Is It Worth To Buy This Flat?

[lilithfiend 0]

Hi everyone!

Bf and I recently viewed this unit at Everton Park and have since purchased the option. Deadline to exercise is end of this month. Would just like to get your views on whether it is worth to buy this unit?

Type: 3I Corridor (72 sqm)

Valuation: $332k

OTP: $322k ($10k below value)

Floor: Mid

This unit is in original condition so we really have to renovate - no kitchen cabinet, squat toilet, no built-in anything!

I know its quite difficult to get a unit without any cash and we feel really lucky to have found this unit. We like the place but bf thinks the valuation price seems to be super-high for a place that's so lok kok!

So please, your opinions on whether you think it's worth it..

TIA!

[cacabi111 0]

hi seems like decent price, plus less built in means less to hack during renov (will save there) ....

[lilithfiend 0]

hey cacabi111, tks for your reply and yes agree about saving since we'll be hacking less!

looking forward to see more responses..

[forgotten 1]

Your unit is near CBD. The unit's location & the past transaction prices of nearby blocks determine its valuation price much more than its condition. From your viewings, I'm sure the units that have move-in conditions are asking for COVs lor. If you want to save on COV + do an overhaul renov, this unit is a good buy.

Edited December 22, 2009 by forgotten

[JK_headache 0]

IMO, this is a gd buy...for times like this too !

nothin built in oso gd...can juz go ahead and hack everythin and redo !

ur location is also v gd...but downside..many ERP waiting for u liao, haha

[garion 1]

hi, a few points for you to consider:

- understand that flats at everton park are quite old... you have to consider the resale value when you want to sell it in the future (5 yrs? 10 yrs?)

- as the flat has already reaches certain age, there are things that might add to you renovation costs: window grilles, toilet wall and floor tiles, bedroom doors, plasteing of walls etc....

- as it is a corridor unit, are you ready to sacrifice some privacy and noise? (i have previously lived in a corridor unit and there are always ppl looking into your house when walking by and noise generated....)

[sugardaddy 0]

the units are everton park are pretty old, but with duxton nearby, maybe you would benefit from some of the amenities that would come up soon ..

did noticed that the windows along the corridoors are pretty low as well .. so really depends if you can make do with this ...

[lilithfiend 0]

Your unit is near CBD. The unit's location & the past transaction prices of nearby blocks determine its valuation price much more than its condition. From your viewings, I'm sure the units that have move-in conditions are asking for COVs lor. If you want to save on COV + do an overhaul renov, this unit is a good buy.

i see..we used to think that the condition of the unit plays a large part in the valuation. we don't view units unless they ask for zero/low cash so we haven't viewed many. thanks for your opinion!

IMO, this is a gd buy...for times like this too !

nothin built in oso gd...can juz go ahead and hack everythin and redo !

ur location is also v gd...but downside..many ERP waiting for u liao, haha

haha, yes ERP is an issue we've thought about - but we don't drive so i guess we'll have to take less cabs! good to know you think its a good buy..location is great cos it'll be just 4 mrt stops away from my office at c'wealth.

hi, a few points for you to consider:

- understand that flats at everton park are quite old... you have to consider the resale value when you want to sell it in the future (5 yrs? 10 yrs?) the flats are nearly 30 years old. and yes, you have a point about the resale value after 5-10 years. point noted!

- as the flat has already reaches certain age, there are things that might add to you renovation costs: window grilles, toilet wall and floor tiles, bedroom doors, plasteing of walls etc.... yep, these are considered as well..we will have to do all the things you said. but most prob in phases instead of one-shot.

- as it is a corridor unit, are you ready to sacrifice some privacy and noise? (i have previously lived in a corridor unit and there are always ppl looking into your house when walking by and noise generated....) we're currently already living in a rented flat that faces corridor so we're used to this. the thing with everton park is that its really quiet and noise wouldn't be much of a problem compared to my current place at whampoa.

the units are everton park are pretty old, but with duxton nearby, maybe you would benefit from some of the amenities that would come up soon ..

did noticed that the windows along the corridoors are pretty low as well .. so really depends if you can make do with this ...

yep, they're almost 30 years old and yes we're also hoping with duxton, there'll be more amenities in the area. Just haven't managed to find any concrete plans on what's to be opened. We're planning to change the windows so the low windows wouldn't be too much of an issue, i hope..

[waileong 0]

What's lok kok?

And who can tell you whether something is "worth" it? You already have a valuation, isn't that good enough? Anyone else here is just giving an unsupported opinion, at least the valuers have something to go by.

Frankly, it's better to buy an "original" condition flat than to buy a super-beautiful flat whose reno you don't like. It costs a lot less to make the original flat to your dream flat.

Hi everyone!

Bf and I recently viewed this unit at Everton Park and have since purchased the option. Deadline to exercise is end of this month. Would just like to get your views on whether it is worth to buy this unit?

Type: 3I Corridor (72 sqm)

Valuation: $332k

OTP: $322k ($10k below value)

Floor: Mid

This unit is in original condition so we really have to renovate - no kitchen cabinet, squat toilet, no built-in anything!

I know its quite difficult to get a unit without any cash and we feel really lucky to have found this unit. We like the place but bf thinks the valuation price seems to be super-high for a place that's so lok kok!

So please, your opinions on whether you think it's worth it..

TIA!

[ah_bui 0]

Hi everyone!

Bf and I recently viewed this unit at Everton Park and have since purchased the option. Deadline to exercise is end of this month. Would just like to get your views on whether it is worth to buy this unit?

Type: 3I Corridor (72 sqm)

Valuation: $332k

OTP: $322k ($10k below value)

Floor: Mid

This unit is in original condition so we really have to renovate - no kitchen cabinet, squat toilet, no built-in anything!

I know its quite difficult to get a unit without any cash and we feel really lucky to have found this unit. We like the place but bf thinks the valuation price seems to be super-high for a place that's so lok kok!

So please, your opinions on whether you think it's worth it..

TIA!

Hi lilithfiend,

before we talk about the house, we need to talk about financing it. Are the combined CPF contribution of both of you enough to cover the monthly loan installment or do u need to top up with cash? The bottom line is, get a unit within your means and do not use cash to top up each month.

Space: 72 sqm may be a little small when you start to have kids in the future.

Location: Everton Park is located near to MRT and since you do not drive, transport is great. But amenities will be a problem.

Condition: I would think that it is better to get a lok kok unit and renovate the whole place than to pay COV for renovation by previous owner.

Resale value: in 5 years time, the unit will be 35 years old. It may not command a good price because your neighbour, Duxton, is also almost ready to start selling. Duxton boasts a newer flat with higher floor and better interior so it's not in your favour.

Take your time to consider, do not rush. A house is the single most expensive purchase in your life so dun make a bad choice. =)

[garion 1]

What's lok kok?

And who can tell you whether something is "worth" it? You already have a valuation, isn't that good enough? Anyone else here is just giving an unsupported opinion, at least the valuers have something to go by.

Frankly, it's better to buy an "original" condition flat than to buy a super-beautiful flat whose reno you don't like. It costs a lot less to make the original flat to your dream flat.

Hi waileong, i think its not correct to say that "You already have a valuation, isn't that good enough?"....

the valuation report is accurate as at that particular point in time, additionally, apart from the valuation report, the buyer still has to consider many other factors like location, condition, amenities etc... precisely what lilithfiend is doing....

i will be very surprised if you purchased your flat just based on the valuation....

cheers

fyi: "lok kok" means run-down, in disrepair

[waileong 0]

Hi waileong, i think its not correct to say that "You already have a valuation, isn't that good enough?"....

the valuation report is accurate as at that particular point in time, additionally, apart from the valuation report, the buyer still has to consider many other factors like location, condition, amenities etc... precisely what lilithfiend is doing....

i will be very surprised if you purchased your flat just based on the valuation....

cheers

fyi: "lok kok" means run-down, in disrepair

If you understand market theory, the market price reflects everything currently known about the flat.

[garion 1]

If you understand market theory, the market price reflects everything currently known about the flat.

hmm.... isn't that obvious?

[Mr Anything 0]

I think saying that the price reflects everything is putting it a bit too general. For example, no point paying a premium to get a flat near a famous school if you do not intend to have children. (Just an example)

Afterall, you are spending quite a sizable amount into it.

You need to consider if the flat fits your lifestyle and preference. Of course you need to put in consideration of how much u want to spend on renovation (which is a mistake I did not consider and is fretting over now).

If it does and you don't need to pay COV, then i think its buyable.

[lilithfiend 0]

just an update - we have just exercised the option last night. so no turning back now!

thank you all for your valuable comments and opinions, we have taken them all into consideration during the decision making stage. we are happy and excited to be able to move on to the next stage of our lives! shall be starting up my t-blog soon..