Need advice

[Thermofisher]

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?

[DKSG]

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?

Sorry to disappoint you.
$100K cash is just sufficient for you to pay stamp duty for second property of abt $1million, which maybe about 2BR 800 sqft.

You staying in a MM now ?

Keeping the existing one does not look like a choice for you, unless I missed out some information, please correct me.

You are the group of people government is targeting to prevent you from overleveraging.

Your best bet is to sell (if you no need pay extra SSD), and upgrade.
Do watch out the TDSR though, if sell now and buy, must check the new PC fits into your TDSR.

Also, my advice is to make some provisions in case economy downturn and either one or both of you goes without a job for an extended period.

DKSG

DKSG

[dtrax]

In my humble opinion, I think the best option is to set down with your the other half and weigh the pros and cons.. in another words to dissuade her suggestion to replace/hoot another one. Selling your current and hoot another replacement [already TOPed] is also quite risky as you need to secure a buyer for a unit and at the same time already have a unit in mind that you wish to buy. Why not just sit out and save for another 3-4yrs or so since both of you are still quite young?

[Thermofisher]

Sorry to disappoint you.
$100K cash is just sufficient for you to pay stamp duty for second property of abt $1million, which maybe about 2BR 800 sqft.

You staying in a MM now ?

Keeping the existing one does not look like a choice for you, unless I missed out some information, please correct me.

You are the group of people government is targeting to prevent you from overleveraging.

Your best bet is to sell (if you no need pay extra SSD), and upgrade.
Do watch out the TDSR though, if sell now and buy, must check the new PC fits into your TDSR.

Also, my advice is to make some provisions in case economy downturn and either one or both of you goes without a job for an extended period.

DKSG

DKSG

Yes We have only around 100k savings in cash. We are actually staying put in a 70+sqm private apartment in the west and not bounded by SSD though. My spouse has been complaining to me that the unit is juz too small for our family with two toddlers. To add on, we have a 5 year old MPV with an outstanding loan of 25k. To be honest, we never put in any consideration that economy downturn would be possible. We r pretty optimistic on the outlook as a matter of fact.

[Thermofisher]

In my humble opinion, I think the best option is to set down with your the other half and weigh the pros and cons.. in another words to dissuade her suggestion to replace/hoot another one. Selling your current and hoot another replacement [already TOPed] is also quite risky as you need to secure a buyer for a unit and at the same time already have a unit in mind that you wish to buy. Why not just sit out and save for another 3-4yrs or so since both of you are still quite young?

Yah I wonder if it is easy to dispose my current unit? It seems we may have to give up for another?

[dtrax]

Yah I wonder if it is easy to dispose my current unit? It seems we may have to give up for another?

For 2 toddlers, 70sqm is indeed small and I suggest going for at least a 3rm. The best way to see if you can easily sell your current unit is to market your place for sale to "test water". At the same time you can start scouring for top units in the market that matches your financial budget.

Another suggestion you can look into is EC. Since you have an existing private property you need to wait at least 30months. To go around this, can check if your parents or parent-in-law are eligible to hoot an EC. In this way, financially it is not so strain but then the house ownership will not be yours

[eng81157]

there's no way u can keep 2 properties at the same time, with all the CMs in place.

if you made $$ on your current place, sell and upgrade.

[DKSG]

Yes We have only around 100k savings in cash. We are actually staying put in a 70+sqm private apartment in the west and not bounded by SSD though. My spouse has been complaining to me that the unit is juz too small for our family with two toddlers. To add on, we have a 5 year old MPV with an outstanding loan of 25k. To be honest, we never put in any consideration that economy downturn would be possible. We r pretty optimistic on the outlook as a matter of fact.

I suggest you talk to your banker on :

1) Valuation of your current place
2) Valuation of your intended place
3) TDSR
4) Monies you need to keep aside in case of contingencies

Based on the little information you gave, in my very very humble opinon, since I am just an Office Boy, there seems to be no way for your to upgrade.

If you are staying in Jurong and bought your PC at less than $8xx psf, now can fetch $1,1xx, I suggest you wait a while since the lastest MM were sold for $1,6xx-$1,7xx, you have a good chance of $100-$200 psf more. But once hit, sell, because unlikely to get more upside.

If you want to do a swop, sell leg comes first. Then buy.

DKSG

[Ringo33]

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?

1) How much cash/cpf will you get after selling your 2 bedder apartment
2) With TDSR, what is the maximum loan you can qualify?
3) Kids?

Based on your combine income of $10k, i think you will be much better off selling the 2 bedder and buy a resale condo or even HDB if you need more space.

[Thermofisher]

I suggest you talk to your banker on :

1) Valuation of your current place
2) Valuation of your intended place
3) TDSR
4) Monies you need to keep aside in case of contingencies

Based on the little information you gave, in my very very humble opinon, since I am just an Office Boy, there seems to be no way for your to upgrade.

If you are staying in Jurong and bought your PC at less than $8xx psf, now can fetch $1,1xx, I suggest you wait a while since the lastest MM were sold for $1,6xx-$1,7xx, you have a good chance of $100-$200 psf more. But once hit, sell, because unlikely to get more upside.

If you want to do a swop, sell leg comes first. Then buy.

DKSG

What do you mean by sell leg comes first? Is it selling off the current unit to do a swop for a new one? I do not know how TSDR being calculate and ain't sure if I am eligible for a bigger loan. Wife keep reminding me to get a bigger unit as our children is growing up, we need space.

[chiaberry]

What do you mean by sell leg comes first? Is it selling off the current unit to do a swop for a new one? I do not know how TSDR being calculate and ain't sure if I am eligible for a bigger loan. Wife keep reminding me to get a bigger unit as our children is growing up, we need space.

Your expenses are going to be quite high with 2 kids.

If you need more space, suggest you consider selling your current place and then buy resale HDB in appropriate location and preferably close to public transport for the future schooling of your kids or else EC if you meet the TDSR criteria to get the loan. It doesn't seem financially sound to upgrade to a larger PC as it will be stretching your limits. You need to set aside some $$$ for your kids' education. And don't underestimate this cost.

It should be a good time to buy resale HDB as the COVs are dropping. And save up diligently for future upgrade when your finances have improved.

It is not worth buying BUC for you. The unit will be small for your budget (maybe even smaller than what you currently have).

[DC33_2008]

I am not sure if your family would consider to move to a hdb for more space as you have been staying in a PC for a while. The suggestion of EC is quite good before garment remove goodies from EC applicants and you may not be eligible very soon as your combined income may go beyond $12000 soon. It is not an easy decision. Are you planning to stay put around this area?

For 2 toddlers, 70sqm is indeed small and I suggest going for at least a 3rm. The best way to see if you can easily sell your current unit is to market your place for sale to "test water". At the same time you can start scouring for top units in the market that matches your financial budget.

Another suggestion you can look into is EC. Since you have an existing private property you need to wait at least 30months. To go around this, can check if your parents or parent-in-law are eligible to hoot an EC. In this way, financially it is not so strain but then the house ownership will not be yours

[mermaid]

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?

if I were u, I would try to sell of the existing pte ppty & buy a resale 4rm hdb. u shd be able to get some cash back from the swop. then I will save up for another 5 more yrs to buy a pte for invstmt purposes.

[hopeful]

looks to me you need to cut down on your expenses first.
100k savings on 10k income per month is not a lot.

[Ringo33]

Want to Upgrade?

Call TAN

1-800-Y-O-W-E-T-A-N,

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[Arcachon]

Want to Upgrade?

Call TAN

1-800-Y-O-W-E-T-A-N,

Your ticket for Riches

[onglai]

if u sell 2br and buy a 3br at the same time/similar location u definite have to cough out more. your saving of 100k is only enough to pay for stamp duty, not enough to pay for the xtra space.

worse still, u have outstanding car loan which will affect the amt of loan u can get for the new house due to the TDSR.

[Trevortan]

In your situation you are looking more for a need to get a bigger home for your growing kids. Given your current financial situation and the market right now, the best option available is to first do a financial calculation on how much cash you can get for yr 2 bedder to see if it doesn't stretch your finances too much on yr new home. Resale hdb is a good choice now since the supply is going up and easy to find one. Just rmb now is buyer's market so sell first before signing option for yr new resale home if not u may find yrself needing to sell below valuation yr current unit.

Do yr financial homework well or if anything can approach me for professional advice.

[Thermofisher]

Yo! Thanks all for the advices. I guess we have to move into HDB. However, I am stuck with a dilemma, I have to wait 30 months before I can get a HDB? I think this is abit too much? I have two toddler kids and how can I wait for 30 months? Is there any channel I could appeal? Go MP route?

[taggy]

Yo! Thanks all for the advices. I guess we have to move into HDB. However, I am stuck with a dilemma, I have to wait 30 months before I can get a HDB? I think this is abit too much? I have two toddler kids and how can I wait for 30 months? Is there any channel I could appeal? Go MP route?

need to wait 30mths before allowed to buy BTO.
but buy resale hdb, no need to wait 30 months.

[Thermofisher]

need to wait 30mths before allowed to buy BTO.
but buy resale hdb, no need to wait 30 months.

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!

[lionhill]

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!

as Chinese proverb says, 塞翁失马，焉知非福。
It may not be bad to buy resale HDB, at least you will have many choices, and you can move in immediately. and most importantly, you will not have MOP.

[Thermofisher]

as Chinese proverb says, 塞翁失马，焉知非福。
It may not be bad to buy resale HDB, at least you will have many choices, and you can move in immediately. and most importantly, you will not have MOP.

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

[Allthepies]

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

Think about those people with no hands and legs yet some can even live happier life than you, so please don't shout unfair.....

[dtrax]

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!

Actually cant really blame others. Family planning is long term.. if oneplan to have kid(s) must already plan ahead for larger house. Should have gotten an EC from start or a 5rm HDB
Of course I am not in a position to apply the above to you since I'm not in your position but this should serve as a general advice to those who plan to have kids and planning to hoot condos with the ever shrink sizes of pte housing in lion city

[Mu]

I hate to break it to you but 10k with 2 toddlers, existing mortgage and car loan ain't a lot. I don't think you should be thinking of upgrading in the PC space.

100K savings should really be used in times of trouble, you have a young family now and this is really for them.

If it is really too much, your best bet is a resale HDB. But it perhaps will pain you to sell your PC.

However, If I were you, I would wait it out.

There is also the option of buying property at Iskandar. For SGD$250k you can get a nice double story landed property at Nusajaya, gated with security. You can then perhaps keep you existing property. You however need to sort out the transport (cld take 1 -2 hrs to get to work in the morning) and daycare (I'm sure you could find good cost effective options in Iskandar/Johor)

I am probably gonna get flamed for suggesting Iskandar but I have friends who have very positive things to say about the place. I would consider, but the choice is up to you

All the best!

[wirehtc]

I hate to break it to you but 10k with 2 toddlers, existing mortgage and car loan ain't a lot. I don't think you should be thinking of upgrading in the PC space.

100K savings should really be used in times of trouble, you have a young family now and this is really for them.

If it is really too much, your best bet is a resale HDB. But it perhaps will pain you to sell your PC.

However, If I were you, I would wait it out.

There is also the option of buying property at Iskandar. For SGD$250k you can get a nice double story landed property at Nusajaya, gated with security. You can then perhaps keep you existing property. You however need to sort out the transport (cld take 1 -2 hrs to get to work in the morning) and daycare (I'm sure you could find good cost effective options in Iskandar/Johor)

I am probably gonna get flamed for suggesting Iskandar but I have friends who have very positive things to say about the place. I would consider, but the choice is up to you

All the best!

With young children around Iskandar is not the best option. Since children are young just bear with current house until you have saved up sufficiently to upgrade to a bigger house. It is too late to regret not knowing the rules against PC downgrading to HDB.

[Shanhz]

i would think the best option is sell PC at high price (like now), buy resale HDB (no need wait 30 months) at a far location like woodlands or jurong (but near MRT), then save for 5 yrs and buy a PC for investment.

if you can make money from your MPV, sell it and downgrade to normal saloon. that's what i did recently. sold a 2.4L SUV and buy a 1.5L old saloon car. hey, i got 3 kids, more than you. took back a decent sum of cash for rainy day.

i am one step ahead of you as i already have a fully paid HDB and now a PC bot b4 ABSD, but what i am trying to say is to conserve your cash.

[PropertyNewbie]

Rent out your 2 bedder.

Then go find one 3 or 4 bedder and rent. If you're lucky or move to a cheaper area/EC you may not have to cough out any extra cash.

[DKSG]

Rent out your 2 bedder.

Then go find one 3 or 4 bedder and rent. If you're lucky or move to a cheaper area/EC you may not have to cough out any extra cash.

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

DKSG