Property Views
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verykiasu2010:
they should make an exception for private property owner who are senior citizens and does not have outstanding mortgage; why is the govt discouraging senior citizens to be independent and manage their own retirement planning using rental as sustainable income? clearly investment in property/rental is the best hedge against inflation for these group of people who do not have any other alternative income.
worse are those living in HDB now while holding investment ppty (pte ppty)- if want to move house, must sell 1st before buying another one, and once the existing hdb is sold, straight away kena classified as private ppty owner and if were to buy back hdb (at another location for eg) then must also sell the private one within 6 months ......then must stay in hdb another 5 years before can touch private ppty.....double whammy....verykiasu2010:
MO is that those living in hdb while holding onto private ppty is going to hold onto their HDB for good..for the rest of their lives...cos that is the best solution, unless he/she has enough to buy a second private property.that means those living in hdb while holding private ppty for rental income cannot change / move house !!! absurd
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toddles:
Better call the bank officer up to confirm your loan amt. Signing the option to purchase with the developer only means you indicate you want to buy. It does not mean you got the loan approved. That takes a while and it depends on when the banks have to effect the new 70:30 govt policy.r2010:
I just wanted to know some honest view. I paid 1 percent on a private investment property last weekend. But with the new measure I am thinking of not exercising the option. I will loose the 1percent if I did not exercise. The property is in bukit timah about 1million.
you're not affected since you didn't sign the option from 30 Aug onwards right? still get can the old loan percentages.
I sincerely hope you got the loan approved BEFORE signing that option to purchase. Many pple make this mistake of following their hearts when buying property. If you need to cough out another $100,000, and you really have no other avenues to find this amt, then the more prudent thing is to lose that 1%. The other alternative would be to sell your first property and upgrade to a bigger unit in the new condo. I think you can cham siong with the developer since it means more money for them. -
cherrygal:
MY 2 cents worth... i think it's because they don't want to kill the aspiration of HDB owners who want to upgrade to pte ppty in future, and probably also because they expect most HDB flat dwellers would sell their flats bef they upgrade to pte ppty .As it is now, they will need more cash outlay before they can purchase one. However,for the other way round, though unfair , just shows how much they want to drive across the msg that HDB flats are not for investments... Actually I feel it's unfair too.
I think it isn't very fair to let HDB owners buy private property but private property owners cannot buy HDB flats. If HDB owners can buy private properties to rent out, it means they are very rich and should not even be taking up a HDB flat. The HDB rule is that the HDB flat must be the residential address anyway so why can't a private property owner buy a flat to live in and rent out his current private property?verykiasu2010:
worse are those living in HDB now while holding investment ppty (pte ppty)- if want to move house, must sell 1st before buying another one, and once the existing hdb is sold, straight away kena classified as private ppty owner and if were to buy back hdb (at another location for eg) then must also sell the private one within 6 months ......then must stay in hdb another 5 years before can touch private ppty.....double whammy....
that means those living in hdb while holding private ppty for rental income cannot change / move house !!! absurd
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I think some of you have brought up very valid points :
1. HDB owners can buy private after MOP, but private owner canNOT buy HDB in order to live in it (unfair treatment to citizens)
2. HDB’s MOP of 5 years for both subsidised flats (new from HDB) and unsubsidised (resale open market purchase) flats - this is unfair
They should allow private owner to buy resale flat to live in it, and MOP on subsidised flats should be longer than unsubsidised flats…that was why originally it was 5 years MOP for new flats and 2.5 years for resale flats…until in recent years some smart alec changed that to one year for the resale flat creating a speculation opportunity -
actually looong looooong time ago the MOP for new flat was 10 years
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Instead of the what’s, maybe we need to look at the why’s.
Over the decades, the whole concept of subsidised housing has been perverted beyond the point of recognition. The gahmen itself can take the ‘blame’ for raising expectations, and now they are riding a tiger they can’t get off from.
Philosophically, what exactly is subsidised housing (aka HDB) supposed to serve as?
A platform to extract a subsidy from the gahmen?
An asset you can monetise as a springboard to private property?
An investment vehicle for you to generate income?
Or
A means to good affordable housing for those who cannot afford it otherwise?
I suggest the last point is what it had started out to be and what it needs to get back to being.
Why are folk being tied up in knots now? Because we had tried to play public housing for what it was not intended to be. Problem is, the public housing subsidy is so pervasive that one would be at a competitive disadvantage not to have made use of it, and many people had, regardless of whether they could afford private housing or not.
Nothing fair or unfair about it. We were exploiting a loophole to the general detriment of the housing market and possibly contrary to financial prudence, and now the loophole is closed, cue howling and teeth-gnashing.
Not the what’s and how’s, but the why’s… -
I’ve known a lot of people, my friends included, whom overstretched to upgrade, banging on the low neglible cost of borrowing and the ability to stretch the loans to long/maximum number of years & for some, irrational faith that property prices will not fall in Singapore.
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3Boys:
Well said.Instead of the what's, maybe we need to look at the why's.
Over the decades, the whole concept of subsidised housing has been perverted beyond the point of recognition. The gahmen itself can take the 'blame' for raising expectations, and now they are riding a tiger they can't get off from.
Philosophically, what exactly is subsidised housing (aka HDB) supposed to serve as?
A platform to extract a subsidy from the gahmen?
An asset you can monetise as a springboard to private property?
An investment vehicle for you to generate income?
Or
A means to good affordable housing for those who cannot afford it otherwise?
I suggest the last point is what it had started out to be and what it needs to get back to being.
Why are folk being tied up in knots now? Because we had tried to play public housing for what it was not intended to be. Problem is, the public housing subsidy is so pervasive that one would be at a competitive disadvantage not to have made use of it, and many people had, regardless of whether they could afford private housing or not.
Nothing fair or unfair about it. We were exploiting a loophole to the general detriment of the housing market and possibly contrary to financial prudence, and now the loophole is closed, cue howling and teeth-gnashing.
Not the what's and how's, but the why's.......
So that's why there are more & more of those seminars and workshops organised by private companies that supposedly teach you the tips and tricks of taking full advantage of the loopholes, and make it so achievable and doable for ordinary working people to play the property investment game. Personally, i went to some of their previews and am curious ... Will you spend 2-3k over 2 days weekend to learn it? Has anyone attended such workshops? Please share ... -
Read in Straits Times 2 groups of buyers not affected. 1st time buyers and HDB owners without outstanding loan.
For HDB owners without outstanding loan, does that mean can continue the normal practice of - buy first sell later :scratchhead: -
sleepy:
for the sentence in bold above, do you mean buying of private property for HDB owners? if so, my understanding is that if you have fully paid up your HDB, you can buy your private property without the current financial ruling restrictions (ie can loan up to 80%), and there is no restrictions to selling/keeping your HDB flat. correct me if i am wrong.Read in Straits Times 2 groups of buyers not affected. 1st time buyers and HDB owners without outstanding loan.
For HDB owners without outstanding loan, does that mean can continue the normal practice of - buy first sell later :scratchhead:
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