Advice needed on upgrading

[wainism]

Currently have a resale 4rm hdb near Buangkok mrt, wife also owns a resale 1br in geylang.
Kids 3 and 1, girl and boy.

Hope to move to geylang area for Kong hwa school. Will like a 1200sq ft place with utility. Budget about 1.6 to 1.8?
Understand will have to buy old 99y and have risks.

Will you suggest
1) sell 2 buy 2
2) sell 2 buy 1
3) rent then buy in future
4) other suggestions

Thank you!

 

[kiatme]

Budget 1.6-1.8 hard to buy 2 in my opinion.
Your hdb is under your own name only?
the 1 bedder resale under your wife name only?

 

[bossjiaksai]

Rent out both HDB and Geylang 1 bedder, Rent 4-room HDB at Cassia. No need to incur so much transnational costs to buy and sell

 

[wacko]

do you really want your kids to grow up in the Geylang area?

 

[McFadden]

Rent out both HDB and Geylang 1 bedder, Rent 4-room HDB at Cassia. No need to incur so much transnational costs to buy and sell

What is one bedder?2 room flat?

 

[bossjiaksai]

What is one bedder?2 room flat?

Oh was replying to TS, he has a 1 bedroom condo

 

[Imroot]

Sell both. Buy in Dakota area? Preferably under 1 person’s name.

 

[FourSimpleRules]

Both HDB and Geylang condo will fetch you $6000-$7000 rent

Just rent out both, and rent a place near the school of your choice

 

[bossjiaksai]

do you really want your kids to grow up in the Geylang area?

Geylang area must see which part and which Lorong. I wouldn’t really want to stay in the small numbered lorong if I have a family, relatively messy there. But the bigger lorongs are a lot better I feel, quieter and just feels like a normal neighbourhood.

 

[elvintay07]

Currently have a resale 4rm hdb near Buangkok mrt, wife also owns a resale 1br in geylang.
Kids 3 and 1, girl and boy.

Hope to move to geylang area for Kong hwa school. Will like a 1200sq ft place with utility. Budget about 1.6 to 1.8?
Understand will have to buy old 99y and have risks.

Will you suggest
1) sell 2 buy 2
2) sell 2 buy 1
3) rent then buy in future
4) other suggestions

Thank you!

Quite difficult because don’t know the price of your current house.

Buangkok 4 room HDB - $500k?
1 bedroom in geylang - $800k?
Total $1.3mil can loan about $3mil? Need to talk to your banker

But sell 2 buy 2 ultra challenging unless you
(1) earn $10k each per month
(2) buy 2 bed 1 bath?

Like other suggest, maybe rent out and rent a unit of your choice seems plausible. Actually 4 room HDB surely drop in value long term. 1 bedroom now not popular also unless you say lots of FL wants to rent ur 1 bedroom (but illegal one).

If I am in the same situation, I would sell and buy 1 big condo/ old ec etc. More quality of life. But again you only want your kids to go to 1 school which is challenging also unless you are alumni. Staying near and ballot doesn’t mean Bao jiak.

Both your units are resale which means maybe you don’t make so much. Holding it will also stuck for years since appreciation limited. Difficult decision to make

 

[LWZ]

If move there liao but cannot get in then how ?

 

[wainism]

Budget 1.6-1.8 hard to buy 2 in my opinion.
Your hdb is under your own name only?
the 1 bedder resale under your wife name only?

Yes both single name.
Sorry wasn't clear. 1.6 to 1.8 for my own stay near the school.
Wife probably can get something about 1 Mio investment property after.

 

[wainism]

Rent out both HDB and Geylang 1 bedder, Rent 4-room HDB at Cassia. No need to incur so much transnational costs to buy and sell

Ideally wanna stay in my own place. Used to rent and hated being at the mercy of landlord. With 2 young kids hard to keep moving if landlord wants to sell etc.

 

[wainism]

do you really want your kids to grow up in the Geylang area?

Actually am quite ok with that.

 

[wainism]

Sell both. Buy in Dakota area? Preferably under 1 person’s name.

Any reason so?
Wanted to avoid this as it means we will be all in on one property at this peak pricing. If it doesn't perform, retirement may be an issue.

 

[wainism]

Geylang area must see which part and which Lorong. I wouldn’t really want to stay in the small numbered lorong if I have a family, relatively messy there. But the bigger lorongs are a lot better I feel, quieter and just feels like a normal neighbourhood.

Was thinking more along Sims ave/geylang east side. Or the dunman area.

 

[wainism]

Quite difficult because don’t know the price of your current house.

Buangkok 4 room HDB - $500k?
1 bedroom in geylang - $800k?
Total $1.3mil can loan about $3mil? Need to talk to your banker

But sell 2 buy 2 ultra challenging unless you
(1) earn $10k each per month
(2) buy 2 bed 1 bath?

Like other suggest, maybe rent out and rent a unit of your choice seems plausible. Actually 4 room HDB surely drop in value long term. 1 bedroom now not popular also unless you say lots of FL wants to rent ur 1 bedroom (but illegal one).

If I am in the same situation, I would sell and buy 1 big condo/ old ec etc. More quality of life. But again you only want your kids to go to 1 school which is challenging also unless you are alumni. Staying near and ballot doesn’t mean Bao jiak.

Both your units are resale which means maybe you don’t make so much. Holding it will also stuck for years since appreciation limited. Difficult decision to make

Thanks for your long reply!

Buangkok est 650k
Geylang 600k

Let's say at same total value of 3 Mio. I still favour sell 2 buy 2 rather than all in into 1.
Because now it's market peak, worried the property won't perform in time and retirement becomes an issue. So maybe buy 1 old 99y 2 Mio and at least have someone saving the 1mio for us.

 

[wainism]

If move there liao but cannot get in then how ?

Sure that is a risk I am aware of and prepared to take. Also we like that area and is closer to work for us. So all in, I guess still ok. The kpe jam very Sian leh. Haha

 

[Imroot]

Any reason so?
Wanted to avoid this as it means we will be all in on one property at this peak pricing. If it doesn't perform, retirement may be an issue.

You mentioned quite a few requirements, so i presumed this unit is for your own stay. Settle a place for your family to stay first before thinking of an investment unit to make money.

Having said that, even in “peak pricing”, you can always get “value buys”, just need to be more diligent and view more units. Go for older resale apartments where the psf gap is wider. At least the value is unlikely to drop further.

 

[Imroot]

Thanks for your long reply!

Buangkok est 650k
Geylang 600k

Let's say at same total value of 3 Mio. I still favour sell 2 buy 2 rather than all in into 1.
Because now it's market peak, worried the property won't perform in time and retirement becomes an issue. So maybe buy 1 old 99y 2 Mio and at least have someone saving the 1mio for us.

Ok you have 3m to work with. At least you have some room to manoeuvre before eventually buying a second unit.

Sharing what I did with my partner last year. We bought a 12xx unit at similar budget under one person’s name. To reduce the impact of high interest rate on our future capital gains, we did a downpayment of 70%. Our intention is to “unlock” this sum of money, when there is an opportunity to buy a second money, despite this “peak” period you mentioned. Now waiting for the right unit to appear on the market.