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03-11-2014, 05:45 PM
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BTO flats are indeed very cheap. This allows families to not worry about paying their housing loan as they can use their CPF. So many families, young and old, use their salaries to go for holidays, eat at restaurants, buy new cars, etc. Singaporeans are so lucky to get cheap housing. And better still, after MOP of 5 years, they sell their flats and get big, fat profits. They can buy new cars again. So easy to buy new cars.
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03-11-2014, 05:54 PM
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Quote:
Originally Posted by Unregistered
I am 55 this year and will be retiring next year. Let me share my story. I first started with a HDB flat and then upgraded to a condo and finally upgraded to a landed property in 2006. My landed property then appreciated so much and became very overvalued. I sold it last year and made a lot of money. I then downgraded to a 4 room HDB flat. I told my children that it will be our retirement home. They understood and they don't mind as they have enjoyed staying in a condo and landed before. Since they too will be moving to a HDB flat when they get married, it is no big deal for them. My wife likes the flat as it is smaller and therefore easier and cheaper to maintain. In the past we spent a lot more maintaining our landed.
I paid the 5 year old flat in cash and have lots of cash balance. I invested my cash. I now earn a good passive income. My kids are working and contributes to the family expenses. We are managing well financially.
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I guess it is good to cash out and downgrade. However long term wise, 999/ FH landed will become more and more valuable as the population increases towards 6 mil and beyond. This is a given. Also, the flood of condos / EC/ BTOs will only serve to increase the scarcity and hence value of freehold landed. However if it meets your retirement goals I guess its ok to cash out.
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03-11-2014, 08:23 PM
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We just change a new E class... Only $260k... So cheap...if COE goes up to $100k, my E class will be worth $300k ...
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03-11-2014, 08:27 PM
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Quote:
Originally Posted by Unregistered
We just change a new E class... Only $260k... So cheap...if COE goes up to $100k, my E class will be worth $300k ...
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That's a bargain. Cheap indeed. Only $26k pa depreciation. That's nothing since you earn $500k pa.
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03-11-2014, 08:33 PM
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Quote:
Originally Posted by Unregistered
I guess it is good to cash out and downgrade. However long term wise, 999/ FH landed will become more and more valuable as the population increases towards 6 mil and beyond. This is a given. Also, the flood of condos / EC/ BTOs will only serve to increase the scarcity and hence value of freehold landed. However if it meets your retirement goals I guess its ok to cash out.
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It's my retirement plan to cash out my landed. Timing was right. After I sold prices started going down. Now prices down 14% since I sold. Anyway I need capital to invest.
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03-11-2014, 08:39 PM
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Quote:
Originally Posted by Unregistered
That's a bargain. Cheap indeed. Only $26k pa depreciation. That's nothing since you earn $500k pa.
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Wow that's truly affordable.... No wonder Singapore COE car prices stays high....
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03-11-2014, 10:24 PM
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The Nov first COE bidding already start. Even though there are 700 Cat A COE, there will also be more than 1500 bids and COE price will likely close at more than $65k as people are rushing to buy new cars before the lunar new year.
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03-11-2014, 11:44 PM
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Quote:
Originally Posted by Unregistered
I see more and more cars along the street in my estate, mostly from condo dwellers around the area. One family mum and son both park their respective cars along the road (which means dad's got one parked inside the condo). Recently a new one has appeared parked along the road and seems to be a common sight so I am guessing someone bought another car. These are not soon to be scrapped cars either, more cars then parking lots.
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Cars are still very much affordable, that is why we have so many cars. We should start to reduce the number of cars, ie. we need to introduce negative growth rate for car population. Too many cars not good for the productivity of the country as jams and delays means loss of billions of dollars in revenue by businesses.
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