Hope to re-negotiate with seller but when should I activate this re-negotiation process?
Seller not obliged to negotiate again with you on this.
It’s about 10days before my current OTP lapse. Should I start nego with the seller now and hope we can reach for a compromise so on the day of the OTP lapsing, we can immediately put up a new OTP if she agrees or should I wait till on the day of my OTP lapsing then discuss?
If I think I want to re-negotiate, I would do it asap and not waste their time if negotiation fail.
I’m also afraid that the Seller’s agent will already begin looking for new buyers if I tell him I’m not comfy with paying so much COV. Would appreciate your thoughts.
Buying a flat is about willing seller, willing buyer situation, coming to a compromise on the sales price.
If you can't afford or just dont wish to pay 24k, then start the discussion early and move on if they dont agree to negotiate with you.
You need to also take note, any new price will need to redo another valuation,
so if the new valuation drop again and u need to pay 24k or higher cov suddenly, will you go ahead , or repeat the nego, or give up the unit?
Be fair to the seller also, they need to plan their next housing also, and they most likely expect you to go ahead. If you not buying or don't wish to pay this cov, then let them move on and get other buyers, there is nothing wrong isn't it?
Is the price way over the market price? You never know the transacted price recently might all have been inclusive of cov 10k to 30k also.
If you going to stay there for next 10yrs, then maybe spending this 24k cov
is just about 2.4k annually, will it be too much for u and u feel it's overpriced?
If yes, then search for other units.
COV is very subjective. Some pay 100k cov for their units , and people call them crazy. Some dont want to pay any at all and just keep searching. Basically it's all about your own financial ability and how much you love the unit.
-vinz