Is it a good time to buy a landed property to stay now?

[Trex101]

How does the manhole inside or outside the house impact on the purchaser? I intend to buy a house in OZ, and I would appreciate it if you could enlighten me about what to look out for when buying a house, other than looking at the roof.

 

Manhole in house is very bad feng shui. Very "Ying" (doorway to the other side) and very bad for your finance(sure go broke). It's a feng shui taboo, just like stove cannot face sink like that.

 

btw, which part of OZ you intend to buy?

Edited May 9, 2008 by Trex101

[Fos19]

buying to stay or investment is very different ...

 

for the former, u must like the area, access to amenities and work/school etc ... reno/decor can be changed although with $$$ ...

 

i think if there is no immediate need, make an offer closer to $900K and wait-n-see ... a genuine seller will attempt to nego ... u also have time to look around and compare. It's a buyers' market these days ...

 

but there is no denial that prices have gone up and we shd not expect prices last seen 3-3.5 years ...

 

an example ... single storey inter in Serangoon Gds use to transact between $880 - $1m about 2.5 - 3 yrs ago ... these days, most are asking $1.2m and above ...

[Throttle2]

Yes, I'm in the process of doing some serious works.

Ripping out 70% of it but keeping structure and extending the backyard etc...

Mine still qualify as A&A after the extension as it is less than 50% extension of land area. I have already set aside $400k to complete this project which 1+yrs ago would only cost $300k.... !@$^@*#^#%@$^%$ (there goes my Carrera 911)

 

 

As many bros commented already, 1300 sft land with built up 1500sft is considered very small for landed. Parking a car inside your compound would really be quite tight. but if it suits your family and the environment etc is to your liking, and you are not speculating, i suppose you happy is all that matters.

 

very generally speaking price wise is really more on the highside in your case.

 

I think $700psf for that area is very fair to seller already unless his renovation is tip top type.

 

a year ago it would be no more than $500psf, so you cna do the calculations easily.

[Kelpie]

There was a unit not far from the one my folks are interested in that was apparently transacted for 950K, and this was in Mar 08. So the owner for this unit is asking for 980K since he renovated it. Agents said 950K can try. According to them, someone had offered 980K but sale did not go through cos loan not approved. But according to another agent selling the unit next to this, the buyer backed out because there were problems with the house ...don't know who to believe. Anyway, most recent offer, according to the agent, is 940K. What's your take and advice on this? My folks concerned that once they offer higher, prices may start to fall cos of the expected recession...

 

1. If you asked me, renovation only make it easier to sell, it can't really fetch good money. If the last price is 940K, why should you be paying more? If you have surplus cash, you can try to pay them more cash up front beside the 1% to sweeten the deal a bit.

 

2. Don't foregt if you pay 980K now, you must see for yourself how much up side you can hit if you're going to sell the next moment? (If this house at this place is not gpoing to hit more than $1M in a few years time then this place is a place to live only but no speculation.)If down side, how much you're going to lose and whether you have enough holding power (if need to sell, how much you can loose if say selling at 850K). I advise this, because if one is holding a few properties so must make sure have sufficent holding power in a downside situation.

 

3. To cut it short, if you are not speculating or waiting for enbloc, you can consider. but I still think 940K is high for me for the size but if you really like the environment and renovations, then its your choice, your money.

 

Regards,

[Kelpie]

Manhole in house is very bad feng shui. Very "Ying" (doorway to the other side) and very bad for your finance(sure go broke). It's a feng shui taboo, just like stove cannot face sink like that.

 

btw, which part of OZ you intend to buy?

 

They are houses with manhole right at the centre of the kitchen. Imagine, if for some reasons it choked, apart from the smell, the repair cost may be high depending on how bad is the problem. Yap, manhole within kitchen is bad feng shui. a creative way to conceal/diguise it, is to lay tiles to cover the manhole cover so that it looks as if like part of the floor.

 

Regards,

[Rickster]

eh.. land size of 1300sq ft is extremely small...even a condo is bigger than that.

 

and for that price.. per sq ft doesn't really work out. what's the condition? new or old? renovation needed?

 

if you ask me, just the location and price already don't work out. and given the small size, I assume if you can squeeze a car in, you would have problem opening the door.

 

at a built up of 1500, I guess it's double storey with at most 3 rooms. if you have 4 room, then the room shd be very small.

 

 

P.S. a lot of guess work in my post coz you didn't supply much information.

 

Reminds me alot of some of those tiny toilet cubicles that are so tiny that u need to step over the toilet bowl so that the door can be closed

[Milgram]

where got such thing? if the market is constant i wud say YES, he is right but when u buy at peak and sell during down period, how to have buy high sell high thingy???

 

[Milgram]

The agent say got people offer lah...ask me hurry also...haiz..

 

Agent always say so one lah. You tell him if people offer higher price then good for him/her cos got more commission lor. I usually tell these people to fark off. They treat you like a fool so you do the same to them

 

[Milgram]

buying to stay or investment is very different ...

 

for the former, u must like the area, access to amenities and work/school etc ... reno/decor can be changed although with $$$ ...

 

i think if there is no immediate need, make an offer closer to $900K and wait-n-see ... a genuine seller will attempt to nego ... u also have time to look around and compare. It's a buyers' market these days ...

 

but there is no denial that prices have gone up and we shd not expect prices last seen 3-3.5 years ...

 

an example ... single storey inter in Serangoon Gds use to transact between $880 - $1m about 2.5 - 3 yrs ago ... these days, most are asking $1.2m and above ...

 

Thank you for your sound advice bro

[Milgram]

Yes, I'm in the process of doing some serious works.

Ripping out 70% of it but keeping structure and extending the backyard etc...

Mine still qualify as A&A after the extension as it is less than 50% extension of land area. I have already set aside $400k to complete this project which 1+yrs ago would only cost $300k.... !@$^@*#^#%@$^%$ (there goes my Carrera 911)

 

 

As many bros commented already, 1300 sft land with built up 1500sft is considered very small for landed. Parking a car inside your compound would really be quite tight. but if it suits your family and the environment etc is to your liking, and you are not speculating, i suppose you happy is all that matters.

 

very generally speaking price wise is really more on the highside in your case.

 

I think $700psf for that area is very fair to seller already unless his renovation is tip top type.

 

a year ago it would be no more than $500psf, so you cna do the calculations easily.

 

Wah bro...you got the kachings man

[Milgram]

 

There was a unit not far from the one my folks are interested in that was apparently transacted for 950K, and this was in Mar 08. So the owner for this unit is asking for 980K since he renovated it. Agents said 950K can try. According to them, someone had offered 980K but sale did not go through cos loan not approved. But according to another agent selling the unit next to this, the buyer backed out because there were problems with the house ...don't know who to believe. Anyway, most recent offer, according to the agent, is 940K. What's your take and advice on this? My folks concerned that once they offer higher, prices may start to fall cos of the expected recession...

 

1. If you asked me, renovation only make it easier to sell, it can't really fetch good money. If the last price is 940K, why should you be paying more? If you have surplus cash, you can try to pay them more cash up front beside the 1% to sweeten the deal a bit.

 

2. Don't foregt if you pay 980K now, you must see for yourself how much up side you can hit if you're going to sell the next moment? (If this house at this place is not gpoing to hit more than $1M in a few years time then this place is a place to live only but no speculation.)If down side, how much you're going to lose and whether you have enough holding power (if need to sell, how much you can loose if say selling at 850K). I advise this, because if one is holding a few properties so must make sure have sufficent holding power in a downside situation.

 

3. To cut it short, if you are not speculating or waiting for enbloc, you can consider. but I still think 940K is high for me for the size but if you really like the environment and renovations, then its your choice, your money.

 

Regards,

 

That's so pro advice dude Thank you so much

[UncleWolve]

 

There was a unit not far from the one my folks are interested in that was apparently transacted for 950K, and this was in Mar 08. So the owner for this unit is asking for 980K since he renovated it. Agents said 950K can try. According to them, someone had offered 980K but sale did not go through cos loan not approved. But according to another agent selling the unit next to this, the buyer backed out because there were problems with the house ...don't know who to believe. Anyway, most recent offer, according to the agent, is 940K. What's your take and advice on this? My folks concerned that once they offer higher, prices may start to fall cos of the expected recession...

 

1. If you asked me, renovation only make it easier to sell, it can't really fetch good money. If the last price is 940K, why should you be paying more? If you have surplus cash, you can try to pay them more cash up front beside the 1% to sweeten the deal a bit.

 

2. Don't foregt if you pay 980K now, you must see for yourself how much up side you can hit if you're going to sell the next moment? (If this house at this place is not gpoing to hit more than $1M in a few years time then this place is a place to live only but no speculation.)If down side, how much you're going to lose and whether you have enough holding power (if need to sell, how much you can loose if say selling at 850K). I advise this, because if one is holding a few properties so must make sure have sufficent holding power in a downside situation.

 

3. To cut it short, if you are not speculating or waiting for enbloc, you can consider. but I still think 940K is high for me for the size but if you really like the environment and renovations, then its your choice, your money.

 

Regards,

 

Cheap la...what high.. walao

[Throttle2]

No lah, we are all "Tan Chiat lang" bro, trying hard to improve and upgrade.

working for our families to forge a better future.

kuching kurak only. kar chng yes, ka-chink, no. hahah

 

The really rich ones are those along places like first Ave , Namly, Berrima, trevose, Gallop, jervois, chatsworth etc...etc..

 

anyhow, I seriously feel that you should rethink your decision or at least get a fairer price.

[Spade]

wait a bit more, the property market not doing well at the moment, should go down a bit further

[Milgram]

So bro, you think 980K is not expensive?

[Milgram]

That's what I thought but my folks say that they really like the place... They afraid if wait then the house bought by others

[Milgram]

So what do I tell my folks? They like the place and so while it may be expensive (which I agree it is), they are afraid that it might be bought by someone who's willing to fork out 980K

[Spas]

Not a good time - particularly citing the asking price for your kinda location.

 

There's a slight chance property prices could fall. It's already in the midst of a slowdown from last year's rocketing prices. It may come down if there's widespread recession. But that's a big IF.

 

Even if recession doesn't come our way, property prices are unlikely to go up further. In fact they may come a little lower - particularly for that 980grand asking price for the place ur parents are looking at. A little too optimistic on the seller's part I believe.

 

Drop around 50grand then maybe... Just maybe. Then perhaps also wishful thinking on my part. Haha. Anyway, don't buy tiny terrace la. It's really not a good idea.