Buying a condo before 30

[1993newbie]

I see. ThTs quite tough on your side then. Paying two loans. Hmm since you’re able to apply for BTO, have you n partner considered it?

Upcoming BTOs are all in good locations too. Near mrt too. What does your partner says? Is she okay with the idea ?

Thanks, we are planning to meet a banker about the loan soon. Downpayment our parents will cover. I guess we are uncomfortable with having the burden of the huge purchase price at the beginning (not only have to pay back bank, still need to pay parents too)

 

[terriblee]

I use CPF OA solely for Mortgage. No cash TOP up needed. Hence can save for rainy days

Maintenance fees per month $200.

Utilities bills around $40-50pm. Wifi $29. No cable TV.

Sorry I don’t mean to dig up this post but I’m curious how much you bought the property for? Because assuming 75% loan and monthly repayments of 1,260 (cpf OA cap), property has to be relatively cheap?

 

[Polar Bear King]

Bros and sis under 30, would you go for PC if your parents will help financially? Maybe 50%?

For 1.5m property, have to consider paying at least 4k a month plus sinking/maintenance fees.... I dunno if me and my partner can tahan

why need to rush through life leh?
just get married start with a BTO and raise kids first lar

 

[notsotechben]

I see. ThTs quite tough on your side then. Paying two loans. Hmm since you’re able to apply for BTO, have you n partner considered it?

Upcoming BTOs are all in good locations too. Near mrt too. What does your partner says? Is she okay with the idea ?

Ya that was our initial plan but we don’t have high hopes as these locations will be oversubscribed. We already in our mid 20s, dunno how many cycles left to try.

Our parents offered this alternative to us, they say good deal. But consider the purchase price, mortgage, maintenance fees, stamp duty and other fees, we dunno if we can manage at such an early stage.

Would you go for it if you can purchase now? Anything else we should consider?

 

[1993newbie]

Bought mine Low 5xxk.

Sorry I don’t mean to dig up this post but I’m curious how much you bought the property for? Because assuming 75% loan and monthly repayments of 1,260 (cpf OA cap), property has to be relatively cheap?

 

[solomon3000]

Ya that was our initial plan but we don’t have high hopes as these locations will be oversubscribed. We already in our mid 20s, dunno how many cycles left to try.

Our parents offered this alternative to us, they say good deal. But consider the purchase price, mortgage, maintenance fees, stamp duty and other fees, we dunno if we can manage at such an early stage.

Would you go for it if you can purchase now? Anything else we should consider?

What about resale HDB?

 

[terriblee]

Bought mine Low 5xxk.

Congrats! Very good price, can’t find this find anymore!

 

[1993newbie]

Thank you. Yea I bought resale de. Last year

Congrats! Very good price, can’t find this find anymore!

 

[8zaoyu]

Sorry I don’t mean to dig up this post but I’m curious how much you bought the property for? Because assuming 75% loan and monthly repayments of 1,260 (cpf OA cap), property has to be relatively cheap?

1993newbie wrote:
I use CPF OA solely for Mortgage. No cash TOP up needed. Hence can save for rainy days

Maintenance fees per month $200.

Utilities bills around $40-50pm. Wifi $29. No cable TV.

Hi too,

1) Pple who use CPF OA to pay for their properties are usually very young, have not seen what is Compound Interest. Those of us older especially at 55 is surprised that we accumulated a lovely sum apart from our Retirement Sum.
2) maintenance fees still at $200 (what condo is that, can share, maybe I would like to buy it as my N...property with ABSD. A 1 bedder usually has 5 shares of Maintenance/Sinking Fees to pay. If you are still paying $40 per share (which is currently going up to $50 a share, RCR condo), then your Condo is a real cheap buy.
3) Utility fee fees for Condo usually will incur a bit more because waste collection fee more. Average about $50 and above per person of usage.

And....... no parents should sponsor their kids' property downpayment, your savings to CPF OA (by refunding your own properties' Accrued Interests first) collect more compound interest. Cash is king, would you stand outside a restaurant and watch others enjoying their buffets because you just want to help invest in an apartment where the psf has ridiculously risen and families buying shrinking size apartments!

I

 

[notsotechben]

What about resale HDB?

Also looking too. Resale 4 room flats in mature estates (e.g. Clementi, Queenstown, Bishan, Telok Blangah etc.) are easily more than 600k and this would be the loan we would be taking if go for the PC.

 

[RyanJ]

Bros and sis under 30, would you go for PC if your parents will help financially? Maybe 50%?

For 1.5m property, have to consider paying at least 4k a month plus sinking/maintenance fees.... I dunno if me and my partner can tahan

As long as u and ur partner are comfortable with servicing the mortgage loan + misc , i'd say go for it. Or else no.

Of course not everyone is fortunate to get a $$ helping hand from parents.

For 50%, ur 上車 is much easier.

 

[1993newbie]

Just receive the management AGM minutes

#2 My condo maintenance per share value is $12.30 + $3 sinking fund. The share value for the 1 bedder is 13 shares.

Speaking about #3 this is my October water bill and refuse removal fee. My parents HDB refuse is $7.50.

1993newbie wrote:
I use CPF OA solely for Mortgage. No cash TOP up needed. Hence can save for rainy days

Maintenance fees per month $200.

Utilities bills around $40-50pm. Wifi $29. No cable TV.

Hi too,

1) Pple who use CPF OA to pay for their properties are usually very young, have not seen what is Compound Interest. Those of us older especially at 55 is surprised that we accumulated a lovely sum apart from our Retirement Sum.
2) maintenance fees still at $200 (what condo is that, can share, maybe I would like to buy it as my N...property with ABSD. A 1 bedder usually has 5 shares of Maintenance/Sinking Fees to pay. If you are still paying $40 per share (which is currently going up to $50 a share, RCR condo), then your Condo is a real cheap buy.
3) Utility fee fees for Condo usually will incur a bit more because waste collection fee more. Average about $50 and above per person of usage.

And....... no parents should sponsor their kids' property downpayment, your savings to CPF OA (by refunding your own properties' Accrued Interests first) collect more compound interest. Cash is king, would you stand outside a restaurant and watch others enjoying their buffets because you just want to help invest in an apartment where the psf has ridiculously risen and families buying shrinking size apartments!

I

 

[tanjiakpeng]

For the younger ones it is hard to reap the benefits of cpf compounded interest if the upfront of the property already wipes out cpf OA

We will be comparing apples to oranges when comparing younger ones today than those in a different era when LTV was high

 

[Forever84]

Ya that was our initial plan but we don’t have high hopes as these locations will be oversubscribed. We already in our mid 20s, dunno how many cycles left to try.

Our parents offered this alternative to us, they say good deal. But consider the purchase price, mortgage, maintenance fees, stamp duty and other fees, we dunno if we can manage at such an early stage.

Would you go for it if you can purchase now? Anything else we should consider?

Got bank of father and mother really damn song man.

Well if you buy a 1.5M and pay 50%, the loan amount installment probably only about 3k plus and a part of that can be funded by your cpfs

Or get a slightly smaller one la

Are u guys only child?

 

[shadow84]

Just receive the management AGM minutes

#2 My condo maintenance per share value is $12.30 + $3 sinking fund. The share value for the 1 bedder is 13 shares.

Speaking about #3 this is my October water bill and refuse removal fee. My parents HDB refuse is $7.50.

What is psvpm? Also once ur condo agm finished, they will send this letter to every letterbox? Can ask what is ur electricity bill and usage like monthly??

 

[1993newbie]

Psvpm> Per share value per month

Yeap before AGM they send out last year’s minutes. After AGM they will also send out this year’s minutes too to every letter box.

Eletricity I’m using Keppel.Per month around $30-40. So yup, Eletricity + Water Bill + Refusal removal around $50.

What is psvpm? Also once ur condo agm finished, they will send this letter to every letterbox? Can ask what is ur electricity bill and usage like monthly??

 

[8zaoyu]

#2 My condo maintenance per share value is $12.30 + $3 sinking fund. The share value for the 1 bedder is 13 shares.
Indeed, $12.30 Management Fees + $3 Sinking Fund + 13 per share value per month + 7% GST equals to about $212.823 per month. If you have too many facilities like lift maintenance and swimming pools filtering/cleaning, landscaping, atas security teams. You will see these fees forever increasing every Annual General Meeting until one fine day everybody agree to "downgrade" these facilities OR "Enbloc" ! (waste of planet resource)
Btw, I will not buy shoebox unit under 50 sq. m in suburban.

 

[1993newbie]

Shoebox is not for everyone . For me I’m staying alone so below 500sqft is totally fine and I choose OCR coz family stays nearby.

Bought for own stay not for rental. Previous tenant rented for $1.7k/month when I bought over with few months of tenancy remaining, gross yield was close to 4%. Fairly good for OCR shoeboxes honestly.

5th AGM and so far no increment for the management fee. First 2 years no sinking fund. Yea we have 10 Swimming pools in the development, all are well maintained.
The condo exterior will undergo repainting works next year. Yay!

#2 My condo maintenance per share value is $12.30 + $3 sinking fund. The share value for the 1 bedder is 13 shares.
Indeed, $12.30 Management Fees + $3 Sinking Fund + 13 per share value per month + 7% GST equals to about $212.823 per month. If you have too many facilities like lift maintenance and swimming pools filtering/cleaning, landscaping, atas security teams. You will see these fees forever increasing every Annual General Meeting until one fine day everybody agree to "downgrade" these facilities OR "Enbloc" ! (waste of planet resource)
Btw, I will not buy shoebox unit under 50 sq. m in suburban.

 

[1993newbie]

Happy househunting for your RCR/CCR Unit

#2 My condo maintenance per share value is $12.30 + $3 sinking fund. The share value for the 1 bedder is 13 shares.
Indeed, $12.30 Management Fees + $3 Sinking Fund + 13 per share value per month + 7% GST equals to about $212.823 per month. If you have too many facilities like lift maintenance and swimming pools filtering/cleaning, landscaping, atas security teams. You will see these fees forever increasing every Annual General Meeting until one fine day everybody agree to "downgrade" these facilities OR "Enbloc" ! (waste of planet resource)
Btw, I will not buy shoebox unit under 50 sq. m in suburban.

 

[notsotechben]

Got bank of father and mother really damn song man.

Well if you buy a 1.5M and pay 50%, the loan amount installment probably only about 3k plus and a part of that can be funded by your cpfs

Or get a slightly smaller one la

Are u guys only child?

We are very lucky. Parents from the sandwiched generation and we want them to take the money and spend on themselves. But then it’s a huge boost for us with this capital. Are we are being selfish?

I am not only child but my sibling is settling overseas liao.

Thoughts on just buy first for investment then sell and move to bigger hdb later?