Advice Needed: Should I buy a condo now?

[commoner]

Originally Posted by baby_predator

Thank you guys for your candor. I apologize if I sounded brash and arrogant. I am aware not doing your sums right and going in can bring about a painful death. I definitely have much to learn.

I am 31 and currently single, so BTO is out for me?

Would an upfront 400k with the ability to commit to monthly 3k payments be more realistic for buying a decently basic condo unit?

I would suggest investing in equities rather than property at this present moment.

Originally Posted by commoner

I would suggest investing in equities rather than property at this present moment.

This is stupid suggestion, if you had followed you would have lost thousands of dollars over the past few weeks

You didn't pay money and you expect to get good advice?

Who is more stupid?

Originally Posted by Unregistered

This is stupid suggestion, if you had followed you would have lost thousands of dollars over the past few weeks

[commoner]

Originally Posted by Unregistered

This is stupid suggestion, if you had followed you would have lost thousands of dollars over the past few weeks

Investing requires knowledge and time horizon. Never speculate.

[rentahouseforme.com]

Originally Posted by baby_predator

I currently have about 160K in cold hard cash( I know is quite pathetic, but still growing my pot of wealth has to start from somewhere right?) , and would be able to make good on monthly payments of up to 1.5K (everything including mortgage loan, condo conservancy charges, utilities bill etc ) . As a first timer, should I consider entering the market now? If so what projects would the old birds recommend?

If not, should I wait for things to cool off since a slew of measures of MAS have just been implemented and interest rates might rebound forcing more than a handful to sell off their property (aka another recession) hence enabling prices to drop substantially?

Of course during this period I am still working hard to expand my warchest.

Please advise, thanks.

Do you have a place to stay for the next 3 years?
Im sure you have a fair bit in your CPF if you are working?

If so, may I suggest you look into new launches for capital appreciation. For $160k cash, you may get a 2br condo at about $800k. 3 years later, the house will obtain its TOP. Rent it out for another month, you would have "fulfilled" the 4 years ownership to avoid the sellers stamp duty. So far,most of the new launches price will keep on increasing from new launch to subsale to TOP unless theres's any surge in property prices. But developers are still confidently bidding high prices for sites.

And also, for the 3 years it will be building, you pay the installment based on the stage it is building.

Originally Posted by rentahouseforme.com

Do you have a place to stay for the next 3 years?
Im sure you have a fair bit in your CPF if you are working?

If so, may I suggest you look into new launches for capital appreciation. For $160k cash, you may get a 2br condo at about $800k. 3 years later, the house will obtain its TOP. Rent it out for another month, you would have "fulfilled" the 4 years ownership to avoid the sellers stamp duty. So far,most of the new launches price will keep on increasing from new launch to subsale to TOP unless theres's any surge in property prices. But developers are still confidently bidding high prices for sites.

And also, for the 3 years it will be building, you pay the installment based on the stage it is building.

how much will the $800k condo worth after 4 years? hopefully it can double within the time frame

Originally Posted by Unregistered

how much will the $800k condo worth after 4 years? hopefully it can double within the time frame

Word of caution - because we are having a huge oversupply of properties due to overbuilding, rental and price may fall. Be prepared for a 30% fall. Don't gamble. Buy only for stay and if you can keep for more than 20 years.

Just chanced upon this thread.

Never go and invest on equities/unit trusts etc. It doesn't work most of the time (concurred that only stupid people would suggest that)

Buying property is generally a safe mode of investment in the long run.

Originally Posted by commoner

I would suggest investing in equities rather than property at this present moment.

Originally Posted by Unregistered

Just chanced upon this thread.

Never go and invest on equities/unit trusts etc. It doesn't work most of the time (concurred that only stupid people would suggest that)

Buying property is generally a safe mode of investment in the long run.

Hi how much will property rise in the next few years? I am looking at investments that can make at least 15% annually every year.

[commoner]

Originally Posted by Unregistered

Just chanced upon this thread.

Never go and invest on equities/unit trusts etc. It doesn't work most of the time (concurred that only stupid people would suggest that)

Buying property is generally a safe mode of investment in the long run.

The key word is most of the time. I agree most will fail. I still stick to my principles; investment requires knowledge and never speculate.