Singapore Property Scene Discussion

[Theoldjaffa]

On 4/12/2023 at 1:01 PM, Wt_know said:

basically, what he said due to CM (liang teh) … all the property buyers their financial is sibei ROCK SOLID one

if you want to wait for property crash or firesale … tan ku ku

plus all the richie rich come to buy spore property because spore property sibei preserve value 

hence, there is only 1 way up to go

if you dont buy now … means you cant buy in the future too expecting lower … mai siao

huah ah!

Thanks for the summary. 
 

property prices really runaway now. 
 

just worried for my grandson, on affordability.

 

tengah HDB also sexpensive nao 

[Volvobrick]

On 4/12/2023 at 1:06 PM, Theoldjaffa said:

Thanks for the summary. 
 

property prices really runaway now. 
 

just worried for my grandson, on affordability.

 

tengah HDB also sexpensive nao 

Worried until grandson? 

Just pass your current one to him in future lah! 

[Stary]

On 4/12/2023 at 1:06 PM, Theoldjaffa said:

Thanks for the summary. 
 

property prices really runaway now. 
 

just worried for my grandson, on affordability.

 

tengah HDB also sexpensive nao 

Don't over-worry.

Every generation has  their unique challenges and opportunities available to them.  They will have to sort it out and make the best of it.

If future SG generation doesn't have challenges in prices of properties, they will surely have other unique challenges of other nature.  That's how the universe works to maintain overall balance.

As long they grow up to be kind, always fair and considerate to others, reliable, honest and trustworthy,  they will be do well regardless of challenges. 

[Theoldjaffa]

On 4/12/2023 at 1:21 PM, Volvobrick said:

Worried until grandson? 

Just pass your current one to him in future lah! 

by then lease less than 50 years liao. no value.

[Volvobrick]

On 4/12/2023 at 1:59 PM, Theoldjaffa said:

by then lease less than 50 years liao. no value.

There is always value lah! He can opt to live in it for free for 50 years, that's worth rent of perhaps 36k each year. 

That's a huge burden off the back of young people. 

[Hoseyboh]

On 4/12/2023 at 1:06 PM, Theoldjaffa said:

Thanks for the summary. 
 

property prices really runaway now. 
 

just worried for my grandson, on affordability.

 

tengah HDB also sexpensive nao 

Donch worry. Just sell more tissues...😁

[Windwaver]

On 4/12/2023 at 1:06 PM, Theoldjaffa said:

Thanks for the summary. 
 

property prices really runaway now. 
 

just worried for my grandson, on affordability.

 

tengah HDB also sexpensive nao 

Don't worry, he has plenty of inheritance by the time he needs to buy a property 

Not to mention his big fat starting pay compared to our time.

[Fcw75]

On 4/12/2023 at 1:06 PM, Theoldjaffa said:

Thanks for the summary. 
 

property prices really runaway now. 
 

just worried for my grandson, on affordability.

 

tengah HDB also sexpensive nao 

Grandson? 😅

That’s very far away considering your age bro. 🤣

Your son well prepared already? 😁

[Theoldjaffa]

On 4/12/2023 at 3:34 PM, Fcw75 said:

Grandson? 😅

That’s very far away considering your age bro. 🤣

Your son well prepared already? 😁

bro i look young only. i am theOLDjaffa ma.. 🤭

[Wt_know]

aberthen ? no $1M no talk hor ...

rent no high ... how to flip property song song gao jurong?

https://www.cnbc.com/2023/04/13/singapore-rent-prices-are-soaring-what-this-means-for-expats.html

Edited April 13, 2023 by Wt_know

[Windwaver]

On 4/12/2023 at 1:06 PM, Theoldjaffa said:

Thanks for the summary. 
 

property prices really runaway now. 
 

just worried for my grandson, on affordability.

 

tengah HDB also sexpensive nao 

Bro, read this article, no need to worry for your grandson.

https://www.asiaone.com/lifestyle/took-3-years-planning-couple-outlines-how-they-bought-condo-26

'Took 3 years of planning': Couple outlines how they bought a condo at 26

Owning a house is the Singaporean dream for many millennials and Gen-Zs.

But to get one these days is no easy feat, from skyrocketing prices to long waiting times for BTO flats, the whole experience can be daunting. 

For one couple, they decided to buy a 2-bedroom condo instead for their first home. And no, their parents didn't help out to pay for it.

In a post they shared on social media app Lemon8 in February, the couple went into great detail about how they managed to buy a $1.2 million condominium. 

In the video caption, the couple shared how the toughest part for them was the downpayment of 25 per cent, which they said came up to around $300,000 to $350,000.

"Not to mention there is still the BSD [buyer's stamp duty]," the couple mentioned in the post. 

They noted that the monthly mortgage payment wasn't the hard part, at around $4,000 to $4,500. They managed to cover this fee with their CPF monies and forked out less than $1,000 in cash every month.

But of course, all these involved a proper financial plan, which the couple shared took "three years of careful planning".

They diligently saved, with each of them contributing $2,000 monthly. 

As with a lot of home or property purchases, loans may come into play. In this regard, the couple stated that they borrowed $100,000 for their downpayment, which they are paying back in instalments. It was not stated though whether it was a bank loan. 

Why a condo?

While it might seem like a pricey route to take, they had their reasons.

Firstly, they noted that build-to-order (BTO) flats were not an option due to the "crazy waiting time of five years". 

Secondly, the equally high prices of resale flats made it less of an appealing option for them compared to a condo. 

"We [were] looking at the Bishan area as it is more convenient for both of us," they shared in the caption. "The housing price [in] this area is around $1 million."

In addition, resale flats "will be very difficult to sell" at a later time when looking to upgrade, they said. 

Making the purchase is just one part of the couple's housing journey. 

In a separate post, they wrote about how they managed their finances, sharing that their bank balances were down to zero. 

And apart from their housing expenses, they were also planning for a wedding. So they needed to build their savings back up quickly.

They decided to rent out their newly purchased condo at $3,000. In addition to that, they put $1,000 in their joint account every month. 

In total, they managed to save $48,000 after a year.  

Their advice on buying a condo

They also highlighted a few tips for people wanting to buy a condo.

Keep renovation works to a minimum, they advised. They added that they picked a unit that was "well maintained" so that it would look "decent even with minimal renovation".

Also, be disciplined in saving. It helps to create a sense of accountability if you open a joint savings account with your partner, they said. 

In addition, it's also wise to build up your emergency funds. They suggested setting aside $2,000 every month.

Lastly, they advised to find other sources of income.

More housing tips from a 20-something influencer

Just last week, entrepreneur and content creator Nicole Chen, better known as Nicole Liel, shared valuable tips after she bought her first BTO flat.

The first tip the 25-year-old had for potential homeowners was to be willing to compromise.

Her initial demands ranged from wanting a unit on the top floor, unblocked views and a block that was near the expressway.

However, she soon realised that wanting the perfect home would likely delay the time it takes to own one.

The next tip is all about saving your money. 

Although Nicole has two income streams, she makes it a point to make sure she bases her expenditure on one while saving the other.

Over time, the savings would accumulate, and this would ease the burden when paying off the loan payments for the house.

Even if you don't have dual income, it's all about putting aside a set amount of money monthly and having a lot of discipline.

Last but not least, she advised not to make the downpayment in cash.

 

[13177]

On 4/13/2023 at 3:13 PM, Windwaver said:

Bro, read this article, no need to worry for your grandson.

https://www.asiaone.com/lifestyle/took-3-years-planning-couple-outlines-how-they-bought-condo-26

'Took 3 years of planning': Couple outlines how they bought a condo at 26

Owning a house is the Singaporean dream for many millennials and Gen-Zs.

But to get one these days is no easy feat, from skyrocketing prices to long waiting times for BTO flats, the whole experience can be daunting. 

For one couple, they decided to buy a 2-bedroom condo instead for their first home. And no, their parents didn't help out to pay for it.

In a post they shared on social media app Lemon8 in February, the couple went into great detail about how they managed to buy a $1.2 million condominium. 

In the video caption, the couple shared how the toughest part for them was the downpayment of 25 per cent, which they said came up to around $300,000 to $350,000.

"Not to mention there is still the BSD [buyer's stamp duty]," the couple mentioned in the post. 

They noted that the monthly mortgage payment wasn't the hard part, at around $4,000 to $4,500. They managed to cover this fee with their CPF monies and forked out less than $1,000 in cash every month.

But of course, all these involved a proper financial plan, which the couple shared took "three years of careful planning".

They diligently saved, with each of them contributing $2,000 monthly. 

As with a lot of home or property purchases, loans may come into play. In this regard, the couple stated that they borrowed $100,000 for their downpayment, which they are paying back in instalments. It was not stated though whether it was a bank loan. 

Why a condo?

While it might seem like a pricey route to take, they had their reasons.

Firstly, they noted that build-to-order (BTO) flats were not an option due to the "crazy waiting time of five years". 

Secondly, the equally high prices of resale flats made it less of an appealing option for them compared to a condo. 

"We [were] looking at the Bishan area as it is more convenient for both of us," they shared in the caption. "The housing price [in] this area is around $1 million."

In addition, resale flats "will be very difficult to sell" at a later time when looking to upgrade, they said. 

Making the purchase is just one part of the couple's housing journey. 

In a separate post, they wrote about how they managed their finances, sharing that their bank balances were down to zero. 

And apart from their housing expenses, they were also planning for a wedding. So they needed to build their savings back up quickly.

They decided to rent out their newly purchased condo at $3,000. In addition to that, they put $1,000 in their joint account every month. 

In total, they managed to save $48,000 after a year.  

Their advice on buying a condo

They also highlighted a few tips for people wanting to buy a condo.

Keep renovation works to a minimum, they advised. They added that they picked a unit that was "well maintained" so that it would look "decent even with minimal renovation".

Also, be disciplined in saving. It helps to create a sense of accountability if you open a joint savings account with your partner, they said. 

In addition, it's also wise to build up your emergency funds. They suggested setting aside $2,000 every month.

Lastly, they advised to find other sources of income.

More housing tips from a 20-something influencer

Just last week, entrepreneur and content creator Nicole Chen, better known as Nicole Liel, shared valuable tips after she bought her first BTO flat.

The first tip the 25-year-old had for potential homeowners was to be willing to compromise.

Her initial demands ranged from wanting a unit on the top floor, unblocked views and a block that was near the expressway.

However, she soon realised that wanting the perfect home would likely delay the time it takes to own one.

The next tip is all about saving your money. 

Although Nicole has two income streams, she makes it a point to make sure she bases her expenditure on one while saving the other.

Over time, the savings would accumulate, and this would ease the burden when paying off the loan payments for the house.

Even if you don't have dual income, it's all about putting aside a set amount of money monthly and having a lot of discipline.

Last but not least, she advised not to make the downpayment in cash.

 

Wa, set aside $2,000 every month for 3 years can buy a $1.2 mill condo?? 

[Volvobrick]

On 4/13/2023 at 3:33 PM, 13177 said:

Wa, set aside $2,000 every month for 3 years can buy a $1.2 mill condo?? 

Can according to the buyers. They said borrow the down-payment as well! 

[Theoldjaffa]

On 4/13/2023 at 3:33 PM, 13177 said:

Wa, set aside $2,000 every month for 3 years can buy a $1.2 mill condo?? 

Good for them. I took the same route when saving for my wedding and HDB flat last time.

 Discipline and focus is the key.

[Atonchia]

On 4/13/2023 at 3:13 PM, Windwaver said:

Bro, read this article, no need to worry for your grandson.

https://www.asiaone.com/lifestyle/took-3-years-planning-couple-outlines-how-they-bought-condo-26

'Took 3 years of planning': Couple outlines how they bought a condo at 26

Owning a house is the Singaporean dream for many millennials and Gen-Zs.

But to get one these days is no easy feat, from skyrocketing prices to long waiting times for BTO flats, the whole experience can be daunting. 

For one couple, they decided to buy a 2-bedroom condo instead for their first home. And no, their parents didn't help out to pay for it.

In a post they shared on social media app Lemon8 in February, the couple went into great detail about how they managed to buy a $1.2 million condominium. 

In the video caption, the couple shared how the toughest part for them was the downpayment of 25 per cent, which they said came up to around $300,000 to $350,000.

"Not to mention there is still the BSD [buyer's stamp duty]," the couple mentioned in the post. 

They noted that the monthly mortgage payment wasn't the hard part, at around $4,000 to $4,500. They managed to cover this fee with their CPF monies and forked out less than $1,000 in cash every month.

But of course, all these involved a proper financial plan, which the couple shared took "three years of careful planning".

They diligently saved, with each of them contributing $2,000 monthly. 

As with a lot of home or property purchases, loans may come into play. In this regard, the couple stated that they borrowed $100,000 for their downpayment, which they are paying back in instalments. It was not stated though whether it was a bank loan. 

Why a condo?

While it might seem like a pricey route to take, they had their reasons.

Firstly, they noted that build-to-order (BTO) flats were not an option due to the "crazy waiting time of five years". 

Secondly, the equally high prices of resale flats made it less of an appealing option for them compared to a condo. 

"We [were] looking at the Bishan area as it is more convenient for both of us," they shared in the caption. "The housing price [in] this area is around $1 million."

In addition, resale flats "will be very difficult to sell" at a later time when looking to upgrade, they said. 

Making the purchase is just one part of the couple's housing journey. 

In a separate post, they wrote about how they managed their finances, sharing that their bank balances were down to zero. 

And apart from their housing expenses, they were also planning for a wedding. So they needed to build their savings back up quickly.

They decided to rent out their newly purchased condo at $3,000. In addition to that, they put $1,000 in their joint account every month. 

In total, they managed to save $48,000 after a year.  

Their advice on buying a condo

They also highlighted a few tips for people wanting to buy a condo.

Keep renovation works to a minimum, they advised. They added that they picked a unit that was "well maintained" so that it would look "decent even with minimal renovation".

Also, be disciplined in saving. It helps to create a sense of accountability if you open a joint savings account with your partner, they said. 

In addition, it's also wise to build up your emergency funds. They suggested setting aside $2,000 every month.

Lastly, they advised to find other sources of income.

More housing tips from a 20-something influencer

Just last week, entrepreneur and content creator Nicole Chen, better known as Nicole Liel, shared valuable tips after she bought her first BTO flat.

The first tip the 25-year-old had for potential homeowners was to be willing to compromise.

Her initial demands ranged from wanting a unit on the top floor, unblocked views and a block that was near the expressway.

However, she soon realised that wanting the perfect home would likely delay the time it takes to own one.

The next tip is all about saving your money. 

Although Nicole has two income streams, she makes it a point to make sure she bases her expenditure on one while saving the other.

Over time, the savings would accumulate, and this would ease the burden when paying off the loan payments for the house.

Even if you don't have dual income, it's all about putting aside a set amount of money monthly and having a lot of discipline.

Last but not least, she advised not to make the downpayment in cash.

 

Combine income of $10k?

Even HDB allow $14k right?

Either they have no financial sense OR have parents that still don't mind supporting them. 

There rest likely have to be bank loan, which should be minimally $4-5k a month.

How they supposed to finance the loan? 

Unless stay in parents house, then rent the condo out.

Edited April 16, 2023 by Atonchia

[Wt_know]

On 4/16/2023 at 4:31 PM, Atonchia said:

Combine income of $10k?

Even HDB allow $14k right?

Either they have no financial sense OR have parents that still don't mind supporting them. 

living the Singapore Dream la ...  

baby boomers will not understand ... lol

Edited April 16, 2023 by Wt_know

[Atonchia]

On 4/16/2023 at 4:37 PM, Wt_know said:

living the Singapore Dream la ...  

peasant will not understand ... lol

Don't know report say they combine income $10k or they suggest a minimal combine income of $10k to buy a $1.2m condo. 

They shouldn't anyhow give people such advise. 

Probably a rational combine income should be minimum $25k a month for house $1.2-1.5m. 

[Wt_know]

On 4/16/2023 at 4:42 PM, Atonchia said:

Don't know report say they combine income $10k or they suggest a minimal combine income of $10k to buy a $1.2m condo. 

They shouldn't anyhow give people such advise. 

Probably a rational combine income should be minimum $25k a month for house $1.2-1.5m. 

yes, the yardstick for property "affordability" = 5x yearly income

$25K x 60 months = $1.5M

that's the MAX you can "push" to die die must buy

Edited April 16, 2023 by Wt_know