hi, i belive the balloting system is 1st come 1st serve and also depend on the area. if you talk abt the hot areas, of coz, during the 1st day, there will be many ppl applying for it.
and also if you can't get a 3rm from HDB due to ceiling cap, get it from open mkt. look for a agent and tell him/her what you want and hw much budget you hv and that look for a unit that require minimum renovation so that you will not be burden with heavy loans. the agent will try his/her best to look for you if they want to earn your commission.
the govt encourages us to stay WITH our parents, not near them. near them is boh bian if our parents' hse is too small and already too many ppl living there.
bargain your ways with the owner when you visit their unit and let them think it over. do not agree anything on the spot unless they are willing to give in to your budget or 0 cash top-up. but if they hv renovated their hse, they are bound to ask for some cash, so hv to be prepared. and maybe you can loan from banks on personal loan basis, or from relatives. call the different banks up and check with them if they hv such loans, what are the interest rate, hw many years of repayment and how much to pay per month, and of coz their requirements.
if you are able to hv an income above S$3k for both, a calculation will help.
eg. base on the lowest income, say S$1,200, x 6times of salary = S$7,200 loan
may hv to top up with your savings abit in this case if ppl asking for S$12k - S$16k cash for a 3rm flat. and also you guz can borrow from a few banks but do keep in mind how much you can afford to pay back per month base on your income. ask the bank personnels to calculate for you.
but do remember, this amt is for a renovated unit that is at matured estate central area. if you want a lower cash topup, can go for more ulu areas. last time, at tampines end, the owner will to forgo S$5k cash for a 5rm unit! but i decline the unit coz the previous owner had the wall of MBR and bedrm1 knock down to become a very big MBR which i dun want.
let's say S$7.2k x 25%per annum (im using a high interest rate so that we can hv abit of buffer here) = S$9,000
if 3 years repayment period = S$9,000 / 3 years (36mths) = S$250 per month
you guz shld be able to make the loan repayment.
S$9k is a decent amt that can also do a simple reno for a 3rm flat already.
and also remmebr, these type of flats can bargain for lower cash or 0 cash:
- no lift, must walk up if its those 4sty old flat
- at lower flr
- no facilities within 2km
- abit far out places
places with higher cash:
- mature estate
- blks with facilities
prices of flat are quite stable in Spore i shld say. those great fluctation in prices are those condos, pte hses. those hdb units that sell exceptionally high prices are only a few cases, less than 5 in 10 years? coz i dun find that alot.
and its these houses prices that are reported in the newspaper and give ppl an impression that all flats or most flats can fetch that kind of price.
so the prices are not that far fetch. btw, hdb dun really earn that much from our S$10 lah. juz imagine they hv to cum out outfront loans, cash etc. to build the flats, do landscaping etc first and we are repaying slowly to them, say from 10years to 25years (normal for us unless we are rich where we can pay within 3years!)
we are considered vy lucky that the govt think and plan for us. make employers give cpf to us, make us contribute cpf if we are working and allow us to pay mthly after we so-called 'bought' a flat.
in HK, the average ppl hv to hold 2 jobs in order to pay for housing. and if let's say the unit cost $200k, they hv to pay everything in full in cash, no instalment. and they dun hv cpf for to fall on also.
and also in order to minimize all spendings, hv less loans, buy what you need only, don't buy a car and drive.
less loans include those hire-purchase, instalment type also which apply to furniture and electrical household. trust me, me and hb were extremely frugal during those years and try to save as hard as possible.
