Will you buy a 40 yrs old HDB flat?

[Qpik]

 

Friend was in Building & Estate Mgmt in NUS last time. I remember him saying that HDB flats were not built to last more than 50 or 60 years. Don't flame me, he say not I say one hor

 

Anyway, my flat is 45 years old. Known as ZUP LAO

 

10th storey?

 

hmm not many around.

 

if based on what yr fren has shared, than most HDB renters are only paying sky-high prices to stay max 60. then why tenure is 99yrs.

 

imo, if cpf guidelines are one shd be free of housing loan by 55yrs of age, then we hv to relook at hdb flat. stick with design of olden days, don't build fancy but nvr maximise flr area ones just to put an exhorbitant price tag to burden citizen.

 

[Mrmilktooth]

 

Friend was in Building & Estate Mgmt in NUS last time. I remember him saying that HDB flats were not built to last more than 50 or 60 years. Don't flame me, he say not I say one hor

 

Anyway, my flat is 45 years old. Known as ZUP LAO

 

i used to stay in zup si lao... (made from real red bricks... lol..)

 

they say wont tear down .. in the end.. [:|] all my childhood memory torn down 1 piece at a time..

 

not many left..

 

 

but old flat.. unless reno alot if not .. due to the ancient design.. the living space could be very small..

 

but very sturdy at the same time..

 

 

if based on what yr fren has shared, than most HDB renters are only paying sky-high prices to stay max 60. then why tenure is 99yrs.

 

 

 

probably they project as passing down to our dependents , if any..

 

hopefully loan fully paid.. and then restart the whole "slavery" loan process by enbloc..

[Qpik]

probably they project as passing down to our dependents , if any..

 

hopefully loan fully paid.. and then restart the whole "slavery" loan process by enbloc..

yes, those red bricks are very sturdy.

 

I used to stay at cck design build 5rm. In it's 7th yr, alot of stuff I deem structural issues surfaced. After failure to nail it to my fault, they tai-chi to TC.

 

Seeing the internal improvement costs that I hv to absorb shd I continue stayg there, I sold at a loss n looked very hard for red bricks flat.

 

Passing down of flat to dependents is a gd intention but alas they don't live up to it as before we kick the bucket, the flat might be subjected to SERS. And nowadays given the prices, I think pple are passing down the housing debts just like Japan. Is this what we want for subsidised housing?

[Alpha78]

yes, those red bricks are very sturdy.

 

I used to stay at cck design build 5rm. In it's 7th yr, alot of stuff I deem structural issues surfaced. After failure to nail it to my fault, they tai-chi to TC.

 

Seeing the internal improvement costs that I hv to absorb shd I continue stayg there, I sold at a loss n looked very hard for red bricks flat.

 

Passing down of flat to dependents is a gd intention but alas they don't live up to it as before we kick the bucket, the flat might be subjected to SERS. And nowadays given the prices, I think pple are passing down the housing debts just like Japan. Is this what we want for subsidised housing?

 

Given your scenario of how some retirees were worse off after their flats have been selected for SERS, and how people have the illusion of HDB flats as good as freehold due to SERS, it's just kicking the can down the road. One day when SERS stops, a whole can of worms will be opened.

 

And I do have some suspicion that SERS is also another way of weeding out people who also have private property, and are still holding onto their old flats. By the current rules, these people are not entitled to pick a replacement flat. This idea, I like.

[Qpik]

 

Given your scenario of how some retirees were worse off after their flats have been selected for SERS, and how people have the illusion of HDB flats as good as freehold due to SERS, it's just kicking the can down the road. One day when SERS stops, a whole can of worms will be opened.

 

And I do have some suspicion that SERS is also another way of weeding out people who also have private property, and are still holding onto their old flats. By the current rules, these people are not entitled to pick a replacement flat. This idea, I like.

Actually, apologies if I hv conveyed that hdb flat is freehold.

 

When I started thinking of getting a flat, I never thought that I would have to change it due to quality issue least of all amenities/transport infrastructure that never materialise despite the promises.

 

By having SERS, retirees who have fully paid are saddled with new loan after they passed 55yrs and this contradict the guideline.

 

If these folks are not restricted by minimum sum, valuation limit and they already have the stipulated amount set aside in their Medisave. It actually is a feasible scheme and the flat lease starts anew subject to tenure of replacement flat. They hv roof over head, no worries abt svcing loan. And hv cash for their daily expenses.

[Alpha78]

Actually, apologies if I hv conveyed that hdb flat is freehold.

 

When I started thinking of getting a flat, I never thought that I would have to change it due to quality issue least of all amenities/transport infrastructure that never materialise despite the promises.

 

By having SERS, retirees who have fully paid are saddled with new loan after they passed 55yrs and this contradict the guideline.

 

If these folks are not restricted by minimum sum, valuation limit and they already have the stipulated amount set aside in their Medisave. It actually is a feasible scheme and the flat lease starts anew subject to tenure of replacement flat. They hv roof over head, no worries abt svcing loan. And hv cash for their daily expenses.

 

Sis, no need to apologise, I wasn't referring to you, but was referring to a general public conception that HDB flat is as good as freehold, with all the SERS coming into picture. It's one of the "evil" that pushes flat prices higher and higher despite the remaining lease becoming lower.

 

I also wonder, can retirees use the lease buyback scheme to reduce their loan amount? At least it wouldn't be so bad.

[Little_prince]

hdb is super best. if flat too old, ah gong will juz enbloc, build u a brand new flat and give u a fresh 99-yr lease. and this cycle can possibly go on for generations.

 

better than any pte freehold property.

 

also need to top up money to hdb usually and need to spend extra money on moving and reno etc.

 

maybe not suitable for everyone.

[Passat57]

45yr old flat 400k???

 

Still cheaper than renting for 54 years, for own stay and not expecting to flip for profit. Can use CPF somemore. If kenna SERS, then bonus.

 

Edited November 15, 2014 by Passat57

[Mercury1]

Thanks for the below, I'm not well verse in HDB but I contribute my 2 cents anyway. But ah not knowing the worth of your current flat, location plus your situation and a whole bunch of other factors. I can only just tell you how would approach it so please take with pinch of salt.

 

1) En Bloc - this would be government initiated its hard to say when this would happen, since your flat was upgraded then its quite unlikely IMO that it would take place soon? Given how hard it is to estimate this I would not really weigh in heavily on this.

 

2) MRT completion - Generally speaking if an area is already a matured estate another MRT wouldn't really do much to increase the pricing. If you bought an area that had no MRT previously that would likely have a better price increase generally speaking, so you have decide is it really worth the wait for the MRT completion?

 

3) Buy EC

4) Get Condo

 

3&4 is worth considering if you can find an suitable area and have the means to make the necessary payments but these are more lifestyle decisions as well since EC and condo provide facilities one can use. I'm only suggesting this to go with along with your mentioned concerns which I cannot say how certain will happen.

 

If you have some funds another approach to consider is rent out your HDB (assuming fully paid) and then invest in a Condo and use the rental to fund your repayments? I have a relative who did this and seem to be doing well, but the market is all over the place now so don't over commit.

 

 

5I = 5 improved

 

So far, I hv checked maximum permissible plot ratio for my current place is 2.8 (same as those blocks that was Enbloc). Based on the Master Plan, the storey height control is 30 but now revised to 36. Currently, all the blocks here are 12 storey. I am a noob where all these GFA, Master Plan are concerned but my worries regarding Enbloc are not unfounded.

 

I do not want to be going through what some old folks have gone thru. I spoke to some residents who used to stay across the roads and were affected by SERS. Mostly of them are retirees who have fully paid for their flat.

 

Yes, they get compensation. Yes, they were given a choice in getting a new unit at same estate.

 

Even with subsidized housing, they had to downgrade to the smallest yet equally expensive unit.

 

To compound the problem, with the new ruling in CPF, most of them had their $$ "locked up".

 

They are not eligible for HDB housing loan so they have to pay 10% of the purchase price as downpayment. Yes, they could use their CPF savings but they have to set aside for minimum sum.

 

If the CPF they have withdrawn for their property has reached the valuation limit, they need cash to repay the loan.

Then they still need to set aside for renovation. To sum it up, the irony is they have the $$ to even pay off the flat but it is locked up in their CPF due to minimum sum, valuation limit etc.

Even CPF Board advocate that by age 55, we should have fully settled our housing loan. Refer to : http://mycpf.cpf.gov.sg/CPF/my-cpf/reach-55/Reach55-5.htm.

 

Problem is most retirees have fully paid but because of SERS etc, they will be saddled with housing loan. Some of them couldn't afford to stay in same estate and was given friendly advice to move to Puggol, Sengkang where flats are much cheaper. Unfortunately, they ended up spending more on travelling cost as trips like going to hospital cost more, food cost gone up (food court), groceries done at NTUC as wet market might not be within walking distance,

 

I had a relative who gone through above. But, she was worse off. Due to financial issues, she lapsed in her flat payments. It was repossessed and sold off at a profit but she wasn't entitled to the profit though.

 

Based on what are happening to these folks, call me paranoid but I am planning to avoid falling into the same situation.

 

 

 

Thanks, I wasn's sure if it was HDB until he clarified on the 5I

 

 

I think HDB flats don't use unused GFA as a measure. Govt can build anything they want.

 

[Kangadrool]

At 110, 99.9999999991% statistically, she will be at eternal home.

 

 

I hope she didn't buy it.

 

This is very bad planning.

 

When she is 110 she will homeless.

 

 

[Jamesc]

At 110, 99.9999999991% statistically, she will be at eternal home.

 

 

 

I don't know about her but I really believe I can live forever.

 

A lot of people laugh at me and think I am mad

 

but so far I am still alive and my theory has not been

 

disproven.

 

[Ec_2008]

A fren of mine just bought a 40 yo flats for close to $500k.

 

Taking into consideration that all flat are 99 yr lease.

 

She is now close to 50yr old.

 

Let says that if she will to sell her flat in 20 yrs time, her unit will be 60 yrs

old, with the lease remaining for 39 yrs.

 

How much do you think that her flat will fetch?

 

600K or less than 400K??

 

We won't know what will happen in future. Maybe the gov need to use that piece of land in another 10 yrs time and give ur friend priotiy Q for new flat in prime area?

[Charmaine12]

just to check .. is a 40 yrs flat too old.. or is it worth to get it considering that it left with only 60 yrs of lease life.. may not outlast next generation. And what is the usual things that need to replace during renovation.

 

some advice pl

[Wt_know]

40 yrs old flat and has not kena SERS (redevelopment) ?

[Charmaine12]

Sers development will do what? I heard is lift upgrading and extra toilet right

[Hamburger]

question is how many years f loan can be borrowed?

 

i always thought 60yrs is the base length of loan tenure.

[Dafansu]

40 yrs old flat and has not kena SERS (redevelopment) ?

 

those flats around AMK MRT mainly 30 over years, will reach 40s in the next few years

[Volvobrick]

 

I don't know about her but I really believe I can live forever.

 

A lot of people laugh at me and think I am mad

 

but so far I am still alive and my theory has not been

 

disproven.

 

 

You will never know even if your theory turns out be wrong! :-)