Free advice/discussion on buy/sell of Resale flat (Part 6)

[doody_]

Got the flat and loan from hdb. 25Yrs and 1.7k installment from cpf, 100+ from cash.
Now i have spare fund about 80k. Should i pay to hdb or refinance for bank loan? I am weak in finance, not sure pay the hdb loan quickly is better for future? Or put the money for deposit interest better?

Once paid, you won't see that money until you sell your flat. Better you keep it for other investments.

 

[zensushi]

I viewed a flat that I'm keen in and made an offer. Seller wants slightly higher which is within my budget. My concern now is that it was last transacted at $323k in April and seller is asking for $275k. Is there something I should be concern of? I did check if there are loan shark problems though.

It could be due to the sellers' need to sell off quickly due to the reasons others have mentioned above. Otherwise, it could be due to less pleasant reasons...

If the sellers are represented by agent(s), ask in writing - email or SMS/WhatsApp - if the unit is/was subject to loanshark issues/sudden deaths etc. Strictly speaking, if the agent knows, he has to tell you the truth.

At the same time, you may want to check out the transaction history of similar units in the vicinity. The nearby transactions may also influence the eventual valuation of the unit.

In a recent case, the unit that my clients are buying was valued at only $490,000 when the two most recent transacted prices in the block were $528,000 & $520,000, in October & September 2014, respectively.

 

[dilphinus]

In that case, he could be in a hurry to sell because he got a new house already, so he want to avoid ABSD or other IRAS, grant, HDB etc related restrictions. If so then you very lucky

It could be due to the sellers' need to sell off quickly due to the reasons others have mentioned above. Otherwise, it could be due to less pleasant reasons...

If the sellers are represented by agent(s), ask in writing - email or SMS/WhatsApp - if the unit is/was subject to loanshark issues/sudden deaths etc. Strictly speaking, if the agent knows, he has to tell you the truth.

At the same time, you may want to check out the transaction history of similar units in the vicinity. The nearby transactions may also influence the eventual valuation of the unit.

In a recent case, the unit that my clients are buying was valued at only $490,000 when the two most recent transacted prices in the block were $528,000 & $520,000, in October & September 2014, respectively.

I think I got lucky. I offered and it was accepted. The recent transactions were around $320k. It's on a good level (8) and pretty windy. I spoke to the neighbour (on the right) last night and my parents went this morning and spoke to the neighbour (on the left) and the stories tally. The seller is also willing to take a lower otp and exercise fee so I don't have to come out with too much cash!

Elderly siblings were staying in the flat, one passed away (in hospital) and the other is staying with another sibling now. The flat has been empty for a year now.

The unit has no built-ins which I'm extremely happy with! No hacking! Just a sink in the kitchen. I'm in ID so reno will be at cost price for me

 

[sugaricing83]

I think I got lucky. I offered and it was accepted. The recent transactions were around $320k. It's on a good level (8) and pretty windy. I spoke to the neighbour (on the right) last night and my parents went this morning and spoke to the neighbour (on the left) and the stories tally. The seller is also willing to take a lower otp and exercise fee so I don't have to come out with too much cash!

Elderly siblings were staying in the flat, one passed away (in hospital) and the other is staying with another sibling now. The flat has been empty for a year now.

The unit has no built-ins which I'm extremely happy with! No hacking! Just a sink in the kitchen. I'm in ID so reno will be at cost price for me

Wow, super good deal! How is the location?

 

[dilphinus]

Wow, super good deal! How is the location?

Not too bad. At least it's not crowded. Quite glad that there is no mrt there too! Windy too cos it's next to the sea!

 

[sugaricing83]

Not too bad. At least it's not crowded. Quite glad that there is no mrt there too! Windy too cos it's next to the sea!

I see. Yea what matters is that you like it. Most people would probably prefer somewhere near the mrt, maybe that's why the seller is willing to sell low to get the money asap.

 

[doody_]

Today's newspaper, 600k for flats in Punggol. I checked out a few flats in Sengkang, they are going for roughly the same as BTO prices now (300-400k for 4 rooms). Not sure who would be so rich as to offer 600k for that guy's flat.

 

[Gluttonish]

Does anyone stil pay COV these days? We are looking at paying $640k for a EM in woodlands, near admiralty. Wondering if we are paying too much? Valuation likely to be 600k or slightly lower.

The flat is nicely renovated tho.

 

[sugaricing83]

Does anyone stil pay COV these days? We are looking at paying $640k for a EM in woodlands, near admiralty. Wondering if we are paying too much? Valuation likely to be 600k or slightly lower.

The flat is nicely renovated tho.

I went to the hdb resale seminar and they said that the seller shouldnt expect the buyer to pay a premium for their existing renovation because different people have different expectations. But honestly, most sellers expect buyers to pay more if their unit is well renovated. It depends on you actually, if the house current renovation fits what you are looking for, then i guess coughing out 10k to 40k (depending on size of flat) COV is ok?

I did not pay a single cent COV but i estimate my renovation to be about 28k to 30k (4 room). The good is the decor of the house will be what i want, the bad is i need 2 more months before i cant move it.

 

[rbtr8r]

hey any advice appreciated...

i've been looking for a flat in ubi... the prices there around 380k to 420., which I find overly expensive even though it's already 30 years old...

why is this so or the owners are quoting too ex? I see propertyguru it says the flats in that district around 350k average...

am I missing a catch here???

 

[icekachang72]

There are still COV currently esp if a property of high floor is within walking distance to amenities such as MRT station, market, food centre. Location is something you can't change at all and people are paying high COV for that ...

As for renovation, nowadays a 4-room smelly smelly also needs 30k. A bigger flat such as EM basic doing up also very ex, some even 100k. Recently there was this new requirement on the use of dunno what cement which will further push up reno cost.

In summary, if you like a flat just go for it. If a property is nicely done up, it will be snapped up fast. Fast hands fast leg wins. I'm also looking for resale flats now and I'm willing to pay COV if the flat is good both in location and to the Reno which I like.

 

[rbtr8r]

Location I can't say good but reno is good.

There are still COV currently esp if a property of high floor is within walking distance to amenities such as MRT station, market, food centre. Location is something you can't change at all and people are paying high COV for that ...

As for renovation, nowadays a 4-room smelly smelly also needs 30k. A bigger flat such as EM basic doing up also very ex, some even 100k. Recently there was this new requirement on the use of dunno what cement which will further push up reno cost.

In summary, if you like a flat just go for it. If a property is nicely done up, it will be snapped up fast. Fast hands fast leg wins. I'm also looking for resale flats now and I'm willing to pay COV if the flat is good both in location and to the Reno which I like.

 

[zensushi]

hey any advice appreciated...

i've been looking for a flat in ubi... the prices there around 380k to 420., which I find overly expensive even though it's already 30 years old...

why is this so or the owners are quoting too ex? I see propertyguru it says the flats in that district around 350k average...

am I missing a catch here???

You can always try offering at the prices that you are comfortable with. If you are with an agent, get him to work hard on getting you a good deal.

City fringe areas are always in demand... but even those should be affected by the general market sentiment.

All the best! ^_^

 

[icekachang72]

Ok, found the article … for read-up in case you are renovating your flat or looking for a no-need-to-reno property to avoid/minimise the impact of this changes …

http://www.straitstimes.com/singapore/housing/renovating-flat-rule-on-cement-may-drive-up-bill

Use of pre-packed cement a must; flat owners who sign contracts on or after June 1 affected

Renovation contractors say a new rule requiring pre-packed cement to be used throughout Housing Board flats could add thousands of dollars to customers' bills.

Since last month, it has been compulsory for them to use pre-packed screed on the floors and walls of bedrooms and living rooms.

All flat owners who signed their renovation contracts on or after June 1 are affected.

Pre-packed material was previously mandatory only in wet areas such as toilets and kitchens, but an HDB spokesman said that the rule was extended to "ensure a cleaner environment and more uniform finishes".

Contractors say the new rule will drive up renovation costs by about $2 to $3 per square foot, with some estimating that the increased total could be as much as $3,000.

Before the regulation kicked in, contractors would manually mix cement, sand and water on-site to do up floors and walls.

With pre-packed screed, which is blended to the required proportions at the factory and requires minimal on-site preparation, contractors will now just have to add water to the mix to use it.

The HDB spokesman added that other benefits of pre-packed screed are a higher quality of finished work and less material waste.

The regulation was initially due to take effect last December and renovation contractors were first told of the change a year ago.

But many asked the HDB for more time to prepare. Said Mr Tan Chim Hoon, president of the Singapore Renovation Contractors and Material Suppliers Association: "We had to buy the pre-packed screed in bulk and work out how we should charge our customers."

Mr Tan, who has 40 years of experience and runs renovation firm Hoon Hoe Bros Renovation and Trading, added: "Pre-packed screed is definitely more costly than raw sand and cement."

The HDB spokesman said the use of the pre-packed material "makes up a small part of the overall renovation costs".

It added that it checked with the industry and estimates that renovation works for a five-room flat will cost about $1,500 more, although this also depends on the extent of renovation works and labour costs.

Mr Yeo Eng Hock, 52, who runs Reliance Furniture and Renovation, said the traditional method of mixing cement and sand depends on a worker's skills.

"Consistency can be a problem," he said. "With the pre-packed screed, everything is mixed in a standard ratio."

Mr Yeo said his workers find the pre-packed material stickier, harder to use and more time-consuming. "But it's probably because we are still getting used to working with the material in large areas. It should get better."

Associate Professor Tan Teng Hooi, head of SIM University's building and project management programme, said the use of pre-packed screed should lead to higher quality for flat owners.

He added: "The old method of manually mixing sand, cement and water depends largely on personal judgment or trial and error. Using pre-packed material will ensure better quality in terms of consistency and finishing."

Mr Jon Nio, 29, will move into his four-room flat in Clementi once renovation works are done. The public relations consultant signed his renovation contract in early May and so is unaffected by the new rule.

"I'm glad I'm not affected because every cent counts," said Mr Nio, who expects to pay about $35,000 in renovation costs. "The extra money spent on the pre-packed screed could cover items such as a washing machine and television set."

 

[sugaricing83]

Walao, sibeh siannn..

Ok, found the article … for read-up in case you are renovating your flat or looking for a no-need-to-reno property to avoid/minimise the impact of this changes …

http://www.straitstimes.com/singapore/housing/renovating-flat-rule-on-cement-may-drive-up-bill

Use of pre-packed cement a must; flat owners who sign contracts on or after June 1 affected

Renovation contractors say a new rule requiring pre-packed cement to be used throughout Housing Board flats could add thousands of dollars to customers' bills.

Since last month, it has been compulsory for them to use pre-packed screed on the floors and walls of bedrooms and living rooms.

All flat owners who signed their renovation contracts on or after June 1 are affected.

Pre-packed material was previously mandatory only in wet areas such as toilets and kitchens, but an HDB spokesman said that the rule was extended to "ensure a cleaner environment and more uniform finishes".

Contractors say the new rule will drive up renovation costs by about $2 to $3 per square foot, with some estimating that the increased total could be as much as $3,000.

Before the regulation kicked in, contractors would manually mix cement, sand and water on-site to do up floors and walls.

With pre-packed screed, which is blended to the required proportions at the factory and requires minimal on-site preparation, contractors will now just have to add water to the mix to use it.

The HDB spokesman added that other benefits of pre-packed screed are a higher quality of finished work and less material waste.

The regulation was initially due to take effect last December and renovation contractors were first told of the change a year ago.

But many asked the HDB for more time to prepare. Said Mr Tan Chim Hoon, president of the Singapore Renovation Contractors and Material Suppliers Association: "We had to buy the pre-packed screed in bulk and work out how we should charge our customers."

Mr Tan, who has 40 years of experience and runs renovation firm Hoon Hoe Bros Renovation and Trading, added: "Pre-packed screed is definitely more costly than raw sand and cement."

The HDB spokesman said the use of the pre-packed material "makes up a small part of the overall renovation costs".

It added that it checked with the industry and estimates that renovation works for a five-room flat will cost about $1,500 more, although this also depends on the extent of renovation works and labour costs.

Mr Yeo Eng Hock, 52, who runs Reliance Furniture and Renovation, said the traditional method of mixing cement and sand depends on a worker's skills.

"Consistency can be a problem," he said. "With the pre-packed screed, everything is mixed in a standard ratio."

Mr Yeo said his workers find the pre-packed material stickier, harder to use and more time-consuming. "But it's probably because we are still getting used to working with the material in large areas. It should get better."

Associate Professor Tan Teng Hooi, head of SIM University's building and project management programme, said the use of pre-packed screed should lead to higher quality for flat owners.

He added: "The old method of manually mixing sand, cement and water depends largely on personal judgment or trial and error. Using pre-packed material will ensure better quality in terms of consistency and finishing."

Mr Jon Nio, 29, will move into his four-room flat in Clementi once renovation works are done. The public relations consultant signed his renovation contract in early May and so is unaffected by the new rule.

"I'm glad I'm not affected because every cent counts," said Mr Nio, who expects to pay about $35,000 in renovation costs. "The extra money spent on the pre-packed screed could cover items such as a washing machine and television set."

 

[ParkJinYoung]

The whole idea of pre-mix is just for gahment to earn more

Sent from LGE LG-H815 using GAGT

 

[icekachang72]

News just-in from CNA .. looks like the market is picking up again? Soon no more buyers' market ...


http://www.channelnewsasia.com/news/singapore/hdb-resale-volume-hits-2/1971592.html


HDB resale volume hits 2-year high: SRX Property

The number of HDB resale flats sold in June was up 8.5 per cent from the previous month and up 30 per cent from a year ago.

SINGAPORE: The Housing and Development Board (HDB) resale market showed signs of recovery last month, with the number of units sold reaching a two-year high and prices inching up by 0.1 per cent, the Singapore Real Estate Exchange (SRX Property) said on Thursday (Jul 9).
A total of 1,709 HDB resale flats were sold in June, an increase of 8.5 per cent from the previous month and up 30 per cent from a year ago. The figure is the highest since May 2013, SRX Property said.
Resale prices in June rose 0.1 per cent compared to the previous month, driven by bigger flats – prices of four-, five-room and executive flats rose by 0.3 per cent, 0.5 per cent and 0.7 per cent, respectively. In contrast, resale prices of three-room flats fell 0.2 per cent.
However, overall resale prices were down 4.4 per cent compared to a year ago, SRX Property said.


TOX TURNS POSITIVE
The overall median Transaction Over X-Value (TOX), which measures whether people are overpaying or underpaying SRX Property’s estimated market value, improved from -S$2,000 in May to S$1,000 last month.
For HDB towns with more than 10 resale transactions in June, Serangoon posted the highest median TOX of S$19,000, followed by Clementi with S$7,000. The lowest median TOX was in Bukit Panjang with -S$11,500 followed by Bishan with -S$8,000.


- CNA/cy

 

[sigeena]

hey any advice appreciated...

i've been looking for a flat in ubi... the prices there around 380k to 420., which I find overly expensive even though it's already 30 years old...

why is this so or the owners are quoting too ex? I see propertyguru it says the flats in that district around 350k average...

am I missing a catch here???

Hello

I just bought in Ubi and collected my keys on Monday. I got my place at 370k which I thought was a good price. No COV after valuation report. 8th floor.

There were some lower level units (4th level and below) I saw which were going at around 350k. On the property guru, they'll list them at around 380k but if you go down and do a house visit and ask around, you'll find that sellers who have had their units on the market for more than 3 months will probably have adjusted their expectations downwards to meet the market demand.

 

[rbtr8r]

Hello

I just bought in Ubi and collected my keys on Monday. I got my place at 370k which I thought was a good price. No COV after valuation report. 8th floor.

There were some lower level units (4th level and below) I saw which were going at around 350k. On the property guru, they'll list them at around 380k but if you go down and do a house visit and ask around, you'll find that sellers who have had their units on the market for more than 3 months will probably have adjusted their expectations downwards to meet the market demand.

good price! let me PM you - need some advice!

 

[seacroc]

Location I can't say good but reno is good.

If the location is not good, is there any reason for your choice of Ubi- is it close to work for you? I find the area too "industrial" and traffic is not great, but maybe there are some hidden gems there I'm missing?