View Full Version : Should I forfeit my 25% of my 5% deposit? Just receiving my Sales and Purchase.
LaFiestaOwner
29-06-13, 07:24
Will this cooling measure affect me? I am 1st time buyer but no loan. Looking for a place and bought this condo that is under construction. So no fixed rate :doh: I can still back out as I have not signed the sales and purchase agreement. I already did not chase "expensive" projects like J Gateway. So no choice, look for cheaper one but must be near MRT as COE so expensive and I have kids. Now that government implement this, I may have to lose my deposit. :beats-me-man: Any other as unlucky as me?
Will this cooling measure affect me? I am 1st time buyer but no loan. Looking for a place and bought this condo that is under construction. So no fixed rate :doh: I can still back out as I have not signed the sales and purchase agreement. I already did not chase "expensive" projects like J Gateway. So no choice, look for cheaper one but must be near MRT as COE so expensive and I have kids. Now that government implement this, I may have to lose my deposit. :beats-me-man: Any other as unlucky as me?
are you saying you are over 60% income for your monthly repayments?? If it is your only property and first time buyer, how you can finance over 60% of your income into the housing loan? you don't have to pay CPF, eat meh?
Or are you just worried the price will fall after this CM?
Will this cooling measure affect me? I am 1st time buyer but no loan. Looking for a place and bought this condo that is under construction. So no fixed rate :doh: I can still back out as I have not signed the sales and purchase agreement. I already did not chase "expensive" projects like J Gateway. So no choice, look for cheaper one but must be near MRT as COE so expensive and I have kids. Now that government implement this, I may have to lose my deposit. :beats-me-man: Any other as unlucky as me?
Sounds like subsale. I will continue with the purchase if I like the location for self stay.
LaFiestaOwner
29-06-13, 07:42
are you saying you are over 60% income for your monthly repayments?? If it is your only property and first time buyer, how you can finance over 60% of your income into the housing loan? you don't have to pay CPF, eat meh?
Or are you just worried the price will fall after this CM?
I am thinking the developer may cut the price more than my deposit lost. No, I don't think I am over 60%. Having a nightmare to decide sign or don't sign because what if new measures are introduced again? I am trying to get a home. The assumption is that for all 20 over years, I won't be sacked, my pay will rise, etc. We are not the super rich people who buy 2 or 3 properties but I guess when I die, the only thing I have is my house. I saw an advert for a Toa Payoh HDB flat, $900000. Condo same price, which one? Logical right? I need a roof to stay right? I can't be renting and renting. Then one day landlord don't like or raise rent, I need to shift my kids from school again.
Since u buying for own stay, why bother about the latest cm?
For the past 7 CM, did the price drop very much or rise?
I am thinking the developer may cut the price more than my deposit lost. No, I don't think I am over 60%. Having a nightmare to decide sign or don't sign because what if new measures are introduced again? I am trying to get a home. The assumption is that for all 20 over years, I won't be sacked, my pay will rise, etc. We are not the super rich people who buy 2 or 3 properties but I guess when I die, the only thing I have is my house. I saw an advert for a Toa Payoh HDB flat, $900000. Condo same price, which one? Logical right? I need a roof to stay right? I can't be renting and renting. Then one day landlord don't like or raise rent, I need to shift my kids from school again.
ok understood.
Sorry I don't have advice to you except it is a bad position to be in now.
Frankly, that is why I feel big property swings inherently is bad for the country.
Some people makes tons of money at the expense of a big group of first time buyers. Makes the wealth distribution totally skewed. Some people will make it big time for guessing right, others will commit suicide for guessing wrong, while others will spend their lives paying for their only mortgage bought at the peak (nobody knows when is the peak...)
Just looked at the people who bought in 1997. They spent the past 15 year paying of their mortgages while younger people who entered in 2000 bought a much bigger place with a smaller loan.
There isn't really a good answer to your dilemma
Nothing to worry since you already bought and can handle the mortgage.
Just make sure you get the loan before any income shock eg. Pay cut.
Since u buying for own stay, why bother about the latest cm?
For the past 7 CM, did the price drop very much or rise?
errr... you encouraging him to hold or quit?
Logically, if the run up is long, the eventual crash will be more stunning.
I feel that the risk goes up for every CM introduced that failed.
The government is trying to tell you the price is too high like 2 years ago...
LaFiestaOwner
29-06-13, 07:53
ok understood.
Sorry I don't have advice to you except it is a bad position to be in now.
Frankly, that is why I feel big property swings inherently is bad for the country.
Some people makes tons of money at the expense of a big group of first time buyers. Makes the wealth distribution totally skewed. Some people will make it big time for guessing right, others will commit suicide for guessing wrong, while others will spend their lives paying for their only mortgage bought at the peak (nobody knows when is the peak...).
Actually, I did my homework already. Around there, this is one of the most decent condo around and the price is reasonable... Sorry, no offence to people who bought Jewel as there's really nothing at Jewel area and same price. And also the punggol area where same psf and rooms type go up to $1500 for punggol (at least what the agents advertised.). This one more decent as around $1220 psf (Ya, very expensive but it keeps going up.) I am married with kids, wait and wait and wait. But hor, i am not the super rich and loads of cash. I can lose my job. I may be left with no job, can't pay. Of course, if my work is super stable, no office politics etc, don't say.
HDB close to 1 million, Condo same price. So buy condo. So either way if I bought either one, I also die as repayment scheme also there. So I wait lor.. 1 to 7 cooling measure. Never drop much...Sigh...
if you do not have a roof over your head and you are buying one for the first time, AND you are comfortable meeting your bank repayments for at least 3-5 years forward, then you should just buy and don't worry so much:banghead: :banghead: :banghead:
errr... you encouraging him to hold or quit?
Logically, if the run up is long, the eventual crash will be more stunning.
I feel that the risk goes up for every CM introduced that failed.
The government is trying to tell you the price is too high like 2 years ago...
he is buying for own stay, still need a roof whether crash or bull run.
the correct way to analyze this position is that if you buy a new place (live in)and your monthly repayment (over X years) is about the same as the rent you are paying, you should buy it.
This is because you incur the same risks if you rent a place and lose your job - you will be homeless anyways.
The only risk is there could be triggers in the loan clause where the bank will force you to top up in case the value of the house falls below X. so you need to read the fine print. But usually banks are cooperative once that happens because it becomes a lose-lose situation for both you and the bank.
And even then most banks offer some kind of insurance on this so you can call and check up on them
Anyways good luck and don't worry too much unless you really feel that your job is at risk. And you should consider moving to Iskandar if living costs are really a concern :banghead: :banghead: :banghead:
LaFiestaOwner
29-06-13, 08:10
Nothing to worry since you already bought and can handle the mortgage.
Just make sure you get the loan before any income shock eg. Pay cut.
I heard if property price drop, they will ask u to top up money right? I am worried about that. I have worked with my wife, based on "current" situation before the cooling measure came in. Sigh, finally find a suitable place and then go and knock my head on the wall. The rich gets richer and the middle class gets poorer and poorer. :banghead:
Anyways good luck and don't worry too much unless you really feel that your job is at risk. And you should consider moving to Iskandar if living costs are really a concern :banghead: :banghead: :banghead:
Kids should be schooling, so it is difficult to shift overseas.
LaFiestaOwner
29-06-13, 08:15
Kids should be schooling, so it is difficult to shift overseas.
Yes. Kids still cooling. And to be fair, I know got a lot of people bash our government, I think Singapore is decent enough to stay in. Can't imagine jam on 2nd link and pay toll everytime in and out.
I heard if property price drop, they will ask u to top up money right? I am worried about that. I have worked with my wife, based on "current" situation before the cooling measure came in. Sigh, finally find a suitable place and then go and knock my head on the wall. The rich gets richer and the middle class gets poorer and poorer. :banghead:
for first time buyer like u buying for own stay, nothing has changed.
if u are thinking of selling everything now and wait for prices to drop and then buy in, i say u are taking an even bigger risk. Pty is not shares where u can just 'short' it.
I heard if property price drop, they will ask u to top up money right? I am worried about that. I have worked with my wife, based on "current" situation before the cooling measure came in. Sigh, finally find a suitable place and then go and knock my head on the wall. The rich gets richer and the middle class gets poorer and poorer. :banghead:
Don't need worry la, I nver get ask to top up in 1998...even though I owning near a 1 mil condo and earning only 3.5k.....steady la....in fact I am holding a hdb too at that time...I remember nid to go into my special account for monthly instalment for a few hundred dollars during the great retrenchment period......nothing to worry since u only have one roof....I have kids, I understand ur concern..
LaFiestaOwner
29-06-13, 08:18
for first time buyer like u buying for own stay, nothing has changed.
if u are thinking of selling everything now and wait for prices to drop and then buy in, i say u are taking an even bigger risk. Pty is not shares where u can just 'short' it.
Agree. So I guess the only thing I can do is short property shares when market opens on Monday. I wait very long but when I finally take the plunge, new policy comes in. Just wondering those super expensive one like Sky habitat, will they drop to same price. Should I wait? :spliff2:
LaFiestaOwner
29-06-13, 08:20
Don't need worry la, I nver get ask to top up in 1998...even though I owning near a 1 mil condo and earning only 3.5k.....steady la....in fact I am holding a hdb too at that time...I remember nid to go into my special account for monthly instalment for a few hundred dollars during the great retrenchment period......nothing to worry since u only have one roof....I have kids, I understand ur concern..
That's good to hear Henry. I dun have hdb, this is the only one I have. Can't believe Toa Payoh also going at $900000 for a resale. Totally speechless.
Yes. Kids still cooling. And to be fair, I know got a lot of people bash our government, I think Singapore is decent enough to stay in. Can't imagine jam on 2nd link and pay toll everytime in and out.
If you time your travel time to avoid the jam, you will be very surprised at the quality of life and savings you can accumulate. No joke. The only thing that is pulling a lot of people back is the schools for the children.
Agree. So I guess the only thing I can do is short property shares when market opens on Monday. I wait very long but when I finally take the plunge, new policy comes in. Just wondering those super expensive one like Sky habitat, will they drop to same price. Should I wait? :spliff2:
sky habitat has already started discounts, u dunno?
LaFiestaOwner
29-06-13, 08:25
If you time your travel time to avoid the jam, you will be very surprised at the quality of life and savings you can accumulate. No joke. The only thing that is pulling a lot of people back is the schools for the children.
Ok. No la, my kids are young. But you are right, if I am not married and no kids, I may do it.
LaFiestaOwner
29-06-13, 08:28
sky habitat has already started discounts, u dunno?
Nope. How low is it? Below 1 million also? I need at least a 2 rooms...:character0029:
Ok. No la, my kids are young. But you are right, if I am not married and no kids, I may do it.
Kids in Nan Chiau or aiming to get in ? :)
Agree. So I guess the only thing I can do is short property shares when market opens on Monday. I wait very long but when I finally take the plunge, new policy comes in. Just wondering those super expensive one like Sky habitat, will they drop to same price. Should I wait? :spliff2:
Capitaland will not reduce the price of sky Hab. too much, 1) developer is rich 2) mrt project 3) bishan area 4) another sister project bid at high price....... so I won't tink u will get the same price for sky after CM 8..... u may get a good deal from not so good location, like interlace, or others not so near mrt
LaFiestaOwner
29-06-13, 08:36
Kids in Nan Chiau or aiming to get in ? :)
Nope, no kids in Nan Chiau but thinking of. No la, the main reason is around Sengkang, punggol, buangkok, this project most affordable and most amenities around. Nan Chiau is a plus as within 1km. U know, some other projects also say Nan Chiau as nearby but if not within 1km, not counted right? Like I said, I go down towards Toa Payoh etc and I find ridiculous pricing and COV. So finally got a place but all these measures scare the hell out of me. If I have loads of cash and can pay off in full, i will not be scared. But I don't. I need a close to 30 yr loan.
I heard if property price drop, they will ask u to top up money right? I am worried about that. I have worked with my wife, based on "current" situation before the cooling measure came in. Sigh, finally find a suitable place and then go and knock my head on the wall. The rich gets richer and the middle class gets poorer and poorer. :banghead:
In theory yes. In practice if you can still service the monthly mortgage the bank most likely will leave you alone.
Will this cooling measure affect me? I am 1st time buyer but no loan. Looking for a place and bought this condo that is under construction. So no fixed rate :doh: I can still back out as I have not signed the sales and purchase agreement. I already did not chase "expensive" projects like J Gateway. So no choice, look for cheaper one but must be near MRT as COE so expensive and I have kids. Now that government implement this, I may have to lose my deposit. :beats-me-man: Any other as unlucky as me?
http://2media.nowpublic.net/images//7e/6e/7e6e1924afa0a31b0ac31ce10c0f604f.jpg
Doubtful of this new character
LaFiestaOwner
29-06-13, 08:44
In theory yes. In practice if you can still service the monthly mortgage the bank most likely will leave you alone.
Really appreciate the advice. 1st time buying and got hit straight away. I guess if I have signed the Snp already, I no choice. Now got choice, I have headache. Lose money and wait... Could end up wait forever since 2009 or go ahead and see more measures such that eventually if I lose my job, I will have to sell and end up renting.
Doubtful of this new character
Could be property agent, wealth consultant, property seminar speaker, magazine writer, reporter, or secret agent from the government.
LaFiestaOwner
29-06-13, 08:46
Could be property agent, wealth consultant, property seminar speaker, magazine writer, reporter, or secret agent from the government.
I wish. Too bad, i am not. Otherwise, i will not even state where I bought.
Really appreciate the advice. 1st time buying and got hit straight away. I guess if I have signed the Snp already, I no choice. Now got choice, I have headache. Lose money and wait... Could end up wait forever since 2009 or go ahead and see more measures such that eventually if I lose my job, I will have to sell and end up renting.
We could be really suay and get hit by falling grapes and die tomorrow. You never know.
If it lands in your hands and not on your head, just taste it and throw back if it is not your cup of tea.
Having an option is way better than having no options at all.
In short, one can never plan life that it absolutely throws no surprises at us ever.
Just make your decision based on facts today rather than what ifs.
LaFiestaOwner
29-06-13, 08:52
We could be really suay and get hit by falling grapes and die tomorrow. You never know.
If it lands in your hands and not on your head, just taste it and throw back if it is not your cup of tea.
Having an option is way better than having no options at all.
In short, one can never plan life that it absolutely throws no surprises at us ever.
Just make your decision based on facts today rather than what ifs.
:scared-1: True. true. Just makes the decision harder.
The situation now is to get rid of my HDB flat and settle for Mt Sinai.
The price for all properties will drop.
LaFiestaOwner
29-06-13, 08:57
The situation now is to get rid of my HDB flat and settle for Mt Sinai.
The price for all properties will drop.
Lol. I can't even afford J Gateway, let alone Mt Sinai. Beisdes, I need an MRT, food market around.
Lol. I can't even afford J Gateway, let alone Mt Sinai. Beisdes, I need an MRT, food market around.
Mt Sinai is near Ghim Moh Market, and next to the Holland drive market.
Mt Sinai has great school - Henry Park Primary.
Mt Sinai has extensive public transportation - internal route by SBS transit, and near to E-W line, and circle line.
Mt Sinai is very near to orchard, Hospital (NUH), university (NUS and SIMuni), Schools (SP and NP).
Mt Sinai has great scenary - serene and green community.
Mt Sinai is no mass condo, so you don't recieve mass condo behavior like Parc Oasis and Centris.
Mt Sinai condominiums is spacious, and non-compromising space.
and many more.
LaFiestaOwner
29-06-13, 09:10
Let me decide whether to sign or not. Will they ban me from buying any of their projects ever again if I don't sign this sales and purchase? Aiyo, heartache, 5 digit loss.
Could be property agent, wealth consultant, property seminar speaker, magazine writer, reporter, or secret agent from the government.
Judging by recent measures rolled out, K and S have implanted lots of IB here.
Let me decide whether to sign or not. Will they ban me from buying any of their projects ever again if I don't sign this sales and purchase? Aiyo, heartache, 5 digit loss.
If you don't buy Mt Sinai, you will have a lifetime loss compared to your measly five digit loss.
LaFiestaOwner
29-06-13, 09:15
Judging by recent measures rolled out, K and S have implanted lots of IB here.
It's ok if u don't believe.
It's ok if u don't believe.
Some reporters r known to rip out facts n figures from.this website.
LaFiestaOwner
29-06-13, 09:20
Some reporters r known to rip out facts n figures from.this website.
Ok. Sorry folks. I just joined the forum because now I have to make a hard decision. Lose 5 digits or wait for prices to dip.
ok understood.
Sorry I don't have advice to you except it is a bad position to be in now.
Frankly, that is why I feel big property swings inherently is bad for the country.
Some people makes tons of money at the expense of a big group of first time buyers. Makes the wealth distribution totally skewed. Some people will make it big time for guessing right, others will commit suicide for guessing wrong, while others will spend their lives paying for their only mortgage bought at the peak (nobody knows when is the peak...)
Just looked at the people who bought in 1997. They spent the past 15 year paying of their mortgages while younger people who entered in 2000 bought a much bigger place with a smaller loan.
There isn't really a good answer to your dilemma
Those who made tonnes of money are the g an d. Rest if any are just peanuts. It's just about who is the last one in the chain:D
Ok. Sorry folks. I just joined the forum because now I have to make a hard decision. Lose 5 digits or wait for prices to dip.
I do not think the CM is meant to crash the market, because too much will be at stake if market undergoes significant down-turn.
In early-June this year, MND Khaw BW had stated clearly the intention is to have "soft landing". That means stability, gradual price appreciation.
http://www.propertyguru.com.sg/property-management-news/2013/6/35912/govt-creating-soft-landing-for-housing-market
LaFiestaOwner
29-06-13, 09:36
I do not think the CM is meant to crash the market, because too much will be at stake if market undergoes significant down-turn.
In early-June this year, MND Khaw BW had stated clearly the intention is to have "soft landing". That means stability, gradual price appreciation.
http://www.propertyguru.com.sg/property-management-news/2013/6/35912/govt-creating-soft-landing-for-housing-market
Ok, hope so. But prices never really move much. I have been hunting and hunting. That's why I settled at Sengkang.
LaFiestaOwner
29-06-13, 09:40
If developer drops price per square feet by $30, I will save almost $30000.
Chillyred888
29-06-13, 09:44
If its for own stay I will just go ahead. But will not choose jurong lo
LaFiestaOwner
29-06-13, 09:47
If its for own stay I will just go ahead. But will not choose jurong lo
No, I chose Sengkang. J Gateway $1480 psf. too high. I can't afford.
Ok. Sorry folks. I just joined the forum because now I have to make a hard decision. Lose 5 digits or wait for prices to dip.
Hi
Why should you want to lose that 5 digits sum
To an average Joe like you and me..it means a lot of money
To share with you my 1st property purchase
Bought 1999 with 20years loan
During our stay we pared down the loan whenever we had enough savings
(For DBS that time was min 10K) and managed to clear our loan in 2011
Bought 2nd property in 2007 and is now collecting rental to pay the bank instalments
My point is just go ahead if it is for own stay and save along the way
as we do not know what comes tomorrow
If you continue to fret and worry you will never make that first move
I know how you are feeling right now because I felt the same way back in 1999
Will this cooling measure affect me? I am 1st time buyer but no loan. Looking for a place and bought this condo that is under construction. So no fixed rate :doh: I can still back out as I have not signed the sales and purchase agreement. I already did not chase "expensive" projects like J Gateway. So no choice, look for cheaper one but must be near MRT as COE so expensive and I have kids. Now that government implement this, I may have to lose my deposit. :beats-me-man: Any other as unlucky as me?
CMs are somewhat politically driven and they are meant to make buying private property harder. So my advice is if you can afford it, just buy because this is your first property and when the next cooling measures come, it will be even harder to buy.
LaFiestaOwner
29-06-13, 09:55
Hi
Why should you want to lose that 5 digits sum
To an average Joe like you and me..it means a lot of money
To share with you my 1st property purchase
Bought 1999 with 20years loan
During our stay we pared down the loan whenever we had enough savings
(For DBS that time was min 10K) and managed to clear our loan in 2011
Bought 2nd property in 2007 and is now collecting rental to pay the bank instalments
My point is just go ahead if it is for own stay and save along the way
as we do not know what comes tomorrow
If you continue to fret and worry you will never make that first move
I know how you are feeling right now because I felt the same way back in 1999
Thank you for your advice, because have to make such a difficult decision in such a short time, really put a lot of strain on us. And we are new to this.
If you are settling at Sengkang, I believe the HDB price at Sengkang is way below Toa Payoh $900K. It is not a fair comparison in the first place. Not to say you should hold or not hold, but this is a hard decision, and it is important to compare apple to apple to be objective.
Thank you for your advice, because have to make such a difficult decision in such a short time, really put a lot of strain on us. And we are new to this.
I tink u are more concern on the future condo price drop tat u can save next time, if u delay ur purchase now...well, is a choice u have to made, ...hahaha
La fiesta will take 2-3years to be ready. Since you are buying for own stay and currently renting, why not look for a resale and ready to move in unit?
After today measure, i am sure u will face lesser competitor(buyer) in the resale market.
It does not make any sense to compare 900k tpy flat with condo prices. You did not factor in the differences in location and the unit size.
LaFiestaOwner
29-06-13, 10:18
I tink u are more concern on the future condo price drop tat u can save next time, if u delay ur purchase now...well, is a choice u have to made, ...hahaha
Henry, partially. I scared in year 4 when i refinance, i cannot pay also.
LaFiestaOwner
29-06-13, 10:21
If you are settling at Sengkang, I believe the HDB price at Sengkang is way below Toa Payoh $900K. It is not a fair comparison in the first place. Not to say you should hold or not hold, but this is a hard decision, and it is important to compare apple to apple to be objective.
About $600000 odd in SengKang, a bit further away from mrt. Plus also cov.
Amber Woods
29-06-13, 10:42
I am thinking the developer may cut the price more than my deposit lost. No, I don't think I am over 60%. Having a nightmare to decide sign or don't sign because what if new measures are introduced again? I am trying to get a home. The assumption is that for all 20 over years, I won't be sacked, my pay will rise, etc. We are not the super rich people who buy 2 or 3 properties but I guess when I die, the only thing I have is my house. I saw an advert for a Toa Payoh HDB flat, $900000. Condo same price, which one? Logical right? I need a roof to stay right? I can't be renting and renting. Then one day landlord don't like or raise rent, I need to shift my kids from school again.
If I were you, I would not try to justify myself to buy a Condo by comparing one of the priciest flat in Toa Payoh with a asking of $900K. There are many 4/5 rm HDB flats in district 12, 13 and 14 near MRT stations selling for about $500k or less. HDB flat is as good as "freehold" as long as the government continue to enhance the country's infrastructures.
When property prices correct, your HDB flat is not likely to correct more than the private property flat you plan to buy. You will have opportunity to upgrade or invest with the money save from buying the private flat.
Henry, partially. I scared in year 4 when i refinance, i cannot pay also.
being kia si, when i buy, my biggest worry is also whether i can continue to afford the loan instalment in unforeseen circumstances.
but hor, since it is your first home,
if your household income <10000, bto should be a better choice
if your household income <12000, EC is more value for money
if your household income >12000, then a 900k unit do not look too unaffordable leh...
900k, 80% loan 720k, 30yrs tenure, household income 12k
if interest at 1.5%, instalment $2.5k/mth, debt service ratio 21%
if interest at 3.5% (since MAS say medium term is this) , instalment $3.2k/mth, debt service ratio 27% (still way below MAS's 60% limit mah)
:cool:
flagship74
29-06-13, 10:52
ts sound like yowean
hahaha..i think she is..:D
I heard if property price drop, they will ask u to top up money right? I am worried about that. I have worked with my wife, based on "current" situation before the cooling measure came in. Sigh, finally find a suitable place and then go and knock my head on the wall. The rich gets richer and the middle class gets poorer and poorer. :banghead:If price drop, not only u will be required to top up but at least the other thousands of home owners alike. Your purchase is not at the top end of the price range in this vicinity therefore you'll not be the first to hit. Having said that, banks seldom ask people to top up until last resort... Finally prices hardly dip these 4 years since 2009. Slow rise is not equal to drop in price. Don't worry...
Having said that, if no amount of assurance from forumers here can let you sleep well tonight, then probably you'll not enjoy your new purchase while waiting for TOP and renting. Always being anxious and worried will not be good for your health in the long run. As such, if you cannot overcome this anxiety and cannot sleep well, I suggest you go for a HDB EA resale. With the huge flat, do up a good reno will not cost you more than $750k. You can wait for 5 years and then swap to condo if you still want. Anyway you condo will still take 4 years to TOP so you are also waiting and waiting w/o staying in one. Get a resale HDB and enjoy first. 5 years later then re-consider your finances and make a decision that you can sleep well with. :cheers6:
one of the many reasons why fringe properties keep going up is because too many people waited for too long thinking that after X tightening cycles prices will drop. It didn't, or at least not noticeably. In fact each tightening cycle has made it even tougher for first time homeowners to buy.
Monthly rent = Mortgage payment rent + 1 year reserves (in case lose job) -> do it:banghead: :banghead: :banghead: :banghead:
Thank you for your advice, because have to make such a difficult decision in such a short time, really put a lot of strain on us. And we are new to this.
If you are waiting for the property market crash
which WILL happen but nobody knows when
It could be in 2 or 3 or 4 years time
Has the market peak ? Again nobody knows
Can you wait ?
Even if it crash tomorrow, will you go in and buy immediately ?
The answer is likely a BIG NO
Because you will still wait and wants to fish for the bottom (this is only human nature)
So ask yourself......How many years are you going to wait ?
By the time you Bought your 1st property
your child would have grown up
Will this cooling measure affect me? I am 1st time buyer but no loan. Looking for a place and bought this condo that is under construction. So no fixed rate :doh: I can still back out as I have not signed the sales and purchase agreement. I already did not chase "expensive" projects like J Gateway. So no choice, look for cheaper one but must be near MRT as COE so expensive and I have kids. Now that government implement this, I may have to lose my deposit. :beats-me-man: Any other as unlucky as me?
It is not easy to find a place that's within your budget, you and your wife agree on and also next to MRT (good for the kids to get around). If you give this up, there's no guarantee that you will find another such place. If it's for own stay, you have to look long term and not fret that prices might drop in the future. Because of the cycles, at some point in time, prices are likely to drop. But nobody knows when. The next round of CMs might make it even more difficult for you to buy.
hahaha..i think she is..:D
Hi Gentlemen...please rest assure I have zero association with thread starter.
I am still focusing on Mt Sinai.
flagship74
29-06-13, 11:43
why bother to explain if you r not?:beats-me-man: :D ;)
why bother to explain if you r not?:beats-me-man: :D ;)
I just hope all of you would continue to contribute to the thread starter concern and queries.
I believe he or she needs some form of assurances from experienced forummer to give their unbiased opinions and views.
I just hope all of you would continue to contribute to the thread starter concern and queries.
I believe he or she needs some form of assurances from experienced forummer to give their unbiased opinions and views.
since u came, he stop posting liao leh (maybe he is assured liao :D)
since u came, he stop posting liao leh (maybe he is assured liao :D)
Perhaps, he or she is already upset with the deposit loss.
I am aiming for Mt Sinai; north-east is too vulnerable to air pollution from Malaysia.
If developer drops price per square feet by $30, I will save almost $30000.
But you may not get the unit of your choice, right?
thomastansb
29-06-13, 12:54
I don't understand why you will have to lose your deposit. And I don't understand why you say you are unlucky.
The 60% DSR or MSR is in place for as long as I can remember. I always take loan from OCBC and UOB and the 60% rule applies since 2000s.
Secondly, the 30% haircut on rental etc is already there since 2000s as well. For rental, OCBC only take 70% of the rental with at least 6 months of tenancy remaining.
So I don't see any difference. It is not a cooling measure. The Government is just enforcing something that has already been done for so many years. Well, maybe there are some small finance companies that might be affected but if you are taking a loan from those big banks, there is absolutely no difference.
There are many people who choose to lose 1.25% during the previous CMs. Especially the 16% SSD one. But in the end, I am sure they repented (prices continue to go up). Then again, no one can predict the future so the choice is yours.
Will this cooling measure affect me? I am 1st time buyer but no loan. Looking for a place and bought this condo that is under construction. So no fixed rate :doh: I can still back out as I have not signed the sales and purchase agreement. I already did not chase "expensive" projects like J Gateway. So no choice, look for cheaper one but must be near MRT as COE so expensive and I have kids. Now that government implement this, I may have to lose my deposit. :beats-me-man: Any other as unlucky as me?
Mt Sinai is near Ghim Moh Market, and next to the Holland drive market.
Mt Sinai has great school - Henry Park Primary.
Mt Sinai has extensive public transportation - internal route by SBS transit, and near to E-W line, and circle line.
Mt Sinai is very near to orchard, Hospital (NUH), university (NUS and SIMuni), Schools (SP and NP).
Mt Sinai has great scenary - serene and green community.
Mt Sinai is no mass condo, so you don't recieve mass condo behavior like Parc Oasis and Centris.
Mt Sinai condominiums is spacious, and non-compromising space.
and many more.
Well done Yowe! You have convinced me to aim for Mt.Sinai as next target :D
Well done Yowe! You have convinced me to aim for Mt.Sinai as next target :D
Hi...Let me assure you. Mt Sinai will not disappoints you.
In 2006, with a job that will retire me in 7 yrs time (50yrs old) I brought a 2 Bedroom condo for SGD 535,000.
Reason for buying the condo, cheap.........
With all the mega infrastructure Singapore is building, the price of the property cannot be so cheap..........
In 2011, given the opportunity I brought another 3 Bedroom PH.
Reason for buying the condo, still cheap..........
All the major infrastructure already running, Gov. white paper, MS project, MRT project, most of the ...polis running etc.....
I try to buy another condo, this time given the game over card.
Reason for buying the condo, still cheap.......
Moral of the story, if you can buy with loan go ahead let the gov think for you whether you should or should not buy.
End of the game Total debt SGD 1,800,000, total assets in today valuation SGD 600,000 + SGD 1,550,000 + 1,305,800. Annual fixed income SGD 44,000.
Any Banker can still give me money to buy please sent me a msg, thanks.
http://upload.wikimedia.org/wikipedia/commons/thumb/f/f9/Chelyabinsk_meteor_trace_15-02-2013.jpg/800px-Chelyabinsk_meteor_trace_15-02-2013.jpg
http://simple.wikipedia.org/wiki/2013_Russian_meteor_event
The next visitor will paid all the property on Earth.
Don't worry, be Happy. Just do it.
Well done Yowe! You have convinced me to aim for Mt.Sinai as next target :D
I am sold too..... Mt sinai here we come
Will this cooling measure affect me? I am 1st time buyer but no loan. Looking for a place and bought this condo that is under construction. So no fixed rate :doh: I can still back out as I have not signed the sales and purchase agreement. I already did not chase "expensive" projects like J Gateway. So no choice, look for cheaper one but must be near MRT as COE so expensive and I have kids. Now that government implement this, I may have to lose my deposit. :beats-me-man: Any other as unlucky as me?
Bro -do you have a roof currently?
Upgrader - if you can wait, just wait
Homeowner - cannot wait, just buy
Bernanke stressed last week that the Fed still plans to keep its more traditional form of stimulus in place, as it will hold short-term interest rates near zero for quite some time. It's like "letting up a bit on the gas pedal as the car picks up speed," he said.
My 2 cents view : when interest starts going up in 2015 or 2016, and with more supply coming in, then it will be a buyer's market.
In the meantime, keep saving bullets.........
:scared-1: True. true. Just makes the decision harder.
Sign it and make it no choice of return. Work harder and smarter to sustain your goal....:D !
Pikachu1245
29-06-13, 14:00
being kia si, when i buy, my biggest worry is also whether i can continue to afford the loan instalment in unforeseen circumstances.
but hor, since it is your first home,
if your household income <10000, bto should be a better choice
if your household income <12000, EC is more value for money
if your household income >12000, then a 900k unit do not look too unaffordable leh...
900k, 80% loan 720k, 30yrs tenure, household income 12k
if interest at 1.5%, instalment $2.5k/mth, debt service ratio 21%
if interest at 3.5% (since MAS say medium term is this) , instalment $3.2k/mth, debt service ratio 27% (still way below MAS's 60% limit mah)
Thanks for the insightful analysis.
900k, 80% loan 720k, 30yrs tenure, household income 12k
Even if interest at 3.5% (since MAS say medium term is this) , instalment $3.2k/mth, debt service ratio 27% (still way below MAS's 60% limit mah)
is indeed very affordable.
Don't be surprise when La Fiesta and Jewel get sold out before the end of the year as many people can still afford and many people like mrt/mall to be opposite or beside their condos. :cool:
LaFiestaOwner
29-06-13, 14:02
If price drop, not only u will be required to top up but at least the other thousands of home owners alike. Your purchase is not at the top end of the price range in this vicinity therefore you'll not be the first to hit. Having said that, banks seldom ask people to top up until last resort... Finally prices hardly dip these 4 years since 2009. Slow rise is not equal to drop in price. Don't worry...
Having said that, if no amount of assurance from forumers here can let you sleep well tonight, then probably you'll not enjoy your new purchase while waiting for TOP and renting. Always being anxious and worried will not be good for your health in the long run. As such, if you cannot overcome this anxiety and cannot sleep well, I suggest you go for a HDB EA resale. With the huge flat, do up a good reno will not cost you more than $750k. You can wait for 5 years and then swap to condo if you still want. Anyway you condo will still take 4 years to TOP so you are also waiting and waiting w/o staying in one. Get a resale HDB and enjoy first. 5 years later then re-consider your finances and make a decision that you can sleep well with. :cheers6:
I thought really hard about it. The HDB also need to reno, anopther 50000, cov, another 50000. So it's about 150000 more for a condo and it will be new and not 5 years old. That's why I decided to go for it.
I thought really hard about it. The HDB also need to reno, anopther 50000, cov, another 50000. So it's about 150000 more for a condo and it will be new and not 5 years old. That's why I decided to go for it.
Hi...do you have any current property now?
If not, where do you bunk in now?
Could you share with us what's your household income?
LaFiestaOwner
29-06-13, 14:09
Thanks for the insightful analysis.
900k, 80% loan 720k, 30yrs tenure, household income 12k
Even if interest at 3.5% (since MAS say medium term is this) , instalment $3.2k/mth, debt service ratio 27% (still way below MAS's 60% limit mah)
is indeed very affordable.
Don't be surprise when La Fiesta and Jewel get sold out before the end of the year as many people can still afford and many people like mrt/mall to be opposite or beside their condos. :cool:
It's not that I bought La Fiesta and say Jewel is bad. I went in to have a look at both... Seriously, Jewel need to reduce price. Beside it is an LRT. (Not sheltered as compared to La Fiesta) Way way further down a 24hr kopitiam and ntuc. That's it leh. $1150 onwards psf. Other facilities can be reached by LRT, the agent told me... That's why I pick La Fiesta. Same price, better amenties, mall, mrt maybe because La Fiesta launch in Jan, so developer sell to me the remainder units cheaper. But i not fussy about which unit. Plus primary school Nan Chiau is 1km from La Fiesta.
Pikachu1245
29-06-13, 14:10
About $600000 odd in SengKang, a bit further away from mrt. Plus also cov.
If SengKang HDB 4-room resale is currently about $600000, then Woodlands and Yishun HDB 4-room resale will have very good upside as currently only about $450000. Moreover, the North will be one of the Hub soon. :D
If it's own stay n 1st prop n is way below the 60% obligation I don't see ways the worry. So wat go up 3xs or drop 20% u still need a place to stay. If ur 60% TDSR is base on 3.5% cal on interest rate it's ok.
No pt wonder if will go down or up. Place u stay is harder to consider as investment unless unwilling to downgrade.
It's not that I bought La Fiesta and say Jewel is bad. I went in to have a look at both... Seriously, Jewel need to reduce price. Beside it is an LRT. (Not sheltered as compared to La Fiesta) Way way further down a 24hr kopitiam and ntuc. That's it leh. $1150 onwards psf. Other facilities can be reached by LRT, the agent told me... That's why I pick La Fiesta. Same price, better amenties, mall, mrt maybe because La Fiesta launch in Jan, so developer sell to me the remainder units cheaper. But i not fussy about which unit. Plus primary school Nan Chiau is 1km from La Fiesta.
Hi...I was at Jewel showflat recently. I thought the one next to Jewel is MRT station instead.
Hi...do you have any current property now?
If not, where do you bunk in now?
Could you share with us what's your household income?
Wat do that matter to u? The guy already say below 60% TDSR Liao.
Long long time ago, there was a country with 300 million people call A and another with 1300 million call B.
A have a lot of food and toy and B can hardly feed it people.
B leader travel South and was surprise how rich they are and went back and tell his people," It doesn’t matter if a cat is black or white, so long as it catches mice." The South take 40 yrs to develop B take 20 yrs.
A start to print money and hope to get B into trouble, using the same trick he play with J and R. But B learn from J and R so instead of begin trick start to buy important assets instead of J buying a famous building in B.
B start to tell the world he is going to stop printing money, guess what the world believe he is going to do it???????????
LaFiestaOwner
29-06-13, 14:17
Hi...I was at Jewel showflat recently. I thought the one next to Jewel is MRT station instead.
Oh ya, sorry, both are MRT. La Fiesta is at Sengkang MRT and Jewel is at Buangkok MRT. My agent told me Jewel although less facilities but is one station nearer to Dhoby Ghaut, so price is justified. :doh:
LaFiestaOwner
29-06-13, 14:21
If it's own stay n 1st prop n is way below the 60% obligation I don't see ways the worry. So wat go up 3xs or drop 20% u still need a place to stay. If ur 60% TDSR is base on 3.5% cal on interest rate it's ok.
No pt wonder if will go down or up. Place u stay is harder to consider as investment unless unwilling to downgrade.
Ya, I also think i kancheong spider. Because so unlucky, just buy and then about to sign, this measure came in. I guess on everyone's mind is all of us work until we die to own a property. At this rate, my kids won't be able to buy a house in the future. But this is all I can do. Do you notice some people get scolded by boss, unreasonable stuff etc do not quit, they say no choice, they have lots of loans etc? I just started out but I already find property so expensive. Yes, I can go for a 30 or 40 yr unit but my son will have to start this vicious cycle to buy a property at a higher price in the future.
Oh ya, sorry, both are MRT. La Fiesta is at Sengkang MRT and Jewel is at Buangkok MRT. My agent told me Jewel although less facilities but is one station nearer to Dhoby Ghaut, so price is justified. :doh:
Alright. Anyway that area is concrete-jungle.
LaFiestaOwner
29-06-13, 14:25
Alright. Anyway that area is concrete-jungle.
True. I went to see the Kingsford Hillview Peak... The one advertised on TV..From $1290 psf onwards...:scared-1: Forested areas...
True. I went to see the Kingsford Hillview Peak... The one advertised on TV..From $1290 psf onwards...:scared-1: Forested areas...
Both Hillview and north-east area has limited upside.
Mt Sinai is still way to go.
Ya, I also think i kancheong spider. Because so unlucky, just buy and then about to sign, this measure came in. I guess on everyone's mind is all of us work until we die to own a property. At this rate, my kids won't be able to buy a house in the future. But this is all I can do. Do you notice some people get scolded by boss, unreasonable stuff etc do not quit, they say no choice, they have lots of loans etc? I just started out but I already find property so expensive. Yes, I can go for a 30 or 40 yr unit but my son will have to start this vicious cycle to buy a property at a higher price in the future.
Every generation have the same problem. Go ask ur parent times did they find their place expensive verses their income? When I started out I also feel the same . As times goes by and inflation invest the yrs things feel diff different.
How u feel Abt $100 20ys ago? N now? Fast forward 20ys u will look back n feel the same. That's my view. What the youth have today is time. Wait n wait 20ys later then action time have passed. N will have lesser time horizon.
Much said financial prudence are also important. But Kways remeber if u are young u might not have $ but time is on ur side.
LaFiestaOwner
29-06-13, 14:31
Tons of Condos at Hillview...But no MRT. I think that area gd for people who drive.
LaFiestaOwner
29-06-13, 14:35
Every generation have the same problem. Go ask ur parent times did they find their place expensive verses their income? When I started out I also feel the same . As times goes by and inflation invest the yrs things feel diff different.
How u feel Abt $100 20ys ago? N now? Fast forward 20ys u will look back n feel the same. That's my view. What the youth have today is time. Wait n wait 20ys later then action time have passed. N will have lesser time horizon.
Much said financial prudence are also important. But Kways remeber if u are young u might not have $ but time is on ur side.
Minority, very well said.
Pikachu1245
29-06-13, 14:36
In 2006, with a job that will retire me in 7 yrs time (50yrs old) I brought a 2 Bedroom condo for SGD 535,000.
Reason for buying the condo, cheap.........
With all the mega infrastructure Singapore is building, the price of the property cannot be so cheap..........
In 2011, given the opportunity I brought another 3 Bedroom PH.
Reason for buying the condo, still cheap..........
All the major infrastructure already running, Gov. white paper, MS project, MRT project, most of the ...polis running etc.....
I try to buy another condo, this time given the game over card.
Reason for buying the condo, still cheap.......
Moral of the story, if you can buy with loan go ahead let the gov think for you whether you should or should not buy.
End of the game Total debt SGD 1,800,000, total assets in today valuation SGD 600,000 + SGD 1,550,000 + 1,305,800. Annual fixed income SGD 44,000.
Any Banker can still give me money to buy please sent me a msg, thanks.
Wow , impressive. Can publish book on property investment oredi.......
What a role model...........:spliff:
LaFiestaOwner
29-06-13, 14:54
I don't understand why you will have to lose your deposit. And I don't understand why you say you are unlucky.
The 60% DSR or MSR is in place for as long as I can remember. I always take loan from OCBC and UOB and the 60% rule applies since 2000s.
Secondly, the 30% haircut on rental etc is already there since 2000s as well. For rental, OCBC only take 70% of the rental with at least 6 months of tenancy remaining.
So I don't see any difference. It is not a cooling measure. The Government is just enforcing something that has already been done for so many years. Well, maybe there are some small finance companies that might be affected but if you are taking a loan from those big banks, there is absolutely no difference.
There are many people who choose to lose 1.25% during the previous CMs. Especially the 16% SSD one. But in the end, I am sure they repented (prices continue to go up). Then again, no one can predict the future so the choice is yours.
OK. Breaking news yesterday was that it was a cooling measure. But today the headlines said differently.
phantom_opera
29-06-13, 15:00
shanghai and Hong Kong dragon heads, Sg dragon tail
repeat this 10x, if not because of ABSD half of j gateway buyer will be from dragon heads
........ (http://forums.condosingapore.com/showpost.php?p=410657&postcount=542)
Heng, I do the loan thing already. But I wonder 4 years after TOP, will the loan rate be good for us?
actually if u already signed the loan and not going to proceed with the s&p, then it may not just be the 25% of the 5% deposit liao...
u better check if the loan contract stated that u need to pay back 1.5% of the loan amt (900k x 80% loan x 1.5% = 10.8k penalty) ?
thomastansb
29-06-13, 15:14
Headlines aside, if you need the house, just buy it. Prices might drop as soon as 6 months or 3 years or even as long as 10 years. You won't know. How many 10 years does each person has?
OK. Breaking news yesterday was that it was a cooling measure. But today the headlines said differently.
Tons of Condos at Hillview...But no MRT. I think that area gd for people who drive.
Hillview peak is near hillview mrt, downtown line, ready in 2015....a pte place where y tan always criticise and yet he has zero and yet so snobbish!
LaFiestaOwner
29-06-13, 15:25
actually if u already signed the loan and not going to proceed with the s&p, then it may not just be the 25% of the 5% deposit liao...
u better check if the loan contract stated that u need to pay back 1.5% of the loan amt (900k x 80% loan x 1.5% = 10.8k penalty) ?
Oh oh... I havent sign offer yet. Almost. So many costs.
LaFiestaOwner
29-06-13, 15:27
Hillview peak is near hillview mrt, downtown line, ready in 2015....a pte place where y tan always criticise and yet he has zero and yet so snobbish!
Sorry, I am new to the forum. The good point about hillview peak is it is big and not as noisy as say J Gateway.The MRT station is down the Standard Chat way, I am not sure how close but I cannot afford it.
My advice is just buy and don't look back.
Wahbianoh, so many advisors still cannot decide,
My advice is take a good look at yourself in the mirror for one hour.
If you don't look like ah tan then buy. If you look same as Ah Tan then don't buy
Headlines aside, if you need the house, just buy it. Prices might drop as soon as 6 months or 3 years or even as long as 10 years. You won't know. How many 10 years does each person has?
Agree life is short. If can afford buy . But buy withins one means. No one can time property cycle.
Sorry, I am new to the forum. The good point about hillview peak is it is big and not as noisy as say J Gateway.The MRT station is down the Standard Chat way, I am not sure how close but I cannot afford it.
Don't have to say sorry, just feel free to give ur comments....J gateway is good buy!!👍
Sorry, I am new to the forum. The good point about hillview peak is it is big and not as noisy as say J Gateway.The MRT station is down the Standard Chat way, I am not sure how close but I cannot afford it.
Everyone like new houses visualized only in nice glossy prints and fancy adver. Including me. Some get the shock of life when it is built. Maybe u can consider resale houses that u can physically see and feel before committing this big purchase . New or old, a shelther over the head and warmth of a home is all it matters, not a expensive empty house.
A most simple gauge is this: Supposing you do not have any insurance coverage...
When you are admitted in hospital for a simple operation involving a few weeks' stay and visitors can visit you, do you prefer to go for private hospital premium A1 wards where you live like a king and pay through the roof? Or A1 Govt restructured hospital?
Or it does not matter to you? If can go for C class you will opt for C-class (8 bedders) and pay the most minimal amount possible? The operation and medicine we should assume its about the same.
Your answer to the above will determine what your best choice is since it is bought for own stay, not so much for investment. If you say B1 and above, just stick with your choice. B2 and below, HDB is a better choice. This is a rough gauge, but for own stay, you pay for what you get.
Investment is a different story altogether.
LaFiestaOwner
29-06-13, 16:49
A most simple gauge is this: Supposing you do not have any insurance coverage...
When you are admitted in hospital for a simple operation involving a few weeks' stay and visitors can visit you, do you prefer to go for private hospital premium A1 wards where you live like a king and pay through the roof? Or A1 Govt restructured hospital?
Or it does not matter to you? If can go for C class you will opt for C-class (8 bedders) and pay the most minimal amount possible? The operation and medicine we should assume its about the same.
Your answer to the above will determine what your best choice is since it is bought for own stay, not so much for investment. If you say B1 and above, just stick with your choice. B2 and below, HDB is a better choice. This is a rough gauge, but for own stay, you pay for what you get.
Investment is a different story altogether.
I agree... I think J Gateway is the A class one... True, for staying, one would want a little bit better. the issue I have now is I signed a deal that for the duration of my sickness, I must stay in their ward. However, within a week, they annouce that there are certain new measures and it will affect my staying experience. I am unsure what to do but they say if you cancel, 25% of your downpayment will be lost. I don't know whether with the new rules, an A class ward will be same price as a B class ward. So stuck.
I agree... I think J Gateway is the A class one... True, for staying, one would want a little bit better. the issue I have now is I signed a deal that for the duration of my sickness, I must stay in their ward. However, within a week, they annouce that there are certain new measures and it will affect my staying experience. I am unsure what to do but they say if you cancel, 25% of your downpayment will be lost. I don't know whether with the new rules, an A class ward will be same price as a B class ward. So stuck.
My advise to you, for own stay, just buy if you can afford the monthly installment after factoring in a 3.5% interest rate. Nothing to loose since you're not flipping. Else, get out asap!
LaFiestaOwner
29-06-13, 17:06
My advise to you, for own stay, just buy if you can afford the monthly installment after factoring in a 3.5% interest rate. Nothing to loose since you're not flipping. Else, get out asap!
Ok. Anyone has seen interest rate hitting more than 3.5%? Hope government measures don't accelerate the interest rate up. When I applied before this cm started, the payment is about 1.4%. quite decent.
Ok. Anyone has seen interest rate hitting more than 3.5%? Hope government measures don't accelerate the interest rate up. When I applied before this cm started, the payment is about 1.4%. quite decent.
Isn't it clear? MAS ruling already gives hint that interest rate will rise to 3.5 in the mid term. Property is not about what you can afford now but what you can afford in the long run. Unless you're looking to flip the unit...... :doh:
LaFiestaOwner
29-06-13, 17:15
Isn't it clear? MAS ruling already gives hint that interest rate will rise to 3.5 in the mid term. Property is not about what you can afford now but what you can afford in the long run. Unless you're looking to flip the unit...... :doh:
I think I can deal with 3.5%. But mid term is? 15 years?
I think I can deal with 3.5%. But mid term is? 15 years?
That's long term, mid should be 3-5yrs
LaFiestaOwner
29-06-13, 17:36
That's long term, mid should be 3-5yrs
Alamak :doh: That's near.
Pikachu1245
29-06-13, 17:39
Will this cooling measure affect me? I am 1st time buyer but no loan. Looking for a place and bought this condo that is under construction. So no fixed rate :doh: I can still back out as I have not signed the sales and purchase agreement. I already did not chase "expensive" projects like J Gateway. So no choice, look for cheaper one but must be near MRT as COE so expensive and I have kids. Now that government implement this, I may have to lose my deposit. :beats-me-man: Any other as unlucky as me?
If you have not signed the S&P for La Fiesta, why are you using the name 'La Fiesta Owner'?
You are not a 'La Fiesta Owner' yet. Please do not misled others.:confused:
Alamak :doh: That's near.
If you can afford 3.5% now, why worry?
LaFiestaOwner
29-06-13, 17:45
If you can afford 3.5% now, why worry?
Worry it last very long...
Wahbianoh, so many advisors still cannot decide,
My advice is take a good look at yourself in the mirror for one hour.
If you don't look like ah tan then buy. If you look same as Ah Tan then don't buy
A advice that attacks people is a poor advice.
Worry it last very long...
Depending on the loan tenure you take up which I assume is 30yrs? Let me tell you one thing... the low interest now (as you can see historically) won't last very long so your worry is unduly. Safest if you can afford 3.5% till the next 30yrs and not bet that interest rate will remain low or drop back to historical low in future. What's more... it's for self stay so I'm sure you don't want to risk it. Stay safe, buy if you can afford.
La fiesta, since you worry here and there. You can forget condo ang get a HDB flat near to MRT for less than 600k. Pasir ris. Tampines. Sengkang, Punggol, Sembawang, Woodlands, Choa Chu Kang, bedok etc. either 4 or 5 room flat depending on age of the flat. Since it is for own stay, why you worry much? Since 900k to 1m is too much for you, less than 600k should lighten your burden.
My gut feel is this TS is more worried what if the price drop more than 100k after the CM than affordability. What is 5 figures if he can gain back 6 figures. It is a gamble he has to consider for the next few sleepless nights. Nobody can guarantee whether he will win or lose this gamble.
There more things to worry about even after you buy a condo...
Its not like HDB when you can leave everything to Town Council..
It needs active participant from the people living there to look after the estate..
Can you be active to look after the estate..
If you expect other people to look after...so will other people.
New Condo will look nice initially.....but when getting old...how?
When things need to get repaired....some condo really cut cost.
Management not always agree with what you want and suggestion.
If you are really worrisome......don't bother with condo.
I thought really hard about it. The HDB also need to reno, anopther 50000, cov, another 50000. So it's about 150000 more for a condo and it will be new and not 5 years old. That's why I decided to go for it.I spent $20k on my new condo reno to make it cosy and comfortable with sufficient storage, etc. Its not move in condition. On the other hand, if its resale, you can actually move in with maybe say $5k reno on paint and minor touch ups. COV will not hit $50k at SK, buangkok area. :spliff:
Wahbianoh, so many advisors still cannot decide,
My advice is take a good look at yourself in the mirror for one hour.
If you don't look like ah tan then buy. If you look same as Ah Tan then don't buyLol... no need one hour to decide that... one minute is more than enough! :D
LaFiestaOwner
29-06-13, 20:57
I spent $20k on my new condo reno to make it cosy and comfortable with sufficient storage, etc. Its not move in condition. On the other hand, if its resale, you can actually move in with maybe say $5k reno on paint and minor touch ups. COV will not hit $50k at SK, buangkok area. :spliff:
Got. The COV was $50000. No error. Simple reno cost $20k to 30k. Current rate... Inflation.
Got. The COV was $50000. No error. Simple reno cost $20k to 30k. Current rate... Inflation.No kidding. They might be asking $50k but did anybody buy it? :) Anyway you don't have to go for the $50k COV unit. Unless you tell me every unit is asking $50k COV... :cheers1:
Ok. Anyone has seen interest rate hitting more than 3.5%? Hope government measures don't accelerate the interest rate up. When I applied before this cm started, the payment is about 1.4%. quite decent.
If I remember correctly, I was paying about 8% interest rate during 1990/1.
La fiesta, since you worry here and there. You can forget condo ang get a HDB flat near to MRT for less than 600k. Pasir ris. Tampines. Sengkang, Punggol, Sembawang, Woodlands, Choa Chu Kang, bedok etc. either 4 or 5 room flat depending on age of the flat. Since it is for own stay, why you worry much? Since 900k to 1m is too much for you, less than 600k should lighten your burden.
Why not get from government as 1st timmer. even cheaper. plus have kids right got even more priority.
LaFiestaOwner
29-06-13, 22:09
If I remember correctly, I was paying about 8% interest rate during 1990/1.
8%:scared-1: :scared-1: How many people will die.... Why was it so high?
8%:scared-1: :scared-1: How many people will die.... Why was it so high?
I only experience 6.75% highest in the about year 2000, I tink I younger buyer
8%:scared-1: :scared-1: How many people will die.... Why was it so high?
Price then rarely hits million.
If you have not signed the S&P for La Fiesta, why are you using the name 'La Fiesta Owner'?
You are not a 'La Fiesta Owner' yet. Please do not misled others.:confused:
You need a character like this to tcss.
You may want to priortise your wish list.
If you are concern on over-commitment or raise on interest rate, then you have to sacrifice condo and go for HDB resale which saved you $150-$200K of burden. And you also get good location (TP instead of SK) and space (am sure 5room in TP better size and layout than new condo). Also HDB has lower risk of downside than condo. No point go for condo and cannot sleep well in it.
If living in condo is your motivation, then spend your time in investing time to keep your job and make your money work harder for you. Worrying about interest rate or market down isn't going to bring you anythere. Those are for over-leveraging investors and not home owner.
I assume you hit $12K income ceiling and is not eligible for new BTO and EC. Else they are better options for you.
Why not get from government as 1st timmer. even cheaper. plus have kids right got even more priority.
I read this tread half way and replied. I think TS is a PR, not eligible for BTO. TS, correct me if I am wrong.
LaFiestaOwner
30-06-13, 08:27
You may want to priortise your wish list.
If you are concern on over-commitment or raise on interest rate, then you have to sacrifice condo and go for HDB resale which saved you $150-$200K of burden. And you also get good location (TP instead of SK) and space (am sure 5room in TP better size and layout than new condo). Also HDB has lower risk of downside than condo. No point go for condo and cannot sleep well in it.
Actually, I don't want to live in a condo. But considering 150K difference for a new one and a 5 to 10yr HDB, I figure it is more logical to go for Condo.
Actually, I don't want to live in a condo. But considering 150K difference for a new one and a 5 to 10yr HDB, I figure it is more logical to go for Condo.
13years ago I also don't want buy condo, can't get new hdb flat mah, force to look at EC and pte condo, tis is not new thing, many youngsters now complain like only they face It....
Price then rarely hits million.
1500sf for 1 mil is common.....not like now 1 mil for 700sf😜
Autumnwinds
30-06-13, 10:25
I was paying close to 5% last year for a unit I purchased in 2000.:banghead:
LaFiestaOwner
30-06-13, 10:27
I was paying close to 5% last year for a unit I purchased in 2000.:banghead:
Last year? But Sibor was even lower... Bank issue is it? Must find the right bank to loan.
Autumnwinds
30-06-13, 10:31
Last year? But Sibor was even lower... Bank issue is it? Must find the right bank to loan.
Nope. it was the initial loan right from when I purchased the unit. I wanted to refinance it later, But most banks deemed the amount as too low and they didn't want to refinance it. So this year, I just paid it in full. Also helped to clear of my outstanding loan for my other purchase.
Anyway, the point is, interest rates may be high, But if you still continue to wait, it may get worse. Many who bit the bullet from 2000 till now have made it. My unit i purchased in 2000 was 700k. Now, it's more than double the amount. So you should really consider it carefully. Better to own a home, than rent it. When theres a will, there's a way
Nope. it was the initial loan right from when I purchased the unit. I wanted to refinance it later, But most banks deemed the amount as too low and they didn't want to refinance it. So this year, I just paid it in full. Also helped to clear of my outstanding loan for my other purchase.
Anyway, the point is, interest rates may be high, But if you still continue to wait, it may get worse. Many who bit the bullet from 2000 till now have made it. My unit i purchased in 2000 was 700k. Now, it's more than double the amount. So you should really consider it carefully. Better to own a home, than rent it. When theres a will, there's a way
You are so lucky. Wish I was born earlier.
8%:scared-1: :scared-1: How many people will die.... Why was it so high?
Around that time, fixed deposit was about 8% too.
Price then rarely hits million.
Parison (at Scotts/ Orchard Boulevard junction) was about $1million
Autumnwinds
30-06-13, 13:43
You are so lucky. Wish I was born earlier.
Haha, more suffering. I'm in my early 30s now, amounting headaches keep amounting :banghead:
Nope. it was the initial loan right from when I purchased the unit. I wanted to refinance it later, But most banks deemed the amount as too low and they didn't want to refinance it. So this year, I just paid it in full. Also helped to clear of my outstanding loan for my other purchase.
Anyway, the point is, interest rates may be high, But if you still continue to wait, it may get worse. Many who bit the bullet from 2000 till now have made it. My unit i purchased in 2000 was 700k. Now, it's more than double the amount. So you should really consider it carefully. Better to own a home, than rent it. When theres a will, there's a way
Hi Autumnwinds
agreed, my unit bought 1999 has also more than double its value and interest rate then if can remember correctly was at 4 point something %
LaFiestaOwner
30-06-13, 14:46
Around that time, fixed deposit was about 8% too.
Now Maybank 1.6% for $60000 and above. 3 years... 8% will be good :)
Haha, more suffering. I'm in my early 30s now, amounting headaches keep amounting :banghead:
Interested to find out how u managed to buy 700k in early 20's.... !
Actually, I don't want to live in a condo. But considering 150K difference for a new one and a 5 to 10yr HDB, I figure it is more logical to go for Condo.
You shouldn't compare HDB in TP and condo in SK. If you buy an HDB in SK near MRT, it is probably much cheaper than a TP HDB.
Take a condo in TP, a 1000sf unit easily 1.3 mil. 900K HDB there is still more affordable.
Just my opinion.
Autumnwinds
30-06-13, 15:52
Hi Autumnwinds
agreed, my unit bought 1999 has also more than double its value and interest rate then if can remember correctly was at 4 point something %
Congrats to you too! If only then I had lots of money to invest, I would be filthy rich now :D
Autumnwinds
30-06-13, 15:57
Interested to find out how u managed to buy 700k in early 20's.... !
Haha, I started of with a hdb too, then my wife and I managed to save up this small amount of money for the downpayment, So we literally pooled in every single cent we got, and luckily it paid off. But it's the home that I'm living in now, So whatever appreciation is null and void at the moment.
But at least my hdb has been milked to its maximum potential, I'm still renting it out, and the returns are very decent. It really bores down to luck, Im thankful for that. ;)
LaFiestaOwner
30-06-13, 17:31
You shouldn't compare HDB in TP and condo in SK. If you buy an HDB in SK near MRT, it is probably much cheaper than a TP HDB.
Take a condo in TP, a 1000sf unit easily 1.3 mil. 900K HDB there is still more affordable.
Just my opinion.
True... I never expected to buy Sengkang but after going there and J Gateway... Aiyo, Jurong is super packed and with Jem opening, Westgate coming up... car jam.. MRT crowded... Not for me (just sour grapes I have no money to buy J Gateway...lol..)..
Congrats to you too! If only then I had lots of money to invest, I would be filthy rich now :D
Only If we know
The Lakeshore launched around 2005 ? was going slightly below S$500psf
Autumnwinds
30-06-13, 18:03
Only If we know
The Lakeshore launched around 2005 ? was going slightly below S$500psf
At that point I did go to view Lakeshore, I was thinking FEO, plus that crazy price, I would be mad to buy it. Same for Caspian....... how wrong i was:doh:
But I sought of made up for it, I bought a condo at chestnut drive, and manage to sell it for decent profits :D
So don't look back anymore
True... I never expected to buy Sengkang but after going there and J Gateway... Aiyo, Jurong is super packed and with Jem opening, Westgate coming up... car jam.. MRT crowded... Not for me (just sour grapes I have no money to buy J Gateway...lol..)..There are really people who prefer more serenity and quietness at home. I'm one of those. Don't put yourself down man! Cheers!
LaFiestaOwner
30-06-13, 18:09
At that point I did go to view Lakeshore, I was thinking FEO, plus that crazy price, I would be mad to buy it. Same for Caspian....... how wrong i was:doh:
But I sought of made up for it, I bought a condo at chestnut drive, and manage to sell it for decent profits :D
So don't look back anymore
Problem is property prices do not go up forever. So I am buying at more than double your price.. Good luck to me if I sign...:scared-3: :scared-3:
Autumnwinds
30-06-13, 18:16
Problem is property prices do not go up forever. So I am buying at more than double your price.. Good luck to me if I sign...:scared-3: :scared-3:
Since your buying it for home stay, just sign and be happy about. I think lafiesta is a good project. It's So near to the mrt, plus it's a very serene place to live in. I recently purchased a 4 bedder(new development) for home stay, I do not believe property prices are going to dip beyond control.
Once again I emphasize, if your an investor/speculator buying your second/third property, then your worry is in due course, But since it's for home stay, just be glad your stepping into the private market(20% of Singaporeans live in private).
Hello Everybody !
Are we done with the debate and comments ?
Let Office Boy share some thoughts on this .. maybe just one simple thought ..
When in doubt - DONT BUY!
A compelling home or investment is one that is COMPELLING - you feel that die die must buy, else will die!
And, trust me, there is a real limit on the number of properties you can buy, so why not hoot one that you and your family seriously feel that it is die die must buy ?
If this one is DDMB, you wont be here asking and asking.
So the fact that you are asking, means DONT BUY!
DKSG
PS : There are people waiting to buy your unit now, so please give them a chance - maybe they feel that this unit DDMB!
Problem is property prices do not go up forever. So I am buying at more than double your price.. Good luck to me if I sign...:scared-3: :scared-3:
TS, u must and should have done your sums, including researching past PSF, before you commit to a purchase. Since you have already committed, why the sudden worry on this latest changes to DSR considering this is your first property. I suppose your main concern is whether you have enter the market at the right time, afraid market prices will dip, with more government measures. If so, you will never worry enough; when the big stock market crash will come, which European country will run into red, when humans start turning into zombies like in walking dead....or prob the world may even end before your La Fiesta is completed....no one knows...what will happen next...the thing most know is that property is at a pretty high level now, but if you have enough bullets and able to service the monthly installments...then enjoy your purchase, but if you don't...yes, you should not commit further..forfeit the 25 % rather than suffer in the long term...you shouldn't be in this predicament though, had you done your math
LaFiestaOwner
30-06-13, 22:11
TS, u must and should have done your sums, including researching past PSF, before you commit to a purchase. Since you have already committed, why the sudden worry on this latest changes to DSR considering this is your first property. I suppose your main concern is whether you have enter the market at the right time, afraid market prices will dip, with more government measures. If so, you will never worry enough; when the big stock market crash will come, which European country will run into red, when humans start turning into zombies like in walking dead....or prob the world may even end before your La Fiesta is completed....no one knows...what will happen next...the thing most know is that property is at a pretty high level now, but if you have enough bullets and able to service the monthly installments...then enjoy your purchase, but if you don't...yes, you should not commit further..forfeit the 25 % rather than suffer in the long term...you shouldn't be in this predicament though, had you done your math
Yes, I wonder whether at $1239psf, will I be able to buy a J Gateway (now about ($1500).
Yes, I wonder whether at $1239psf, will I be able to buy a J Gateway (now about ($1500).Yo u have too much wondering. You are not even sure what you really want because your thoughts are swayed very quickly by what you see. You should instead discuss with your wife on the following in no order of merit...
1. Location like near parents, in laws, children's school, etc...
2. Near MRT or not
3. Amenities
4. Cash flow committment (must have spare cash for emergency and not throw every cent on the mortgage loan, think you should understand this)
Once you and your wife can answer these questions, then whack!
LaFiestaOwner
30-06-13, 23:11
Yo u have too much wondering. You are not even sure what you really want because your thoughts are swayed very quickly by what you see. You should instead discuss with your wife on the following in no order of merit...
1. Location like near parents, in laws, children's school, etc...
2. Near MRT or not
3. Amenities
4. Cash flow committment (must have spare cash for emergency and not throw every cent on the mortgage loan, think you should understand this)
Once you and your wife can answer these questions, then whack!
Went in to see today... A few more sold... Hope they build faster... I think I will buy... News say this is permanent, not a cooling measure.
Why do you compare Bishan HDB price?
In Tampines 3A HDB resale about 27 years old I guess, costs 350-400K.
The current house I am renting in Tampines same as the above (I am the tenant) the owner is trying to sell for the last 4 months. Valuation is 365K and COV asking is 30k. Still unsold. Many people come to view but nobody buy yet.
To add to my previous comment, comparing the most expensive HDB flat i.e. in Bishan and then saying that condo is cheaper than HDB so it a good deal is a wrong logic. Also saying its is the 1st house and only roof is also wrong argument.
You must consider the quantum. Is 900k too much for you or not considering your profile. That is the question you must ask.
For a cleaner earning 1000$ a month ofcourse, he should never buy a house at that price, whether it is his 1st house or not. But for a CEO of a MNC, he can buy 10s of houses, no problem.
You must find out where you fit and whether you can afford the repayments, in the worst case scenario, is what you must consider.
Otherwise there are cheaper options, like the Tampines example I gave you. Yes its not near MRT and its not convenient for you kids school. But life is about sacrifices and living within your means.
Let me give my 2 cents:
The world we're living in today is very different from the 80s or 90s. Since 2009, we have seen massive printing of money first in the US and now even Japan has followed. This hot money will flow to safe havens like switzerland/singapore etc. Like it or not, the money is flowing in. And that's inflation for you.
The Singapore today is very different from the 80s or 90s. We didn't have casinos, F1, extensive MRT systems back then. It's a different ball game today. When people keep saying that prices have to drop back to where it were in the yesteryear, think again. It's not going to happen. You have to pay a different price to stay in a different singapore.
China and India. These 2 major economies have millions of people waiting to rush into singapore. I don't like the crowd too but what choice do we have? You want to sell your properties cheap? They'll snap them off your hands.
In a world where your money is being eroded by inflation every day, the safest bet is still real estate. Not gold or commodities, stocks and certainly not cash. If there's any advice I can give anyone, go with real estate. You won't go wrong in the long run. Especially in land scarce singapore.
If you can afford it, just do it. You'll look back 10-15 years later thinking what the fuss was all about.
Let me give my 2 cents:
If you can afford it, just do it. You'll look back 10-15 years later thinking what the fuss was all about.Like what you wrote! :)
LaFiestaOwner
01-07-13, 08:35
Let me give my 2 cents:
The world we're living in today is very different from the 80s or 90s. Since 2009, we have seen massive printing of money first in the US and now even Japan has followed. This hot money will flow to safe havens like switzerland/singapore etc. Like it or not, the money is flowing in. And that's inflation for you.
The Singapore today is very different from the 80s or 90s. We didn't have casinos, F1, extensive MRT systems back then. It's a different ball game today. When people keep saying that prices have to drop back to where it were in the yesteryear, think again. It's not going to happen. You have to pay a different price to stay in a different singapore.
China and India. These 2 major economies have millions of people waiting to rush into singapore. I don't like the crowd too but what choice do we have? You want to sell your properties cheap? They'll snap them off your hands.
In a world where your money is being eroded by inflation every day, the safest bet is still real estate. Not gold or commodities, stocks and certainly not cash. If there's any advice I can give anyone, go with real estate. You won't go wrong in the long run. Especially in land scarce singapore.
If you can afford it, just do it. You'll look back 10-15 years later thinking what the fuss was all about.
I understand what u are saying but there is this feeling that I am buying at the top but yes, closer to signing it... Anyway, a few days more. Thank for the advice.
it's very simple.
you have a budget, work within it.
whether the CM is permanent or temporary, it doesn't really affect you if you are purchasing within your means.
since you are purchasing for own stay, it doesn't matter whether you buy now or later - since you are unlikely to flip or speculate for a quick profit.
it's futile to forecast the direction of price movements
1. the 60% TDR does it means tat if I already have an existing loan which is 40% of my salary then if I buy a 2nd one I can only loan up a repayment of max 20% of my salary?
2. does the 60% rule includes interest portion?
http://forums.condosingapore.com/showthread.php?t=18130
http://www.skyscrapercity.com/showthread.php?p=104807931#post104807931
I understand what u are saying but there is this feeling that I am buying at the top but yes, closer to signing it... Anyway, a few days more. Thank for the advice.
Of course you're buying at the top. Just like the buggers that bought gold at $1700 an ounce a year ago to "hedge" against "inflation".
Tell us are you being pressured by your family to buy so now you need justification not to buy??
Buy gold you need to find a place to safe keep, buy property you can stay and enjoy.
Buy gold you need to find a place to safe keep, buy property you can stay and enjoy.
With physical gold, you can run road easily (for whatever reasons) Can cash out quickly too.
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