Property Advice On Buying / Selling (Compiled)

[kal]

With that >2000psf, my fren bought another freehold condo walking distance to Novena Sq with much lesser psf lor.. TOP soon somemore. pvt me if u need more info..

[Guest Be Careful]

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!!

Seriously, I wonder if going into such an arrangement is adviseable.

I had experienced the painful break-up of gay couples who had bought hdb flats under the joint-singles scheme (can both use CPF), and also one gay couple who jointly bought a private condo (cannot use CPF).

The breaking up part was easy, but the logistics part of selling the property was hellish because one or both parties has no place to go after the place is sold, so it dragged on and on and on. Lots of crying, screaming and fighting. Very ugly.

TS, I sincerely hope you have thought through all of this. Especially the financial part because both of you will have to finance the place using strictly cash. I have heard of people bypassing the all cash condition by registering the apartment under one name. In this instance, supposedly A and B wanted to but a condo. They decide that the condo will be registered under B's name so that B can use his CPF to service part of the loan. A, meanwhile will just use cash to service his half part of the loan.

However, the property and loan is only in B's name. A, is virtually invisible and in all sense and purpose has no claim to the property. In this scenario, imagine if they broke up acrimoniously, and B decide to claim that the property is his only.

Buying a property is a major major decision in one's life. Be very very careful how you decide to do it.

[Guest Kendall]

To buy or not to buy? Property market in Spore is propped up by foreigners. As long as one has confidence that Spore will continue to be a global city (that means less interference from those locals whom cannot contribute economically but keep wanting to chase foreigners away), the long term prospects are good. Not many Sporeans understands that Spore property and S$ are good investment tools for appreciation in the long run.

So, the answer is more yes than no.

BUT, when one talks about sharing the property with a gay lover, the answer is then a BIG NO NO!! Only unwise sentimental fools will do that.

I need not explain, time will tell.

[Guest tomigi]

are you talking about the one at the corner of Surrey Rd? my friend also bought a unit there !!!

[Guest Guest]

To buy or not to buy? Property market in Spore is propped up by foreigners. As long as one has confidence that Spore will continue to be a global city (that means less interference from those locals whom cannot contribute economically but keep wanting to chase foreigners away), the long term prospects are good. Not many Sporeans understands that Spore property and S$ are good investment tools for appreciation in the long run.

So, the answer is more yes than no.

BUT, when one talks about sharing the property with a gay lover, the answer is then a BIG NO NO!! Only unwise sentimental fools will do that.

I need not explain, time will tell.

Once foreigner leave as quickly as they came, you will be learning an expensive lesson that will last you a lifetime.Those speculative funds are very mobile.

Dont be fool by the current sales pitch in all the media.

[Guest Guest]

I feel so small ... you guys talk about buying condos as if you are buying fish and chicken in the market. I can hardly afford HDB flats. How do you guys earn so much money? Are you doctors, lawyers and bankers? Sigh ... condos? Maybe in my next life. I feel like crying.

[Guest joni]

why is everybody talking about this project?

[Guest Guest]

what is the minimum monthly salary for buying a decent non-mickey mouse type condo in a decent area?

[Guest Guest]

wish to check with housing agents here. i earn about 6K a month and has savings of around 50K. is a condo out of the way?

[Guest Guest]

CPF website has "Our First Home Calculator" at https://www.cpf.gov.sg/cpf_trans/ssl/financial_model/hac/step1.asp

[Guest Guest]

CPF website has "Our First Home Calculator" at https://www.cpf.gov....l/hac/step1.asp

very depressing after doing the calculations.

[Guest Kendall]

Once foreigner leave as quickly as they came, you will be learning an expensive lesson that will last you a lifetime.Those speculative funds are very mobile. Dont be fool by the current sales pitch in all the media.

People/Foreigners speculate wherever there is a room for for money to grow.

Spore indeed is a good place for rich people to park their money (or laundering), at the same time, Sing$ promises gentle appreciation against most currencies, depending on where the money comes from.

Prices of properties will fall, as seen in most cycles. I am not championing for anyone to go in now, but merely stating that properties in Spore is a good bet in the long term,

[Guest Kendall]

Once foreigner leave as quickly as they came, you will be learning an expensive lesson that will last you a lifetime.Those speculative funds are very mobile. Dont be fool by the current sales pitch in all the media.

People/Foreigners speculate wherever there is a room for for money to grow.

Spore indeed is a good place for rich people to park their money (or laundering), at the same time, Sing$ promises gentle appreciation against most currencies, depending on where the money comes from.

Prices of properties will fall, as seen in most cycles. I am not championing for anyone to go in now, but merely stating that properties in Spore is a good bet in the long term.

[Guest Guest]

the question is ... when will the property crash happen?

[exec_fetish]

Likely it will not be a crash. just a downward pressure on prices say 10-15% at most

[Guest Guest]

Likely it will not be a crash. just a downward pressure on prices say 10-15% at most

Not if the eurozone collapse and bring the whole world down with it.

[Lungker]

why is everybody talking about this project?

I think perhaps we have all been snooked by the TS. Perhaps another form of "guerilla marketing" by one of the salesman from the company selling the units from the project. :hat:

[thorzguy]

The ans is such:

Buy what you can afford, what you really need. Pointless to go buy in some posh residences, only to survive on biscuits daily, just to service the loan or buy somewhere so inaccessible if you are not driving.

Yes, no doubt everybody is hoping for the market to crash; question remains: when & why? IF it really crashes overnight, how many of us really dares to buy too, given the fact that we maybe worrying over our rice bowls?

Do your own research and talk to people (and I mean bankers, property agents, friends etc). There are always good/bad bankers & property agents around. Once you have all the facts, everything will be much clearer.

Edited November 7, 2011 by thorzguy

[Guest Guest]

The ans is such:

Buy what you can afford, what you really need. Pointless to go buy in some posh residences, only to survive on biscuits daily, just to service the loan or buy somewhere so inaccessible if you are not driving.

Yes, no doubt everybody is hoping for the market to crash; question remains: when & why? IF it really crashes overnight, how many of us really dares to buy too, given the fact that we maybe worrying over our rice bowls?

Do your own research and talk to people (and I mean bankers, property agents, friends etc). There are always good/bad bankers & property agents around. Once you have all the facts, everything will be much clearer.

a good way is to discuss in such forums and listen to different opinions. i don't trust bankers or property agents to act in my best interests.

[Guest Guest]

Will there be a huge property price correction or crash soon? With the world economy teetering on the brink of a major recession, is this a good time to buy or to wait? Any experts to give opinion?

[Guest prop discussion]

First amd foremost, i'm not property agent or banker. The discussion fundamentally base on experience and information.

Price affordability: as what the thorzguy mentioned, buy within your means. Especially, for those who jobs are sensitive to economic up and down turns. Workout a comfortable sum for the monthly mortgage. Donot depend on your agent or bankers as there are many personal need which they don't see. Someone mentioned here that they have a 50k cash and monthly income of $6k and wanted to buy a condo. My advice is the buyers should ask themselves 1. what is the downpayment, 2. what is the monthly mortgage, 3. what the purposes to buy; investment or self stay? But with only $50k, dont think you van buy aany condo yet.

Location: the rule of thumb is location, location and location. Some mentioned location is not important for self-stay. The question is 'when u want to sell for whatever reason? Can u fetch good price if the lcation is not attractive?'For investment,if u are going to rent it out, who're your target tenant s? Are these tenants going to be attracted by your prop? Why?

Search: is the price u going to pay for is reasonable? Find out in respective websites like URA transaction price, reports from prop websites (u might have to pay for it?

Agent: do u have a good agent or a passive agent who just waiting for your decision? Sometime, use a ex-colleague or friend who understand your needs and tastes can be helpful. However, monetary issues can be a problem if not handle wisely. Lay down the rules and commissions clearly right from the stat, do not assume the agents know everything.

New or existing market: depends on the economy and market, if u r buying for rental return,should u buy at a time when prop selling price with high rental or the other way?

There are many more reasons such as potential of the prop, convenient factors etc, prioritize it and solve it step by step..

[Guest condo lover]

But with only $50k, dont think you van buy aany condo yet.

Thanks for the tips! Can you give a rough guide to us newbies what is the minimum sum of cash we must have before we even think of buying the lower end condos at this time. Will 100k be enough?

[Guest Reply]

Thanks for the tips! Can you give a rough guide to us newbies what is the minimum sum of cash we must have before we even think of buying the lower end condos at this time. Will 100k be enough?

Before u ask again, here's the homework you have to do and questions u need to answer:

1. How old are you?

2. Which area you are targeting?

3. How big is the condo u targeting?

4. How many people will be staying?

5. Are you paying alOne?

6. How much backup cash you have if u out of job in the next few months?

7. If u r paying for car mortgage now, how much you have left for the prop mortgage?

8. Renovation cost? Buying resale and new has different budget for renovation.

--> although age doesn't determine whether which housing estate you should be staying, it determine the no. of yrs you can borrow and amount of interest you have to pay.....

Happy searching.

[Guest Guest]

Use the calculator at the CPF website to find out what you can afford.

[Guest silliman]

I think at the end of the day, buy what can you can really afford.

Location is really a important factor in terms of investment.

Whether for own stay or only for investments on capital gain/rental returns plays a important part.

As a banker, i witness people buying like nobody business, while others have totally halt their money flow.

There is no right and wrong.

Suites @ Newton, Lincoln Suites, L'viv , etc all are rather similar.

I feel if you have a extra few hundred grand in your bank account, i will rather buy a property , then leave it in FD.

[Guest Property guru]

You are nuts to buy a 600 sq ft mouse size apt for $1.2 M!

And for the above supposedly banker, well I think you are a fake. You can't even write proper English and you dare to announce you are a banker?

This thread is just a stupid advertisement for the mickey mouse size apartment that is probably not selling well.

Be careful next year when the Chinese property market crash, and Greece followed by Italy default on their trillion Euros loan, you will see this mickey mouse apartment drop to $600K.

:twisted:

[Guest Guest]

You are nuts to buy a 600 sq ft mouse size apt for $1.2 M! And for the above supposedly banker, well I think you are a fake. You can't even write proper English and you dare to announce you are a banker? This thread is just a stupid advertisement for the mickey mouse size apartment that is probably not selling well. Be careful next year when the Chinese property market crash, and Greece followed by Italy default on their trillion Euros loan, you will see this mickey mouse apartment drop to $600K. :twisted:

Yes that's what we are all most afraid of but seems to be coming true from all the bad news that's greeting us every day. If europe falls and drags the whole world down, that will have a tremendous impact on property prices. Better to wait and see what going to happens now.

Btw, i found nothing wrong with the banker's Emglish. Maybe my English not that good either.

[totoro69]

First amd foremost, i'm not property agent or banker. The discussion fundamentally base on experience and information. Price affordability: as what the thorzguy mentioned, buy within your means. Especially, for those who jobs are sensitive to economic up and down turns. Workout a comfortable sum for the monthly mortgage. Donot depend on your agent or bankers as there are many personal need which they don't see. Someone mentioned here that they have a 50k cash and monthly income of $6k and wanted to buy a condo. My advice is the buyers should ask themselves 1. what is the downpayment, 2. what is the monthly mortgage, 3. what the purposes to buy; investment or self stay? But with only $50k, dont think you van buy aany condo yet. Location: the rule of thumb is location, location and location. Some mentioned location is not important for self-stay. The question is 'when u want to sell for whatever reason? Can u fetch good price if the lcation is not attractive?'For investment,if u are going to rent it out, who're your target tenant s? Are these tenants going to be attracted by your prop? Why? Search: is the price u going to pay for is reasonable? Find out in respective websites like URA transaction price, reports from prop websites (u might have to pay for it? Agent: do u have a good agent or a passive agent who just waiting for your decision? Sometime, use a ex-colleague or friend who understand your needs and tastes can be helpful. However, monetary issues can be a problem if not handle wisely. Lay down the rules and commissions clearly right from the stat, do not assume the agents know everything. New or existing market: depends on the economy and market, if u r buying for rental return,should u buy at a time when prop selling price with high rental or the other way? There are many more reasons such as potential of the prop, convenient factors etc, prioritize it and solve it step by step..

pls dun throw eggs at me when i tell all of you that i am a property agent... heehee

prop discussion stated the necessary factors when one purchase a unit. do expand his factors in greater details. what i learn from being an agent is one who purchase needs to do a lot of homework first before diving in.

like what he said -- happy searching!!!

[Guest Guest]

pls dun throw eggs at me when i tell all of you that i am a property agent... heehee

prop discussion stated the necessary factors when one purchase a unit. do expand his factors in greater details. what i learn from being an agent is one who purchase needs to do a lot of homework first before diving in.

like what he said -- happy searching!!!

hi mr property agent, so is this a good time to buy?

[Guest Guest]

I'm not a property expert but Europe debt crisis is scaring the shit out of me, so I've decided to maintain cash rather than make any investments this period.

[Guest Guest]

I'm not a property expert but Europe debt crisis is scaring the shit out of me, so I've decided to maintain cash rather than make any investments this period.

things are looking quite pessimistic.

[Guest curious_boi]

WHY BUY PHYSICAL PROPERTY? BUY PROPERTY STOCKS! Property stocks are trading at 50% discount off their net assets value! Its not like property owners in Singapore will sell you their property at 50% off the market price!

[Scala]

Hi, First I must declare I am an Real Estate Agent here.

I like to clear the air here, yes, agent earn their income by commission but when come to advising their client - we do also try our best to advice our clients appropriately when to buy or sell their property- no points buffing our way to get their client to buy in the wrong timing, we aso looking into their financing. Buying a property is always along terms investments. Property is never losing if you have the holding power. If the clients want to buy a short terms investment I would rather advice them not to buy at this point of time. 2012 has predicted by property expert is going strong, but this period is good buy if you have the holding power as mentioned early. Agent now controlled by the CEA - so not to worry anymore you are protected by them.Scala

[Guest Guest]

2012 has predicted by property expert is going strong, but this period is good buy if you have the holding power as mentioned early. Agent now controlled by the CEA - so not to worry anymore you are protected by them.Scala

are you sure? with the kind of crisis in europe and world financial crisis, property can still be going strong in 2012? how is that possible?

[abang]

Not trying to be a jealous gossip monger here...

As much as PM LEE is trying his best to calm our nerves, 2012 isnt going to be rosy.

The region depends on China and if China's economy is falling off the roof,

orders from factories are declining, there is ab-solutely no way that we can see a better 2012.

Hold your horses.. what if you are retrenched and you are forced to cut back...

The banks are not going to be friendly... your entire savings may be swipe off ....

Remember the difficult period in 1984-1987, 1997, 2007-2008?

In 1997, only Asia was affected.

Now, looks like only France and Germany are doing well.

The 3rd largest economy in the Eurozone. Italy's outlook aint that good either.

And it could escalate into another world recession....

[Guest silliman]

You are nuts to buy a 600 sq ft mouse size apt for $1.2 M!

And for the above supposedly banker, well I think you are a fake. You can't even write proper English and you dare to announce you are a banker?

This thread is just a stupid advertisement for the mickey mouse size apartment that is probably not selling well.

Be careful next year when the Chinese property market crash, and Greece followed by Italy default on their trillion Euros loan, you will see this mickey mouse apartment drop to $600K.

:twisted:

Mr Smartie, can you give an example of a property that have drop by half of its purchase price? And i don't think there is any problem with my English and my Job as a banker have nothing to do with my English Standard. All of us here have freedom to express our view here, and if you think we are idiots, skip this thread. What $1.2m with a 10-20% of risk to play with ? I bet you must have not seen much. Continue to leave in your well.

[123ZZZ]

everyone is entitled to their own opinion, only matters is the person with the money buying the condo

if can afford then proceed to buy

nobody can 100 percent accurately read the market

wanted to buy condo in 2007, 2008 crisis came and was adviced to wait for big drop

yes it did drop by 10 to 15 percent and then bounced back by 100 percent till today's prices

whatever it is, if can afford and like place very much, buy it!

good luck and best wishes

[Guest prop discussion]

For new 1st time property buyer, my opinion is always purchase a HDB first (there is a age limit). Also, income and commitments have to be taken when buying property. Don't depend on any non-fixed income by assuming u can or will getting e.g. money u gain from stock market, or one off business deal.

Few colleagues who heed my advices to purchase private property in 2007 are now enjoying the 'fruit' by selling the 2nd property off.of course, if u r ask me if I would purchase another property now with the current unstable political and economics situations , my take is i would only purchase if there is a good bargain or highly potential property. Having said that, if I'm millionires and have lots of money to spare. I would purchase another high-end property for investmemt.

If I'm working class, few hundred thousands are quite a big sum of money, not only more homework need to be done but the best is to have backup plan or have two persons supporting the property.

If you are or not an agent, just give a fair shares of your experience or information. If u r an agent, would u buy any property now? I guess u will also be selective,. So why not u tell us how to be selective and make some profit from the current unknown market....

[Guest pink investor]

every one are saying economic sentiment is no good, US and Europe economic situation are still very uncertain !!!

let's think it over again, if there is a good bargain - just buy (of course, based on individual affordability, do the right calculation, choose location wisely) -- don't wait !!! (if economy is GOOD - do u think those developer will sell at this kind of $ psf)

[tampguy]

12 November 2011 (Last Sat), CDL has launched the new condo project - THE PALETTE in this 3rd parcel of land in pasir ris grove - 1st being Livia and 2nd being NV Residences! The responses are very good especially the 2 bedded units.... I went for the ballots and before my name was called for selection, one stack of 2 bedded units were fully taken up!

Generally, CDL is a big developer and they have the power to hold during the bad times and will not reduce the price (for example: Livia project)

Livia was considered to be priced 'quite high' during the bad times and it just got TOP recently and today, Livia buyers made a big gain for this project!

this recent project 'The Palette' was priced higher than Livia and NV Residenes in terms of per sq ft. Everyone anticipate that the Palette has room for price increase when CDL launch their 4th and 5th plot of land and the price will be up!

this project is within the walking distance to Pasir Ris MRT station and the PSF for a 2 bedded unit is about $970 +/- depending on the facing of the unit. in comparison with the coming launch condo in bedok reservoir and bedok central, the PSF for a 2 bedded unit can easily hit $1400 to $1600

like some of them said as above, no one can predict accurately when is the right time to buy the property - one thing for sure is the price will definitely continue to go up in long terms!

buy based on your affordability and obtain the bank's loan approval in principle for the quantum that you are intending to commit for a project few days before the project launch.

try to buy a unit which is a premium stack (good facing) for a better capital appreciation though they are the expensive stack among the whole project.

the above is merely my opinion so do not 'bomb' at me if i am wrong! i am not promoting this project too but used this as a form of discussion as the above are the opinion i gathered for this project ...

Edited November 13, 2011 by tampguy

[Guest ken]

Since gays can't buy HDB flats until they are 35, guess we have no choice but to consider condo if can't live with parents due to some reasons.

Can any housing agent here advise what is the minimum cash sum needed to buy condo?

I'm 28 this year and have about 30K savings. Wish to know how much more $$ to save up before I have my own sweet home?

Will condo price continue to shoot up faster than I can earn $$? My monthly salary now about 3K.

Or is a condo beyond my reach and i should stop daydreaming?

Sad to hear some people say that condos are out of reach even for uni grads nowadays.

Only reserved for elites like doctors, lawyers and bankers.

[Guest faynic]

From what I see, 30k savings with monthly salary 3k is a bit little for a condo.

Don't just get 1 condo & in the end all your monthly salary is used to pay for the installements.

[mango_juice]

i think what people say is half true.. it is indeed quite out of reach at this age and income which is similar to me..

for a basic condo lets say 900k if u can manage to find one at this price these days.. 10% cash is 90k.. 30k is indeed not enough.. So save for a few more years like what I'm trying to..

after the 10% it will be repayment every month for the rest of ur live so 3k mthly income might look abit taxing here.. So strive to up up up the salary although it is almost not happening in this society... what if u lose ur job? U will need even more savings to cover...

[Guest Guest]

Sigh ... when will condo prices fall? Will it ever fall? Always hear people saying there will be a crash ... blah blah ... balloon burst blah blah ... coming soon due to global economic woes but why is it still not happening?

[art49]

You should hope they keep a steady pace. Singapore is strong because of great leaders. No handouts - work, work, work

[Guest Guest]

You should hope they keep a steady pace. Singapore is strong because of great leaders. No handouts - work, work, work

some work, work, work until die ... still haven't finish paying for house.

[mango_juice]

some work, work, work until die ... still haven't finish paying for house.

But I think th practice here is.. If u die.. The house is considered fully paid..? No need to pay anymore and ur family have the house..

[Guest ok]

Since gays can't buy HDB flats until they are 35, guess we have no choice but to consider condo if can't live with parents due to some reasons.

Can any housing agent here advise what is the minimum cash sum needed to buy condo?

I'm 28 this year and have about 30K savings. Wish to know how much more $$ to save up before I have my own sweet home?

Will condo price continue to shoot up faster than I can earn $$? My monthly salary now about 3K.

Or is a condo beyond my reach and i should stop daydreaming?

Sad to hear some people say that condos are out of reach even for uni grads nowadays.

Only reserved for elites like doctors, lawyers and bankers.

Yes. U should stop dreaming. At the age of 28 and u r seeking a blanket answer where can be found in internet or advices from banks.

A BTO unit from HDB IS ALREADY 200-300k for a 3 Rm flat. 300- 400+k for a 4 rm flat and so on.

Earning 3k/mth and 30k on hand. Face the reality. Is beyond your reach or maybe you should change to a different job that can make 150k a year.

There is another topic here about single buying directly from HDB. U should consider that option from my opinion.

[gstc82]

If your salary is abt 3k, u shd be able to afford a 3rm hdb flat with relative ease. If u have abt 60 to 70k in cpf, grAnt at 15k n your flat is abt 300k. With. Hdb loan at interest of fixed 2.6%, u need to top up abt $200 cash a month. Rent out a rm to help u ease the burden if u like.its possible.

[Guest Guest]

If your salary is abt 3k, u shd be able to afford a 3rm hdb flat with relative ease. If u have abt 60 to 70k in cpf, grAnt at 15k n your flat is abt 300k. With. Hdb loan at interest of fixed 2.6%, u need to top up abt $200 cash a month. Rent out a rm to help u ease the burden if u like.its possible.

But 28 year old is too young to buy HDB flat. Either wait til 35 or buy condo.