50k Plus Cov For 4rm @ Bishan?

[hyacinth266 0]

Alamak why shoot me ...i like that say no wrong leh...200k is my old house that bring me luck n sold for a profit (cos i buy my ec at 460k when in 2003). Got wrong meh?

I am only sayng that for a good hdb at a high cov...its better to buy a private instead cos no point couging out so much cash for a public housing. I need not point out how good are private over hdb, cos to each its own...but i still think no matter how u think private still wins hdb (maybe i think alot for my kids n chij in future)

...N anyway i did not use 200k CASH for the 20%.

... ...

Your calculation may be true for certain group.

But for me, 20 plus, both PRs, just married, first house, having kids soon in the future...

Starting with HDB is a safe choice.

[mach668 0]

Purchase price 700,000 (fpr a typical 3 bedder 110 sq mtr)

END of 12 weeks. U will get ur dream house plus a big smile in your face n Bishan Loft Smell.

hi bro, 700k for bishan loft is History. Current transcat for a small 3bedder 1141sf is at least 900k. can't really compare man!

[gimz63251073 0]

Alamak why shoot me ...i like that say no wrong leh...200k is my old house that bring me luck n sold for a profit (cos i buy my ec at 460k when in 2003). Got wrong meh?

I am only sayng that for a good hdb at a high cov...its better to buy a private instead cos no point couging out so much cash for a public housing. I need not point out how good are private over hdb, cos to each its own...but i still think no matter how u think private still wins hdb (maybe i think alot for my kids n chij in future)

...N anyway i did not use 200k CASH for the 20%.

Heres the theory:-

Purchase price 700,000 (fpr a typical 3 bedder 110 sq mtr)

Cash (1%) of Valuation 7,000 (upon sign dotted line)

Bridging Loan 1 (4%) 28,000

CPF Lumpsum - (Avail from OA) 100,000 (assuming you two shld have this amt in ur combined OA)

Bridging Loan 2 (5,000)

END OF 2 weeks upon exercise-> U pay NOTHING except STAMP DUTY (ard 15600--> claimable from ur CPF OA in later stage)

End of 4 weeks -> U only need to pay BL 1&2 plus abit interest. (So it is ard 33k)

Rest of Loan - 560000 spread over 30 yrs (assuming you both are aroung 30 yrs old n earning combined 7k)... ery month u both pay only 1900++.

Calculation Result

Monthly Payment: S$1,932.67

Loan Amount: S$560,000

Interest Rate: 1.50%

Term of Loan: 30 years

END of 12 weeks. U will get ur dream house plus a big smile in your face n Bishan Loft Smell.

MORALE OF STORY

All in all you fork out 33k (ur own cash) + 15.6k (can borrow from ur parentsfirst). better than forking out 50k to those GREEDY SELLERS that their conditions of the house is simply dont worth ZERO COV at all.

Bro here in peace. Just sharing cos when i was in 2003 that time also high COV and thankfully chose a EC at 388 per sq ft (that time considers sky high).

See how 7 years later inflation.

Property sure safe. PAP sure win.

U also sold off your HDB and i presume u were not demanding for a high COV. Willing buyer, willing seller, no need to tear down the bridge after crossing it.

while u start to feel superior to hdb dwellers, please also remember that u had once stayed in hdb before. Did u like it when the so called condo dwellers look down on you? Well, there are millionaires, multi-millionaires, bilionaires and multi billionaires... so no need to compare, no need to feel superior as well.

Me and wifey's parents offered us 15k and 20k loan (or rather a gift) knowing we had to pay 18k COV. Had we taken the loan, we would be able to spend tons on reno and furnishing and have a very shiok wedding dinner. We were very grateful but we rejected them. They are not rich people, but they were loving parents who did not want their children to suffer. If we wanted, im sure they could squeese out more. But as children who have earning power, i would be ashamed (just me) to take money for them for stuff like reno and wedding dinner... Parents have spent their lives raising us, now its our turn to repay their kindness, helping them to spend their retirement funds is not something we would consider.

We managed to scrap thru by saving and cutting down on wants. End up with $0 in bank balance but no parent and bank loan. We were much happier and had loads of fun in doing so.

So yes, to each his own. I do sleep better knowing that my mortgage is 2.5times my annual income.

[bepgof 20]

I am only sayng that for a good hdb at a high cov...its better to buy a private instead cos no point couging out so much cash for a public housing. I need not point out how good are private over hdb, cos to each its own...but i still think no matter how u think private still wins hdb (maybe i think alot for my kids n chij in future)

...N anyway i did not use 200k CASH for the 20%.

Bro/sis, Aiyo, you are very jalak, say more wrong also more:

Wrong #1. Bishan Loft where got 7xxk now for 111sqm, see file below, except one for 770k done in july 2009.

http://img844.imageshack.us/img844/570/bishanloft.jpg

Wrong #2. 12 year old L99 Oleander Towers better than L99 HDB meh?, sure the maintenance fee is "much BETTER", at least $300 depend on yr share#. You offended those HDB lovers leh.

http://img291.imageshack.us/img291/7359/oleandertower.jpg

Wrong #3. 900k purchasing price, say based on 80% loan eligibility

5% cash = 45K

15% cash/CPF = 135K

Stamp(cash first) = 21.6K

Total cash = 66.6k, cpf is not money?

The remaining 720k loan pay until when? Say 1% interest for 30 year, per month= $2,315 for 30 years, wow lau, expect everybody LOVE to work like cow!?

Wrong #4. You thought staying within 1km for phrase 2C got chance for chij? Better go and do voluntary job there first, long Q leh. Anyway, like your spirit to shift house for children.

Edited October 5, 2010 by bepgof

[forgotten 1]

U also sold off your HDB and i presume u were not demanding for a high COV. Willing buyer, willing seller, no need to tear down the bridge after crossing it.

while u start to feel superior to hdb dwellers, please also remember that u had once stayed in hdb before. Did u like it when the so called condo dwellers look down on you? Well, there are millionaires, multi-millionaires, bilionaires and multi billionaires... so no need to compare, no need to feel superior as well.

Me and wifey's parents offered us 15k and 20k loan (or rather a gift) knowing we had to pay 18k COV. Had we taken the loan, we would be able to spend tons on reno and furnishing and have a very shiok wedding dinner. We were very grateful but we rejected them. They are not rich people, but they were loving parents who did not want their children to suffer. If we wanted, im sure they could squeese out more. But as children who have earning power, i would be ashamed (just me) to take money for them for stuff like reno and wedding dinner... Parents have spent their lives raising us, now its our turn to repay their kindness, helping them to spend their retirement funds is not something we would consider.

We managed to scrap thru by saving and cutting down on wants. End up with $0 in bank balance but no parent and bank loan. We were much happier and had loads of fun in doing so.

So yes, to each his own. I do sleep better knowing that my mortgage is 2.5times my annual income.

Well said

Edited October 5, 2010 by forgotten

[BBJLCA 0]

U really cannot compare apple to orange. Oleander, in my opinion, is overpriced at $900k for 3 bedders unless the unit is very well maintained or newly renovated..condo is coming to 10 yrs...lots of maintenance need to be done, and therefore you have to pay quite a sum into the sinking fund. And the layout in Oleander is not exactly ideal..too many corners and odd shapes., 3 bedders might be a little small for a family of 5, excluding the maid. The only selling point about Oleander is its location, no problem in renting out and u save a lot on transportation. My previous flat was very near to that condo, and I really loved its accessibility to the amenities. However, with the other condo Trevista coming up, I am not sure if Oleander will be as popular as before. Interest rate is currently low, and hence it is still sustainable...what if interest were to shoot up to 5%..the monthly loan and interest payment can be quite taxing esp for young working couple. HDB, on the other hand, will be a much safer bet...in the very least, banks are unlikely to seize yr flat if you are not able to pay up.

I was looking for Bishan flat before I bought my TPY flat 6 years ago. And Bishan flat, for some reasons or another, tend to command higher value. Personally, I like Bishan estate, but do not like its flat...dunno why..maybe I find their design too close for comfort. But frankly speaking, Bishan is very well maintained mature HDB estate (already more than 20 years!!) compared to others.

6 yrs ago, pple will say that I paid too much for a HDB flat, as I can top up a bit more to get private condo. Now I sold the flat at high COV and bought a new condo at Bishan..pple will say how come I did not top up a bit more to buy landed. I agree with what gimz63251073 has said "to each on his own"..I commit to the level where I am comfortable. And having said that, if owner is able to maintain his unit well, be it HDB at Bishan or condo in TPY, it will still be salable in future cos of their location

Edited October 5, 2010 by BBJLCA

[forgotten 1]

Your calculation may be true for certain group.

But for me, 20 plus, both PRs, just married, first house, having kids soon in the future...

Starting with HDB is a safe choice.

Furthermore, it is possible to buy private property 5 years after buy hdb, and own both of them. But if buy private property now, hdb will be out of reach.

I also think hdb is a financial prudent choice for first-time home owners. Shouldn't wear a hat that's bigger than our head. No point eating maggi mee for every meal just to own a BMW.

[therat 18]

...but i still think no matter how u think private still wins hdb (maybe i think alot for my kids n chij in future)

I think you mistaken for school register.

If your child is register under Phase 2 or 3.

When come to ballot within1 km regarding HDB or private. ALL had the same chance.

Does not mean stay in private you will had better chance than those stay in HDB.

Wake up

[tweety3334 0]

I think it is better to buy freehold condo. If buy 99yrs condo, I will stick to HDB...bigger space.

[therat 18]

I think it is better to buy freehold condo. If buy 99yrs condo, I will stick to HDB...bigger space.

like that

landed 999 even better

[Warrior88 0]

like that

landed 999 even better

like that Good class Bungalow better. Or aim to stay in Sri Temasek just kidding

[joe38 0]

of cos i koe equal chance lah...n of cos need volunter lah..if i still stay in east then how do i even qualify for equal chance..dun ask me wake lah lah...of cos i koe all these tini wini details...who duno nwadays

as for bishan n tpayh...given the chance to buy again...still tink tpayh condos better than bishan8 or any other loft or cloverbtp...again to each its own....dunno why ...simply like the idea not crossing any roads n i can reach cnetral n mrt n within 2.5 mins. Where to find? Mb next time i HUAT...i will still keep this unit n rent out...mb in future when we old folks...then can still stay here...

yah agree with some guys here...700k cant get 3rm liao...at least smelly smelly need 900++k..my mistake for not doing research....as for my place...i think its wrth the 900 plus...cos of amnities, schools n near my inlaws who take care the monsters n even more impt next time can rent out /sell easily.... heehee..but still cant undrtsd why a ec can fetch so skyhigh price when the loft i still quite far from the mrt...haha...realli envy those first buyers of loft..must be luffing to the bank...

[bepgof 20]

Got a roof to cover heads still not enough meh = mankind's desires, positively =make thing moved & improved?, negatively = digging grave and fall into oneself.

Joe 38??, why choose 38, u seem cleaver le, don't take too hard abt my comments, some are just kidding - just to make forum more lively. You take bridging loans? Like that meaning you are also quite cash-tight.

After sometime staying in L99 condo, you'll understand/comprehen/appreciate why I commented not "worth" to pay for the "high" maintenance fee, especially when children no longer use the pools/gmp/bbq/tennis, as frequent as before. They start telling you room not big enough, lift always spoil...You'll sit down starring into sky and start missing those HDB days. When MC sends you letter asking for increase in management & sinking funds, you'll start speaking to neighbours complaining and sit in AGM to cast non-confidence vote. I went through this.

After son kena ballotted out(within 1km), I started speaking to principal/VP and chairman of parents alumni, finally secured a seat 7 days before school opens. Amazing thing was principal stepped down and quit when school opens, vice principal also bye bye 3 months later. I went through this. CHIJ tpy has combined both primary & sec together this yr. So better q early, as early as 2 years before intake....also instill kids the "small/big fish in big/small pool" concept to position themselves.

Edited October 6, 2010 by bepgof

[therat 18]

After sometime staying in L99 condo, you'll understand/comprehen/appreciate why I commented not "worth" to pay for the "high" maintenance fee, especially when children no longer use the pools/gmp/bbq/tennis, as frequent as before. They start telling you room not big enough, lift always spoil...You'll sit down starring into sky and start missing those HDB days. When MC sends you letter asking for increase in management & sinking funds, you'll start speaking to neighbours complaining and sit in AGM to cast non-confidence vote. I went through this.

bepgof,

u forget to mention

1. used pads find on lower floor

2. 1st floor found 1 bag of curry mee on their balcony

3. balcony always receive hair/fingernail, used tissues, etc

4. car got scratches in the car park

5. dog poo poo

[hyacinth266 0]

bepgof,

u forget to mention

1. used pads find on lower floor

2. 1st floor found 1 bag of curry mee on their balcony

3. balcony always receive hair/fingernail, used tissues, etc

4. car got scratches in the car park

5. dog poo poo

REALLY!? Am I too lucky? Never gonna those before?