Free advice/discussion on buy/sell of Resale flat (Part 6) - Part 2

[xueni84]

Maybe you try to hold on to the current flat as long as possible. See if there's any chances if HDB will do VERS on your estate then maybe can top up a little from your CPF for the replacement flat if possible. The problem is just that do not know if it will ever be selected for VERS.

 

[xueni84]

I had tried to browse for units which is lesser than 95 years, but CPF usage is very limited. I gues that is the reason why there are no interest. Only very old people will want to buy, provided they still have enough funds in their OA after setting aside the minimum sum. It should be the cash portion that buyer have to come up with, that stops them from buying. Even if you priced it lower, just a little higher than the price you bought at, the buyers may still need to top up at least 90k cash which is a lot. In addition, have to set aside the funds for reno.

Therefore i think it is still good to hold on to your unit, at least you have a roof over your head now

 

[AnnieTing]

Why ur dad bto twice but still staying old two room?

My dad is too kind.. he BTO once with his sister to support her accomodation before transferring ownership to her and my granny. Then, he BTO a 2nd time with my mum. But the biggest financial crisis striked in the late 90s and he lost his job and forever remained unemployed. He got no other choice than to sell off the BTO and keep on downgrading, eventually selling off our last home and rent apartment. This current old flat was a desperate purchase right after I graduated with a job I told them we cannot keep renting or we will really sleep on the streets haha back then the rental is higher than my fresh grad pay LOL

 

[hkchew03]

Yes but I can't. For singles, I think only 2rm BTO is allowed. If I were to buy it together with my parents as a family nuclus, I was told that my parents have to divorce each other (because my dad used up his BTO chances)

For Single, you have to be above 35, doesn't matter 2rm or not.

 

[AnnieTing]

I had tried to browse for units which is lesser than 95 years, but CPF usage is very limited. I gues that is the reason why there are no interest. Only very old people will want to buy, provided they still have enough funds in their OA after setting aside the minimum sum. It should be the cash portion that buyer have to come up with, that stops them from buying. Even if you priced it lower, just a little higher than the price you bought at, the buyers may still need to top up at least 90k cash which is a lot. In addition, have to set aside the funds for reno.

Therefore i think it is still good to hold on to your unit, at least you have a roof over your head now

Ohhhhhh I didn't thought of this. Thank you.. this made a lot of sense. People well to do won't consider my house so I thought my potential buyer would be PR or seniors who have budget constraints. But I never thought that the constraints would be this much also..

 

[AnnieTing]

For Single, you have to be above 35, doesn't matter 2rm or not.

There's no more restrictions? Oh! I thought after age 35, singles are only restricted to 2 rm BTOs, any bigger have to buy resale

 

[hkchew03]

There's no more restrictions? Oh! I thought after age 35, singles are only restricted to 2 rm BTOs, any bigger have to buy resale

No, for above 35 still 2rm BTO or bigger resales, cos you said you are under 35.

 

[AnnieTing]

No, for above 35 still 2rm BTO or bigger resales, cos you said you are under 35.

Ah yes haha I have to wait til 35 to buy as a singles. My initial plan is to buy resale with my parents. I will pay for the house and also take loan, but my parents' names has to be there because I'm not yet 35. Unfortunately my house cannot sell.. I was quite depressed with 0 viewings.. reality hits hard

Grateful to receive so many advices here. It really helps to give me a clearer direction to make plans.

 

[xueni84]

290k (negotiable)... Is it too high for an ulu area with old top? I wanted to sell at 260-270k (this is the price my neighbors in low floor sold for last year) and then I was advised to give ppl room for nego (but my issue is nobody even want to view so we won't reach the nego part)

The advantage of the house is it's size and close prox to daily amenities. Still, it is boon lay/jurong, and there's hardly any property sales in this area.

I did a calculation based on 290k for my age, and I can only use up to $200100 from CPF to pay.

You can try using the CPF calculator and see, if based on your age, how much CPF can you use to pay (eg. this same flat but you are the one buying). In this way, you will understand why no viewings already:
https://www.cpf.gov.sg/member/tools-and-services/calculators/cpf-housing-usage

 

[AnnieTing]

You are the customer, you set the price. 1.5 months zero interests is a clear indication something is not right

I was told that the market is slow. I had 2 viewing requests but both withdrew at the last minute.. I'm guessing something made them think twice and decided not to view..

 

[AnnieTing]

I did a calculation based on 290k for my age, and I can only use up to $200100 from CPF to pay.

You can try using the CPF calculator and see, if based on your age, how much CPF can you use to pay (eg. this same flat but you are the one buying). In this way, you will understand why no viewings already:
https://www.cpf.gov.sg/member/tools-and-services/calculators/cpf-housing-usage

Omg I tried.... 132k CPF only... Which means I would be short of 158000 and HDB wouldn't be able to loan me full amt due to the lease and age issue..... Ahhh I see the issue now..... Thank you

 

[qhong61]

My dad is too kind.. he BTO once with his sister to support her accomodation before transferring ownership to her and my granny. Then, he BTO a 2nd time with my mum. But the biggest financial crisis striked in the late 90s and he lost his job and forever remained unemployed. He got no other choice than to sell off the BTO and keep on downgrading, eventually selling off our last home and rent apartment. This current old flat was a desperate purchase right after I graduated with a job I told them we cannot keep renting or we will really sleep on the streets haha back then the rental is higher than my fresh grad pay LOL

Ur dad should be mid 60s?
So how he spend his past 25 yrs with limited money.
Guess his cpf life payout won't be much?

 

[qhong61]

I had tried to browse for units which is lesser than 95 years, but CPF usage is very limited. I gues that is the reason why there are no interest. Only very old people will want to buy, provided they still have enough funds in their OA after setting aside the minimum sum. It should be the cash portion that buyer have to come up with, that stops them from buying. Even if you priced it lower, just a little higher than the price you bought at, the buyers may still need to top up at least 90k cash which is a lot. In addition, have to set aside the funds for reno.

Therefore i think it is still good to hold on to your unit, at least you have a roof over your head now

Maybe you try to hold on to the current flat as long as possible. See if there's any chances if HDB will do VERS on your estate then maybe can top up a little from your CPF for the replacement flat if possible. The problem is just that do not know if it will ever be selected for VERS.

Why not buy a three room resales

 

[AnnieTing]

Ur dad should be mid 60s?
So how he spend his past 25 yrs with limited money.
Guess his cpf life payout won't be much?

He had me late, he's near 80 now haha

He led a very frugal lifestyle since young and had some savings. I'm also curious how he managed to pay for my education til I graduate but we did move a lot of house. Downsize, change location etc etc.

But yes, CPF life not much payout now. Couldn't hit FRS also. We sought special permission from CPF that if we can sell our house this year, he can use a portion from his RA to pay due to our family circumstances. But too bad cannot sell haha

 

[AnnieTing]

Why not buy a three room resales

Three room is good too, but I have to first sell the old house which turn out to be extremely challenging.

I casually asked a 71 years old uncle at my workplace that if he retire and want to downgrade, would he consider my flat? He said no mainly because it's not near MRT.. and also even if he downgrade, he would look at three rooms instead of two

 

[xueni84]

Actually, i think i saw your flat listing few days ago, is a corner unit?
The price tempted me but i pass as need to fork out too much cash

 

[qhong61]

Actually, i think i saw your flat listing few days ago, is a corner unit?
The price tempted me but i pass as need to fork out too much cash

How much are u prepared to pay

 

[AnnieTing]

Actually, i think i saw your flat listing few days ago, is a corner unit?
The price tempted me but i pass as need to fork out too much cash

Ah maybe it's not. I only lowered the price very recently to 290k. Initially my agent strongly advised against it mine is a low floor unit, but it is amongst the biggest sqft listed. And the 2nd cheapest as of now.

I guess you're right. I tried to do calculation and I have to agree that the cash portion is a huge issue..

 

[xueni84]

How much are u prepared to pay

$400k is my budget. was looking at 3-room but all are priced so high until i decided to start browsing 2-room flats too.

 

[AnnieTing]

$400k is my budget. was looking at 3-room but all are priced so high until i decided to start browsing 2-room flats too.

Actually I'm curious. From a buyer's perspective, if let's say you browsed and found a super cheap unit that sort of meet your requirement but priced a lot lower than the other listings, would you have second thoughts about why it's priced so low? Would a buyer think there is major issues with the house that the seller is trying to hide etc etc? I was advised against pricing my house low because of this concern raised by many people..