Upgrade to EC

[RH1667]

 

 

husband and wife only lah, cannot include mistress

 

If include mistress should be as " expense " meaning lower the total income :D

[Kangadrool]

but income tax law does not allow for tax deduction.

 

If include mistress should be as " expense " meaning lower the total income :D

 

[RH1667]

but income tax law does not allow for tax deduction.

 

 

Wait for it.....maybe during next NDR !!! Ha ha ha

[Joseph22]

Simi smell? ... I don't get it ...

depend on which condo.

 

real condo is FT (expats) smell

 

cheapo condo is FW smell

 

\\

[Wt_know]

yup ... need to balance

 

1. fully paid hdb > let out for $2500/mth (PM says one)

2. save enough $$ to buy PC ... no need next to MRT ... near LRT or 1-2 bus stop to MRT exchange. if got car, no issue liao.

3. time to buy at low price. not necessary to time the lowest like a guru but at least not the 2011-2013 crazy chop robert price

 

by doing so

 

1. your hdb is your safety net

2. got passive income to fund your PC

3. worst case scenario ... sell PC and move back to HDB (fully paid)

4. last but not least ... get a tok kong insurance coverage policy to cover yourself and your family (just in case)

 

It sounds like your relative either overstretched himself, lost quite some money in investments, or both.

 

Bro, need to balance between what you aspire for in life and also savings/investment.

 

Edited August 19, 2014 by Wt_know

[Partagas]

I have been a low-level civil slave for the last decade so obviously the remuneration is like crap. paiseh if I cannot comprehend the logic of 'upgrading' to EC when I have worked pretty hard to fully pay off my hdb loan. In fact, the only thing I worry about at the moment is my boy's education. So even if I tio pok by ah gong tomorrow for any reason, think I won't be too worried, at least I know I won't be evicted from my humble flat.

 

Compared to some relatives, they literally live in fear of being retrenched from their jobs. I know of one who sold off his new car, resort to driving taxi at night and even borrowed $ from legalised ah long company cos he could no longer afford the monthly installments for his uncompleted condo. He claimed that he cannot sell now cos he would literally lose everything. Last I heard he's going to attend court to face some bankruptcy matters. He has three very young boys and the whole family had to move in with his in-laws...seriously XIA SUAY! BUT some ten years ago, he was doing very well. Fully paid up his 4rm HDB flat, bought a bmw 5 series with some profits from investments. At CNY can even brag that whatever he did, money would just keep following him.

 

The point of my post: Stay EC or private property really so shiok meh? I thought having a roof for our loved ones & spending quality time with them are the most important issues on hand? There must be some kind of priviledge or intrinsic value that I simply cannot fathom. Or have I been a lowly-paid civil slave for too long?

 

Hi five, am with you there!

 

We are not oblivious, there is a difference clearly between HDB and condo.

But there are pros and cons. Take note that i am comparing good HDB with mass mkt condos.

 

If we are comparing top end condos with HDB, then dont bother to debate, no basis becos the money involved is so different.

 

Bottomline is knowing the true reason for the "upgrade"

 

Once the decision is made, then go for it as planned.

Do leave some room for mistakes.

Dont kill yourself and your family over it.

[Piyopico]

Some quick and simple maths.

 

Assume you take up a loan of S$500,000 for 20 years to buy that EC.

 

Interests payment at the end of 10 years will be around S$100,000. I assume 3.5% interest ...... this is not exactly the most prudent.

 

Monthly payment to service loan about S$3000.

 

 

So after 10 years and you managed to sell at S$1.5M, you will earn about $400,000 after deducting interest. Maybe S$350,000 if factor in renovation etc.

 

Potential gain S$350,000. Monthly payment S$3000.

 

The gain attractive or not? Can tahan another S$3000 loan a month for next 10 years or not?

 

BIGGER QUESTION. When you sell for S$1.5M you cannot but HDB for 30 months. You gotto pay rent for somewhere to stay even if you intend to move back into resale HDB. Rental at S$2500 for 30 months means expense of S$75,000. So your net gain not even S$300,000.

 

If you intend to upgrade again, the price of another private property that is not EC type sure higher. Can afford?

 

Buy back HDB 5 room 13 years later........... also uncertain. That HDB you sold at S$500,000 may now be higher too.

 

 

BUT if staying in private very important to you .............. then what the heck. Just buy la. Nobody here can tell you for what will happen in 10 years time.

 

 

 

 

 

 

[Starhub]

From my understanding, you can buy HDB from open markets (anytime) after you sell your EC. Or you can buy HDB resale first, you will then be given up to 6 months to sell off your private property.

[TVT]

I have been a low-level civil slave for the last decade so obviously the remuneration is like crap. paiseh if I cannot comprehend the logic of 'upgrading' to EC when I have worked pretty hard to fully pay off my hdb loan. In fact, the only thing I worry about at the moment is my boy's education. So even if I tio pok by ah gong tomorrow for any reason, think I won't be too worried, at least I know I won't be evicted from my humble flat.

 

Compared to some relatives, they literally live in fear of being retrenched from their jobs. I know of one who sold off his new car, resort to driving taxi at night and even borrowed $ from legalised ah long company cos he could no longer afford the monthly installments for his uncompleted condo. He claimed that he cannot sell now cos he would literally lose everything. Last I heard he's going to attend court to face some bankruptcy matters. He has three very young boys and the whole family had to move in with his in-laws...seriously XIA SUAY! BUT some ten years ago, he was doing very well. Fully paid up his 4rm HDB flat, bought a bmw 5 series with some profits from investments.

 

You aren't alone bro! I too am prudent, and its good to be kiasi sometimes, especially when you have a family of young kids to support.

[Leclair]

From my understanding, you can buy HDB from open markets (anytime) after you sell your EC. Or you can buy HDB resale first, you will then be given up to 6 months to sell off your private property.

this is right. you can buy resale first then sell private within 6 months. it is the bto that is 30 month wait from the day you sell your private.

[Kangadrool]

rules will keep on changing; nothing is constant especially issues concerning cpf and housing in Singapore.

 

So, don't use current rules as ultimate goalpost to plan your future.

 

Things may change drastically in the near future.

 

Be prepared also in situation whereby EC and pte property owners cannot downgrade to HDB even for resale units. It may be far-fetched in thinking now, but we never know.

 

 

 

[Wyfitms]

I have been a low-level civil slave for the last decade so obviously the remuneration is like crap. paiseh if I cannot comprehend the logic of 'upgrading' to EC when I have worked pretty hard to fully pay off my hdb loan. In fact, the only thing I worry about at the moment is my boy's education. So even if I tio pok by ah gong tomorrow for any reason, think I won't be too worried, at least I know I won't be evicted from my humble flat.

 

Compared to some relatives, they literally live in fear of being retrenched from their jobs. I know of one who sold off his new car, resort to driving taxi at night and even borrowed $ from legalised ah long company cos he could no longer afford the monthly installments for his uncompleted condo. He claimed that he cannot sell now cos he would literally lose everything. Last I heard he's going to attend court to face some bankruptcy matters. He has three very young boys and the whole family had to move in with his in-laws...seriously XIA SUAY! BUT some ten years ago, he was doing very well. Fully paid up his 4rm HDB flat, bought a bmw 5 series with some profits from investments. At CNY can even brag that whatever he did, money would just keep following him.

 

The point of my post: Stay EC or private property really so shiok meh? I thought having a roof for our loved ones & spending quality time with them are the most important issues on hand? There must be some kind of priviledge or intrinsic value that I simply cannot fathom. Or have I been a lowly-paid civil slave for too long?

 

i understand what u are saying

 

but posting something like this in MCF will make some ppl laugh, for they can easily pay off a mass market condo without any installment required.

[Feudallordcult]

Am I being kiasi or simply being realistic/financially prudent? I'd like to think of it as the latter. Some may even say that this is the classical case of 'sour grapes' owing to my adamant refusal to move on/change. Everyone is entitled to their opinon. End of the day: It's my money.

 

I adhere to this rule in life: The environment will NEVER adapt to suit you. You MUST either adapt or be phased out, that is the truth. No two-ways about it. When I was in Cambodia some years back, I saw a 4yr old boy with his family looking for stuff (I have no idea what!) in a mountain of trash (yes, really a mountain!) I stood from a distance and watched...there was NOT a tinge of anger or resentment amongst the family members and there were also several families scavenging for stuff (really quite a sight to behold). The smell was simply horrendous and I'm cocksure they felt the same way under the scorching sun...but life has to go on. Is Pol Pot going to crawl out of HELL and say to this family: I am sorry for causing the genocide and the hardship u & yr families r gg through? In retrospect, anyone in sillypore kena forced to upgrade to private housing like EC/condo owing to external pressure (Wife's constant nagging not counted hor)? Pls share cos I would really like to hear about how one can be 'coerced' into upgrading.

 

I look at some of my old buddies who are still in the legal & banking industries, do I envy them during gatherings? Yes of course! for the condo penthhouse they stay in, exotic cars they drive, the XMMs (local somemore!) they date and the wondrous AP ROO watches they don. Are they truly happy? NO. Many of them hate themselves and their lifestyles, endless travelling, 24-7 on standby, hp must be on and the list goes on. Can they opt out of the ratrace? Unfortunately cannot cos everything all on installment. Even the XMMs also on installment...go figure. Housing and car loans alone already enuff to maim and even possibly kill.

 

So am I kiasi or just acting out of financial prudence? I would admit a bit of both. My first job was in a law firm and I celebrated my 25th & 26th b'day as well as X'mas eve in the High Court with my senior partners and the Judge. Luckily the DC was also in the Courtroom to keep me company. Then I moved on to bank and kena arrow London market so whilst I worked, my family was asleep. That went on for three years, gained 15kg cos it's work,eat,sleep & repeat. The money was definitely wonderful but my life was in pieces. Got the life to earn BUT must also have the life to spend. Back then, if I had committed to a condo, think I would still be in the bank now.

 

So do I feel contented now? God has been extremely kind to me so I definitely cannot complain that life is no good. I sleep with a peaceful mind on a queen size bed not having to worry abt the loans I have to service. Is being contented synonymous with kiasi? To some, maybe but to each his own. At the end of the day, staying in my teeny-weeny hdb flat and be happy with family is of paramount importance to me. To trade my flat for EC/condo, start another HUGE loan and be compelled to change my daily meals to plain rice with light soy sauce, why would I want that? Others may beg to differ but that's your problem.

[Soya]

did ur frens who are doing well really said they "hate themselves and their lifestyles"? or is it something u imagined in your kiasi mind?

 

 

[Rickster]

Am I being kiasi or simply being realistic/financially prudent? I'd like to think of it as the latter. Some may even say that this is the classical case of 'sour grapes' owing to my adamant refusal to move on/change. Everyone is entitled to their opinon. End of the day: It's my money.

 

I adhere to this rule in life: The environment will NEVER adapt to suit you. You MUST either adapt or be phased out, that is the truth. No two-ways about it. When I was in Cambodia some years back, I saw a 4yr old boy with his family looking for stuff (I have no idea what!) in a mountain of trash (yes, really a mountain!) I stood from a distance and watched...there was NOT a tinge of anger or resentment amongst the family members and there were also several families scavenging for stuff (really quite a sight to behold). The smell was simply horrendous and I'm cocksure they felt the same way under the scorching sun...but life has to go on. Is Pol Pot going to crawl out of HELL and say to this family: I am sorry for causing the genocide and the hardship u & yr families r gg through? In retrospect, anyone in sillypore kena forced to upgrade to private housing like EC/condo owing to external pressure (Wife's constant nagging not counted hor)? Pls share cos I would really like to hear about how one can be 'coerced' into upgrading.

 

I look at some of my old buddies who are still in the legal & banking industries, do I envy them during gatherings? Yes of course! for the condo penthhouse they stay in, exotic cars they drive, the XMMs (local somemore!) they date and the wondrous AP ROO watches they don. Are they truly happy? NO. Many of them hate themselves and their lifestyles, endless travelling, 24-7 on standby, hp must be on and the list goes on. Can they opt out of the ratrace? Unfortunately cannot cos everything all on installment. Even the XMMs also on installment...go figure. Housing and car loans alone already enuff to maim and even possibly kill.

 

So am I kiasi or just acting out of financial prudence? I would admit a bit of both. My first job was in a law firm and I celebrated my 25th & 26th b'day as well as X'mas eve in the High Court with my senior partners and the Judge. Luckily the DC was also in the Courtroom to keep me company. Then I moved on to bank and kena arrow London market so whilst I worked, my family was asleep. That went on for three years, gained 15kg cos it's work,eat,sleep & repeat. The money was definitely wonderful but my life was in pieces. Got the life to earn BUT must also have the life to spend. Back then, if I had committed to a condo, think I would still be in the bank now.

 

So do I feel contented now? God has been extremely kind to me so I definitely cannot complain that life is no good. I sleep with a peaceful mind on a queen size bed not having to worry abt the loans I have to service. Is being contented synonymous with kiasi? To some, maybe but to each his own. At the end of the day, staying in my teeny-weeny hdb flat and be happy with family is of paramount importance to me. To trade my flat for EC/condo, start another HUGE loan and be compelled to change my daily meals to plain rice with light soy sauce, why would I want that? Others may beg to differ but that's your problem.

 

Nothing wrong with the path you choose. Good for you, as long as you are happy.

 

Like you, I would never commit to any loans that will make me downgrade my lifestyle and lose sleep for fear of job loss..to me, that obviously meant overstretching.

 

On the flip side, most of my friends and associates who are doing well are very happy (they can always choose to lead a simple life), I believe if you ask those banker friends or ex colleagues of yours if they would want to "downgrade" their lifestyle and work in a 8-5 desk bound job earning a measly fixed pay a month, do you think they want?

Edited August 20, 2014 by Rickster

[Magfocus]

did ur frens who are doing well really said they "hate themselves and their lifestyles"? or is it something u imagined in your kiasi mind?

 

 

 

Although it sounds like he was self justifying a decision he could have possibly regretted (just abit), it does make sense. To each his own lah.

[TVT]

did ur frens who are doing well really said they "hate themselves and their lifestyles"? or is it something u imagined in your kiasi mind?

 

 

 

Do you think these "doing well" friends will admit n confess that they "hate themselves and their lifestyle" ??

[Vegas]

questions:

 

1.What is the avg PSF price for this lakeview?

 

2. why buy EC when cannot hold on to hdb? i would have thought holding on to HDB and own a private condo for rental yield may be more attractive?