HDB and Condo
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vicki:
OIC...so have HDB can buy private after staying 5 years but no no if vice versa....get it, thanks. Too many changes now. No dough to think of condo either...servicing my loan till hubby reaches 60. Heard now if buy condo, every month the amount to pay is very high.janet_lee88:
Singaporeans should buy an HDB flat as it is an asset to own one being a citizen...although it is not freehold. But I thought it is not allowed to own both HDB and private ?
Thk the last rule was when u buy HDB, got min period (5 yrs?) before u can buy private.
Those who own HDB for more than the 'barring period' liao can therefore buy the private.
However, the opp holds true for your stt, ie, if you own private property, u can never buy HDB!
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cherrygal:
Nowadays, most of my frens who bought HDB flats end up buying private property and not selling their flats. They prefer to rent out their flats... no wonder analysts say less and less resale flats available...
Don't sell off your HDB flat even when you are getting a condo. The new ruling states that one cannot buy a HDB flat if one is currently holding a condo. So one have to sell off the condo, stay at a rented place for an extended period of time before one is allow to buy HDB flat again
Holding a HDB flat is a prized asset now -
janet_lee88:
If you have an existing housing loan, you can only loan up to 60% for the new property. That means you have to cough up a minimum of 40% for down payment. This is additional to cash buffer you have to set aside for progressive payment, property tax, repair for wear-and-tear for your rented place & electrical appliances. And also cash buffer to pay monthly housing loan if you can't find tenant for your place for an extended period of time. Unless you are heavily leveraged which is not advisable.
Too many changes now. No dough to think of condo either...servicing my loan till hubby reaches 60. Heard now if buy condo, every month the amount to pay is very high.
With the pricing now at ridiculous high, it is not a value buy yet. Now everywhere (even for hillview, ponggul etc selling at > $1,000 psf) Hold on for a while -
Is buying MRTA common?
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daddy2007:
Don't think so. Seems that you need to sell off your condo within 6 months after you got your HDB. Unless you are talking about new direct HDB, then you need sell off and wait 30 months to be eligible, rent in meanwhile or bunk in with parents, friends, relatives etc....cherrygal:
Nowadays, most of my frens who bought HDB flats end up buying private property and not selling their flats. They prefer to rent out their flats... no wonder analysts say less and less resale flats available...
Don't sell off your HDB flat even when you are getting a condo. The new ruling states that one cannot buy a HDB flat if one is currently holding a condo. So one have to sell off the condo, stay at a rented place for an extended period of time before one is allow to buy HDB flat again
Holding a HDB flat is a prized asset now -
daddy2007:
Agree. Days of making good capital gains are over.... Prices ridiculus now.... Except for happening areas with great locations like watertown, bedok residences, centro, etc... can jump in if too much cash on hand and dunno what to do with it...
If you have an existing housing loan, you can only loan up to 60% for the new property. That means you have to cough up a minimum of 40% for down payment. This is additional to cash buffer you have to set aside for progressive payment, property tax, repair for wear-and-tear for your rented place & electrical appliances. And also cash buffer to pay monthly housing loan if you can't find tenant for your place for an extended period of time. Unless you are heavily leveraged which is not advisable.janet_lee88:
Too many changes now. No dough to think of condo either...servicing my loan till hubby reaches 60. Heard now if buy condo, every month the amount to pay is very high.
With the pricing now at ridiculous high, it is not a value buy yet. Now everywhere (even for hillview, ponggul etc selling at > $1,000 psf) Hold on for a while
We are far from there.... Though seems like there are plenty of people loaded for bears... with cash....
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vicki:
that's our plan toocherrygal:
Nowadays, most of my frens who bought HDB flats end up buying private property and not selling their flats. They prefer to rent out their flats... no wonder analysts say less and less resale flats available...
I agree n i thk it also makes sense not to sell the HDB!
Rental collected from the HDB flat can help to pay for the monthly private condo insalment. Then when the couple grow old n their kids all grow up n get married, shift out liao n they don't really need to use the condo facilities anymore, they can switch back to staying in HDB n sell or rent out the private property!
am working toward that goal
now hoping the property guru is right that the property price will drop by 20% this year then whack :rahrah: -
Did think of upgrading to a newer HDB flat...but that means I have to top up cash monthly. My flat is finally fitted with lifts on every floor and MRT is ready in 2015. After 20 years, the interior like pipes are old...how much you renovate is not worth. Prob is new flats are smaller and further. :roll:
I thought of DBSS at Clementi but it's so ex. -
what i gather is that unless one has paid off entire housing loan of first property, then the minimum cash we need to have for downpayment for 2nd property is 40% of S$1mil ie S$400k.
(this is assuming that the first property is to be retained)
add emergency cash + unforeseen expenses that come with shifting house, we need S$450k-S$500k and above IN CASH! -
caught in this situation as well
dunno whether to move or not… to be in debt for the next 20-30 yrs sound scary
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