How much COV did you pay?

[lethiaa]

We are looking at purchasing resale flat in Tampines. As property price is now sky high, we would like to do a research to know how much cash to prepare for COV and if there is still a possibility to make a purchase without COV or is COV a norm now.

Can you share how much COV you paid, location and when did you make the purchase?

Location :
COV :
Date : eg, Feb 2024

 

[drkcynic]

I don't see a point of this exercise? Whether to pay COV or not is totally up to the buyer. Offer too low you will get rejected. Offer too high you have a chance of paying COV if the valuation is lower.

Ultimately, it comes down to how badly you want the unit; you can make a low/fair offer (no COV), but if it's a good unit it might be snapped up by someone else. If you want it, you offer higher and potentially pay a COV.

That's basically it. I see the HDB resale market today, everyday got unit hitting new highs, paying COVs are very common for securing good units unfortunately.

 

[alfredfx]

I think the question is , what is a reasonable COV ?

Is 50k consider high side ?

 

[ZacharyA]

We are looking at purchasing resale flat in Tampines. As property price is now sky high, we would like to do a research to know how much cash to prepare for COV and if there is still a possibility to make a purchase without COV or is COV a norm now.

Can you share how much COV you paid, location and when did you make the purchase?

Location :
COV :
Date : eg, Feb 2024

Then go to HDB website to see last 6-12 months transaction in the same cluster of flats. Same floor area. And better if same range of floors.

Then you will have a sense of got COV or no COV. Nobody can tell you for a fact that the last transacted price is $600k and the seller asking for $650k so the COV is $20,591.60

 

[lethiaa]

I think the question is , what is a reasonable COV ?

Is 50k consider high side ?

That's what we're trying to find out too. If 20k is the norm now then we gotta mental prep ourselves.

 

[lethiaa]

Then go to HDB website to see last 6-12 months transaction in the same cluster of flats. Same floor area. And better if same range of floors.

Then you will have a sense of got COV or no COV. Nobody can tell you for a fact that the last transacted price is $600k and the seller asking for $650k so the COV is $20,591.60

HDB transaction is the transacted price, which may or may not include COV. That's not the valuation price. So looking at HDB transactions only tell you the price trend, not the COV.

 

[DevilPlate]

We are looking at purchasing resale flat in Tampines. As property price is now sky high, we would like to do a research to know how much cash to prepare for COV and if there is still a possibility to make a purchase without COV or is COV a norm now.

Can you share how much COV you paid, location and when did you make the purchase?

Location :
COV :
Date : eg, Feb 2024

If cash tight or unwilling to pay high COV, go for older flats (to be safe, last u till 105yo)
If u want newer flats and better location, goto pay.

so really no point asking others.
all boils down to expectations.

 

[DevilPlate]

That's what we're trying to find out too. If 20k is the norm now then we gotta mental prep ourselves.

Old old flats in Marsiling for eg usually little to no COV
or u can even look at Little India area and those flats that can only be sold to non-indians…..usually cheap hehehe

or if u are non-chn, smtimes can find gd deals in central location as well

*there is no such thing as norm cov amt

 

[lethiaa]

If cash tight or unwilling to pay high COV, go for older flats (to be safe, last u till 105yo)
If u want newer flats and better location, goto pay.

so really no point asking others.
all boils down to expectations.

We are willing to pay, we just want to have a sense of roughly how much it'll be. 20k vs 50k vs 100k makes a difference.

 

[stsilverbullet73]

We are willing to pay, we just want to have a sense of roughly how much it'll be. 20k vs 50k vs 100k makes a difference.

what is the postal code of the hdb u are aiming?
by the area, age of block the experts here can guess if COV is involved

 

[lethiaa]

what is the postal code of the hdb u are aiming?
by the area, age of block the experts here can guess if COV is involved

Perhaps area around 522604 or 522520 or 521869 or 522890.

 

[stsilverbullet73]

that area usually no cov unless u offer and set new record
at most 10k COV max in very few transactions i see

i not agent hor. just based on estimated hdb values. u can come back and tell me if i am wrong

 

[alfredfx]

that area usually no cov unless u offer and set new record
at most 10k COV max in very few transactions i see

i not agent hor. just based on estimated hdb values. u can come back and tell me if i am wrong

What about 544277

 

[billard18]

Perhaps area around 522604 or 522520 or 521869 or 522890.

These areas are the one i m looking for,eventually bought with 0 cov. Usually offered market rate shld be less or 0 cov

 

[hkchew03]

Just reference with transacted amount. Each unit has different

HDB transaction is the transacted price, which may or may not include COV. That's not the valuation price. So looking at HDB transactions only tell you the price trend, not the COV.

Isn't that more important? If you are buying the same area, people are paying 100k COV while your offer is 20k, do you think you can find a seller willing to accept?

There are also valuation estimate from SRX, OMH etc that you can use to guesstimate.

 

[lethiaa]

These areas are the one i m looking for,eventually bought with 0 cov. Usually offered market rate shld be less or 0 cov

Thanks for sharing! This is a really good ref.

 

[lethiaa]

Just reference with transacted amount. Each unit has different

Isn't that more important? If you are buying the same area, people are paying 100k COV while your offer is 20k, do you think you can find a seller willing to accept?

There are also valuation estimate from SRX, OMH etc that you can use to guesstimate.

That's why we are asking for ref so we know cov is 100k

 

[8zaoyu]

Then go to HDB website to see last 6-12 months transaction in the same cluster of flats. Same floor area. And better if same range of floors.

Then you will have a sense of got COV or no COV.

6 -12 mths transactions of that particular block or levels already enough to sense whether that block is hot or not liao. No transactions means you can offer "below/at " market valuations. Yours maybe the first offered transaction, up to seller to accept or decline your offer always.

 

[kiatme]

If you really concerned, once you locked on to your unit, like blk 124 level 8 93sqm 4rm, then just go see HDB transactions around, then see recent transactions - like for example block 123 level 9-11 93sqm, go doorknock all the units there and find out which was the unit sold, ask the owner how much COV he paid.

Then you know whether or not your offer will have COV or not.

 

[ZacharyA]

If you really concerned, once you locked on to your unit, like blk 124 level 8 93sqm 4rm, then just go see HDB transactions around, then see recent transactions - like for example block 123 level 9-11 93sqm, go doorknock all the units there and find out which was the unit sold, ask the owner how much COV he paid.

Then you know whether or not your offer will have COV or not.

too much effort, and provided the owner wants to entertain you. lol