A Place for Singles

ys, blue chip is good to buy when the mkt crashes..so i hope will have more crash, so can buy at cheaper rate

no, last night was pretty tired.never watch.but epl starting..its soccer season again..haha
 


Wahahahah.. Diana..
ur hb so cute ah.. so he is gg to walk ard with the remote hanging on his neck ah.. kekeke..

Siao eh,
u shd have seen last nite game man! Edwin was way cool ah!! to defend off all 3 goals man!
 
diana,
kekek.. ya lor.. guys are liddat one lah.. but ask u ah.. u still can watch ch u on ur normal tv ah... coz i thot ch u taken over by scv liao.. not too sure abt that...

Siao..
he chow chow also got experienced lah.. kekek.. but that nani was a joke who slipped & fell when 1st contact with ball.... whaha..
 
Hey guys any property guru here? Anyone can speculate how long will property prices be up? And what are the things to look out for when buying a resale old old landed property? Is 800k for a 1600sqft 2 storey pre war house a good price? Condition below average. Advices advices!!
 
me not a pty guru here...but wat i can give are as below...;

1) no one can predict the future..anything can happen..but generally sing economy is v solid n with IR coming up few yrs time, pty prices wont be crashing so soon..

2) any kinda investment must be within ur ability.dun over loan n get urself in trouble if the mkt turn south..

3) must know how long is the lease period of the pty, how long ur loan can strethc, the potential surrounding development, for living or for investment etc..

4) scout for prices of similar pty ard the area n have a guide to it
 
I'm in kinda in a dilemma now, if i buy this property, i'll be stretching myself to the max..... spend every single of my last cent both CPF and cash. And possibly need to loan abit of $$ for the downpayment too. But right now i'm living on my on and renting, and rentals are about the same if not more then what i would pay if i am paying monthly installments. So far it's the cheapest in the area for the similar type of prop(marine parade). It's free hold but strata deed. The surrounding houses which are renovated and in a much better state cost 900k to 1.+mil. I'm definitely sure i can DONG the monthly. But it's the initial deposit that is going to be a huge strain and leave me with $0.00

Do u think it's a silly move to make. I heard that if you loan from bank and if the price drop, you'll be asked to pay up the diff. For eg, u buy at 800k and it drops to 500k, you will be asked to top up the difference in ur loan amount immediately?
 
well u can get the answers from my advice liao..look at pt 2..are u overloaning for the pty??..if its purely for living, den lagi not worth it..n if so, y not look for a cheaper place like the HBD??..y must be 2 storey landed pty??..

as for the loan part...no, its based on the amt u loan from the bank n not subjected to pty price movements
 
Yah ah siao all along i tot it's according to the amt loaned to u from bank... but heard from a friend apparently if the property price falls below bank's value.... have to top up... If market suddenly crash.... i will LL ler. Not just staying lah, was thinking of using it for work too. My bf is very ON about it. But to him is, take first then think.... to me is i want to sort out my finances before taking the plunge. Cos it's a HUGE HUGE decision. If i safe another 2 years, i may be able to afford it better. But dont' know in 2 years will there be such a good buy or not... or if property goes further up...
 
take 1st think later is the best way to kill urself..buying pty is not like buying any cheap item..u need to work out ur fin really well if not u be in deep shit if mkt move southwards..whether mkt will go up or down really no one will know..but wat i know is do not over loan...me more kiasi type..prefer to play safe
 
The bank guy said "Don't worry lah, although the bank CAN do it, they won't do it one. Unless you have a bad credit history." He had me at "CAN do it"
 
Hey Mozz, I think there is more upside to the property market, but going in when you may not be financially ready can be suicidal.
You never know when you may need the spare cash and dumping every cent into property is putting your eggs all into one basket. If the price drops, you may have to top up the difference in bank's valuation/market value. I understand that these days, banks are prepared to give high valuation. I have spoken with 3 agents. I asked them about valuation of certain property I've seen. They said no problems with valuation. The bank will give whatever amount we need for valuation. It's that scary.
 
I agree absolutely with Ah Siao. Banks just want to earn money. If they can get $ today, and take advantage of the market downturn, why would they want to wait till many years later? Commercial decision.
 
I think you should consider affordability at the point of purchase of property - cash savings vs. income stream. Amount of loan to be taken vs. bank interest. I had thought of buying property in today's market, but decided after discussing with hb, to wait for a couple of years. We run the risk that property increases further, but at least, we would have accumulated much more savings than we have today and we probably know how big our family will be and where we should be staying.
 
there's always the trade off bt buying now or later n trying to predict the future mkt..as i said, no one can really predict wat will happen in the future..just gotta ask urself whether u can afford it even if there's a downturn or do u really need it now..
 
If possible, just wait out for a few years, Mozz. Unless you are certain you are okay with taking up x amount of bank loan, then proceed. Go in with your eyes wide open. Know that these days, jobs are not secure. Even if jobs are secure, you cannot be certain that you will always enjoy your present job which continues to pay y amount to pay down your x amoutn of bank loan. It is sad enough to pay lots of interest to banks.. it is even sadder to feel "forced" to continue working in a job which you dislike to pay the bank interest...for a home which you may not eventually need - 1600 sq ft is huge for 2 people. Do you guys intend to get married and have kids? If you do, would the environment be conducive for bringing up kids? convenient for kids to attend pre-school/childcare? Near primary schools? Near to ILs/parents' places? These were all considerations hb and I had.
 
Also, if you have private property in your name, you can't buy new HDB flat... that's one consideration. If you plan to buy another proprerty, it will also ahve to be private property. FO rthis reason, most pple with combined income less than $8k, buy HDB flat for 1st property. Some buy executive condo if combined income less than $10k.
 
ys i know he wont revise the income ceiling..cos many pple aksed b4..but seriously looking at current situation, combine 8K isnt much..as pple now married later cos of better career, its pretty easy for grad couples w 5-8 working experience to have tat combine income..n asking them to go for pte might just be too expensive..hence kinda stuck in middle
 
Yup. considering most people have financial obligations towards aging parents and they tend to come from smaller families (average 2 child families these days), it is not easy.

Buying property really makes us, young singaporeans, continue working till the day we die.
 
tat's y i say they should consider uping the ceiling now..when was the 8K ceiling being in placed?..n how much our salary has increased??..
 
I think the Govt has an interest in having us continue working till the day we die.

We have CPF contributions. Govt hangs on to the $ for national reserves until we turn 55... then they talk about increasing the withdrawal age... the rest, until 62, maybe even longer.

Also, we continue working, Govt gets revenue in the form of taxes.

There is less social unrest if we stay gainfully employed. No one to create trouble.

Govt promotes extended family togetherness... put in place childcare facilities and give rebates on maid levy for families with young kids. All these convince mothers to continue working...
 
in summary, the govt doesnt wan singapore to be a welfare state..the reserve the govt had is not to give out freely for pple who dun have $$...we need to earn our own living n take care of ourselves in old age..
 
We can complain until the cows come home, but things won't change. We can either buy resale HDB flat with less loan or private property with high loan. If we don't like, then we migrate before we buy property.
 
though i dun approve some of the policies, the new cpf policy is quite a gd one..last time pple can withdraw one shot..end up wat happen?..those ah pek kanna cheated by prc gals...
 
hahaha! I feel there is a good and bad side to every policy. Withdrawal in one short without proper planning/education will result in loss of $ for some. Now, periodic payouts after age 62 may cause some pple to say that planning for major expenses is impossible for them. Can't please everyone.
 
for lower income pple, there're less educated n with such a large sum of $$ on hand, anything stupid can happen...periodic payout is good cos it force u to plan properly..dun say kanna cheated..if u usually eat mixed vege rice, dun tell me one shot CPF u everyday eat shark fin meh??
 
Got house to live in, we complain too expensive...no house to live in, we complain government not treating us well enough...

Not easy to be Singapore Government...
Anyway, I don't believe in burdening myself with a hefty house loan just to have a roof over my head, I spent more time in my office than home......and 1600 sqft is really TOO BIG for a couple lah...crazy ah...what you two planning to do inside a house that size? Flip sommersaults?
 
After much tot and discussion, we decided to wait save another 2 years before buying. At least by then we can pay for down payment and still have savings left. I didn't know about the buy Private leow cannot buy HDB rule. Thanks for the information, that was very helpful. We decided to get a HDB first and maybe rent out, earn abit of $$ from there to fund our future private prop, that would be a much better way i guess. But we're not married yet, so maybe have to wait till i'm 35 before i can buy my own HDB.
 

Hi Mozz, if you own private, you cannot buy new HDB flat or resale with first timers' grant. But I know if you first buy HDB flat, and you stay there for 5 or 10 years or fully pay up loan, you can buy private property.

If you plan to rent out, do check with HDB regulations. There is something which says you must stay there for x number of years before you can rent out whole flat. I think there is no restrictions to renting out a room.
 
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