1 Million EC
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verykiasu2010:
In Singapore, the mentality we grew up with is that we will set up home in a house we OWN. It's not common for us to rent unless we are in transit phase (new house not ready) or we are desperate to get out of our parent's house. Simply not our culture.there is no rule to say that they must OWN a house/flat before starting a family
rental is always a solution while waiting for the new flat from HDB
& it's financially straining to rent a house and try to save up to buy one.
I stayed in a rented place when I got married but it's with the knowledge that our own house would be ready in a few year's time. Else, I wouldn't have married until we secured our own lovenest.
Living in a rented house is totally different from our own house. -
then mind set need to change
be flexible
can still own a house as soon as possible
the real problem is youngsters these days spent all the money on car, gadgets, iphone, and holidays on the excuse that housing is not cheap and keep delaying to commit to get married to start family…and in the meanwhile no money is saved, plus owing lots of credit card bills. too much consumption mentality
in the past people will go book a HDB flat immediately graduating from uni while striking out to earn some savings and won’t ever think of owning a car unless it is due to family + children’s needs. after working some years, got savings, plus flat also ready…
of course the old HDB booking system also got played out by many old bird experienced family man just wanting to unlock cash from the existing flat and buying new again from HDB with max loan …giving rise the previous HDB glut of unsold flats…that is the reason behind HDB’s present BTO system…
actually we created a lot of problems on our own, if we are honest about it -
toddles:
but I believe that a housing price correction will come soon. it might not be a large crash, but this rate of growth cannot be sustained. with the influx of hdb flats dd will not be so high, and hopefully the market will regain some sanity.
I'm with you on this, toddles :celebrate: -
If you bought a house on loan…
Effectively you’re paying rent every month (in the form of interest) to stay in the unit until the loan is fully paid for… -
limlim:
of course you reduce the rental rate by principal repayment as much and as quickly as possibleIf you bought a house on loan..
Effectively you're paying rent every month (in the form of interest) to stay in the unit until the loan is fully paid for.... -
Maybe our next generation would need to pay rent for HDB flat where eventually do not have their own house. Really cannot understand why HDB resale falt is getting more & more expensive. Anyone good in economics can explain in this?
Maybe need to migrate to old land China where our forefather came during the Raffles 1819 period. Wonder how much a house would cost in China! -
titank:
Maybe our next generation would need to pay rent for HDB flat where eventually do not have their own house. Really cannot understand why HDB resale falt is getting more & more expensive. Anyone good in economics can explain in this?
Maybe need to migrate to old land China where our forefather came during the Raffles 1819 period. Wonder how much a house would cost in China!
ask the owner to give discount lor
if you are the seller, do you agree ? we create our own \"problem\" -
verykiasu2010:
yup. i totally agree with you on this. most people are just unrealistic about their aspirations and cash flow in a nut shell. and high hdb prices, well that means while buyers are complaining, sellers are not. until they buy another property that is our of their reach. and best of all, if cannot afford, don't buy and this would help to push prices down.ask the owner to give discount lor
if you are the seller, do you agree ? we create our own \"problem\"
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ghostz:
yup. i totally agree with you on this. most people are just unrealistic about their aspirations and cash flow in a nut shell. and high hdb prices, well that means while buyers are complaining, sellers are not. until they buy another property that is our of their reach. and best of all, if cannot afford, don't buy and this would help to push prices down.
most of the time, the buyer is also selling another property
when selling, they want the max price
when buying, they comfort themselves and reason within themselves that ....no choice la, sell high buy high.....there are of course some who downgrade and pocket some cash
people tend to like to have the cake and eat it too, totally unrealistic
they push and push and push the COV in selling their \"best\" HDB flat, then kpkb on buying another unit
some are just keyboard warrior whose complaints do not stand up to scrutiny, as Minister Mah has found out and proved with stats from HDB resale transaction -
Hmm… I stay in a HDB flat. Prime area. Pple around me are selling their house for 700k (and there are takers).
Assume if im buying my hse (resale) now and assume we earn 8k (capped).
$700,000 x 1.6% (assume CPF rate but discounted by 100 bp as i didnt use the reducing bal method to calculate interest) x 30yrs = $1,036,000
Mthly repayment = $2,877
Hmm… If you are earning $8k - how do you afford a $700k flat? I wonder how many pple who buy hses have their ‘parents support’ as well.
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