Opinions about upgrading

[Heartlander]

If I were in your shoes, this would be my approach.

First question i will ask myself is if I have the financial means to service the loan. If both my spouse and myself are both working, then go for it. If I am a sole bread winner and civil servant, then I will go for it. If both working and civil servants, then no need to think already. If I am a sole bread winner and in private sector, then I will need to think hard if my trade is stable and will continue to be there the next 20/25 years. This consideration to me is important as it will ensure you have the mental state to enjoy it rather than keep worrying about retrenchments.

After clearing the first hurdle, next question to ask would be if moving to a condo will add value to your family's lives. Would your family enjoy the facilities on constant basis? Do you value the upgrade in living environment? How does your family take to having a more exquisite but compact living space? Does your kids have enough space to study because if you do not have space for study tables in bedrooms then all will cramp in the living room or dining room. That will not look like an upgrade.

The monthly maintenance fee will come to $300+/-, but if you are already paying parking in your HDB estate, then the difference would be little lah after factoring the HDB conservancy fee. So that is not really a factor imo.

And your character also will play a part. If you are the type who will keep worrying about the future, then better not do it. But please do not do it because you want to keep up with the Jones, who might be your siblings, relatives, colleagues, friends, etc. This type normally will have alot of issues later on as surely never consider enough but just rushed through to make it happen as it must happen.

Anyway only you yourself know your situation best, as what some commented before already. To me the first question is the most important. The rest are inconsequential as you can always rent the condo out later on if you decide that the condo is not serving your family well and rent a HDB flat instead, and have some change to get a new car maybe haha. 

[Enye]

among all my siblings and my wife's siblings, we are the only ones still staying in a hdb bought directly from ah gong

if you dont want to be considered a loser like me, just upgrade

don't care whether bigger or smaller, facilities or no facilities, debt or no debt, job or no job

atas address rules

🤣

[Heartlander]

6 minutes ago, Enye said:

among all my siblings and my wife's siblings, we are the only ones still staying in a hdb bought directly from ah gong

if you dont want to be considered a loser like me, just upgrade

don't care whether bigger or smaller, facilities or no facilities, debt or no debt, job or no job

atas address rules

🤣

I hope you are not the stubborn type that must continue to stay in HDB to prove a point haha.

[Showster]

7 minutes ago, Enye said:

es still staying in a hdb bought directly from ah gong

if you dont want to be considered a loser like me, just upgrade

Don't belittle yourself!

[Enye]

10 minutes ago, Heartlander said:

I hope you are not the stubborn type that must continue to stay in HDB to prove a point haha.

 

9 minutes ago, Showster said:

Don't belittle yourself!

bo pian lah.... peasant must stay in peasant housing and slog in peasant job and try to make the best out of it

ownself know ownself, ownself check ownself

😓😭

[Beregond]

14 hours ago, porkfloss said:

Recently I have thoughts about upgrading to a condo to provide a better living environment for my family and young kids. My current house is abit small so the extra space and the facilities would definitely enhance the living experience. 
 

if u live in a 3 or 4 room flat. upgrading to a 5 room will have more  space then a condo? at a cheaper price??

as for the extra facilities in condo. u are paying for it, its not free. those facilities can be access easily anywhere in sg.

living experience??  personally i feel living experience got alot to do with how well u get along with your neighbours, be it condo or hdb.

but the extra money u save by switching to a 5 room instead of condo, those money can be use to upgrade your flat inside, more and nicer renovation for better living experience in your home.

but of course, the 1 thing hdb cannot match condo is the status.

anw its my personally thought only, if i buy private, at least will go semi, if not i take my 5 room over condo any time.

( location wise is another different issue )

[Showster]

Key conclusion: if confident, upgrade. Go for the largest that you are still confident to hold.

Anytime also can downgrade back, only cannot buy new BTO.

If not confident, then follow the other suggestions.

In the last 13 years we were deliberating, it has only gotten harder and harder to upgrade or to get a second property each year we wait. 

The longer you wait, the more you will be comfortable with waiting, and also advising others to wait with you.

[Heartlander]

Actually I can appreciate the appeal of living in a condo, after staying in a few over the years. The guarded premise gives you a perception that your kids can roam safely without you worrying they might be in danger somehow, and the various facilities allow them to burn off their energy. You could also relax and stroll in the landscaped paths within the condo after dinner if feel like it. Just don't buy a unit just beside the BBQ pits. Surely you can pay money to join clubs to enjoy the facilities, but what beats able to do it just outside your door steps haha. It is like a cocoon that allows your family to live a better quality of life. If can afford and like it, why not?

[Beregond]

6 minutes ago, Heartlander said:

If can afford and like it, why not?

Talk so much  also no use. This is the key. Lol

How is your finances doing. How heavy the burden  of a new condo loan will  be on your shoulders. 

Only ts can anw himself 😃

[Enye]

10 minutes ago, Heartlander said:

Actually I can appreciate the appeal of living in a condo, after staying in a few over the years. The guarded premise gives you a perception that your kids can roam safely without you worrying they might be in danger somehow, and the various facilities allow them to burn off their energy. You could also relax and stroll in the landscaped paths within the condo after dinner if feel like it. Just don't buy a unit just beside the BBQ pits. Surely you can pay money to join clubs to enjoy the facilities, but what beats able to do it just outside your door steps haha. It is like a cocoon that allows your family to live a better quality of life. If can afford and like it, why not?

this perception is dangerous

would you allow young kids to go to the pool by themselves?

would you allow young kids to roam around unsupervised?  what if they somehow fell into the pool?

if supervision is still necessary then there is no difference between public spaces and private spaces.

😬😰

[Spidey10]

from zero debt to +-$1 mio! can you sleep at night? Ask yourself that question!

also, as we age, we tend to look forward to a good night sleep, everything else doesn't matter.....just me!

 

[RogerNg_185295]

58 minutes ago, t0y0ta said:

40+ yo is the start of your most dangerous years in your career.

My advice: If you want money into property, it should be actual investment and not just the pigeon hole you stay in.

For example, if you buy 2nd property for investment, rent-out, I think it is worth the risk.

But if you spend 500k-1mil just to get more atas living env, then maybe not so clever.

With condo:

monthly fee - increase by at least $200, even considering free parking lot

swimming - for kids public pool only about $1 per entry

BBQ - you probably do once a year at most

function room - probably use twice a year

Very well said regarding 40 plus is the most dangerous years of a person career 

[Beregond]

6 minutes ago, Spidey10 said:

from zero debt to +-$1 mio! can you sleep at night? Ask yourself that question!

also, as we age, we tend to look forward to a good night sleep, everything else doesn't matter.....just me!

 

i got the same thinking as u 😂

i dun want to wake up thinking about my sales figure.

last time alway happen to me. keep thinking why this 2 week sales so slow. did i do something wrong,

when i wake up keep thinking will sales pick up today.

no more of this🤣

[Heartlander]

8 minutes ago, Beregond said:

i got the same thinking as u 😂

i dun want to wake up thinking about my sales figure.

last time alway happen to me. keep thinking why this 2 week sales so slow. did i do something wrong,

when i wake up keep thinking will sales pick up today.

no more of this🤣

I read also stress liao. You better don't buy haha seriously.

[Heartlander]

20 minutes ago, Enye said:

this perception is dangerous

would you allow young kids to go to the pool by themselves?

would you allow young kids to roam around unsupervised?  what if they somehow fell into the pool?

if supervision is still necessary then there is no difference between public spaces and private spaces.

😬😰

Of course if young kids cannot let them roam without supervision lah especially if going swimming pools. If go playground or cycling within condo then ok lah. 

[Wt_know]

come to forum kena scared left right centre liao

better go youtube ... see people sing song kiss and hug make millions from property 

sell 1 buy 2 ... after 3 years ... sell and buy again ... snowball to landed ... smelly smelly can make $1M to $1.5M

TS better go youtube to find inspiration ... i am sure already DID  

Edited March 4, 2021 by Wt_know

[Enye]

13 minutes ago, Heartlander said:

Of course if young kids cannot let them roam without supervision lah especially if going swimming pools. If go playground or cycling within condo then ok lah. 

wah boss...you allow playground or cycling unsupervised within condo?

if there's 1 thing i learnt from having kids, it would be that they are unpredictable and have a knack of getting into trouble even when it looks like absolutely nothing can go wrong 

🤣

Edited March 4, 2021 by Enye

[serenade]

Give yourself and family a treat, if only for a few years in a condo. At least you have experienced it for yourself in your life. If things don't work out, sell and move back to a resale HDB. Which what I am alluding to is buy a condo with good re-sale value. May not make money when sell, but more importantly, will not lose money after a few years. Life is too short. If you yearn to live in a condo and it will not be a financial strain, do it. You may have to sacrifice in other areas like cut back on holidays or that new car. But IMHO is worth it when the condo fits your family's wants. A good location fit means you save time and have convenience. Example is swimming lessons or tennis lessons. The coaches comes so you do not need to shuttle. The kids take the lift down and you can supervise from your balcony.   

There are condos, and there are condos. Meaning there are condos targeted for HDB upgraders which have many units (read crowds and noise) but more affordable. There are luxury condos, and then there are the small boutique condos with no facilities other than a limited car-park, small pool and a tiny gym. There are cases to be made for all 3 types. Key is which fits your lifestyle, children's needs and pocket besy.

To share MY personal experience is living in the middle one. You mileage will vary. My reasons for doing so are 1. I can afford it   2. My then teen children made use of all the facilities with their friends. I  knew my kids will come home after school and not be wandering  3. Location is close to their school/college 4. Security as there are 24 hr guards for my college age daughter to come home alone late at night on public transport. The walk in is safe through condo strip all with guards, and entrance to my condo must pass through my guards who screen strangers. 5. Serenity and security. My neighbours are very considerate. Come 10pm all adhere to noise restrictions. 6. Facilities I use are at my door step. The well-equipped and maintained gym is a lift away so I visit daily. Tennis court I book at peak hours when clubs and public courts are full and expensive. During the Covid CB, living in a condo was a blessing. I could stroll the grounds many times daily.  Regrets? Absolutely none. Costly? Yes, but worth it at this point in time. I am prepared to move out when my circumstances and needs evolve.