Mansionette Owner

[blownup 0]

hahaha, if I sell high then I also gotta buy high. If can sell at more then 500k, I dont mind getting a EA or 5-room flat though intending to but not actively on the look out now.

Actually, how much did you guys paid for your EM: valuation? COV? When? Location?

This will enable potential buyers of EM to know some indications ... HDB resale website only reveals the transacted price.

[masschaoz 0]

If you are talking about tearing out all the floor, wall tiles and wiring and total revamp to the EM, it is not surprise to see a renovation no less than $70K. Renovation are expensive these days due to the inflation of almost everything, from raw material and labour cost.

oh yeah.. tats what i did... basically i dun see anything leftover from when i juz collected the keys..used expensive tiles somemore..

total revamp not tat much, as i juz hacked away my kitchen wall and balcony walls to form a much bigger kitchen area and living room.. 2nd floor layout remained intact other than our self designed master bedroom.

tats why i think back, its actually quite cheap..

How come u factor in lawyer fees? Ya true, HDB only allow us to take up 2 HDB loan so I took one for my 4-room flat and one for my EM so none for me now. If u get a EM then u are left with zero HDB loan. I didnt really reno my 4-room flat. Only painted the walls, install system 3 air con, re-wiring whole house, hacked kitchen cabinets then installed made in Japan enamel kitchen cabinet (shifted the set into my EM so I spent slightly lesser for the final kitchen cabinet cos its movable and too expensive to let the buyer have it) and Dad helped me to change the W.C, sink, cement support for kitchen sink, cement support for stove & walk in wardrobe. So all in, I think I only spent less than 15k (5k courtesy from Spore pools when my number came out 1st prize) on reno plus furnishing.

Just a suggestion to choose a smaller flat cos the high COV is really crazy so dont feel offended. For me, I wont pay more than 20k COV unless I really dont have to spent more than 20k on reno.

ya, revamping a EM cost abt 50k during my reno time in 2005, now everything so exp so more hard earning money needed

I just wonder how those dual income less than 8k gonna pay the DBSS flats. Its more than 700k for some 5-room flats right? Definitely gotta top up cash for the monthly HDB loan

i dun even think those dual income less than 8k can afford those 700k DBSS flats. I'm glad i gotten my EM last yr.. else i wld have a prob getting one with hdb loan this yr..

[virgo2829 0]

You are right ... to revamp an EM entirely, you hack everything out from the floor and walls. How much have you decided to spend so far?

we are hoping to budget to no more than 100k including furnitures....most likely, we are engaging an architect interior designer to do up our place...which he charges $8k flat for designing fee....

[hello88 2]

Actually, how much did you guys paid for your EM: valuation? COV? When? Location?

This will enable potential buyers of EM to know some indications ... HDB resale website only reveals the transacted price.

the transacted price in HDB website is the amount that we paid for the flat. It'll be good if valuation price also indicated hor.

Anyway, I think my EM is considered one of the cheapest in this forum if u exclude those who got their RP EM from HDB WIS.

Valuation: 340k (I think valuation was still too high cos condition of the flat really sucks & make u puke)

Purchased: 310k (agreed upon even before valuation came out)

Date: Mar 2005 (I think it was the same month that HDB became very strict with valuation pricing)

Loc: Hougang, approximately, 5-8 mins walk to Hougang MRT/Hougang Central

Reno: 99% revamp, only kept the original staircase railings

[arknuss 0]

Been out of the forum for quite a while but almost done selecting a contractor, I hope

Think prices are going crazy especially with the COVs. If I were looking for a flat now, I would probably just save money and wait. I pity the newlyweds who are trying to get a place though.

We exercised option in October 2006 for our resale EM. Corner unit with recess area purchased for $360k which was the evaluation. Got the $40K grant from govt in return for my two and half years of NS. Think our timing was good as our incomes surpassed the ceiling only a few months later.

From quotes I have gotten so far, revamping EM is not that bad if you do not use alot of expensive materials and do a lot of carpentry. A total revamp for us (excluding staircase) came up to about $45K. However, we are reducing this to save cost so in the end should be less than $40K.

Think must be realistic lah, spending tons of cash on reno on a property that has 80 years left with very little significant upside does not make a lot of sense to me. I rather spend in furnishings which I know I can reuse.

[hello88 2]

......Got the $40K grant from govt in return for my two and half years of NS.

huh? Something new. Is it a new scheme cos never heard b4.

[frostyflake 0]

Hi Hello88,

Yes we are first time buyers, and we personally want to buy a house for a long term plan. To me, its waste of transaction $(lawyer fees, reno) and interest if you purchase 1 smaller unit then 5 -6 years later upgrade and stuff.. moreover, HDB only allows you to take HDB loans twice in your life. So i do not want to waste that.

Moving twice meaning u have to spend twice one reno, twice on agent fees and twice on furnitures and etc...

Most importantly, the time and effort spent to go house hunting, coordinating with contractor are very time consuming and tiring.

!!

Actually, we had the exact mentality as you. We are also 1st time buyer and getting married, but still want to go ahead and get an EM for our 1st house.

True we needed to spend twice on agent fees and twice on furnitures and etc.. But come to think of it, it is an entittlement to Singaporean to benefits from the lower interset by HDB.

People normally make use of the opportunity to buy and start of with an affordable unit from the HDB using the loan. If opportunity arise, upgrade it to a bigger one with the concession loan, earn some money and live in it forever.

Hope you won't miss the opportunity in upgrading ... first timer buy an executive, next time if needed to down grade or via versa upgrade ( A windfall is ok but if financial crisis then how?) shall have issues.

Seriously deep financial calculating is required....

I'm aware it is better to fully utilise the HDB concessionary loan twice, get a small unit 1st, then mayb can sell for profit and upgrade to EM later. But I very old le so we'd rather get what we really wanted now.. then who knows what happens tomorrow, I may not have the chance to stay in EM hahaha!

So all in, I think I only spent less than 15k (5k courtesy from Spore pools when my number came out 1st prize) on reno plus furnishing.

the transacted price in HDB website is the amount that we paid for the flat. It'll be good if valuation price also indicated hor.

Anyway, I think my EM is considered one of the cheapest in this forum if u exclude those who got their RP EM from HDB WIS.

Valuation: 340k (I think valuation was still too high cos condition of the flat really sucks & make u puke)

Purchased: 310k (agreed upon even before valuation came out)

Date: Mar 2005 (I think it was the same month that HDB became very strict with valuation pricing)

Loc: Hougang, approximately, 5-8 mins walk to Hougang MRT/Hougang Central

Reno: 99% revamp, only kept the original staircase railings

hello88, u revamped 99% of your house yet u only spend 15K?? yours is really a **** good buy, so envy good for you!! Which block is yours?

[masschaoz 0]

Actually, we had the exact mentality as you. We are also 1st time buyer and getting married, but still want to go ahead and get an EM for our 1st house.

I'm aware it is better to fully utilise the HDB concessionary loan twice, get a small unit 1st, then mayb can sell for profit and upgrade to EM later. But I very old le so we'd rather get what we really wanted now.. then who knows what happens tomorrow, I may not have the chance to stay in EM hahaha!

hello88, u revamped 99% of your house yet u only spend 15K?? yours is really a **** good buy, so envy good for you!! Which block is yours?

u shd go ahead n do it then.. i'm also 1st time buyer.. gonna have my traditional in Sept.. for both of us, what we thought was to have a nice lpace to stay in.. so reno cost was the last thing on our mind as long as as we liked it.. of course muz have the budget to do so.. else painful for the pocket.. and reno loan is a diff nono imo..

[hello88 2]

Actually, we had the exact mentality as you. We are also 1st time buyer and getting married, but still want to go ahead and get an EM for our 1st house.

I'm aware it is better to fully utilise the HDB concessionary loan twice, get a small unit 1st, then mayb can sell for profit and upgrade to EM later. But I very old le so we'd rather get what we really wanted now.. then who knows what happens tomorrow, I may not have the chance to stay in EM hahaha!

hello88, u revamped 99% of your house yet u only spend 15K?? yours is really a **** good buy, so envy good for you!! Which block is yours?

aiyo, 15k for my 4-room la. EM I spent a bomb. Me staying opposite the church near Punggol Park and in HAMMER estate.

Edited January 31, 2008 by hello88

[millienium_bear 0]

Hi all

I have been following this thread...

I went to view the EM walk-up unit that is 19 years old. It has a very high ceiling.

The valuation is 340k plus 30k cash. Is it considered 'not-so-expensive'?

However, come to think of the major reno, it will add burden to the financial..

[hello88 2]

Hi all

I have been following this thread...

I went to view the EM walk-up unit that is 19 years old. It has a very high ceiling.

The valuation is 340k plus 30k cash. Is it considered 'not-so-expensive'?

However, come to think of the major reno, it will add burden to the financial..

I think 340k inclusive of COV is pretty reasonable. Mid floor? U might want to check the resale transaction to compare the prices of other EMs in the same block or same estate.

1st owner selling?

[millienium_bear 0]

I think 340k inclusive of COV is pretty reasonable. Mid floor? U might want to check the resale transaction to compare the prices of other EMs in the same block or same estate.

1st owner selling?

nope, 370K inclusive of 30k COV. it is top floor (only 4 storeys walk-up).

I'm considering it cuz this unit is blocked and warm when viewing it in the night.

I'm afraid that the unit might be hot in the afternoon.

Any idea where I can have the resale transaction to compare the prices of other EMs..

Didnt ask the owner abt being the 1st owner. Is it important to know?

Thank you.

[hello88 2]

nope, 370K inclusive of 30k COV. it is top floor (only 4 storeys walk-up).

I'm considering it cuz this unit is blocked and warm when viewing it in the night.

I'm afraid that the unit might be hot in the afternoon.

Any idea where I can have the resale transaction to compare the prices of other EMs..

Didnt ask the owner abt being the 1st owner. Is it important to know?

Thank you.

oh ya, should be 370k. Any lift or upgrading in the pipeline? View it at different time of the day. When I was considering my EM, I viewed it in the morning, afternoon & also at night. U can also bring along a compass to check the facing of the unit. If valuation done, then u can scrutinised the report as the facing would be indicated in the report. Another method would be, to feel the hottest of the tiles to assess whether its West facing or not. Some units are warm due to West facing and u wont feel good stepping on those warm tiles. Also look out for fans. Some owners placed more than enough fans almost in every corner of the house. Before u confirm any unit, try to get a young child or baby to tag along. Kids gotta feel comfortable with the unit. Good luck!

Click here to check resale transaction

just asking cos usually 1st owner either dont do much reno especially if its a 10over years EM or the reno might be too outdated. If its 2nd or 3rd owner, they might have done up the flat so u need not spent much on reno. Hacking and re-doing the flooring for the entire EM alone already cost a few ks

Edited February 1, 2008 by hello88

[millienium_bear 0]

oh ya, should be 370k. Any lift or upgrading in the pipeline? View it at different time of the day. When I was considering my EM, I viewed it in the morning, afternoon & also at night. U can also bring along a compass to check the facing of the unit. If valuation done, then u can scrutinised the report as the facing would be indicated in the report. Another method would be, to feel the hottest of the tiles to assess whether its West facing or not. Some units are warm due to West facing and u wont feel good stepping on those warm tiles. Also look out for fans. Some owners placed more than enough fans almost in every corner of the house. Before u confirm any unit, try to get a young child or baby to tag along. Kids gotta feel comfortable with the unit. Good luck!

Click here to check resale transaction

just asking cos usually 1st owner either dont do much reno especially if its a 10over years EM or the reno might be too outdated. If its 2nd or 3rd owner, they might have done up the flat so u need not spent much on reno. Hacking and re-doing the flooring for the entire EM alone already cost a few ks

no, there is no upgrading in the pipelepline. you seem more experienced in the facing direction.

i didn't see any fans in the house.

oh no wonder, the kitchen and living room have done up and are in modern concept. i think it is maybe 2nd owner.. toilets, parquet flooring on the upper floor, bedrooms need to re-do..

hmm, the flat type is HUDC or Multi-Generation for any em units?

i try to nego wif the seller's agent to lower COV a bit but she is not agreeable.. it is coz 30k-35k cov is standard cov market... is it true? if not really standard due to the location, how to nego well without engaging my own agent? i'm worried if i offer low COV a bit, she might sell it to other buyers who is willing to pay more...

[Countryliving 0]

Is it a first phase EM? The price of EM also depends on location, amenities, condition of house and facing etc.

Price for walk up EM on third and fourth floor are usually lower if there is no lift. The plus point is that it should be brighter than the lower unit. Try not to get a unit facing direct west sun as it is going to be very hot unless you intend to use aircon thru out. I used to stay in a unit with both east and west facing. It was a torture getting the sun both morning and afternoon.

If you really like the unit, I think it is ok to pay a little bit more to secure it if not owner might just sell it off

to someone else for one to two thousand more.