HDB Oct 2010, Buy Now or Wait?

[Moredhel]

Dear forummers and friends, I have a question of some grave personal consequence which I would like to put to the various professionals

here. You see, I'm in some sort of a squash. The classic story of the gen x guy getting pressured to settle down and have an asset to his name.

So here goes.

 

I've never thought of getting a HDB since young. The general thought was, 'Why pay good money to rent four walls which is essentially

not yous to begin with?" The sincerely innocent goal was always to work hard and save enough to migrate to NZ. However, I've been

under pressure from the missus and parents to shift my sexy ass out of the parental home and get my own love nest.

 

While the idea has it's appeal, given that the property market in SG is a generally rising asset over time, my inherent prejudices

about the state of affairs in this sunny(and and currently hazy) island regarding big ticket desirable items are essentially holding me back. Given my

nonchalant attitude regarding this particularly nagging issue, I sheepishly admit that I have almost zilch knowledge about HDBs

in SG.

 

So coming back to the nagging question, would any experienced forummer kindly advise me whether I should buy a 5 room flat now

or wait until the market drops and the historical timeline for such a drop, given the economy right now.

 

I've done some research and the index looks to be at an all high at 167.8 for 2010 from 2007 which looks to be an abnormally inflated price.

Would it be impertinent for me to assume that in the next 5 years, I would have a high chance of seeing this index drop to pre 2007 levels

given the rise and fall of the market index over the years? Or would this bubble become self sustaining from influences and cash inflow from various

developing mega nations?

 

Appreciate your advice.

 

**I'm looking at a reseale 5 room unit around the Serangoon North/Hougang Ave 8/9 area.

Though I'm keeping an open mind about new units around Sengkang abeit the smaller floor space and higher PSF.

 

Thanks,

Me

Edited October 20, 2010 by Moredhel

[Little_prince]

it depends...

 

buying new or resale? If new, go ahead. If resale wait.

 

[Agentwilson]

i also wan to know.

buying hdb soon...real soon~

[Tigerwoods]

wah TS you write a long essay to display your England arh ?

You could have say it in fewer words.

Anyway, for a young ass like you, go apply brand new flat lah.

Go for DBSS as your chances of getting one is much higher.

But whether got Serangoon/Hougang - check HDB website

If no, resale flat loh. But HDB price in hot places like near MRT, malls, good schools, holds their price like Gold.

[Jman888]

if you still thinking of shifting your a** out of SG,

 

rent one........

 

why need 5-room?

 

[Unfair]

I have not seen the prices of HDB plunge before.

No one loses $$$ when selling the flat after 5 yrs period

[Blackyv]

I have not seen the prices of HDB plunge before.

No one loses $$$ when selling the flat after 5 yrs period

 

Now an future, u could be right but it fid happen before back in years '97...

[Unfair]

Now an future, u could be right but it fid happen before back in years '97...

 

Oh, financial crisis happening ar.

 

I dun think TS will still be thinking of immigration at that pt of time haha

[Albeniz]

I have not seen the prices of HDB plunge before.

No one loses $$$ when selling the flat after 5 yrs period

 

In 1998, we bought a flat for $330k and it dropped to S$260k and remained at that price range for a number of years.

[Unfair]

In 1998, we bought a flat for $330k and it dropped to S$260k and remained at that price range for a number of years.

 

Ur $330k flat is resale or from HDB ?

 

Sorry for not making myself clear, the prices i mean is from HDB direct, hence the 5 yrs period.

 

Property prices will fluctuate, but HDB ones are generally stable when u buy from HDB direct.

 

[Dpsk]

i was similar in your position some 16yrs back. ended up buying a 3room resale flat without grant or subsidy.

 

i told myself it will be good to rent initially, but wife wanted a place and so i bo bian.

 

but i still kept my dream of pursuiting the ultimate objective which is migrate out of the country when i hit my target saving.

 

till now i still stay in a 3room flat now and planning for the great escape from the matrix. i am 75% there already.

 

however, after sticking around the hdb flats for a while, its kinda nice environment - everything is freaking cheap compared to upmarket orchard road and other developed countries.

 

so now i hesitate to settle here when old should there be a super market crash.

 

 

[Little_prince]

i was similar in your position some 16yrs back. ended up buying a 3room resale flat without grant or subsidy.

 

i told myself it will be good to rent initially, but wife wanted a place and so i bo bian.

 

but i still kept my dream of pursuiting the ultimate objective which is migrate out of the country when i hit my target saving.

 

till now i still stay in a 3room flat now and planning for the great escape from the matrix. i am 75% there already.

 

however, after sticking around the hdb flats for a while, its kinda nice environment - everything is freaking cheap compared to upmarket orchard road and other developed countries.

 

so now i hesitate to settle here when old should there be a super market crash.

 

if that time you bought 5rm now bee tang liaoz

[Solar]

u wanna migrate outta SG? u should buy hdb using cpf money.. u can't see the money anyway.when u go, rent out the hdb to pay for house morgate/rental in NZ. otherwise u'll have to pay good cash for it in NZ and it'll be real strain on your resources.

[1fast1]

Dear forummers and friends, I have a question of some grave personal consequence which I would like to put to the various professionals

here. You see, I'm in some sort of a squash. The classic story of the gen x guy getting pressured to settle down and have an asset to his name.

So here goes.

 

I've never thought of getting a HDB since young. The general thought was, 'Why pay good money to rent four walls which is essentially

not yous to begin with?" The sincerely innocent goal was always to work hard and save enough to migrate to NZ. However, I've been

under pressure from the missus and parents to shift my sexy ass out of the parental home and get my own love nest.

 

While the idea has it's appeal, given that the property market in SG is a generally rising asset over time, my inherent prejudices

about the state of affairs in this sunny(and and currently hazy) island regarding big ticket desirable items are essentially holding me back. Given my

nonchalant attitude regarding this particularly nagging issue, I sheepishly admit that I have almost zilch knowledge about HDBs

in SG.

 

So coming back to the nagging question, would any experienced forummer kindly advise me whether I should buy a 5 room flat now

or wait until the market drops and the historical timeline for such a drop, given the economy right now.

 

I've done some research and the index looks to be at an all high at 167.8 for 2010 from 2007 which looks to be an abnormally inflated price.

Would it be impertinent for me to assume that in the next 5 years, I would have a high chance of seeing this index drop to pre 2007 levels

given the rise and fall of the market index over the years? Or would this bubble become self sustaining from influences and cash inflow from various

developing mega nations?

 

Appreciate your advice.

 

**I'm looking at a reseale 5 room unit around the Serangoon North/Hougang Ave 8/9 area.

Though I'm keeping an open mind about new units around Sengkang abeit the smaller floor space and higher PSF.

 

Thanks,

Me

 

Walao, and I thought I was cheong hei.

 

To me, it's simple. Buy a house like you'd buy a car. If you need it, get it. Timing the market is never productive. I don't believe in using properties as "investments".

 

And there's no guarantee that this isn't a bubble. All the pundits pontificating about FT influx and what-not, notwithstanding. Remember that even Japan suffered a real estate bubble (http://en.wikipedia.org/wiki/Japanese_asset_price_bubble ) despite the fact that its urban population density is similar to that of Sg.

Edited October 20, 2010 by Turboflat4

[Moredhel]

wah TS you write a long essay to display your England arh ?

You could have say it in fewer words.

Anyway, for a young ass like you, go apply brand new flat lah.

Go for DBSS as your chances of getting one is much higher.

But whether got Serangoon/Hougang - check HDB website

If no, resale flat loh. But HDB price in hot places like near MRT, malls, good schools, holds their price like Gold.

 

Kenna infected by LK.

 

 

Looking at brand new too. But DBSS overbudget and overpriced. Repayment is a nightmare if anything happens.

BTO price at considered areas SK/PG is almost the same as a re-sale in considered area with 40k grant and have to wait 4yrs. Not to mention selection of floors and unit coz OC very particular about units. Hence looking at re-sale instead of BTO.

 

I don't want near mrt/malls as I prefer peaceful neighbourhood. Schools not particular as not planning on having kids but already have furkids.

[Moredhel]

I have not seen the prices of HDB plunge before.

No one loses $$$ when selling the flat after 5 yrs period

 

Well, I've a neighbour who bought his EM at the market high of 660k some time back.

Now still haven't recoup back. Vs one who bought an EM in the same block for 375k

2 years ago.

 

^^

[Zniper]

I have not seen the prices of HDB plunge before.

No one loses $$$ when selling the flat after 5 yrs period

 

i juz paid an option fee for a 4-room flat which costs $350+k... new bto...

will i lose $$$ in 5yrs time???

[Robo]

i juz paid an option fee for a 4-room flat which costs $350+k... new bto...

will i lose $$$ in 5yrs time???

waterway?