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Thread: Buy A HDB Flat?

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    Default Buy A HDB Flat?

    i never knew that an existing pte owner can buy a resale hdb. any known pitfalls?

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    Is this thread started becoz of some recent articles? Read somewhere in the papers that one must change address to hdb ... Perhaps you might have read from hdb site:


    Citizenship
    You must:

    • <LI type=disc>be a Singapore Citizen (SC) or Singapore Permanent Resident (SPR).
    • include at least one listed occupier who is a SC or SPR.
    Age
    You must be at least 21.

    Family Nucleus

    Income Ceiling
    There is no income ceiling (unless applying for CPF Housing Grant and/or an HDB loan).
    Ownership of Private Residential Property
    You can own private property (unless applying for CPF Housing Grant) but must live in the HDB resale flat.
    Ethnic Integration Policy

    You can buy an HDB resale flat in any town/estate as long as the approved proportion of your ethnic group has not been reached.

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    There is always a loophole to this.

    Quote Originally Posted by cheerful

    You can own private property (unless applying for CPF Housing Grant) but must live in the HDB resale flat.

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    Quote Originally Posted by gfoo
    i never knew that an existing pte owner can buy a resale hdb. any known pitfalls?
    gfoo, u thinking of getting a resale HDB flat?

    actually the greatest pitfall lies in the mindset shift for the whole family. Whether one can, after staying in a private property with all its exclusivity, landscaping, swimming pool/tennis courts, private carpark for the prized maserati/cayman or what not) can adapt to HDB dwelling. To comply with HDB rules, the owner must occupy the unit for at least a year before a resale transaction can even take place. To upgrade is immediate, to downgrade can be a painful process for some, especially for older children.

    But of course, if the family can go through the mindset shift, then I don't foresee any other pitfalls. now that my flat's renovation is almost done, the HDB is in fact far more livable (in terms of space, layout and location) than my current private apt.

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    Quote Originally Posted by gfoo
    i never knew that an existing pte owner can buy a resale hdb. any known pitfalls?
    If you are 35yrs old and single.. you can buy resale.. but must live in the resale HDB and rent out your Condo.

    Better ask HDB about it. They have been very prompt in replying.

    Got some go around the problem ..like what someone mentioned.. HDB address in IC... locked up the HDB masterbedroom and rent out the other rooms.. BUT BUT BUT.. DON'T GET CAUGHT

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    Quote Originally Posted by new2mondrian
    gfoo, u thinking of getting a resale HDB flat?

    actually the greatest pitfall lies in the mindset shift for the whole family. Whether one can, after staying in a private property with all its exclusivity, landscaping, swimming pool/tennis courts, private carpark for the prized maserati/cayman or what not) can adapt to HDB dwelling. To comply with HDB rules, the owner must occupy the unit for at least a year before a resale transaction can even take place. To upgrade is immediate, to downgrade can be a painful process for some, especially for older children.

    But of course, if the family can go through the mindset shift, then I don't foresee any other pitfalls. now that my flat's renovation is almost done, the HDB is in fact far more livable (in terms of space, layout and location) than my current private apt.
    ya was thinking of getting a hdb resale while this window of opportunity is still open. i'm quite ok putting our nric addresses to the flat, but i doubt my family will opt to stay there - may attract too much attention in e carpark and there's no point ruffling social feathers.

    i prob won't be renting out - maybe a small 3-4rm which i can convert into a jamming studio or some audiophile/cinema stuff. dunno yet

    would love to get a flat at the southbank/citylights locality, if not hong lim/tg pgr. it would be an interesting medium-term Sers play

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    Quote Originally Posted by gfoo
    ya was thinking of getting a hdb resale while this window of opportunity is still open. i'm quite ok putting our nric addresses to the flat, but i doubt my family will opt to stay there - may attract too much attention in e carpark and there's no point ruffling social feathers.

    i prob won't be renting out - maybe a small 3-4rm which i can convert into a jamming studio or some audiophile/cinema stuff. dunno yet

    would love to get a flat at the southbank/citylights locality, if not hong lim/tg pgr. it would be an interesting medium-term Sers play
    Wah lau!
    Jam in HDB flat?
    Please lah!
    No matter how you sound-proof it, your neighbours will still hate you.

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    Quote Originally Posted by Reporter
    Wah lau!
    Jam in HDB flat?
    Please lah!
    No matter how you sound-proof it, your neighbours will still hate you.
    is there a restriction when you buy resale HDB in the open market ???

    someone mentioned > 35 yr old etc etc ..thats for a SINGLE buyer ..

    if a couple buys in the open market .. i believe theres no restriction ..

    cab

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    Quote Originally Posted by proud owner
    is there a restriction when you buy resale HDB in the open market ???

    someone mentioned > 35 yr old etc etc ..thats for a SINGLE buyer ..

    if a couple buys in the open market .. i believe theres no restriction ..

    cab
    ... no restriction ... just need to change address to the HDB resale flat (i.e. stay there) for at least 1 year (if planning to resell) to 3 years (if planning to rent out after that) ...

    ... restriction ... yes ... can only buy 1 unit ...

    Personally, I will not compete with those who need these resale public flats more than I do, even if there is money to be make. ... but then I am not a very smart investor here, so don't follow me.

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    Quote Originally Posted by proud owner
    is there a restriction when you buy resale HDB in the open market ???

    someone mentioned > 35 yr old etc etc ..thats for a SINGLE buyer ..

    if a couple buys in the open market .. i believe theres no restriction ..

    cab
    No restriction for couple to apply new or resale.
    For single only resale is available only. NO NO for New HDB Single scheme.

    I also tot of those Sers,of 30-40yrs old.
    Few more yrs of wait..

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    Quote Originally Posted by jwong71
    No restriction for couple to apply new or resale.
    For single only resale is available only. NO NO for New HDB Single scheme.

    I also tot of those Sers,of 30-40yrs old.
    Few more yrs of wait..

    seriously after having stayed in condos and landed .. i really dont mind a unit in the old Point Block ..which they dont build anymore ..

    so its 4 units to a blk .. each occupying a corner .. which i think it good ..

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    nah i aint buying a hdb to make money, bit coz it's my given right as a citizen. still dunno what i'll use it for now tho. like proudown, i like point blocks - it's far safer esp with all those reports in the papers of breakins esp for those corridor types.

    maybe those hdb landed? hmmmm

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    xebay11 is offline New Launch Project Specialist
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    Quote Originally Posted by proud owner
    seriously after having stayed in condos and landed .. i really dont mind a unit in the old Point Block ..which they dont build anymore ..

    so its 4 units to a blk .. each occupying a corner .. which i think it good ..
    True, I have lived in HDB, condos and landed.

    I think HDBs are actually very livable, unlike in the past, condos quality of life was very good as price also cheap and quite spacious, at $610k for three bedder it was nearly HDB price, so condo living made sense and very desirable but nowadays all mass market condos are soooooo cramped and expensive, many near all the rubbish areas like junctions, expressways and drains (river) so why bother with them?

    Get a good HDB, near town and enjoy much better quality of life. Landed OTH is good as a solid investment.

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    Quote Originally Posted by gfoo
    ya was thinking of getting a hdb resale while this window of opportunity is still open. i'm quite ok putting our nric addresses to the flat, but i doubt my family will opt to stay there - may attract too much attention in e carpark and there's no point ruffling social feathers.

    i prob won't be renting out - maybe a small 3-4rm which i can convert into a jamming studio or some audiophile/cinema stuff. dunno yet

    would love to get a flat at the southbank/citylights locality, if not hong lim/tg pgr. it would be an interesting medium-term Sers play
    getting a hdb resale may be a good choice. actually to be honest, u just have to take a drive down to SengKang/Punggol HDB. U find all sorts of cars in the carparks - Lexus SUV, BMWs, Merc... u name it, u have it. Actually I do know of someone who stays at Bt Panjang HDB who drives a Maserati. But his Maserati comes with 24-hr video cam recording to catch vandals. So far (after 2yrs), so good. Well... no social feathers ruffled.

    Jamming studio???!!! You've got to be kidding... HDB has LOW ceilings. After sound-proofing ALL the walls and ceilings (which will set u back by at least $50K, only hobbits can live and move in there)....

    There is a point block near Soleil area (Bendeemer Court i think) which looks good. Better still, those HDB 2-storey (160sqm) Maisonettes along the Kallang River near Potong Pasir look even better. Breezy (due to no blockage - opp is St Andrews school) and there's privacy (since they are lining the Kallang waterway), and there's a 5km park connector running in front of them for u to jog on wkends.

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    i can recommend 3 pt blocks with only 5rm flats in Dover Close East (b12, 13 and 14). Very near fusionpolis, NUS and Insead and area is considered high end hdb living for ang moh expats. Only 4 units on each floor and high floors have seaview. Prices range from 620k to 700k.

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    A few good locations with such old style pt blocks. Besides Dover, you can also find some near Tiong Bahru, before hitting Great World City. Think Ghim Moh side also got some, etc. etc.

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    Dover Close east only 3 point blocks standing with other hdb flats a distance away, very exclusive. landscaping also fantastic. you know what is the best part? that plot has en bloc potential coz One Rochester is just beside it and developers would be dying to buy over that plot of land from the govt at a premium.

    Quote Originally Posted by cheerful
    A few good locations with such old style pt blocks. Besides Dover, you can also find some near Tiong Bahru, before hitting Great World City. Think Ghim Moh side also got some, etc. etc.

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    wah... u guys really good!

    huccome i didn't consult u guys when i bought my flat???!!!

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    thx guys, u guys are boomz!

    yeah i like pt blocks too. but 700k for a flat is just crazy. how do the massez afford thia?

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    Buy HDB for $700k and you can sleep in it until you got called back to heaven. Doubt anybody will easily part with $700k to take over from existing owner for an old HDB that is fast depreciating in value.
    Really, think about it - those who can afford $700k probably prefer a condo; those who can't will go for cheaper HDB flat. Not sure about the mentality of such buyers but most will end up regretting about the purchase?

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    can HDB be passed to next generation? what if children have HDB already?

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    you are quite right, very difficult to sell next time. most people staying in these point blocks bought at a low or are first or second owners. the 3 pt blocks i mentioned are coming to 30 years and has probably reached its peak pricing. when they come to a certain age and harder for people to get longer loan period, then the price would probably be adjusted downwards. executive flats in meiling street are already averaging at between $700k and $780k and there are still takers. i for one would not pay this kind of money for public housing but for some loaded individuals who are half a foot in the grave, they may not mind at all.....

    Quote Originally Posted by teddybear
    Buy HDB for $700k and you can sleep in it until you got called back to heaven. Doubt anybody will easily part with $700k to take over from existing owner for an old HDB that is fast depreciating in value.
    Really, think about it - those who can afford $700k probably prefer a condo; those who can't will go for cheaper HDB flat. Not sure about the mentality of such buyers but most will end up regretting about the purchase?

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    I remembered last time in chua chu kang got this hdb penthouse featuring double volume living room. Same for some bto flats in punggol.
    Also some older hdb flats top floor all got very high ceiling.
    I also saw some top floor hdb flats in pasir ris having private roof terrace.

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    actually for HDB flats, i have serious issues on buying units that are more than 30 years. Firstly, bank financing is limited for units more than 30 years. hence resale is even more difficult. Secondly, the condition of flats above 30 years is often dismal (cracks in walls, water seepage and ceiling problems are common). Not to mention the sad state of water pipes and corridors. To renovate a place nicely (eg through extensive use of false ceiling to conceal aircon piping and electrical trunking, wallpapering the walls etc) require the walls and ceiling to be in good condition. Otherwise, it is definitely a recurring problem.

    there are still lots of HDB flats around SGP that are less than 15 years, and well located. In fact if one doesn't mind SengKang, Bt Panjang and Punggol, the newer (ie 6years and below) flats there all come with higher ceilings, CONCEALED electical wiring (ie the wiring is encased in concrete) and water piping (for premium flats) such that it is really condo style minus the bay windows and planters and large balconies at HDB pricing.

    As for leaving properties to the next generation, I have never believed in that. I would gladly invest $1M or more in educating my child and equipping him with the right skill sets (hopefully) to adapt to an ever-changing landscape, but not leave a cent nor a single property to him... too much money to the next generation be more often be a bane than a blessing. My two

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    xebay11 is offline New Launch Project Specialist
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    Quote Originally Posted by new2mondrian
    As for leaving properties to the next generation, I have never believed in that. I would gladly invest $1M or more in educating my child and equipping him with the right skill sets (hopefully) to adapt to an ever-changing landscape, but not leave a cent nor a single property to him... too much money to the next generation be more often be a bane than a blessing. My two
    Sounds good and idealistic, but not realistic in today's world, as property prices are rising way faster than wages, unless you migrate.

    My take is to do both and not just concentrate on one, ie. leaving property for my children as well as developing their skills. If you bring up your children well, they can focus on multiplying your properties and building wealth rather than having no foothold and early advantage and struggling in the rat race only just to eke out a living.

    That is why my planning for my future generation is putting them into elite schools, leaving property for them and also creating an avenue for them to migrate if things get too hot here.....the rest is up to them.

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    there are some 30yr old flats and hdb blocks that are very well maintained. a good example are the 3 blocks sitting on a tall hill in commonwealth close blk 81, 82 and 83 and just a few minutes walking distance to commonwealth mrt. this 3 blocks have huge potential for enbloc (only 3 precious blocks sitting on the hill) and do you know what is the best part, they are all 3 room flats which offer million dollar panoramic view of orchard road belt even from the 1st floor (coz it is on the hill). The views offered in this 3 blocks will put all the condos in holland to shame and these 3 room flats have been upgraded with extra utility room and cost merely 2xxk. the landscaping is also extremely beautiful. Take a nice drive up this weekend and you know what i am talking about...

    Quote Originally Posted by new2mondrian
    actually for HDB flats, i have serious issues on buying units that are more than 30 years. Firstly, bank financing is limited for units more than 30 years. hence resale is even more difficult. Secondly, the condition of flats above 30 years is often dismal (cracks in walls, water seepage and ceiling problems are common). Not to mention the sad state of water pipes and corridors. To renovate a place nicely (eg through extensive use of false ceiling to conceal aircon piping and electrical trunking, wallpapering the walls etc) require the walls and ceiling to be in good condition. Otherwise, it is definitely a recurring problem.

    there are still lots of HDB flats around SGP that are less than 15 years, and well located. In fact if one doesn't mind SengKang, Bt Panjang and Punggol, the newer (ie 6years and below) flats there all come with higher ceilings, CONCEALED electical wiring (ie the wiring is encased in concrete) and water piping (for premium flats) such that it is really condo style minus the bay windows and planters and large balconies at HDB pricing.

    As for leaving properties to the next generation, I have never believed in that. I would gladly invest $1M or more in educating my child and equipping him with the right skill sets (hopefully) to adapt to an ever-changing landscape, but not leave a cent nor a single property to him... too much money to the next generation be more often be a bane than a blessing. My two

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    Xebay11: I understand what u mean..... but i still like to be idealistic sometimes and see how things go along the way.

    Way back in the 1980s and all the way to late 1990s, there was so much talk about how the Gen X (myself included) and Gen Y folks born in mid 1970s to 1980s will be priced out of the market. Nothing drives prices up faster than fear and herd instint and many people bought properties then were steeped in this belief. my parents and my in laws do not belong to the same school of thought, and gave us practically nothing in return except for a $5k angpow during our wedding. But we managed to earn and save and invest enough to comfortably afford 3 properties. I still would like to subscribe to the same school of thought, though yes, I concur with many forumers' sentiment that things are always easier said than done.

    Regulators: You are really good with the local housing market! esp HDB flats! kowtow....

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    xebay11 is offline New Launch Project Specialist
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    Quote Originally Posted by new2mondrian
    Xebay11: I understand what u mean..... but i still like to be idealistic sometimes and see how things go along the way.

    Way back in the 1980s and all the way to late 1990s, there was so much talk about how the Gen X (myself included) and Gen Y folks born in mid 1970s to 1980s will be priced out of the market. Nothing drives prices up faster than fear and herd instint and many people bought properties then were steeped in this belief. my parents and my in laws do not belong to the same school of thought, and gave us practically nothing in return except for a $5k angpow during our wedding. But we managed to earn and save and invest enough to comfortably afford 3 properties. I still would like to subscribe to the same school of thought, though yes, I concur with many forumers' sentiment that things are always easier said than done.
    Yes you may have three properties but I wonder if they are fully paid up and how long you would take to pay them up. Compared to my parent's time, they have bought and sold many properties in their lifetime and my father told me that he never took more than 5 years to fully pay up his properties and he never stops shaking his head that I have actually paid a million dollars for my latest property and still need to store things at his house , so times have changed.....somewhat.

    Anyway I am sure you know what is best for your child.

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    xebay11 is offline New Launch Project Specialist
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    Speaking of HDB resale flats, does the 30 year financing limitation apply like what new2mondrian said in ealier post?

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    My kids?.. I would want them to get just the degree.
    then go and work for a living..
    and at the same time.. bring them along to see properties ..
    share with them investment views and tactics..
    and seed them with some money (exmaple, $50k from him ,$50k from me) to start investing.

    I find a lot of people are risk averse and they never prosper because they dare not make the first move (whether in properties or equities) and end up buying endowment or low returns products all their life.. just because it is capital guaranteed.

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