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Need advises on buying flat and investing.


Ec_2008
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Haikou is almost like SG. The properties there in Haikou & Sanya about 60% more than any other provinces.

 

For your case, you are buying it since your wife is from Hainan Island. But to think of it, your that property would become a 'White' elephant unless you intended to migrate there to stay.

 

Not trying to scare you but if you buy a property there and rented it out, who to collect the rent for you ? I belief it will be your wife family members. I have a few friends who just the same situation as you, brought houses there and in the end, instead of renting it out, Their in-laws stays there. Since it's your wife family, do you still wants to chase them out and risk having dispute with your wife ?

 

There are so many horrid stories of properties invested taken over by relatives who refuse to shift out. You can't do anything and fighting a case to get your property back took years unless you know some 'big shot' of which, you have to spend under-table $$$$.

 

Think twice when investing oversea property unless you going to work there for years or retire there.

 

Keep that $50k for rainy days and it will become very handy when in need.

 

Reading your initial thread, you barely can get through after selling your current flat for a new BTO one. Wait until you have cash to spare, then you can look into investing oversea properties.

 

Just my thoughts and to invest or not still your final says .... :want:

very true, if cannot guarantee rental income, very likely will become a white elephant.

 

sell also got problem if they keep building new apartments, just like in msia.

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I work as a technician. We had a combined salary of $5500 after cpf per month.

 

My main objective is to ask for advises about option 1, 2 or 3.

 

I believed most people whom invested in property want to earn passive income to buy another property and another and another........

 

Invest in property won't lose all of my capital. It will have some value even when the property bubbles burst or financial crisis. The most we will hold on to it and wait patiently for the cycle to be up again.

bro...i throw in a scenario. Say you cant get tenants for your apartment.....how long can you tahan to service the mortgage without roi?
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Hypersonic
(edited)

unbelievable high or low?

 

with so many bto coming up, even in matured estate, price also drop around 20%.

 

asking price already down 20% from peak

 

closing price most likely another 5-10% discount

 

pity those who bought atas condos few years ago....now top liao but hdb flat price drop

 

prepare to take on higher debt if cannot afford to put in more equity

 

[shakehead]  :mellow:

Edited by Enye
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Supersonic

you all elite private property owners may not know but...

 

barring those few million dollar hdbs, hdb prices in general now easily 20% down from the peak a few years ago

 

my neighbour just put their flat on the market. i see asking price... shake head

 

 

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Aiyah, why you all stop TS from huating.

He can afford to DP, and have $20k as reserve , its ok.

Must cheong, leverage and huat ah!

Properties are sure win.

Confirm chop and stamp.

Huat ah !

 

On a side note @kusje, i also take MRT home....ping fan ren aka commoner aka peasant.

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Haikou is almost like SG. The properties there in Haikou & Sanya about 60% more than any other provinces.

 

For your case, you are buying it since your wife is from Hainan Island. But to think of it, your that property would become a 'White' elephant unless you intended to migrate there to stay.

 

Not trying to scare you but if you buy a property there and rented it out, who to collect the rent for you ? I belief it will be your wife family members. I have a few friends who just the same situation as you, brought houses there and in the end, instead of renting it out, Their in-laws stays there. Since it's your wife family, do you still wants to chase them out and risk having dispute with your wife ?

 

There are so many horrid stories of properties invested taken over by relatives who refuse to shift out. You can't do anything and fighting a case to get your property back took years unless you know some 'big shot' of which, you have to spend under-table $$$$.

 

Think twice when investing oversea property unless you going to work there for years or retire there.

 

Keep that $50k for rainy days and it will become very handy when in need.

 

Reading your initial thread, you barely can get through after selling your current flat for a new BTO one. Wait until you have cash to spare, then you can look into investing oversea properties.

 

Just my thoughts and to invest or not still your final says .... :want:

Hi picnic06, my father in law will collect the rent and help us to pay the monthly installment to bank if we really buy a small unit in Haikou.

 

My parent in law has a land where they build a 4 storey house. That house has a total of 8 rooms. My parent in law lived in 1 room. And my wife's two younger brothers lived in another two rooms. They rented out the other 5 rooms to others.

 

Therefore I don't think our small apartment will be used by them. The small apartment is solely for rental to help us build passive income.

 

We are not working in Haikou, but may consider retiring in Haikou.

 

Yes,$50k is not that big amount. We can't afford to buy another property in sg. That's why we are considering using that money for overseas property or for the down payment for our new BTO flat in Bedok.

 

I am using a very safe figure of selling my Woodlands 5 room flat for $400k only. This current Woodlands flat is very near about 5 minutes walk to the Thomson line(Woodland south station). We won't know the future price but I think $400k is around there.

Buy sell Buy sell, not tired meh? How come 5rm in wdls only 400k?

I am using a very safe figure to estimate the selling price of our 5 room Woodlands flat.

Who told you it is difficult to get approved? Have you lived there for 5 years already?

 

The approval is just a formality.

 

 

Cuz woodlands is a shit place lor.

I lived in that flat since 2003. Renting out the whole unit without owner living in that unit must have a very good valid reason for HDB for approval.

 

We can't afford a private property in sg. Therefore we still don't dare to dream of that yet.

you all elite private property owners may not know but...

 

barring those few million dollar hdbs, hdb prices in general now easily 20% down from the peak a few years ago

 

my neighbour just put their flat on the market. i see asking price... shake head

 

ð¢

Yes, after mah bao tan step down a minister. HDB have rammed to the speed of building BTO to cool down flat prices.
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very true, if cannot guarantee rental income, very likely will become a white elephant.

 

sell also got problem if they keep building new apartments, just like in msia.

Yes, that's true if they keep on building new units.

bro...i throw in a scenario. Say you cant get tenants for your apartment.....how long can you tahan to service the mortgage without roi?

My wife and I are presently living on a single salary. The other salary are save up. Therefore we believed we can still service the mortgage loan if we can't get a tenant for a long time.
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Yes, that's true if they keep on building new units.

My wife and I are presently living on a single salary. The other salary are save up. Therefore we believed we can still service the mortgage loan if we can't get a tenant for a long time.

the only property that is a certain roi is your hdb......thats your bestest bet. Foreign property is abit suspect as most have huge land reserves. Why need to buy property when your wife has a family house with many rooms. I rather save up and buy land overseas if i have the means.
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Aiyah, why you all stop TS from huating.

He can afford to DP, and have $20k as reserve , its ok.

Must cheong, leverage and huat ah!

Properties are sure win.

Confirm chop and stamp.

Huat ah !

 

On a side note @kusje, i also take MRT home....ping fan ren aka commoner aka peasant.

Thanks for your encouragement. We are still holding the ideas of buying a small apartment unit in Haikou.

 

We may go for option 3. Gave up the Bedok BTO. Lose $2k option fee. Apply for another 4 room BTO that cost less maybe around $280k price range in punngol, Sembawang, woodlands, yishun etc.

 

In doing so, we will have extra cash in hand maybe even for private property in sg.

 

Woodlands flat sell $400k.

After HDB levy and leftover bank loan

Still have $320k.

New 4 room flat in another location around $280k.

HDB grant us a loan of $150k.

Therefore new flat need to top up $130k.

$320k - $130k = $190k cash.

 

This is the figure we got after doing the simple math. Are we correct? Or are we wrong?

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Supersonic

I lived in that flat since 2003. Renting out the whole unit without owner living in that unit must have a very good valid reason for HDB for approval.

 

 

I just told you that this isn't true at all.

 

Where did you hear that you must have a very good valid reason?

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Supersonic

Thanks for your encouragement. We are still holding the ideas of buying a small apartment unit in Haikou.

 

We may go for option 3. Gave up the Bedok BTO. Lose $2k option fee. Apply for another 4 room BTO that cost less maybe around $280k price range in punngol, Sembawang, woodlands, yishun etc.

 

In doing so, we will have extra cash in hand maybe even for private property in sg.

 

Woodlands flat sell $400k.

After HDB levy and leftover bank loan

Still have $320k.

New 4 room flat in another location around $280k.

HDB grant us a loan of $150k.

Therefore new flat need to top up $130k.

$320k - $130k = $190k cash.

 

This is the figure we got after doing the simple math. Are we correct? Or are we wrong?

 

I don't know how much you need to top up or HDB's loan rules but what kind of private property do you hope to buy with 190k in cash and a 150k loan? I did a quick calculation on propertyguru's calculator with an estimate on your age and salary and this is what you can buy.

 

Summary
Maximum Property Value
$322,816
Loan Amount
$161,408
Deposit
$161,036
Fees and Duties
$28,964
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the only property that is a certain roi is your hdb......thats your bestest bet. Foreign property is abit suspect as most have huge land reserves. Why need to buy property when your wife has a family house with many rooms. I rather save up and buy land overseas if i have the means.

We would like to start off small as we only have $50k cash on hand presently.

 

Property prices all over the world will went up for sure. It's just a matter of time. Provided you can tahan than down turn.

 

About 10 years ago. The property price in Haikou has an average of 3k RMB per square metre($600 SGD) Now their property price is in the range of an average 8k RMB.

I just told you that this isn't true at all.

 

Where did you hear that you must have a very good valid reason?

Even if HDB approved us to rent out whole unit of our Woodlands flat. We still can't afford a private property in sg as of now.
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We would like to start off small as we only have $50k cash on hand presently.

 

Property prices all over the world will went up for sure. It's just a matter of time. Provided you can tahan than down turn.

 

About 10 years ago. The property price in Haikou has an average of 3k RMB per square metre($600 SGD) Now their property price is in the range of an average 8k RMB.

 

 

nothing is more secured than cash in the bank for rainy day. I used to think like you bought a unit in malacca thinking can retire there one day. Didn;t even bother to rent the unit out.

 

After paying off the loan end up sit there for a few year and gave up. Reason is we will never go back after retirement cos there is nothing there we can relate to. End up sold the unit at the same price we bought but loss big time on exchange rate.

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I don't know how much you need to top up or HDB's loan rules but what kind of private property do you hope to buy with 190k in cash and a 150k loan? I did a quick calculation on propertyguru's calculator with an estimate on your age and salary and this is what you can buy.

Summary

 

 

Maximum Property Value

$322,816

 

 

Loan Amount

$161,408

 

 

Deposit

$161,036

 

 

Fees and Duties

$28,964

So even with $190k cash on hand we can't buy a private property in sg after going through option 3.
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Thanks for your encouragement. We are still holding the ideas of buying a small apartment unit in Haikou.

 

We may go for option 3. Gave up the Bedok BTO. Lose $2k option fee. Apply for another 4 room BTO that cost less maybe around $280k price range in punngol, Sembawang, woodlands, yishun etc.

 

In doing so, we will have extra cash in hand maybe even for private property in sg.

 

Woodlands flat sell $400k.

After HDB levy and leftover bank loan

Still have $320k.

New 4 room flat in another location around $280k.

HDB grant us a loan of $150k.

Therefore new flat need to top up $130k.

$320k - $130k = $190k cash.

 

This is the figure we got after doing the simple math. Are we correct? Or are we wrong?

you forget about cpf interest rates that has to be returned to your account once you sell off your flat. Your calculation to simplistic.....i not agent but i wont count my profit that way should i sell off my unit. I must return nearly 80k-100k in accumulated interest should i sell.
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