wildfaye29

Hi all, I intend to do a re-construct of my aged parents inter terrace and have some questions. Hope to get some insights here. Basic Info Land size 2000 sqft / Build-in - 1800 sqft (approx) Build year: 1990 - Bedok Planning area (URA states 2 storeys) Intended build: 3.5 storey (0.5 will be attic with partial open roof for bbq/washing clothes) (not sure if 3.5 storey is allowed) - 3,000 to 3,500 sqft (not going for max envelop) Loan Pty is in my parents names (77 y.o.), hence I believe that it is not possible to obtain a construction loan even with my/wife name as co-borrower/guarantor. Please let me know if my understanding is incorrect. As such I intend to reconstruct using cash. However, if there is an avenue to go for a loan I will be most delighted. Cost of reconstruct I do not need an atas rebuild. I only require quality and long lasting materials. I read that current build cost is abt 400psf. How much is the variance for this cost? I also understand that I need various other fees such as Architect/QE/Surveyor/Fees to URA & BCA/Soil testing/Interior designer, etc. Is a combined 1.5m sufficient for inter terrace reconstruct? Who to approach for the job? Been trying to find online resources to provide a quotation for the job but all I see are Ads on builders. Should I start by looking for an architect? I dont feel comfortable to find a turn-key builder. Is there any reliable list of reconstruction people whom I can find information and reach out. Looking forward to reading your replies! Thanks in advance!

Hi! I have one of this too! Mine recently broke down. Did you managed to find a replacement? Please share the cost and where you managed to find it. Thanks!

Hi experts and gurus, I would like to find out if this is a common practice? Buyers request to take keys prior to 2nd completion appt? They are not doing any sort of reno (which is covered by a standard reno indemnity form from HDB), they wana so some cleaning, painting and prob move some belongings. Agent claims its a common industry practice. but ownership is still with w sellers, SP services not transferred. What if something goes wrong, who will be liable? Should sellers reject the buyer's request? Or can a compromise be made? Agreements? Thanks for advice!

Upz for the week!

ups for anyone wants t5 tubes for renovations

Hi all, still available. Pls help me clear my store!

Hi, I have purchased extra T5 tubes from Philips (with original Philips tube holder) (all cool white). One 4ft - S$18 each Two 3ft - S$16 each Three 2ft - S$14 each All comes with connectors and are in original packaging (opened for checking only), not connected for use yet.Please contact me via pm if anyone is interested. I have no use for these excess tubes. Thanks for looking. Cheers wildfaye

Hi everyone, I have S$1,100 worth of credits from plush beds. It is sufficient to purchase a King storage bedframe in leather. You can choose the design and colour of the bedframe. If anyone is interested, please contact me via pm, so that u and me can go to the shop for u to choose and arrange for fabrication and delivery. The $1,100 will be sold to you at a $1,000. Cheers.

Hi carrotcakegirl. I sent u a pm, pls take a look. Cheers!

Hi! I cleared my box! Only 25 pm max, ouch.

Hi, may I know your vendor for the termite treatment? Pm me if not convenient. Thanks!

Hi both, I have sent you both a PM rgding your A&A. Hope to hear from you. Thanks!

Hi all, thanks for your replied. I have enquired with UOB and DBS and understand that this is essentially called Home Equity Financing. The bank will loan 60% of the valuation of the property, however, any CPF utilised and accrued CPF interest must be deducted to derived at the actual loan to be disbursed. Rates are very attractive, at approx 1.5% p.a. and you can loan up to the max tenor based on your age. Cheers!

Hi, we have a fully paid up property. We need some cash ($300k) for other purposes. Can we use the property as collateral to obtain a loan? The mkt value of the property is 1.5M. What are they types of loan avail? and rates? Help appreciated! Thanks!

Thanks to GMC and bepgof for your replies!

I believe it should be joint tenancy, its the usual/normal type i tink. Does it have any impact? Thanks!

very good questions, dats wat i intend to find out, dats y i'm enquiring? when i said fully paid, i was informing of the status, i do not know if there's any impact if we had to add in names or any impact on the stamp duty payable. i was also answering 'therat's' question if there is any o/s loan. as of now, the only impact i know is we would hav to redeem this existing loan if it is still o/s in the event we have to re-mortgage of some sort. we dun hav the funds of 0.5M dats y we intend to take up a construction loan converted to mortgage loan after TOP and use CPF to pay it off. dats where the most prob source of funds. dats y wanted to include additional names, else cant use cpf, dats y im exploring on the ways to do this and if stamp duty is payable. im not familiar with ppty laws and taxes to begin with, thats y im here to find out more in addition to google-ing. im trying to make as much sense of wats been provided so far, thank you everyone. common sense on this topic, im sorry, i dun hav much to begin with. thank you.

Hi all, thanks very much for the replies. Ppty is fully paid. Parents are >65. Transferees are 'only son' + daughter-in-law. Parents will stay within the same household. Son+DIL want to use CPF to finance the ppty. Definately need to have son+dil name in the ppty of not cannot use their cpf to fund the ppty.

Hi both, thx for ur replies. Reason for asking is becos parents r >65. Intend to reconstruct, but banks would not loan. Children would like to take up the mortage (aft the initial reconstruct loan becomes mortage loan when it TOP). Also children will use cpf funds to pay the mortage. Is there a work around? Prefer to use cpf to pay instead of cash. Thanks!

Hi there, a private property (fully paid) is currently co-owned by 2 persons (50%/50%). If the 2 owners would like to add in their 2 children's name to become (25/25/25/25), is stamp duty payable? Or any other sort of taxes and duties payable? And at what rates? What needs to be done in order to add in the new names? And any sort of fees payable? Appreciate if anyone could answer these questions. Thanks!

Since we are on this topic and we all know the costs involved is in '000 Ks. Can anyone advise on the type of loans available to finance such a project? and the rates approximate?

Hi petunialee, Thank you for providing very valuable information with regards to the people we need when building a house! It is even more reassuring to read that you could build your house with $550K excluding the cost of the architect, PE, QS. May I ask how you go about starting your project? I am clueless as to where to start and who to approach. I am also afraid of getting cheated by so called builders who ask for more each day the house is being build and stop when the money is insuffient! Can you also share the contacts of the people involved in your project please? By pm. Thank you so much!

Hi citygirl, I am in a similar situation as you. Ours is a inter terr with 2200sqf land and current 1800sqf build up on 2 storeys (abt 20yr). We intend to have approx 3500sqf build up on 3 to 3.5 storeys. However, we do not intend to go max envelop as we enjoy the 2 car driveway (40ft) with lawn and a 20ft back yard with lawn. Going max envelop will make out house stick out like a sore thumb! The property is currently in my parent's name and tenanted until Jun 2012. We intend to only start any sort of work after this date and move back in end 2013. I think the 1.5year timeline for the entire project will be sufficient. Going by our build up requirement, I tink A&A is out as it seems that: a) structural reinforcements may be insufficient b) A&A requirements only allow increase of 50% GFA. Hence, we will most prob be going to do a recon instead, this will also allow more flexibility in the layout and design of the house. I have a budget of $500k and I hope it doesnt increase too much when we actually commence on the project. Have you started to source around for builders? I have not as I think they will not entertain until the date is closer. Am happy to have stumble on this thread as the information here is very important! When are you intending to commence your project? Cheers

So, does anyone know how is the 5years MOP calculated? 1) from day of collection of keys; or 2) from day u actually move in?

Got this from the FAQ: Q: Can I use my CPF to pay for 2 properties? A: Yes. However, the restrictions on the use of CPF for multiple properties will apply if you buy a second property with your CPF savings after 1 July 2006. This means that you have to first set aside half of the prevailing Minimum Sum in your Ordinary and Special Accounts (including savings invested under CPF Investment Scheme for Special Account) if you are below 55 years or your Minimum Sum cash component shortfall if you are aged 55 and above. Only excess savings in your Ordinary Account may be used to finance the purchase of the new property. Withdrawals for the new private property will be subject to a Withdrawal Limit of 100% Valuation Limit for properties with at least 60 years of lease, and the applicable Withdrawal Limit for properties with remaining lease of less than 60 years but at least 30 years.