Getting a condo. Objective advice appreciated

[petetherock]

bigger area
better facility
nearer to MRT
more comfortable living
enhance confidence for aunty polar and 3 cubs(as they're still laymen....)

You will need > 1.5 mil to fulfil all these criteria..
Unless one goes down to a 20 year old 99yr old LH.. which IMO isn't much of an upgrade either..

 

[Polar Bear King]

You will need > 1.5 mil to fulfil all these criteria..
Unless one goes down to a 20 year old 99yr old LH.. which IMO isn't much of an upgrade either..

new launch 5BR $3m bought already

 

[Clazav]

If space is what you are only concern with, it is definitely a silly move. But you yourself have already mentioned other points, hence space is just one factor out of many others.

For your 5 room hdb, are you utilising every space in the home? Previously I live in a 4 room hdb, my kid is young so we all sleep in one master room. One maid in another room. The other room is just for storage. We should think whether we need the space or not rather than thinking about space becoming smaller.

Agree. I feel it is silly to move from a bigger space to a smaller one, and paying 3 times the money. Of course there are other benefits which are listed here already

 

[Clazav]

I would say if it is for pure upgrade and prestige and better location and amenities, then better not buy. The most important factor should be investment.

Agree. I feel it is silly to move from a bigger space to a smaller one, and paying 3 times the money. Of course there are other benefits which are listed here already

 

[Dixon.]

Just sold my mop 5rm bto.
Shifting from yishun to boon keng area.

1109sqft
1.12
So psf is $1010

Staying with parents in the interim~

 

[shadow84]

Just sold my mop 5rm bto.
Shifting from yishun to boon keng area.

1109sqft
1.12
So psf is $1010

Staying with parents in the interim~

How much did you get your Yishun 5bdrm bto in 1st place? 1.12m for Yishun is quite a lot.

 

[NiShiZhu]

How much did you get your Yishun 5bdrm bto in 1st place? 1.12m for Yishun is quite a lot.

Guess he meant 1.12mil for his boon Keng condo, not Yishun.

 

[petetherock]

new launch 5BR $3m bought already

Congrats!
3 mil is close to landed price, but it's a good investment when you use all the features.
I swim almost daily, so having a pool is a definite plus.
Tennis is a nice bonus and the gym is also a good thing.
Just keep the MSCT costs down and you'll be fine.

 

[Polar Bear King]

Congrats!
3 mil is close to landed price, but it's a good investment when you use all the features.
I swim almost daily, so having a pool is a definite plus.
Tennis is a nice bonus and the gym is also a good thing.
Just keep the MSCT costs down and you'll be fine.

yar don't like landed
don't like to look after the house
scared of the cleaning and insects
can't drive also so choose to stay near MRT

 

[Dixon.]

Guess he meant 1.12mil for his boon Keng condo, not Yishun.

Bought 360k
Sold 500k.

Got a little paper profit~

 

[birmingham123]

Nice.. but the ABSD and downpayment already out of reach for me..

Sell your HDB lor. Skypark residence at sembawang also have manisonatte which sell around 1.5millon and sure bigger that your 5room hdb

 

[runforyourlife]

Yea, unless your 5 room is in Bishan then very hard Liao.

 

[bigrockshow]

1million loan with interest will work out to quite ABIT per month..make sure you're not stretched out too far

Sell your HDB lor. Skypark residence at sembawang also have manisonatte which sell around 1.5millon and sure bigger that your 5room hdb

 

[weng]

Agree. I feel it is silly to move from a bigger space to a smaller one, and paying 3 times the money. Of course there are other benefits which are listed here already

How big is your current 5rm flat?

Mentioned before, don't need 1.5mil for 3br in hougang area. Eg. 1141sqft 3 bedders at Parc Vera are listed for ~1.2mil.

Have you look see around already?

 

[fluxos]

If you can’t afford the down payment and absd comfortably, then you are not ready.. as a rule of thumb, you should have at least 30% of the downpayment. stretching it will be very stressful and what happens if you lose your job?

Similar to you I’m also looking to live the Singapore condo dream. But I can’t get pass I’ll be throwing 80k away just for transaction cost. I’m not sure if it makes financial sense? I’ve read that if you are staying it in for 5 years or more, it might be worth it. Any lesser, might be better to rent.

Also, as I have a growing family, space is the number one consideration for me as we are starting to outgrow our 4room flat. I’m looking for a upgrade in size but I will have to sacrifice location.

Singapore Private properties are so expensive and out of reach.. even for the successful working class executive

Was planning to upgrade from my 5 room HDB at hougang to a condo. Worked for 7 years, saved quite a bit, and thought I was ready. Instead, I was surprised and disappointed to be actually priced out of getting one.

Downpayment too much, have to pay ABSD first also. Actually, I have fine remaining at current place. But of course the Singaporean dream. Worked hard saved hard to aspire for a lifestyle upgrade, but in the end, actually it is still out of reach.

On the other hand, I cannot get around the fact paying 3 times more for a place half the size of my current place. The stamp duty, agent fee, lawyer fees etc. I feel money can be better spent elsewhere.

What are your thoughts?

What are some of the reasons you guys upgraded from HDB to condo?

 

[momoeagle]

If you can’t afford the down payment and absd comfortably, then you are not ready.. as a rule of thumb, you should have at least 30% of the downpayment. stretching it will be very stressful and what happens if you lose your job?

Similar to you I’m also looking to live the Singapore condo dream. But I can’t get pass I’ll be throwing 80k away just for transaction cost. I’m not sure if it makes financial sense? I’ve read that if you are staying it in for 5 years or more, it might be worth it. Any lesser, might be better to rent.

Also, as I have a growing family, space is the number one consideration for me as we are starting to outgrow our 4room flat. I’m looking for a upgrade in size but I will have to sacrifice location.

Singapore Private properties are so expensive and out of reach.. even for the successful working class executive

Not out of reach, just that lifestyle sacrifice is needed, and we are not willing to sacrifice lifestyle or kids potential lifestyle just for the crazy increases.

A spending rate of $5k/mth vs dropping to $2+k/mth because you need to service a mortgage, for example, will entails tons of sacrifices in many areas of life.

 

[MrCoconut]

How big is your current 5rm flat?

Mentioned before, don't need 1.5mil for 3br in hougang area. Eg. 1141sqft 3 bedders at Parc Vera are listed for ~1.2mil.

Have you look see around already?

As with many others, I'm also mindful of location because I have a young kid and am currently staying near in-laws now. So moving far away from them will just add to the inconveniences.

 

[MrCoconut]

If you can’t afford the down payment and absd comfortably, then you are not ready.. as a rule of thumb, you should have at least 30% of the downpayment. stretching it will be very stressful and what happens if you lose your job?

Similar to you I’m also looking to live the Singapore condo dream. But I can’t get pass I’ll be throwing 80k away just for transaction cost. I’m not sure if it makes financial sense? I’ve read that if you are staying it in for 5 years or more, it might be worth it. Any lesser, might be better to rent.

Also, as I have a growing family, space is the number one consideration for me as we are starting to outgrow our 4room flat. I’m looking for a upgrade in size but I will have to sacrifice location.

Singapore Private properties are so expensive and out of reach.. even for the successful working class executive

Did u make the move in the end? I am also mindful about space but I am starting to accept that if want to move into condo, definitely have to sacrifice space

 

[MrCoconut]

Not out of reach, just that lifestyle sacrifice is needed, and we are not willing to sacrifice lifestyle or kids potential lifestyle just for the crazy increases.

A spending rate of $5k/mth vs dropping to $2+k/mth because you need to service a mortgage, for example, will entails tons of sacrifices in many areas of life.

I agree with you. And are the sacrifices worth it? Just to stay in condo, have to scrimp and save at other areas. I would say I am currently comfortable now. I can spend pretty carefreely, go for holidays, eat at restaurants occasionally. But just because stay in condo, everyday have to calculate the dollars and cents, I find it's not a logical move.

 

[birmingham123]

I agree with you. And are the sacrifices worth it? Just to stay in condo, have to scrimp and save at other areas. I would say I am currently comfortable now. I can spend pretty carefreely, go for holidays, eat at restaurants occasionally. But just because stay in condo, everyday have to calculate the dollars and cents, I find it's not a logical move.

For me, it is a logical upgrade. Was staying in a HDB 3room 70sm. Thinking of family planning, so change to 99sm 3bedder EC. Sold HDB 450k, buy EC 860k. Is a top up of 400k loan and we fork up around 100k cash. Kind of upgrade in both size and lifestyle. Probably downgrade in location but since I drive, actually does not matter much