Seek opinion on what to buy with my unique situation

dnsfpl

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i would buy a 5 room (with 4 bedroom) hdb near mrt station, maybe cck to yishun?

price wise should be 500k, can rent out 3 room, maybe $600 per room?
 

kiatme

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Why you sold your flat initially ?
You could have stay at in law's place and rented out your old hdb

what do you plan to do after the mop period for your next flat is up, stay ? or sell or ?? do you plan to have kids?

imo, if you are looking at rental, you should do your own research and calculate your rental yield (by seeing the rental $ for the area you are looking at) for city fringe vs tampines and decide from there

room rental is different from house rental though, because you have to absorb the utilities bills and conservancy charges unlike house rental, and depending on the lease left on the HDB, the value of the HDB is not going to appreciate so if you plan to sell, you will most likely make a loss as well

EC would be better i feel because the value of the EC will increase after your MOP, but it might be a headache for you since you mentioned you have health reasons, what if you need to stop work for a period of time, the rent you get from EC is most likely going to just cover your MC fee / utilities with just little bit left over for your loans
 

Pokémon

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Why you sold your flat initially ?

TS had been asking about buying private property in recent months, and perhaps have not done enough to find out how much loan they could actually obtain for the new property, prior to selling the flat.

I guess now that the flat has been sold and while hunting for the new private property/EC, the loan could not get through as he would have expected, and therefore ended up in this situation.
 

amelia80

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Why you sold your flat initially ?
You could have stay at in law's place and rented out your old hdb

what do you plan to do after the mop period for your next flat is up, stay ? or sell or ?? do you plan to have kids?

imo, if you are looking at rental, you should do your own research and calculate your rental yield (by seeing the rental $ for the area you are looking at) for city fringe vs tampines and decide from there

room rental is different from house rental though, because you have to absorb the utilities bills and conservancy charges unlike house rental, and depending on the lease left on the HDB, the value of the HDB is not going to appreciate so if you plan to sell, you will most likely make a loss as well

EC would be better i feel because the value of the EC will increase after your MOP, but it might be a headache for you since you mentioned you have health reasons, what if you need to stop work for a period of time, the rent you get from EC is most likely going to just cover your MC fee / utilities with just little bit left over for your loans
Ya I also didn't know why I sold my cck. Previously my agent kept persuading me to sell to buy private condo and to quickly get into it. I kinda regret selling my mop hdb. But no time for regrets now just gotta do what I can

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amelia80

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Pokémon;110403164 said:
TS had been asking about buying private property in recent months, and perhaps have not done enough to find out how much loan they could actually obtain for the new property, prior to selling the flat.

I guess now that the flat has been sold and while hunting for the new private property/EC, the loan could not get through as he would have expected, and therefore ended up in this situation.
Indeed mayne not enough homework done. I actually with loan now can get a cheaper private condo that is not exceeding 900k or a ec that is about 600plus k. The loan amount given to us is not alot.

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windwaver

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Ya I also didn't know why I sold my cck. Previously my agent kept persuading me to sell to buy private condo and to quickly get into it. I kinda regret selling my mop hdb. But no time for regrets now just gotta do what I can

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For your case, it's not advisable to buy an EC.

Buy a 4 or 5 room HDB and rent out the rest of the rooms.
 

DealuxTravel

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Not advisable to get EC, your priority is to get a good agent to sit down and go through your finances.

Even a cheap 3-bedroom EC at Northwave will cost $750K - You will barely have enough loan to cover it.

You need pay resale levy up to $50k cash, stamp duties, lawyer fees.

Your wife's CPF can pay off the loan , but you still need pay maintenance of $300, PUB bills , any renovation loan / household appliances / lighting / furniture ?

Another question is banks will need 2 names to apply for loan as the EC is under 2 names.

Also, to complete your resale HDB , it may be many months later. For new condo / EC , it may be a few years later. You also need to factor in where to stay, or renting in the meantime, and storage costs for you furniture and belongings.

Getting a cheap resale is your best bet, or apply BTO and stay with your parents / rent a room.
 
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dilphinus

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i would buy a 5 room (with 4 bedroom) hdb near mrt station, maybe cck to yishun?

price wise should be 500k, can rent out 3 room, maybe $600 per room?

Rent out 3 rooms, get $1800 per month. Rent out 2 bedrooms (+ 1 living) in Telok Blangah can get $2.5k. It's always easier to deal with one tenant than to deal with three tenants. A 3NG in Telok Blangah Heights/Drive area from mid $300k onward.
 

amelia80

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Not advisable to get EC, your priority is to get a good agent to sit down and go through your finances.

Even a cheap 3-bedroom EC at Northwave will cost $750K - You will barely have enough loan to cover it.

You need pay resale levy up to $50k cash, stamp duties, lawyer fees.

Your wife's CPF can pay off the loan , but you still need pay maintenance of $300, PUB bills , any renovation loan / household appliances / lighting / furniture ?

Another question is banks will need 2 names to apply for loan as the EC is under 2 names.

Also, to complete your resale HDB , it may be many months later. For new condo / EC , it may be a few years later. You also need to factor in where to stay, or renting in the meantime, and storage costs for you furniture and belongings.

Getting a cheap resale is your best bet, or apply BTO and stay with your parents / rent a room.
The thing is that I don't need to worry about where to stay or live in. I have an empty condo to live due to certain family arrangments. Wife and I can live in that condo perhaps for the next 5 to 10 years. Our concern is to make a wise purchase for the next purchase.

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Clazav

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It is very hard to find a good agent, unless he is your friend or relative. Trust yourselves instead.

It is best to actually continue keeping the Mop bto and rent the whole house continuall, squeeze dry the bto. But well that was the past.

I'll go for a resale hdb.
But the priority must be right. You want to rent, so got to choose at least a 4 room flat, and that near amenities. If can't be near mrt, then must be near workplace. The flat can be older, doesn't really matter since convenient is key to rental.
 

hyman

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BTO second time?

You have 5-10 years to wait.

Got free condo to stay some more.

Envy you. ;)
 

Tedbundy

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How old are you?
Are you able to wait or queue for another bto?
The best scenarios will be you keep ur sold bto for rent but that is history.
Dont understand since you have a spare condo to stay, you are not in a rush to buy new flats/ ec/ pc. You can always invest ur cash in another area rather than in an urgent to buy another property.
 

hyman

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How old are you?
Are you able to wait or queue for another bto?
The best scenarios will be you keep ur sold bto for rent but that is history.
Dont understand since you have a spare condo to stay, you are not in a rush to buy new flats/ ec/ pc. You can always invest ur cash in another area rather than in an urgent to buy another property.
That's what I thought too.

Pocketed profits from 1st BTO.

Got so many options to play with.

Some people barely survive to make ends meet.

Envy the TS again. :)
 

amelia80

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I am 37 years old. Yes I got a condo to stay for perhaps 5 to 10 years more but it's after all not mg property so I need to buy something that I can call my own. If relationships turn sour we can have our own place. That's why I am in a dilemma what I can buy with the money to fully max out the situation / profits / capital gain / rental or whatever u call it. I am not so savvy with shares as well.

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amelia80

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That's what I thought too.

Pocketed profits from 1st BTO.

Got so many options to play with.

Some people barely survive to make ends meet.

Envy the TS again. :)
there is actually little to envy me. I have poor health and I don't earn that much with my minimal income from driving little with uber and the condo I stay in doesn't belong to me but a family member. But yes indeed maybe I am somewhat lucky in that way to stay free condo.

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matrixx

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U keep saying that u r in poor health. Can elaborate? Will it be possible that in the future, u might stop working? Or worse, have to start paying for medical bills? And is ur wife's job stable? U hav no children now, but r u going to hav children later? If so, ur costs is going to go up. Will u still be able to handle the loan then?
 

kiatme

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Don't get 5 rooms (with 4br), on paper it sounds good to rent out 3 rooms, but just imagine what kind of people are you renting to if you do decide to rent, I would suggest getting an EC and rent out and live till old, or get a 4br hdb and rent out 2 rooms, easier to manage also, location wise(for hdb), I think it's better to research which area gives better rental yield than what people think (if $ is your only concern, otherwise look for one with amentities, like food, school, supermarket)
 
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