Monday, May 20, 2013

Looking for a New Home

While we don't regret buying our current condo... because the building is at a great location and the unit is on a high level with nice view ... we have been looking to get another place to possibly start a family in.

We don't plan to sell our current home anytime soon, because it is such a good investment (despite cooling measures etc). If we buy another place now, we can rent this one out to cover the monthly repayments (mortgage).
Getting a HDB Singapore flat sounds appealing because of the much cheaper prices compared to private property. Some of the proposed HDB projects do look modern and appealing. But from what I know, it takes like 5 years before your new BTO flat is ready (that is... if you're even granted one during the balloting). Correct me if I'm wrong?

Might consider resale flat, although they are more expensive, most of them are bigger in size than the new ones. And I find waiting 5 years for a new flat rather ridiculous. (!!!)

We have also been looking at landed property but will probably not be able to afford it without selling off our current place off first (We don't want to do that if we can help it). Even a private house in Pasir Ris is $2 million minimum (Freehold ones). We can forget about having one that's more central.

Any advice when it comes to property investment in Singapore?

13 comments:

  1. I wanna move into a condo you wanna move out of it lol

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  2. Anonymous4:05 pm

    well, if you already own a private property, you have only 2 options; (a) get another private property , (b) get a resale EC (open market). You have to dispose your current property (within 6 months) if you plan to purchase a new BTO.

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  3. Anonymous6:00 pm

    are both of you Singapore citizens or PR. I do know that there are some implications or additional stamp duty for PR owing a second property...
    so just look into that first too.

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    Replies
    1. Yah we had to pay bloody stamp duty for this first place. Second home, we planning to put my name only so no need stamp duty cos I'm Singaporean

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  4. Stamp duty is there as long you buy re-sale property - no running away from it just how high it will be. (standard 3% of sales price less $5400) Your hubby will likely have to stand in as a guarantor should you buy the new place in your name only - cos banks will see blogger as not having consistent streams of revenue to service the loan. BUT - need to confirm that the current property does not have your name in it.

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  5. Anonymous8:47 pm

    whats wrong in starting a family in your condo?

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    1. Not enough space. We only hv one guest room and that's for family who travel here from overseas. Can't squeeze a cot in the guest room or master room cos its just too small. Can't put the baby out on the deck lol

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  6. if you are looking for sound property advice. do feel free to drop me a mail. keithchua.propnex@gmail.com

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  7. I don't think you can buy HDB resale if you own a condo. You can only buy another condo.

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  8. Anonymous10:44 am

    I believe you will still need to pay 7% additional buyer stamp duty if you are purchasing a 2nd home under your name.

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  9. Anonymous11:35 pm

    I thot only family nucleus is allowed to buy BTO/Resale flat, only 35 yrs old and above Singles can buy flat on their own. Since you're married, are you still able to buy on your own (one owner)?

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    Replies
    1. Not on my own. Will buy with husband. But if buy hdb will hv to sell present pte property.

      If buy landed will also hv to sell current place cos we won't hv enough $$ to pay down payment for a place over 2million.

      Only way we can keep current place is if we buy another condo out of town area. But we are not keen on another small condo

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  10. I just wanna thank you for sharing your information

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