy to back up our national assets.

People need to understand , it is our national interest to attract high spenders , to set up a home here, whether they come is as a investor or home owner, these high net worth people bring in their money, ties and family and expertise into Singapore, when they buy a $3 Million dollar property , it is money coming into Singapore.

Even when they sell, the next buyer brings in even more money , because the seller sells at a profit, the first buyer comes into singapore property market knowing he buys a well built product and will not topple over suddenly due to weak foundation piling, and the believe that his investment will appreciate in value after some time.These are reasons why anyone buys a property, You would want to buy a property knowing it will not appreciate in value right or stay stagnant, right. These are fundamentals of property investments.right.

As for Singaporeans, there are options for you, two singles buy one three room flat, Executive condominiums are nowdays built to very good standards, in fact I find that Executive condo are now more spacious and have a real full balcony that private developers find hard to squeeze in into their development unless it is priced at around $1.5 million price range. Executive condo are now hot and cool to own, if you qualify in the first place that is.

People who buy from HDB and Executive condo owners are getting a good deal , it is heavily subsidised. People expect a heavy subsidy because they are used to it already because when their parents bought it twenty years ago, it was good price and mentality expect must get subsidy.

But where is the subsidy gonna come from , where is our govt gonna come up with the money to subsidise HDb property each time a married couple buys a new hdb direct from HDB. think, the money has to come from somewhere right, it will not fall from the sky, it will not suddenly drop in front of your lap.

The money will need to come from somewhere, some where the govt can earn a revenue, think deeply....

the clues are there.

[koolkai]

I find it strange that even though there is some economy crisis, property prices do not come down. Don't you think the two should be closely linked?

[Tachyons]

All these government subsidies come from the taxes you and I pay dearly through our pockets ...

Anyway , there is never a " good " time to buy property because ultimately ... Can you afford the downpayment in cash and CPF and can you sustain the loan repayment for the next 30 , 40 years safely ??? Yes ... It may be cheaper to get HDB / EC over private property but the issue of loan still stands ..

[Guest guest]

I doubt there will be a big correction in Singapore as our fundalmentals are strong and the Govt have been keeping a close watch to keep prices controlled and market stable.

May be there will be some correction , the most is 5% to 10%, bu no one knows

[Spin]

Good time price going up?

Bad time price going down?

Who can predict what is going to happen next few months or years.

We can't predict because we are fortune teller.

Furthermore they is no right time or bad time to buy your property.

Win or lose at your own risk.

Hope for the best and make your own decision and don't blame anyone.

Edited August 22, 2011 by Spin

[Guest Property]

just would like to reply to the thread starter.

http://www.singapore...20to%202010.htm

Sing property Index is at all time high. I'm not a Prop Agent and merely a home owner.

Ask a few questions before you enter the market:

1.) If is for home stay, do you have enough fund for mortgage loan in next 12-24months without a job? if yes, go ahead. Otherwise, do your sum again. Interest rate is likely to stay low for next 12 - 18months. If you are building a nest with your love one and is affordable, waiting for another 1-2 years for the price to drop might not be a good plan.

2.) if is for investment, remember, location and location. is it a good place for rental, (don't just listen to PA, DO YOUR HOME WORK). Would the rental covers your mortgage loan after you forkout the initiate downpayment. If yes, I think you are quite healthy on your Financial planning.

Hope you have found your ideal property........... :thumb:

[swimlife]

$5xxK for <400sqft? Buy property if you are certain that you are able to pay the mortgage and survive should you be retrenched during a recession.

$5xxK is for 624 sq ft

Huge discount for now ... this is preview pricing.... Project will be launching soon!

PM me if you are keen to find out more.

My email ---> swimlife@live.com.sg

[Guest Ironrod]

Don't need to think, just look at HK for trend and "advice" - SG is moving towards to becoming like HK

HDB prices may change here and there but private housing will be always more or less there.

If you need a place a stay there is never good or bad times, just buy and stay till u die end of story.

But pls buy something you can afford never go beyond 62yo.

[Guest Practical mind]

Pesonally speaking, I think people should consider buying a property if they have at least $3mil in their bank account. Life is too stressful to invest in any depreciating leased asset. In this day and age, Cash is power.

[Guest Ironrod]

Pesonally speaking, I think people should consider buying a property if they have at least $3mil in their bank account. Life is too stressful to invest in any depreciating leased asset. In this day and age, Cash is power.

I disagree with guest.

1) House is NEVER a DEPRECIATING LEASED ASSET - do u even know what THAT means?

2) Cash is useless as bank interest rate is SO LOW these days.

Finally, make hay when the sun still shine - now u don't buy house when you old sleep in airport?

House could be the only asset anybody can own this life time.

[thorzguy]

Buy a house (be it a HDB or GCB) is always good.

Everyone needs a roof over their head. As long as the property is what TS likes and within your financial means, then maybe it's good to buy. There is no best time to buy. NOBODY can guarantee anything. Of course, you may choose to do some homework before purchasing.

Good luck!

[Guest aloysious]

my boyfriend is persuading me to buy together with him a new condo in newton.

while some of my banker friends have advised me not do purchase now, some have encourage me to go ahead and buy before prices goes up again in a couple of months.

i don't think i can trust the real estate agents, but i think i can trust the bankers.

anybody have make any purchase recently?

[Guest Waiting]

Real estate agents juz want their commission. You shld follow the advise fr the bankers. With the current situation in Europe n big brother "china is not helping. I suggest you wait n see. I'm doing tat nw too... Last week, straits times reported that more pte property will be releasing tis quarter n early next quarter n if thrs any economic downturn, I'm sure prices will dip too...I believe you shld read up on ur own n see hw the economy worldwide is doing. As it does affect us in a way too. Our PM oso project a lower growth too...

[Guest jason242]

Hi, Which condo you are referring to? I do not agree that prices will come down anytime soon. Even it doesn't goes up, prices should stay where they are now as the developers have all paid premiums for existing land they are holding now.

This is due to the long run of the boom the past few years, they have been buying higher then before.

If all the developers have bought high and won't sell low, prices will not drop. Even market is quiet.

In lieu of this, i have know many who are still silently buying every now and then.

I have just given a cheque to my agent for a new condo at newton also. Many people sold off in 2010 thinking real estate prices will dip. but it continue the long run for another year more. Singapore is a very unique market of its own, i will say.

Foreigners from other countries bringing in their monies, the relaxation for citizenship and PRs, and many who have cash out from stock market, will push our real estate prices further. but i am sure it won't be a mad rush like last time.

so, buy when you feel its good. but not wait to buy and regret.

Cheers.

Jason Loke

[changthai]

Actually I have the same predicament too....global economy outlook doesnt look promising either. Perhaps, invest overseas?

[Guest Ironrod]

There are numerous reasons why property has being hot despite of down spiraling economy trend happening around the world.

Stock market has being pretty unstable and a lot of investors has refocus their investments into commodity and properties.

Therefore, how this affects normal people like you and me?

The rule is

1) Buy what u can afford - make sure you can survive even if u have to keep the property for 10-20 years

2) Get a lawyer to draft the portion share between you and whom ever u sharing with [relationship and money should be dealt separately]

3) Make sure the place have at least 2 rooms so if u and him have to sleep separately - it can happen.

[Guest aloysious]

Thanks for all the advise and thoughts.

We have got our lawyer to draft out the sharing part.

Have decided to go ahead with the purchase as we really like the location and we think the price is rather attractive to us.

Have Lunch with a Private Banker today and he have advised us to go ahead too.

Waiting for the agent to collect the cheque now. i am so excited!!

[Guest mickey mouse]

for own stay, please think twice if its mickey mouse unit.. those 2bdrms below 700sq ft/1br below 500 sq ft are not liveable !! 3yrs later when u first open the door, u will be utterly disappointed/regretted...

[Guest aloysious]

Yes, we bought a 603sqft unit. Price is about $1.24m. We consider the fact thats its freehold and its so near to Orchard Road. we dont think we can get anything with this pricing at this location. Furthermore, we dont really cook much at home and more like a love nest for us. The very big units of course is better, but it will end up with over a $2m price tag, which we cant afford now. By the way, the condo name is Suites @ Newton. anyone has place interest there now also ?