Need advice

[proud owner]

I think the best solution is to sell your current 2 bedder and buy a resale HDB near MRT .. that way you can sell your car too...


Woodlands/yishun/sembawang may be a little far by Singaporean standard.

but hey ... compared to NYKers, its a piece of cake taking MRT to work in Singapore...

[lionhill]

Bro I think there is MOP for resales as well. This is so unfair!

even if there is MOP for resale HDB, it is much shorter. Anyway, you need time to accumulate your bullets if you want to buy another properties.

In that case, you can consider buy HDB in your and your wife name, making the other occupier only in case the ABSD rule holds for a long time. But beware to take your own risk.

[chiaberry]

even if there is MOP for resale HDB, it is much shorter. Anyway, you need time to accumulate your bullets if you want to buy another properties.

In that case, you can consider buy HDB in your and your wife name, making the other occupier only in case the ABSD rule holds for a long time. But beware to take your own risk.

Agree. The current 5 year MOP for resale is just nice for you to accumulate bullets and to get your toddlers registered and settled into their schools. Who knows they may increase the MOP in the not so distant future, so better buy now as those who have already bought are bound by the old rules (so far that's been the case anyway).

I am not sure that you can buy HDB in sole name if you are married, the regulations may not allow this. You need to check it out with HDB.

Under current rules, you can keep your HDB and buy private later. So you can still upgrade and keep the HDB (but not the other way round). You have to pay ABSD though. But perhaps in 5 years time, ABSD will be removed. You can stay "safely" in your HDB and wait out the economic cycles, at the same time, get more space for your family and be near transport and amenities. Seriously you should consider it, now that HDB resale prices are softening. Old resale flats are more spacious than new ones and have better (more central) locations too.

[hopeful]

so many suggestions given, given his constraints

1) he still want to keep the naggy wife
2) 2 growing children which he still want to keep.
3) $100k savings not enough to buy bigger condo in singapore
4) $500k debt chain around his neck.
6) income $10k cannot buy extra condo given TDSR.
7) 2br condo not enough space for family.
8) BTO wait 30 months

like that this beggar still want to be choosy.
TS, do you understand that beggars cannot be chosers?

my advise:
go the source of the problem. kick the naggy wife out. from your post, it is her incessant nagging that gives you headache.

[mermaid]

so many suggestions given, given his constraints

1) he still want to keep the naggy wife
2) 2 growing children which he still want to keep.
3) $100k savings not enough to buy bigger condo in singapore
4) $500k debt chain around his neck.
6) income $10k cannot buy extra condo given TDSR.
7) 2br condo not enough space for family.
8) BTO wait 30 months

like that this beggar still want to be choosy.
TS, do you understand that beggars cannot be chosers?

my advise:
go the source of the problem. kick the naggy wife out. from your post, it is her incessant nagging that gives you headache.

walau, u tis type of husband?!

[elmo]

The last thing you want to do is to go naked, i.e. sell your condo and rent. This high risk high gain move is likely to turn your nagging wife into a mad wife.

[minority]

Yo! I am new to this forum and will want to get advice from all of experience home buyers here. A little bit of our profile here. My spouse and myself have combined household income around 10k. We are both in our mid30s and currently staying in 2 bedder apartment with outstanding bank loan of 500k. Our saving is around 100k. My wife wanna change to a newer apartment or would say a bigger one. We are wondering if we should sell away the current unit in exchange for a new bigger one? Or we keep the existing one and try to get another BUC? Any idea?

Now might not be the best time to swap.... but if really want. u better do ur TDSR calculation properly. plus factor in interest rise in next 2 yrs. dont base your affordability on current 1.3% interest rates.

[Cyberknight]

TDSR is based on 3.5% interest rate calculation.

Total outgoing payments include car, cc , housing installments etc can't exceed 60% of ur gross salary include base salary, allowance, (bonus, rental income cum non stable income all 30% haircut) etc.

Hope these info helps u in ur calculation.

[Thermofisher]

so many suggestions given, given his constraints

1) he still want to keep the naggy wife
2) 2 growing children which he still want to keep.
3) $100k savings not enough to buy bigger condo in singapore
4) $500k debt chain around his neck.
6) income $10k cannot buy extra condo given TDSR.
7) 2br condo not enough space for family.
8) BTO wait 30 months

like that this beggar still want to be choosy.
TS, do you understand that beggars cannot be chosers?

my advise:
go the source of the problem. kick the naggy wife out. from your post, it is her incessant nagging that gives you headache.

You are very cruel...

[maisonjai]

TS, if u decided to go for resale HDB, can consider waiting out for Pinnacle.

[hopeful]

TS, if u decided to go for resale HDB, can consider waiting out for Pinnacle.

HDB TDSR 30%?
max tenure 25 years?
Pinnacle $1million?
COV?

his 100k saving + equity gained from sale of his 2bedder enough to afford Pinnacle?

[amk]

hopeful is quite sarcastic *as usual* ... but ... the money part is the hard truth...

10k income is not enough for a 3bd condo , with 2 kids some more.

[Cupcakes]

so many suggestions given, given his constraints

1) he still want to keep the naggy wife
2) 2 growing children which he still want to keep.
3) $100k savings not enough to buy bigger condo in singapore
4) $500k debt chain around his neck.
6) income $10k cannot buy extra condo given TDSR.
7) 2br condo not enough space for family.
8) BTO wait 30 months

like that this beggar still want to be choosy.
TS, do you understand that beggars cannot be chosers?

my advise:
go the source of the problem. kick the naggy wife out. from your post, it is her incessant nagging that gives you headache.

sounds like its the husband's fault to me

[eng81157]

HDB TDSR 30%?
max tenure 25 years?
Pinnacle $1million?
COV?

his 100k saving + equity gained from sale of his 2bedder enough to afford Pinnacle?

the units at pinnacle aren't exactly big....best is to get an EA or maisonette

[maisonjai]

hopeful must give him some hope la, we didn't factor in his OA.

hopefully TS can put on a thinking hat and work towards "how to afford it" instead of having this thought.

This is so unfair for middle-incomer like my wife and myself. We have two kids yet we are left in a lurch. Sucks to be in this position!

[mosaic]

hopeful is quite sarcastic *as usual* ... but ... the money part is the hard truth...

10k income is not enough for a 3bd condo , with 2 kids some more.

Actually not true leh. Depends on family expenses. Its the TDSR thats gonna hit though. Maybe TS stands to gain few hundred k profit from the first condo sale? Plus CPF and his existing cash might have a decent buffer.

[evolutionx]

Back to back rental has got its own risk.
Please highlight the risk also if you are making a suggestion.

DKSG

DKSG is not wrong. i know a guy who sold 4 years ago ... STILL waiting for economy to crash. in the meantime, he had to move out of his place once and his upcoming renewal up 30%. he still praying prices come down - but the problem is he spent about 250,000+ on rentals (and some basic reno) over 4 years.

i think hdb might be suitable. just buy a resale 4 or 5 bedder. pocket the rest and pay off your car loan. why you wanna make the bank richer. car loans interest rate normally higher.

[Shanhz]

DKSG is not wrong. i know a guy who sold 4 years ago ... STILL waiting for economy to crash. in the meantime, he had to move out of his place once and his upcoming renewal up 30%. he still praying prices come down - but the problem is he spent about 250,000+ on rentals (and some basic reno) over 4 years..

in singapore, never be naked without any ppty. big/small/CCR/OCR doesn't matter. but at least must have one roof over the head. then slowly think what is next step.

[DC33_2008]

I got a friend who sold his property for a nice profit and rent for about 2 years. Bought a resale condo due to rising rent and also helping to pay landlord's mortgage.

DKSG is not wrong. i know a guy who sold 4 years ago ... STILL waiting for economy to crash. in the meantime, he had to move out of his place once and his upcoming renewal up 30%. he still praying prices come down - but the problem is he spent about 250,000+ on rentals (and some basic reno) over 4 years.

i think hdb might be suitable. just buy a resale 4 or 5 bedder. pocket the rest and pay off your car loan. why you wanna make the bank richer. car loans interest rate normally higher.

[chestnut]

I got a friend who sold his property for a nice profit and rent for about 2 years. Bought a resale condo due to rising rent and also helping to pay landlord's mortgage.

My previous tenant rented my Anchorage for bloody 5 years waiting for prices to drop.... Finally bot a unit 1/2 a year ago.... Imagine how much she paid for rental and prices some more shot up... And my unit is not MM hor... 3 bedder leh.... Steam.....

Another one renting my Clover now... Mentioned tenants are Singaporeans... 2 years rental and recently renewed... Again, I do national service... Gave a lower rate... so poor thing leh....

[darkseed73]

Some of the bro/sis advice sounds cruel but they just wanted you to be realistic.

If your parents have a place, u can sell and move to stay with parents else don't be spoiled be contented on what u have until either u reduce your loan amount or increase your savings to a sizable amount.

If u don't suffer, u will never able to grow bigger.

That is my advice.

[Shanhz]

Another one renting my Clover now... Mentioned tenants are Singaporeans... 2 years rental and recently renewed... Again, I do national service... Gave a lower rate... so poor thing leh....

you make me very ashamed. last time i had one unit, rented by s'poreans who sold their HDB waiting for price to drop. i think by now,already 3-4 yrs since they sold (i dun own that condo anymore).

but anyway the story is, they late in rental by 1-2 months. after that i gave them one mth notice and chased them out.

[chestnut]

you make me very ashamed. last time i had one unit, rented by s'poreans who sold their HDB waiting for price to drop. i think by now,already 3-4 yrs since they sold (i dun own that condo anymore).

but anyway the story is, they late in rental by 1-2 months. after that i gave them one mth notice and chased them out.

Brudder, u did the rite thing.... I would have done it as well...

I did national service... The rental went up from the previous contract but easily a few hundred below the asking prices....

I really pity those Singaporeans who bet on price drop to rent.... It is a flip of the coin... Either you get it rite or you get it wrong... But why throw away easily 4k a month on rental... 2 years = 96k leh.... Somemore no diplomatic clause to protect....

I guess this people are gamblers...

[Shanhz]

Brudder, u did the rite thing.... I would have done it as well...

I did national service... The rental went up from the previous contract but easily a few hundred below the asking prices....

I really pity those Singaporeans who bet on price drop to rent.... It is a flip of the coin... Either you get it rite or you get it wrong... But why throw away easily 4k a month on rental... 2 years = 96k leh.... Somemore no diplomatic clause to protect....

I guess this people are gamblers...

pay rental is a sure thing. bet that price go down is a 33% thing (up/down/maintain). these pple really got balls. i dun have.

one roof over your head is a MUST for every family. that one cannot gamble.

if you have 2 roof or 3 roof u can sell all that you like.

[chestnut]

pay rental is a sure thing. bet that price go down is a 33% thing (up/down/maintain). these pple really got balls. i dun have.

one roof over your head is a MUST for every family. that one cannot gamble.

if you have 2 roof or 3 roof u can sell all that you like.

Brother, I dont know if you can recall about playing when you have 3 units...

1 for stay, 2 for rental.... So you can sell 1 and still vested in another....

If you have only 2... difficult to play the game... Sell 1 and if prices shoot up, you are out of the game and only have your home.... that is if you talking about property play... Of course you can also use the proceeds to do something else like stocks, bonds, etc...

[sgbuyer]

I really pity those Singaporeans who bet on price drop to rent.... It is a flip of the coin... Either you get it rite or you get it wrong... But why throw away easily 4k a month on rental... 2 years = 96k leh.... Somemore no diplomatic clause to protect....

I guess this people are gamblers...

I think we shouldn't mock those who bet wrongly, life is not just about money, the worst is something happens in the home that cannot be solved using all the money in the world, if you know what I mean.

There's a Chinese saying, throw money to ward off disaster. Sometimes in life, you gain something, but lose something and vice versa.

[chestnut]

I think we shouldn't mock those who bet wrongly, life is not just about money, the worst is something happens in the home that cannot be solved using all the money in the world, if you know what I mean.

There's a Chinese saying, throw money to ward off disaster. Sometimes in life, you gain something, but lose something and vice versa.

I think you got me all wrong.... I never mock them....

All I am saying is why gamble with a roof over your head????

Where in my statement do you feel I am mocking them????

Let me ask you another question - What if something happens at home that can be solved by money and the individual do not have it???

If something happens that money cannot be solved, sure... I understand...

Please do not read so deep into my statements... We can have a constructive argument, but please, please do not pass remarks like I am mocking people... I share my views does not mean I am mocking hor....

Would you gamble on your own roof????

Why they want to rent a condo??? They pay > 4K a month, they can jolly well afford to buy a condo rite???? or why dont they stay in a hdb... They help me to pay for my condo, why should I mock them???

Please do not past judgement on me like this... I have never past any judgement on you rite????

[sgbuyer]

Please do not past judgement on me like this... I have never past any judgement on you rite????

Please don't worry, only discussion. Also, I said "we", also apply to myself.

[chestnut]

Please don't worry, only discussion. Also, I said "we", also apply to myself.

cheers bro... I really have no ill intent....

Speaking my personal and honest view on forum tends to give people wrong impression.... I really giving my honest view that people should not gamble with their only property by selling and renting.... It is too big a risk... The first house is a HOME.... to provide shelter.... Not for speculation.... It is a place to have memories and provide a conducive environment for the family.... There will be people who disagree with me and I will respect their decision... Which is why I have rented out to the Singaporeans...

Everyone has their own views and we have to agree to disagree and respect their views... If someone strongly thinks the first house is for speculation, it is their decision rite, I will argue constructively with them but I will respect their views for sure... After all, who am I to pass judgement... It is their wish and their money rite????

Cheers

[sgbuyer]

I agree that it is irresponsible to speculate that way.

If they have sold more than 30 months ago, they can apply for BTO or sale of balance flat as first timer if never apply BTO previously, or 2nd timer if have - if i'm not wrong.