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How much are you earning per annum?

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  #3901 (permalink)  
Old 03-04-2014, 06:31 AM
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11 properties? Then it is understandable why you may have forgotten the basics. It is like I have been driving for 30 years and you ask me to take theory test now. I will probably flunk.

Go look through what you have written below and spot the mistakes.

Quote:
Originally Posted by Unregistered View Post
Lol nice term, but I do do a lot of analysis before buying. Then again I have 11 properties (residential/commercial) all sitting on a 65% - 85% gain on the original purchase price. Be it as it may I still sticking with my approach to property as it served me well to date. There is a saying: Bulls make money, bears make money, pigs get slaughtered

Its exactly because the gentleman is question is a salaried which is why he should practice more caution, regardless long haul/short haul, own stay or investment like me there are the basic principals of overvalued and undervalued property.

Life in unpredictable, touch wood but if something happen to the sole provider do you want you're loved ones to take on the burden? Its more sensible and practice to assess risk based on what you do know and not speculative measures.

Lets review what we do know or don't know shall we?

- The individual initial proposal was to take on a loan bore by 2 people till they were age 65, 25 years from now. What the risk of one person losing their job or being incapacitated from now till 25 years from now? Risk? 40%

- Markets are currently riding high, purchasing a new property now will factor a degree of overpaying. Especially in a Jurong which a new and hyped up area which is going strong despite all areas going down. if prices in Jurong and River Valley hit the same psf price which would you go for? Chances of prices going higher then current on a leasehold 99 year facility 25 years down the road? 30%
(Unless we allow in another 3 Million foreigners of course)

- Jurong sentiments (://jurong.files.wordpress.com/2008/09/new-a0-boards-8498126_resize.jpg)
"Jurong Lake will be undergoing a makeover next year, as part of the URA master plan to turn the district into a business and leisure destination."

Wtf is a business and leisure districts, who is going to move there? Banks who are top paymasters in rental already have offices in Shenton, Changi Business Park and Tampines, Dhoby Gaut etc and are moving most of their operations to India.

There is a medical building also opening but again who is going to move there? We already Novena Mount E (not fully occupied), UE Medical in Novena (not fully occupied), Mount E , Glen E plus future plans for more novena medical facilities. I don't see doctors in practices packing and moving in droves to Jurong as well. Sounds like another Punggol waterfront idea. So whats your view on Jurong being the next Marina Bay Centre?

Anyway the OP seems to have reassess his situation and taken a safer approach, most of the clowns goading him on seems to have no idea on proper risk analysis. Its no wonder when the market tanks all the whiners come out and start bitching about the government.

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  #3902 (permalink)  
Old 03-04-2014, 08:16 AM
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Lol 3/4 of what I wrote was aimed at the gentleman's plight of upgrading to a Jurong condo and you're fixated on the first sentence?

Write something longer than a one liner to be taken seriously, in fact why not negate the Risk factors I listed when I reviewed the choice he made. I'm open to discussion if you disagree right? I don't admittedly know everything.

Quote:
Originally Posted by Unregistered View Post
11 properties? Then it is understandable why you may have forgotten the basics. It is like I have been driving for 30 years and you ask me to take theory test now. I will probably flunk.

Go look through what you have written below and spot the mistakes.




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  #3903 (permalink)  
Old 03-04-2014, 11:49 AM
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Now is a good time to upgrade from HDB flat to condo.

Sell your flat at $600k, use the cash for downpayment for a $800k condo.

Loan $200k and pay it off in 10 years. No problem if your combined income is at least $100k pa.

But make sure you do not waste on a car, drinking, smoking, dining in expensive restaurants twice a week, gambling or womanising. Sure money no enough if you indulge in these.

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  #3904 (permalink)  
Old 03-04-2014, 12:04 PM
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Quote:
Originally Posted by Unregistered View Post
Now is a good time to upgrade from HDB flat to condo.

Sell your flat at $600k, use the cash for downpayment for a $800k condo.

Loan $200k and pay it off in 10 years. No problem if your combined income is at least $100k pa.

But make sure you do not waste on a car, drinking, smoking, dining in expensive restaurants twice a week, gambling or womanising. Sure money no enough if you indulge in these.
A 600K HDB flat is a big spacious living space (higher end HDB) but a 800K condo is a mini space (very low end condo) which you will probably feel uncomfortable if you are already use to the 600K HDB kind of living space.
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  #3905 (permalink)  
Old 03-04-2014, 12:49 PM
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Quote:
Originally Posted by Unregistered View Post
A 600K HDB flat is a big spacious living space (higher end HDB) but a 800K condo is a mini space (very low end condo) which you will probably feel uncomfortable if you are already use to the 600K HDB kind of living space.
Condo is not about space. It is about:

1. Higher social status and prestige.
2. Privacy.
3. Safety esp for young, pretty ladies.
4. Luxury living, pool, gym, tennis court at your doorstep.
5. No O$P$ on walls.
6. No urine in lifts.
7. Etc.

It is worth the premium.
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  #3906 (permalink)  
Old 03-04-2014, 03:46 PM
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Well said. I moved from public housing to a private condominium unit and life is simply wonderful. Not only do I get the respect and recognition from my family and peers, I feel happier and more contented. If I had known, I would have made the move earlier.

For those who can afford, my advice is to go for it. Life is short, enjoy luxury condominium living before you are too old to enjoy. The points mentioned below are absolutely true!


Quote:
Originally Posted by Unregistered View Post
Condo is not about space. It is about:

1. Higher social status and prestige.
2. Privacy.
3. Safety esp for young, pretty ladies.
4. Luxury living, pool, gym, tennis court at your doorstep.
5. No O$P$ on walls.
6. No urine in lifts.
7. Etc.

It is worth the premium.
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  #3907 (permalink)  
Old 03-04-2014, 08:53 PM
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Congratulations to you. As long as our finances permit, upgrading to a condo to allow your family to enjoy is a good thing.


Quote:
Originally Posted by Unregistered View Post
Well said. I moved from public housing to a private condominium unit and life is simply wonderful. Not only do I get the respect and recognition from my family and peers, I feel happier and more contented. If I had known, I would have made the move earlier.

For those who can afford, my advice is to go for it. Life is short, enjoy luxury condominium living before you are too old to enjoy. The points mentioned below are absolutely true!
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  #3908 (permalink)  
Old 04-04-2014, 10:22 AM
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I was working in the corporate sector for more than 20 years, moving up the ranks over the years. I was earning very well but was not happy with the lifestyle. I was very stressed with the tight deadlines and schedules. My life was governed by my calendar. I also feel very guilty for not spending enough time with my wife, children and parents. So quietly, I promised to myself that I will get out of this rate race as fast as I can by building up my wealth so that I no longer need to work for someone else. I strived to be financially independent.

My patience and peseverance finally paid off. Through my skillful investment moves, I am now not debt free. I finished paying off my condo mortgage, paid off my car loan and other personal loans. I have also built up an investment portfolio that gives me an annual dividend income of $70k pa and I am also able to generate a trading profit of $30k pa. This income is now higher than my annual expenses of $80k pa. My wife can practically save her $90k pa salary if she wishes too, but she is kind enough to chip in $30k of the annual household expenses. I channel my extra savings back into my portfolio which is growing nicely.

As a millionaire, now I have more time to spend with my family and do social work to give back to society.
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  #3909 (permalink)  
Old 05-04-2014, 01:55 AM
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i live in a condo from which i upgraded from my 1st HDB. I did not feel that my social status has improved nor did i think families and friends now look up to me. Neither did i think that others who are staying in a condo are of higher social status than HDB dwellers. instead, ive never even thought of it until I chanced upon the postings here so I can't quite relate to why others would even think that way. nonetheless, i am happy to have moved into the condo as my family and I enjoy the facilities. the only negative is that I don't feel my estate being a good growing up environment for my young children as many of the units are rented out to foreigners and my children has little friends of similar age group within the estate.
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  #3910 (permalink)  
Old 05-04-2014, 02:44 AM
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Just like everything else, not all condos are made the same nor do their offer similar environment, facilities, convenience and status. Nowadays, from a very small plot of land, they can also squeeze a tall condo onto it, with maybe a gym, children play area and a small pool on one of the floors - and not all the units will have a car park lot! Like that, better off staying in an HDB flat.

Thus buying the "right" condo is very important.

I also don't really understand why people staying in a condo feel they have a higher status. There are many condos here, so the distinction between staying in those new HDB flats especially the DBSS ones, and a condo is not that great. It's not like long ago where condos were a rarity and everyone else was staying in HDB.

I bought a condo because of the 50m lap pool, tennis courts and gym - facilities that I know I wll use. Also for the privacy, exclusiveness and ample car parks. It was tiring and time consuming going to public or community facilities, when I was staying in HDB flat. Now I get my exercise and yet have more time for my family.

Quote:
Originally Posted by Unregistered View Post
i live in a condo from which i upgraded from my 1st HDB. I did not feel that my social status has improved nor did i think families and friends now look up to me. Neither did i think that others who are staying in a condo are of higher social status than HDB dwellers. instead, ive never even thought of it until I chanced upon the postings here so I can't quite relate to why others would even think that way. nonetheless, i am happy to have moved into the condo as my family and I enjoy the facilities. the only negative is that I don't feel my estate being a good growing up environment for my young children as many of the units are rented out to foreigners and my children has little friends of similar age group within the estate.
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