Purchase of FH condo

[jervismun]

Sis... I lovet the optimism... I think it's a very important and positive way of thinking that will bring the society forward. You guys are still young, plenty of opportunities... endless!!!

One thing I do believe... aim for the stars... even if you fail... you probably still end up higher than others.

BBQ must invite us hor... I hope you guys also allocated a certain portion of the household income for reefing :-)

Sounds wonderful... 3rd room to be converted into a full-scale fish tank with back room for equipments?

Without a car... shouldn't have any problem at all... I just sent my car in for maintenance $900

[madmac]

....That's my humble two cents, pitfall is that if i have kids, cannot go shopping too much lor....

anyway.

but,.. but, butttttttttttt, kids aren't a pitfall. If I were you, I'll start on them early.

[Jameshong]

Sis... I lovet the optimism... I think it's a very important and positive way of thinking that will bring the society forward. You guys are still young, plenty of opportunities... endless!!!

One thing I do believe... aim for the stars... even if you fail... you probably still end up higher than others.

BBQ must invite us hor... I hope you guys also allocated a certain portion of the household income for reefing :-)

Sounds wonderful... 3rd room to be converted into a full-scale fish tank with back room for equipments?

Without a car... shouldn't have any problem at all... I just sent my car in for maintenance $900

wow..bro...900 buck , is it B&W or Benz.. har?

[lyz77]

It's always good to plan ahead and be prepare for the worst! However, hving too much worry and thoughts will never make things work out / realise!

CHIONG...CHIONG...CHIONG.......

[Jameshong]

Hi guys!

Thanks for all your kind advice and comments. It's a risk that I'm going to take, but I think I'm still young and can work hard. In my industry, having roughed it out for 4 yrs, I think should be able to earn more in the future. 

Anyway, I've thought of the pros and cons of this decision and I've bought a new FH 3 rm place that I really like in D8 (not really the top-end luxurious type of place, but somewhere comfortable and quiet).

I agree with pple that HDB is always the safest, but as a young couple looking for a new HDB flat in mature estates (near my parents), i find this to be a nightmare. Month after month I have been visiting the HDB websites looking for a flat but those available via WIS, are usually snapped up quickly. What's left is the BTO Fernvale selection which is due in too long a period. Anyway, after our last increment, kind of cannot buy new flats already.

I was thinking, since I'm still young, why not just bia? Take it as forced savings. Furthermore, it's not a million dollar house that's gonna be really beyond my reach. At some point in time, I think this investment is gonna pay off. That's my humble two cents, pitfall is that if i have kids, cannot go shopping too much lor.... 

anyway.

心動不如行動，乘年青大比拼。

[zorden]

wow..bro...900 buck , is it B&W or Benz.. har?

i think bM is much more expensive...

i sent "my" stupid Opel car for maintenance..then they informed me this wear out that wear out must change new one...

the bill is 2.6k........ very shiong to my pocket.. lucky the car belongs to the company.. phew

basic maintenace is 0.8k

[Jameshong]

i think bM is much more expensive...

i sent "my" stupid Opel car for maintenance..then they informed me this wear out that wear out must change new one...

the bill is 2.6k........ very shiong to my pocket.. lucky the car belongs to the company.. phew

basic maintenace is 0.8k

Hi bro zorden,

i think your company opel car might be very old or over used (V high mileage)liao la..!

Normally, a japanese car with mileage of 80k do need a overall service, like changing timing, fan belt..etc, which most likely about cost about ~1.3K only.

The basic per maintainence for my 1 year++ 2.0 cefiro is only cost about 0.3k ++ , unless it's BM, Volvo, Saab or Benz mostly cost about 0.6~1k .

cheers.

[jervismun]

Mine is just a Mercedes A160, 90000km service @ Cycle & Carriage. No wear & tear replacement, just the usual brake oil & etc. The normal service is around $500 and the major one is $1250.

Ok lah, must also be fair to them lah. The service is superb, they treat you as a VIP, free food and coffee. Wash it before collection and always try to get the car ready earlier than expectations.

I guess that's the price to pay lor... cannot complaint too much lah... the thing is I can't take cab, taxi drivers always make me dizzy. So if I go meeting by cab, before I start to present, already half dead

So sis, if you guys are not planning to own a car, your household income can easily take care of the FH Condo. Maintenance is around $250 to $350 (standard).

The average household income for Singapore (more than 50% of population) is $4000 per month. So you guys already double that... and for a young couple like you guys (in late 20s)... that's something to be bullish about

Je®vis

[Jameshong]

So sis, if you guys are not planning to own a car, your household income can easily take care of the FH Condo. Maintenance is around $250 to $350 (standard).

The average household income for Singapore (more than 50% of population) is $4000 per month. So you guys already double that... and for a young couple like you guys (in late 20s)... that's something to be bullish about 

well said.

[asg]

well said.

just a note, the proper base of comparision shall be those owning FH condo and not singaporean, no point comparing income with more than half of the singaporean as around 90% of them live in hdb.

i having a feeling that this is the first long term purchase of the sis, the amount (600k or so) is the selling price of the FH condo and not the actual $$ that sis will have to pay.

sis, you might want to ask for the absolute amount (deposit + total loan amount pay at the end of loan term + the compund interest for the loan in today dollars) to have a better idea. i guess it is easily around 800k (depending on the loan term and the interest terms)

might be a party spoilter here, but hope that sis is making an informed decision (that will affect her (and her family) life for the next 20~30 years...

[pangz]

just a note, the proper base of comparision shall be those owning FH condo and not singaporean, no point comparing income with more than half of the singaporean as around 90% of them live in hdb.

i having a feeling that this is the first long term purchase of the sis, the amount (600k or so) is the selling price of the FH condo and not the actual $$ that sis will have to pay.

sis, you might want to ask for the absolute amount (deposit + total loan amount pay at the end of loan term + the compund interest for the loan in today dollars) to have a better idea. i guess it is easily around 800k (depending on the loan term and the interest terms)

might be a party spoilter here, but hope that sis is making an informed decision (that will affect her (and her family) life for the next 20~30 years...

Yup, interest is a killer! about $300k for 20 years. This is based on us having the same pay for the next 20 yrs. If pay goes up, we'll pay it off earlier. I strive to be debt free!

I have to start buying TOTO. Hopefully strike something to cover the whole loan thingy!!

[jervismun]

I have to start buying TOTO. Hopefully strike something to cover the whole loan thingy!!

Emm... that's a very solid plan... At least you don't rely on 4D... coz they can't possibly help you repay your loan Well... I guess that's true as the saying goes... "We work for the bank"

[jervismun]

I have to start buying TOTO. Hopefully strike something to cover the whole loan thingy!!

Emm... that's a very solid plan... At least you don't rely on 4D... coz they can't possibly help you repay your loan Well... I guess that's true as the saying goes... "We work for the bank"

I guess it is not so easy to stay debt-free nowadays... they all come left right center... take those 0% repayment scheme for example... suddenly it is ok and acceptable (even trendy) to own the credit card company money... that's why I try to use my Amex Charge Card as much as possible... credit is bad

Well... on the other extreme, say in other countries... we can always rely on rented properties... let me do some simple calculation...

1 month = $1500 (quite a decent place lah)

1 year = $18000

30 years = $540000

When you reach 60 = After spending $540000, without a place to stay after retirement

Emm.... doesn't make sense leh

[minireef]

Pangz,

If you have not bought any new HDB, I suggest make that your first purchase.

After 5years you can sell it for a pofit.(Gov. ang pow for you, take this advantage.)

In the mean time, your suplus cash invest in some good funds, reits or index fund.

After 5 yesrs , when you sell the HDB,your ang pow + investment should give you a more solid down payment. By than, the intrest cycle could be at the low.(Now we are at the peak. )And you will laugh to the bank.

On the other hand Property price has come down quite a bit. and bottoming That's why, you see there are so many enbloc now. Developer know thier sum very well.

With Casino coming it could lift the economy,property market. Investing Property for yeild is not a good thing, unless you are going for capital appreciation.

But the problem is, it will only takes a bomb to wipe out everything.

So now you are confused?

In short, in this unsetteling era, cash is king.Accumulate more cash, and wait for good opportunity than you pounce on it. Never, never over gear.

[pangz]

Pangz,

If you have not bought any new HDB, I suggest make that your first purchase.

After 5years you can sell it for a pofit.(Gov. ang pow for you, take this advantage.)

In the mean time, your suplus cash invest in some good funds, reits or index fund.

After 5 yesrs , when you sell the HDB,your ang pow + investment should give you a more solid down payment. By than, the intrest cycle could be at the low.(Now we are at the peak. )And you will laugh to the bank.

On the other hand Property price has come down quite a bit. and bottoming That's why, you see there are so many enbloc now. Developer know thier sum very well.

With Casino coming it could lift the economy,property market. Investing Property for yeild is not a good thing, unless you are going for capital appreciation.

But the problem is, it will only takes a bomb to wipe out everything.

So now you are confused?

In short, in this unsetteling era, cash is king.Accumulate more cash, and wait for good opportunity than you pounce on it. Never, never over gear.

Hi Minireef,

I would have considered HDB if the combined income ceiling criteria can be met. From my experience, the bulk of new flats are found in non-mature estates which are a bit out of the way for me. Even when those in mature estates were released under WIS, they were quickly snapped up.

I guess in my case, the timing wasn't good. Heard that HDB just released some flats for balloting in Queenstown. If it had come 6 mths earlier, I would have seized the opportunity.

But still, I feel that this is not a decision I would regret. I like the new place v much and to me, home is not somewhere that I would just stay temporary and wait for capital appreciation. If it happens, then good for me. Otherwise, I prefer to live happily and enjoy the conveniences.

Anyway, your advice is v much appreciated. Can see that it comes from someone with experience. A bit too late for me, but I'm sure it'll come in handy for others out there.

[minireef]

Bearing all the caculations that you have done are ok.

This should be a good time to get in.(caveat)

Especialy you are looking for long term.

Most tycoons make $ in property.

I think if you can't afford 9,10,11.

You should go for distict 15, 21.

Its btter to have the worst house in the best district.

Rather than the best house in the worst district.

FH Condo is not always gaurantee a good thing.

99yrs condo next to MRT is just as good.

do not fix your mind on 12 & 13. have an open mind look around.

Talk to all the older people that have gone through the property cycle.

What ever you do don't over gear. Good hunting

[jervismun]

Ok ok enough talking... now where is the fish tank gonna be?