Need serious advice from all

[spiritGate]

Now we have a problem during our planning phase whereby we might encounter issues which leads us being unable to purchase 2 bedroom condo. As we set our target date of purchasing condo to be around mid 2017, and also take into consideration that we can only go for 600k 2 br condo, it will be totally impossible as singapore market, the price of condo will only go up and up. Which means we will face a situation whereby we have to live in one bedroom condo for quite sometime.

These are our options:
Go for EC, that means we have to make an appeal. If go through we will need to pay more than 30% downpayment. Then after 5 years when EC become private condo, is it possible to take out one of our name? So that either one of us can purchase second condo with ADBS. If thats the case, the other party need to pay that person the cpf that he/she pays right?

Second option, go for resale. Resale is certainly a viable choice but we need to take into consideration of ABSD and also 50% bank loan in the future. Which is a bit too much if we have kids.

Third option:wait for cheap condo to be available in mid 2017.

These are the three options. Please advice

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[microtek]

Do you currently own a HDB?

 

[spiritGate]

Do you currently own a HDB?

Nope, my fiancee got one 1 br condo

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[microtek]

Nope, my fiancee got one 1 br condo

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If you wanna buy EC or HDB, she'd need to sell off the condo. Otherwise the only other option you have is to buy resale or new condo. And it's not easy to just appeal to HDB to allow you to buy EC when you already own a condo, most probably it will be denied.

 

[mummy1234]

I think wait for cheap condo or buy resale whichever is cheaper...if your fiancé owns a 1 bedder, you can buy the second condo under your name without ABSD.

 

[spiritGate]

If you wanna buy EC or HDB, she'd need to sell off the condo. Otherwise the only other option you have is to buy resale or new condo. And it's not easy to just appeal to HDB to allow you to buy EC when you already own a condo, most probably it will be denied.

yea, but we just try appeal first if cannot then we go for resale or cheap condo

 

[spiritGate]

I think wait for cheap condo or buy resale whichever is cheaper...if your fiancé owns a 1 bedder, you can buy the second condo under your name without ABSD.

but now i see quite hard to find cheap condo especially in mid 2017

 

[microtek]

yea, but we just try appeal first if cannot then we go for resale or cheap condo

Best I could find is this. $740K 2 bedroom quite near Bukit Panjang MRT (DTL) and next to an upcoming mall. TOP in 1998 though

http://www.propertyguru.com.sg/listing/10565538/for-sale-maysprings

 

[starfish.starfish]

yea, but we just try appeal first if cannot then we go for resale or cheap condo

But resale means you and your fiancée cannot get married.
Once get married she will have to sell her condo, right?
And buy resale means you have to wait till 35.

 

[starfish.starfish]

but now i see quite hard to find cheap condo especially in mid 2017

Buy property cannot be rushed one. If you need place to stay and property prices are still high why not rent?
If it's not need to stay purely for investment can park money elsewhere first. Don't buy for the sake of buying!

 

[spiritGate]

Buy property cannot be rushed one. If you need place to stay and property prices are still high why not rent?
If it's not need to stay purely for investment can park money elsewhere first. Don't buy for the sake of buying!

Cause we dont want to move around so often.cause having children and wife pregnant(assuming got child at that time) very troublesome if move around often de. Not for investment yet. If investment, will confirm slowly take our time to pick a good one.

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[spiritGate]

But resale means you and your fiancée cannot get married.
Once get married she will have to sell her condo, right?
And buy resale means you have to wait till 35.

Yea if get resale means within 6 month must sell away my fiancee condo

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[cscs3]

Buy property cannot be rushed one. If you need place to stay and property prices are still high why not rent?
If it's not need to stay purely for investment can park money elsewhere first. Don't buy for the sake of buying!

Agreed with you.

 

[antonpoh]

I think wait for cheap condo or buy resale whichever is cheaper...if your fiancé owns a 1 bedder, you can buy the second condo under your name without ABSD.

Or buy the 1bedder next door and combine.

 

[spiritGate]

Or buy the 1bedder next door and combine.

but not sure whether we can just combine both unit? cause my fiancee's condo is 60 years lease de.

 

[kage]

The EC to private is 10 years, 5years is MOP ...

 

[spiritGate]

The EC to private is 10 years, 5years is MOP ...

Yea. Have to save harder with my fiancee to achieve at least 50k for the next 1.5 years

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[Darkzi0n]

do u or ur fiancee own a car? many condos are inconveniently located, those that arent have a high premium attached to it.

 

[kage]

Yea. Have to save harder with my fiancee to achieve at least 50k for the next 1.5 years

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I am sure you can do it, especially important to have a similar goal fiancee...
I have many frens dropping their early retirement plans becos of their spouse not having the same goal.