Buying a condo unit

[cococherry]

hi forummers,

need some advice on purchasing of condo and what to look for when purchasing a unit

im planning to purchase a condo now and would like to find out whether is below a good buy:
$680psf 2bedrm condo
East side
99 lease
top around 2013

thanks

 

[miloice]

accessibility to common amenities? schools, markets?
How many units are there in the condo? Judging from the pricing u indicating, seems to be the smaller one with minimum facilities and probably no security as well.

 

[powder]

BUY. it's similar psf to some of the EC units selling there...

 

[nichie]

ya..very cheap..about the same psf with Tampines DBSS Central 8...yours is new too...I thought all recent newly launched pte new condo project is selling above $800psf especially for those smaller units with even higher psf...where is the lobang huh...

 

[cococherry]

Yes milo, its accessible to sch, markets, with pool & security.

my apologies, its an ec.

 

[tomasulu]

what's your alternative if not buying this?

 

[cococherry]

tomasulu,
wait & wait for property prices to drop. man, its depressing when it comes to buying a home!

 

[yoongf]

Unlikely property prices will drop. At most is stagnant, or vol drop only.
It is in none of the stakeholders interest to see property prices drop.

Prices drop when ppl's holding power is weakened by rising interest rates or unemployment. With massive govt debt around the world, how likely will interest rates rise? There is so much foreign talent in Sg, how likely will unemployment hit the resident population?

 

[tomasulu]

Never say never. What goes up will come down. Anyone who claims to know better is ignorant of history. Having said that, you are frustrated of waiting and the ec psf is fairly reasonable. If you need a home you need it, why wait? If you do decide to wait, set a timeline so it's not indefinite. For me the better consideration is affordability. Can you afford to buy this and sustain the mortgage in the years to come? You won't lose money if you have holding power to ride out the next downturn.

 

[miloice]

There were so much FT in Dubai. Look at their property market today.

We are vunerable to the global markets.

 

[powder]

well, the price is below 700psf, which i personally feel is sustainable and Ok if u're buying to stay and make Home. for EC it feels high becos most of us here have seen the lower prices. i think The Flooring for housing prices have Definitely shifted up... so i take that opinion in mind when making decisions... otherwise if i choose to live in the past, i dun think i will ever buy anything.

coming down - yes of cos. it's the "by how much?" tat i would be thinking of. if i think come down by 100psf and i'm buying 1,300sqft place, then would i really wait for a place to be cheaper by 130k? end of the day it depends on your threshold.

from personal experience, if i waited for a place to drop by 130k and If i'm wrong and it doesn't... but instead goes up another 200k... then where would i be? it happened to me on quite a few places i was looking at... think sentosa... but i'm Ok becos those were more for investments than personal stay. If i was looking at own stay, then i would be screwed.

So, do think more in Your Own needs first. our opinions are all based on our current state... some of us have 1home liao, some staying pte condo and Still hold extra hdb flat, some are renting, some staying with parents... so our call and take on the market would be different.

Back to this one... EC 680psf sounds totally ok. there's pple who buy 29yr old marine parade Hdbs at 550-580psf.... and i'm talking abt Present transacting prices. so just explore your Need versus Want. Can Afford versus Prefer.

all our hard work and career decisions has to come to something...

 

[san20sg]

powder, that sounds very wise indeed.

 

[lucyreed]

Condos have an appeal that conventional homes lack, as they are often less expensive, never require landscaping and are often closer to urban locations than the suburbs. However, there are some condominium disadvantages a prospective buyer should know about. Source of article: Condominium drawbacks

 

[jennylau]

The prices of Singapore property market is :X

 

[uglydude]

Hope the price will go up further....just bought another condo recently...took a small 20% loan....would not like any of my properties prices to drop....