Can you afford to buy a HDB flat?
- Thread starter pokiemon
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I had to pay 50k+ cash-over-valuation for my unit that I purchase late last year. Thankfully, no need to do much renovation.
wow... :thumbsup: but not everyone can afford 50K... i did save up close to 50K through yrs of saving, after paying off my wife study loans, weddings plus honeymoon, i got not much left and i din want to ask from my parents since i know they don't have much savings in the first place...
so im wondering without parents support, how can a young couple afford 50K cash nowdays...
contaxable
New Member
Do not believe what media says. HDB is probably making money but no one really understands how their calculation really works.
There is only one consequence in created a fake price hike despite the bad economy.
Inflation will kick in and make our disposable income smaller with larger bill sizes.
But there is no way out when many investment had gone southward. An inflation is inevitable.
Many people feel happy with high property prices, but they don't know the real impact ahead of times.
There is only one consequence in created a fake price hike despite the bad economy.
Inflation will kick in and make our disposable income smaller with larger bill sizes.
But there is no way out when many investment had gone southward. An inflation is inevitable.
Many people feel happy with high property prices, but they don't know the real impact ahead of times.
i went maybe close to 10 rounds of BTO for almost 2 yrs... last straw came then i decide to ask the MP, he write letter to HDB, HDB gave a lame reply, but it kinda work, my next queue number was good enough to choose a high floor flat... so since the MPs are paid with our tax money, might as well go and bang table, see what they can do... :bsmilie:
oneluckyguy
New Member
I'm glad I bought my HDB flat early last year. I thought it was quite expensive already, but apparently now prices are even higher. They're right, don't be picky about flat. I bought a 3rm flat in central area. Both my fiancee and I are both working, so our CPF is fully funding the loan, no stress =) I didn't even need to fork out a single cent in cash (okay i did fork out the initial deposit to reserve the flast, but the HDB loan refunded it after it was approved). It's also a DBSS so I save on most of the renovation.
Compared to buying a resale flat, I would've had to pay a COV, then probably come out like 20k for renovation. Aside from funding the loan, I expect I might've needed to have 50k spare cash to get a resale. Definitely not in my means (considering my fiancee and I just started working about 2 years ago)
Compared to buying a resale flat, I would've had to pay a COV, then probably come out like 20k for renovation. Aside from funding the loan, I expect I might've needed to have 50k spare cash to get a resale. Definitely not in my means (considering my fiancee and I just started working about 2 years ago)
greenieadi
Member
Live within your means and you could own a roof over your head. When I got married a decade ago my income was less than 1/4 of TS and still can own a resale home.
Bit by bit I "accessorise" my home. Now after a decade my income is still less than 1/3 of TS but now have 2 kids and still a few hobbies that I still enjoy. After a couple of times increasing my monthly loan, I'm left with 5 years to service my house instead of 20 years.
Hold on purchasing a flat if u must, this uptrend will have a downtrend. Anyway I'm the sole breadwinner by choice. Prefer wifey to tend to house and children, sacrifice on owning a car and going on expensive holiday trips.
There are many others like me, so to ask Could someone afford an HDB flat?, I say yes.
Bit by bit I "accessorise" my home. Now after a decade my income is still less than 1/3 of TS but now have 2 kids and still a few hobbies that I still enjoy. After a couple of times increasing my monthly loan, I'm left with 5 years to service my house instead of 20 years.
Hold on purchasing a flat if u must, this uptrend will have a downtrend. Anyway I'm the sole breadwinner by choice. Prefer wifey to tend to house and children, sacrifice on owning a car and going on expensive holiday trips.
There are many others like me, so to ask Could someone afford an HDB flat?, I say yes.
Precisely! Living within ones means. If you cant afford it, don't get one in AMK, Bishan or Queenstown. Its like photography, isnt it? You can't afford an expensive lens, go get a 3rd party one.
greenieadi
Member
well, many want to live within their means too, but getting a new flat is so damn difficult....resale even if its some ulu places are fetching prices beyond many ppl...
Then get a BTO lor. I also went for BTO despite the wait.
ya.. i got it after almost 2 yrs of trying... have to wait another 3 yrs to build... thats 5 yrs...:bsmilie:
not many wife willing to wait... :bsmilie:
astroboy
Senior Member
Actually the govt is super-smart. They encourage you to buy/own your HDB flat so that you will enjoy "pride-of-ownership".
But ask yourself, do you really "own" your flat?
First it's leasehold, meaning there is a 99-yr or whatever remaining lifespan.
Second, most flats are torn down after around 30 years anyway. So what do u get in return, assuming you live long enuff to see yr flat torn down? Is a flat considered a property you can pass down to 2 or 3 generations?
Just my 2 cts. ;p
But ask yourself, do you really "own" your flat?
First it's leasehold, meaning there is a 99-yr or whatever remaining lifespan.
Second, most flats are torn down after around 30 years anyway. So what do u get in return, assuming you live long enuff to see yr flat torn down? Is a flat considered a property you can pass down to 2 or 3 generations?
Just my 2 cts. ;p
Hmmm.. I guess I was quite lucky then. I got mine from my first try. Though it's not the ideal unit but it was still acceptable.
Muckafutha
Member
according to a newspaper report one or two years back, if you earn 3k and above, you belong to the top 30% income earner in Singapore. TS oredi hit or exceed 8k. If TS find it hard to afford a flat, think about the other 70% of the population that earn 3k and below. But somehow life still goes on...
Static
New Member
Why not?
Housing Development Board (HDB) was created with the intention of making housing affordable for Singaporeans and Permanent Residents. As such, there are many rules and restrictions which you have to qualify before you can purchase a HDB flat.
http://www.financecents.com/2009/01...ide-to-buying-a-hdb-flat-in-singapore-part-1/
If both husband & Wife working. :thumbsup:
If both not earning much, then lower your expectation and buy a 3 rm flat (80sqm2) in Jurong EAST, punggol or Chua chu kang. :thumbsup: :
3 meals in restaurant or 3 meals in coffeeshop? U got to live within ur means!!!!!
HDB had made their loan scheme so flexible and affordable for Singaporeans. U can even take up to 30 years to repay the loan :thumbsup: :thumbsup:
I got a colleague who earn ard $3K a month, his wife should be lesser, and bought a HDB flat @ more than $500K.
30 years loan, every month CPF not enough just top up with cash. Very flexible.
If u have an iron rice bowl, HDB are definitely affordable.
And in maybe 5 years time, this investment will raise in value to $800K or more.
He will be laughing all the way to the bank
Housing Development Board (HDB) was created with the intention of making housing affordable for Singaporeans and Permanent Residents. As such, there are many rules and restrictions which you have to qualify before you can purchase a HDB flat.
http://www.financecents.com/2009/01...ide-to-buying-a-hdb-flat-in-singapore-part-1/
If both husband & Wife working. :thumbsup:
If both not earning much, then lower your expectation and buy a 3 rm flat (80sqm2) in Jurong EAST, punggol or Chua chu kang. :thumbsup: :
3 meals in restaurant or 3 meals in coffeeshop? U got to live within ur means!!!!!
HDB had made their loan scheme so flexible and affordable for Singaporeans. U can even take up to 30 years to repay the loan :thumbsup: :thumbsup:
I got a colleague who earn ard $3K a month, his wife should be lesser, and bought a HDB flat @ more than $500K.
30 years loan, every month CPF not enough just top up with cash. Very flexible.
If u have an iron rice bowl, HDB are definitely affordable.
And in maybe 5 years time, this investment will raise in value to $800K or more.
He will be laughing all the way to the bank
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mabmy
Senior Member
I think i am one of those few lucky ones who managed to get a 5 room hdb resale flat last year. The owner only ask for 5k cov and agreed to sell their house for 25k below evaluation. Almost a year in this estate and its really a nice place to stay with no problems so far.
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Why not?
Housing Development Board (HDB) was created with the intention of making housing affordable for Singaporeans and Permanent Residents. As such, there are many rules and restrictions which you have to qualify before you can purchase a HDB flat.
http://www.financecents.com/2009/01...ide-to-buying-a-hdb-flat-in-singapore-part-1/
If both husband & Wife working. :thumbsup:
If both not earning much, then lower your expectation and buy a 3 rm flat (80sqm2) in Jurong EAST, punggol or Chua chu kang. :thumbsup: :
3 meals in restaurant or 3 meals in coffeeshop? U got to live within ur means!!!!!
HDB had made their loan scheme so flexible and affordable for Singaporeans. U can even take up to 30 years to repay the loan :thumbsup: :thumbsup:
I got a colleague who earn ard $3K a month, his wife should be lesser, and bought a HDB flat @ more than $500K.
30 years loan, every month CPF not enough just top up with cash. Very flexible.
If u have an iron rice bowl, HDB are definitely affordable.
And in maybe 5 years time, this investment will raise in value to $800K or more.
He will be laughing all the way to the bank
our garment love ppl like you, so gullible...
night86mare
Deregistered
And in maybe 5 years time, this investment will raise in value to $800K or more.
He will be laughing all the way to the bank
well, you can't look at it in nominal terms.
$800k in 5 years time, is not going to be the same as $800k today. and it is not the same as $800k 5 years ago.
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