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Advice Needed: Should I buy a condo now?

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  #1 (permalink)  
Old 12-08-2013, 12:15 AM
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Default Advice Needed: Should I buy a condo now?

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.

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Old 12-08-2013, 09:40 AM
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Quote:
Originally Posted by baby_predator View Post
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.
160k not even enough to pay for downpayment and basic reno, you raise another 200k+ in hard cash first b4 talking big abt owning condo.

Mthly 1.5k not even enough for bank instalment and u expect to cover all the charges including maintainance and utilities!? LOL

Seriously, be humble & got get a BTO

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Old 12-08-2013, 10:19 AM
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1.5K per month can't even help you to service your HDB loan, let alone a condo loan.

I personally took a 400K loan from the bank for a period of 30 years at 1.79% constant.

And I am already servicing about 1.2K every month.

I doubt you will be able to find condos priced at $500K, and even if you can, they will be so tiny you are better off in a HDB.

What's with getting a HDB anyway? you should start of with a HDB because of the price appreciation.

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Old 12-08-2013, 10:51 AM
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If you are single and 35 yrs old, you can buy a 2 room BTO which cost only $76k, the max. You can simply pay off the BTO flat with your $160k. After 5 years, you can sell your BTO flat for $300k, making profit of $200k plus. Then you get a small condo using the profits.

Quote:
Originally Posted by baby_predator View Post
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.
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Old 12-08-2013, 10:55 AM
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1.5K per month can't even help you to service your HDB loan, let alone a condo loan.

I personally took a 400K loan from the bank for a period of 30 years at 1.79% constant.

And I am already servicing about 1.2K every month.

I doubt you will be able to find condos priced at $500K, and even if you can, they will be so tiny you are better off in a HDB.

What's with getting a HDB anyway? you should start of with a HDB because of the price appreciation.
The 1.79% only for 3 years lar, u write until like all 30 years is 1.79%.
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Old 12-08-2013, 10:57 AM
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Yes, if you get the 2 room BTO, you are very lucky. Sure to make big profits. So many people apply, even those who don't need it. There are many who are staying with parents but they apply because it makes lots of money. They may not even stay in it. They will leave it empty and flip it after 5 years. If many do this, you will see many ghost flats (not occupied units). They will eventually get haunted if left empty too long.
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Old 12-08-2013, 12:07 PM
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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?
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Old 12-08-2013, 12:11 PM
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Quote:
Originally Posted by baby_predator View Post
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?
If you plan to get married, go for a 4 room BTO flat. After 5 years, can flip and then buy a condo.
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Old 12-08-2013, 12:13 PM
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No I do not see myself settling down. Gf is happy with the sex and dating for now. We don't believe in marriage.
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Old 12-08-2013, 12:37 PM
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Quote:
Originally Posted by baby_predator View Post
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?
what exactly u buying the condo for? for living ? or just flipping to get rich quick?

if ur father/mother/gf can instantly give you 400k easily I think u r better off with other more high risk high return things since no risk of personal bankruptcy
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