If Submitted Before 30th Aug But Cov 34k Cov Should Hold Or Not?

[signup_reno 0]

Hi All,

Am Singaporean, and long term stayer, problem is MBT open his mouth after I SUBMITTED OPT to HDB

if you were me and paying only 34k cov, will you hold on ? Not attended first appointment yet, so how ? Was told that owner can take legal action and force me to buy.

My fear is that when the time comes to sell I am still making a lost. else i don't mind.

[marshmallow 0]

Hi All,

Am Singaporean, and long term stayer, problem is MBT open his mouth after I SUBMITTED OPT to HDB

if you were me and paying only 34k cov, will you hold on ? Not attended first appointment yet, so how ? Was told that owner can take legal action and force me to buy.

My fear is that when the time comes to sell I am still making a lost. else i don't mind.

if you've found a place you like and gonna stay long in it, then, don't think too much about earning/losing... just proceed and enjoy the new home

so long as you have done a proper financial plan for buying this place, you should be fine...

[signup_reno 0]

if you've found a place you like and gonna stay long in it, then, don't think too much about earning/losing... just proceed and enjoy the new home

so long as you have done a proper financial plan for buying this place, you should be fine...

Yah same as saying if i never sell my stock i never make a loss... rite. Thanks ah..

[dinobros 1]

we also Option on the day of the announcement.

However after thinking hard. decide to go for it.

The owner is sincere and we like the layout. Been the best we seen in like 15 units.

Not sure if we can find better ones in the future.

You think about it. think 34k is still not a ridiculous amount.

[bepgof 20]

Hi All,

Am Singaporean, and long term stayer, problem is MBT open his mouth after I SUBMITTED OPT to HDB

if you were me and paying only 34k cov, will you hold on ? Not attended first appointment yet, so how ? Was told that owner can take legal action and force me to buy.

My fear is that when the time comes to sell I am still making a lost. else i don't mind.

1. If you back out now, $5k bye bye. Seller can pursue legal action for the losses due to your decision/action..

2. Unless you can "afford" to wait for another abt 2 years down the road, I anticipated not much variation in valuation of resale hdb, except for COV. The methods of valuation is sort of "moving average", no big up or down , when the BTOS start coming in to the mkt, batch by batch, resale demand drop and .....you know I know.

3. No one can tell what exactly will happen in 5 yrs' time, can only base on some past trends to make some "forecasts"

Edited September 14, 2010 by bepgof

[jansenboy 0]

Hi All,

Am Singaporean, and long term stayer, problem is MBT open his mouth after I SUBMITTED OPT to HDB

if you were me and paying only 34k cov, will you hold on ? Not attended first appointment yet, so how ? Was told that owner can take legal action and force me to buy.

My fear is that when the time comes to sell I am still making a lost. else i don't mind.

Firstly you are assuming that the price will come down. That's just what some people think. What if you backout, face all the potential problem and then realize prices don't really drop?

Like what some people say, if you like the place then there is no problem isn't it. It's not like stock because stock u are in there only for investment purposes whereas home your primary objective is for staying.

Lastly you buy before the cut off also got some advantage. Meaning after 3 years if you want you can rent out...provided you never take any kind of grant.

[JCase 0]

Hi All,

Am Singaporean, and long term stayer, problem is MBT open his mouth after I SUBMITTED OPT to HDB

if you were me and paying only 34k cov, will you hold on ? Not attended first appointment yet, so how ? Was told that owner can take legal action and force me to buy.

My fear is that when the time comes to sell I am still making a lost. else i don't mind.

You have to bite the bullet. Once OTP signed very difficult to back out as legallu binding.

If you are staying long terms I think price should hold. All the new parcels of land being released imo is all in ulu / underdeveloped locations. So if you bought in a good location it should not be a problem.

[Warrior88 0]

Besides the 5k as bepgof says, also got bank penalty.

" You worry price drop when you sell " COV 34k is on the conservative side.

Not only you, tons of ppl will face this problem. If that happen, then it will be garment problem not yours

[Always Happy 0]

Hi All,

Am Singaporean, and long term stayer, problem is MBT open his mouth after I SUBMITTED OPT to HDB

if you were me and paying only 34k cov, will you hold on ? Not attended first appointment yet, so how ? Was told that owner can take legal action and force me to buy.

My fear is that when the time comes to sell I am still making a lost. else i don't mind.

Your fear is loss. How long u wanna stay there?10,15, 20yrs? It is a deciding factor

Yr unit location is the key factor for future selling price.

34k COV should be for prime areas with good nearby facilities,

I dont think prices will head south drastically anytime soon.

Anyway you are already legally binded by the OTP, no way you can backed out.

Compensation maybe infact higher than your loss in future

[signup_reno 0]

Hi All,

Thanks for all you replies! Maybe i should rephase a new question :

IF TODAY, you see your "acceptable" HDB flat @ 34k COV, you want to buy or not?

dinobros made me realise the issue is I don't have the satisfication of liking the house like him. I just buy, as i tot I will never get again @ 34k COV.

This high floor 5I cost me around 450k all in.

Roughly after all the cost like stamp fee & reno, I would need to sell my house at 500k just to break even in the future (my house is 650m from MRT do u all think its near?). Frankly I cannot imagine 500k price for an normal HDB (queenstown etc dont say la) after 2010 Sept ! Hope 6 million projected population is going to help me.

Edited September 15, 2010 by signup_reno

[Jgal 0]

Hi All,

Thanks for all you replies! Maybe i should rephase a new question :

IF TODAY, you see your "acceptable" HDB flat @ 34k COV, you want to buy or not?

dinobros made me realise the issue is I don't have the satisfication of liking the house like him. I just buy, as i tot I will never get again @ 34k COV.

This high floor 5I cost me around 450k all in.

Roughly after all the cost like stamp fee & reno, I would need to sell my house at 500k just to break even in the future (my house is 650m from MRT do u all think its near?). Frankly I cannot imagine 500k price for an normal HDB (queenstown etc dont say la) after 2010 Sept ! Hope 6 million projected population is going to help me.

Aiya.. You have to go back to your fundermentals.

First of all , when you buy your house, you muz stay there for at least 5 yrs. So there will sure to be policy changes and price will be affected. So you muz know why you buy the house for ? what is impt is what is the policy when you try to sell your flat, not at this point liao.

If the only reason for you to buy the house is because it's cheaper. Then I think you better walk away. Cos' for such a ordinary flat to fetch a better price is small since it ages. You will probably breakeven only if hdb continue to rise in the next 5-10 yrs.

If you want to get a flat that will preserve captial , then you shld have look for those in prime location but smaller units to fit your budget. Cos' prime location still demand >34K cov even now.

I think you simply got to be realistic and practical lor.

[mach668 0]

Hi All,

Thanks for all you replies! Maybe i should rephase a new question :

IF TODAY, you see your "acceptable" HDB flat @ 34k COV, you want to buy or not?

dinobros made me realise the issue is I don't have the satisfication of liking the house like him. I just buy, as i tot I will never get again @ 34k COV.

This high floor 5I cost me around 450k all in.

Roughly after all the cost like stamp fee & reno, I would need to sell my house at 500k just to break even in the future (my house is 650m from MRT do u all think its near?). Frankly I cannot imagine 500k price for an normal HDB (queenstown etc dont say la) after 2010 Sept ! Hope 6 million projected population is going to help me.

Few questions for u,

1, are u planning to stay at the flat/area for long? since u purchase a 5rm flat, i surppose if u want, u can stay there a long time.

2, is the location gd enough for u long term? i believe your flat is less than 10yr old located in the east.

3, are u worried the BTOs government planing to launch make your COV looks high?

4, do u think u can get a unit to your liking with lower COV? (how low is consider low?)

most ppl think that COV will drop soon, but noboby know when. so the key here is, if 34k is afforable to u, why worry abt price drop? nobody can accurately predict n buy at lowest n sell at highest! if your flat is <10 yr old, i believe 5yr later, the valuation shall be much higher than what u ve bot since the resale activity near your neighbourhood should be lively given the age of the flat. 650m to MRT is not bad, and on a high floor.

just to share w u, there's a low floor 3rm unit in the central location did 3 valuation for the past 9mths, value of flat up 40k from the 1st valuation. (abt 11% increament <1yr) so if u want better value deal, i believe Jgal has just suggested a good solution in getting a smaller flat in the prime location.

better plan your priority, some ppl prefer a bigger place while some prefer prime location. some even want both but off course they ve to pay higher price. so, bro, which is your priority?

[tweety3334 0]

Don't think too much if the unit is for own stay. I paid double your cov but never cross my mind that I want to back out from the deal. Most important is that seller can sue you for specific performance. I believe valuation for hse will still be increasing although at a slower pace.

I did not valuation 3mths ago. My neighbour just had their unit valued. Their unit at a lower floor and not renovated but valuation already higher than mine by 20k.

[rainforest 0]

Don't think too much if the unit is for own stay. I paid double your cov but never cross my mind that I want to back out from the deal. Most important is that seller can sue you for specific performance. I believe valuation for hse will still be increasing although at a slower pace.

I did not valuation 3mths ago. My neighbour just had their unit valued. Their unit at a lower floor and not renovated but valuation already higher than mine by 20k.

Many recent HDB buyers were expecting prices to continue going up .......... but HDB resale prices are already at an all time record high now.... the government does not think it wise to let the bubble grow any bigger , hence the recent measures. Property and asset values will rise but it must be in line and commensurate with economic growth & income levels. No excessive exuberance.

If property prices continue to escalate, then we all know by Feb 2011, another set of measures will likely be introduced.

[therat 18]

if you need a place to stay and you like the location and unit.

why need to bother the rest.

you miss this boat, are you sure you will get the same boat or better boat?

No one will know.

Once decide. Don't look back!