Possible To Find A Flat With Low Cov?

[Sam Lee Poh Huat 0]

OMG...

I cant imagine that i paying $100K more than those kena Enbloced....

Big Or-leng..

Dun b dishearted cos atleast u got ur flat at an idea location.. My q number for a 5 rm is way far off n which i guess there will b no remaining ones before it cld reach my number.. anyway, as for ur purchase price of those avail fm bedok ballot.. i wldnt b surprise u r getting more than 100k than those en-blockers as it was pegged during the highest pt of resale market...

[big orange 0]

Big Or-leng..

Dun b dishearted cos atleast u got ur flat at an idea location.. My q number for a 5 rm is way far off n which i guess there will b no remaining ones before it cld reach my number.. anyway, as for ur purchase price of those avail fm bedok ballot.. i wldnt b surprise u r getting more than 100k than those en-blockers as it was pegged during the highest pt of resale market...

what to do. need a house. had to buy?

[reallove 0]

Hi,

We just made our OTP last week for a 5I, 110sqm at around Tiong Bahru area. It is also near HTB parent's place but not as near to get the 40k grant. only can get the 30k grant. Its on the 26th floor, move in condition, don't even need to renovate anything. Has a cityview, can even see fireworks and very windy. Only 4 houses in that level. The valuation is 650K, COV= 8k. Its about 10min walking distance to tiong bahru MRT and also near tiong bahru mkt, redhill mkt, SGH, near Chinatown, ikea also.

It also had marble flooring for hall and parquet for all rooms.Face North-east.

I believe that although the valuation is high, the location is important and over the long run, it will bring value to you. We were also lucky to get it at 8k COV. Luckily we have accumulated quite a far bit of CPF, so we don't need to take too much loan.

[Starscream 0]

Reallove: That's cool. Just 8K COV but I would not be able to afford a 650K House enjoy da view~~

[reallove 0]

Thanks... Have you found yours? I tried many times to ballot but really very fed up and now the government make it every half yearly makes it more difficult to apply for a brand new flat. We have been applying for almost a year. The closest we got so far was 500+ when there were only 400+ flats. The others was really terrible numbers, like 200+ flats but number is like 5000+... 1000% impossible... haha...

We also went to see houses at bishan, it was like 60-80K above valuation. Even brand new flats are quite expensive nowadays.... Hai... living in Singapore can be such a torture, people here really have no life... they work to pay and pay or else worry and worry.

Edited May 15, 2008 by reallove

[vinzy 0]

Most buyer are looking to get at a good location, not those ulu or far off location from the estate town centre which also makes up the average STATISTICS from HDB.

Valuation price had gone up, so maybe COV has slightly gone down, if you meet an owner who is realistic, the overall selling price remains the same.

Example:

3months ago : Valuation 320k + COV 40k = 360k Purchase price

Now : Valuation 340k + COV 20K = 360k Purchase price

For an unrealistic owner, he will be asking on a revised price of

340k + COV 40k = 380k.

Market forces in play, supply vs demand. If everyone stop paying high COV,

owners cant sell their unit, they will lower the COV accordingly over time

Seller should be educated on the overall purchase price, and not look at how much the valuation is and still expect the same type of COV as few months back.

(which will bring the overall purchase price even higher if they insists)

Of course buyer must be realistic and do not keep thinking that prices will fall back to 2005 level,

selling at zero COV or even below the valuation for bigger units. Those times are over and wont return for quite a while.

Edited May 17, 2008 by vinzy

[Starscream 0]

If only HDB will reveal their formula for determining the valuation of a HDB flat.. wonder what's so secret about it? We are only told it depends on market forces and the factors of location, amenities, age of flat, size area, level of house etc. Nothing concrete as in mathematics or science!

[ben77 0]

Just to share abit of my house hunting woes. My wife to be and I have been searching for a flat since Nov 07. I currently live with my parents in the east and my fiancee in the * in CCK.

We've both decided to live in the east as we both like it there. So, that means looking at a few HDB estates. First of all, we have ruled out balloting cos there are not much new flats to choose from and they would only be ready in about 3 yrs' time. Cannot wait so long to have our own place. So, we decided to zoom into the resale market.

The only few still affordable areas are Eunos, Aljunied, Bedok, Simei and Tampines. However, we will only choose Tampines as a last resort. After viewing several old flats in Aljunied, we decided that we did not like the environment there (no offense). Then we were quite keen on getting a flat in Eunos but the flats there are 30 yrs old and COV is around > 40k from low floor onwards. We did our calculations and realised that a 5 rm cost us > 1/2 mil after reno. So, we were quite sianz.....Next, we started looking at simei and we both quite liked that area. I must say that our agent is indeed very patient and attended to all our needs during the 6 mths of house hunting. Finally, we chanced upon a 4A resale flat and went to view it. It's abt 6-7 mins walk from MRT and 2 bus stops away. The area surrounding the flat is relatively tranquil and quiet as it is not situated along a main road and it faces all the condos there (upside potential). After a bit of thinking over 1 day, we put down a $1k deposit and agreed on a price. At that time, the latest valuation was not out but I was confident of a low COV cos of my research. At last, the valuation came and the COV we paid was $10k. Very very good buy IMO cos the neighbouring flats are all transacted betw the region of 30-40k COV.

Why such a good deal? The catch is I need to hack the whole place down and reno from bottom up. Not a problem cos we knew that whichever place we bought, we are prepared to redo the whole flat to our liking. Rather put the savings into the reno than pay someone a handsome 'profit'. However, valuation is based on location and that location is pretty good. So, we were happy that we got a really good deal in times like this. Hopefully, we can get the whole flat renoed before our wedding before the end of the year. It'll be close but doable with proper planning.

So, for all bros and sisters out there looking for resales, don't lose hope as I feel that resale flat in good location can be found at a cheaper price than new HDB flats. Good luck in yr search. : )

[666 0]

All i can say is be very patient..i have been searching for a unit for nearly 2 years...from being engaged to now wife going to give birth. Now owners are willing to lower their cash portion.

Only recently found a unit which met our criteria. A rare corner EM on the top floor,unblock,renovated,huge sqm ard 160,near amenities & near simei & tamp mrt...cov ard 25k,val 450..val bit exceed our budget but tinkin of the free nanny care (since inlaw stay 5mins walk away),free meals etc we agreed. Owner wanted 95k when we 1st enquired...really wonder how i managed to slash it to 25k & agent commision 0.5%.Think can slash lower la but seller was very nice.

Now i feel property market swaying towards the buyers as no more en blocs to disturb us.covs are dropping, but valuation increase quite a bit. a few units agents which we viewed before..called or sms me to tell me so & so dropping their cov, so ask me to make an offer.

These agents are those which snubbed me wen i offered them higher few months back..surprised the unit still on market..now my turn to snub them back..

[pinky 0]

Can intro your agent to me cause i looking for Low COV too but not really trust some of the agent words.

Just to share abit of my house hunting woes. My wife to be and I have been searching for a flat since Nov 07. I currently live with my parents in the east and my fiancee in the * in CCK.

We've both decided to live in the east as we both like it there. So, that means looking at a few HDB estates. First of all, we have ruled out balloting cos there are not much new flats to choose from and they would only be ready in about 3 yrs' time. Cannot wait so long to have our own place. So, we decided to zoom into the resale market.

The only few still affordable areas are Eunos, Aljunied, Bedok, Simei and Tampines. However, we will only choose Tampines as a last resort. After viewing several old flats in Aljunied, we decided that we did not like the environment there (no offense). Then we were quite keen on getting a flat in Eunos but the flats there are 30 yrs old and COV is around > 40k from low floor onwards. We did our calculations and realised that a 5 rm cost us > 1/2 mil after reno. So, we were quite sianz.....Next, we started looking at simei and we both quite liked that area. I must say that our agent is indeed very patient and attended to all our needs during the 6 mths of house hunting. Finally, we chanced upon a 4A resale flat and went to view it. It's abt 6-7 mins walk from MRT and 2 bus stops away. The area surrounding the flat is relatively tranquil and quiet as it is not situated along a main road and it faces all the condos there (upside potential). After a bit of thinking over 1 day, we put down a $1k deposit and agreed on a price. At that time, the latest valuation was not out but I was confident of a low COV cos of my research. At last, the valuation came and the COV we paid was $10k. Very very good buy IMO cos the neighbouring flats are all transacted betw the region of 30-40k COV.

Why such a good deal? The catch is I need to hack the whole place down and reno from bottom up. Not a problem cos we knew that whichever place we bought, we are prepared to redo the whole flat to our liking. Rather put the savings into the reno than pay someone a handsome 'profit'. However, valuation is based on location and that location is pretty good. So, we were happy that we got a really good deal in times like this. Hopefully, we can get the whole flat renoed before our wedding before the end of the year. It'll be close but doable with proper planning.

So, for all bros and sisters out there looking for resales, don't lose hope as I feel that resale flat in good location can be found at a cheaper price than new HDB flats. Good luck in yr search. : )

[ben77 0]

Can intro your agent to me cause i looking for Low COV too but not really trust some of the agent words.

The low COV flat which we found is really by luck and chance. COV is determined by a few factors i.e location, proximity to MRT, town centre, condition of flat, age of flat, potential to SERs, economic conditions etc.

However, by looking at today's market, the valuation of good location flats are still climbing and sellers are still asking for around 30k COV (around where i bought my flat, no doubt lower than before).

I think in order to find a low COV flat, you need to look at further away places or popular locations where the valuation of flats have gone up a lot. At the end of the day, the seller would need to be more realistic in their asking price before you can find a flat that meets yr requirements. A good agent will only be able to tell you which flats are available bearing in mind of yr requirements and probably let you know the most recent transactions and COV that others have paid for that particular area. Other than that, it all boils down to patience and yr calculations to think if you want to wait out the market or not as it's you who is buying and financing the purchase and not the agent.

Hope this helps you understand a bit more cos if agents can promise potential buyers that they can find them a low COV flat in xxx location, I think everyone will be queuing up to seek his services.

[pinky 0]

All i can say is be very patient..i have been searching for a unit for nearly 2 years...from being engaged to now wife going to give birth. Now owners are willing to lower their cash portion.

Only recently found a unit which met our criteria. A rare corner EM on the top floor,unblock,renovated,huge sqm ard 160,near amenities & near simei & tamp mrt...cov ard 25k,val 450..val bit exceed our budget but tinkin of the free nanny care (since inlaw stay 5mins walk away),free meals etc we agreed. Owner wanted 95k when we 1st enquired...really wonder how i managed to slash it to 25k & agent commision 0.5%.Think can slash lower la but seller was very nice.

Now i feel property market swaying towards the buyers as no more en blocs to disturb us.covs are dropping, but valuation increase quite a bit. a few units agents which we viewed before..called or sms me to tell me so & so dropping their cov, so ask me to make an offer.

These agents are those which snubbed me wen i offered them higher few months back..surprised the unit still on market..now my turn to snub them back..

Oh that good for the agent commission is 0.5%.

[mscupid11 0]

Hi folks, just wana share my experience as my sis's fren is a property agent so i do hear from her about how the propety mkt is like nowadays.

Its true that valuation has risen, hence many sellers are beginning to lower their expectations on COV as they find it increasingly difficult to sell off their flats. Esp for young couples where cash is our main concern, i suggest you consider Sengkang / Punggol as the flats are relatively newer, and my sis's fren has managed to close a few deals at COV of $10k below recently, and some of which have built-in cabinets in rather good conditions. According to her, the owners at these new estates are generally younger couples, so in terms of design and maintenance should be pretty acceptable.

Was very shocked to hear this as i rem the COV was at least $30k back in Oct 2007 when i started home hunting. Luckily i got my flat from the ballot early this year, but to those of u who are looking at the resale market, looking at the newer estate may be a good alternative. Just my two cents worth..

[moving statue 1]

i am currently waiting for my first appointment to buy a pasir ris 51..128sqm house ..it is about 7 mins walk to mrt and cost 425k valuation ..the cov is 15k..bargained to 10k but owner still wanted 15k..since hubby and i like the place as it is a corner unit and is on the 9th floor..not so low..we place a deposit for it..there is one unit on the same floor corner also asking for 60k cov ..obviously we wont take dat even thought the valuation is lower at 395k..