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10-08-2011, 12:28 AM
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Senior Member
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Join Date: Jun 2009
Posts: 44
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Appreciate Views On Housing Matters
Hi Guys, would appreciate your views on what I had done with regards to my housing. Its something i have done so I'm not looking for advise whether i shud have done it or not but rather want to get people views and if there serious downside on what i have done, I can take other defensive measures to mitigate the downside.. so here goes my story :
- Bought new 5RM HDB fm govt in 2006 for 260K
- Rent out the HDB rooms in 2009 and rented a landed property to stay (rental returns & cost cancel each other)
- Sold the HDB in 2011 for 520K and received 208K cash nett & have balance 190K in CPF (combine with wife)
- bought EC at 1.05m for TOP 2014
- plan to continue renting the landed at 1.7K/mth till the EC TOP date
- paid 5% cash & the balance 156K is invested in trust funds
So what do u guys feel abt this and what are the possible downside?
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10-08-2011, 12:59 AM
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Quote:
Originally Posted by Qaz
Hi Guys, would appreciate your views on what I had done with regards to my housing. Its something i have done so I'm not looking for advise whether i shud have done it or not but rather want to get people views and if there serious downside on what i have done, I can take other defensive measures to mitigate the downside.. so here goes my story :
- Bought new 5RM HDB fm govt in 2006 for 260K
- Rent out the HDB rooms in 2009 and rented a landed property to stay (rental returns & cost cancel each other)
- Sold the HDB in 2011 for 520K and received 208K cash nett & have balance 190K in CPF (combine with wife)
- bought EC at 1.05m for TOP 2014
- plan to continue renting the landed at 1.7K/mth till the EC TOP date
- paid 5% cash & the balance 156K is invested in trust funds
So what do u guys feel abt this and what are the possible downside?
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sounds like you're ok. what exactly are you worried about? thought you can't sell your EC now, the EC also won't have a market value until 5 years after TOP, right? so you won't even know if you'll be suffering a paper loss.
on your second point, did the rent you collect cover both the landed cost and HDB mortgage installments?
where in singapore can you rent a landed for such a low price? why aren't more people renting landed then?
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10-08-2011, 01:50 PM
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Senior Member
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Join Date: Jun 2009
Posts: 44
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my main concern is that loan interest rates go up increasing the mthly payment to unsustainable level or/and property value goes down to a level that I need to do cash top up.
Renting a terrace unit in changi area. Chance upon this 2 yrs ago that's why i moved out of my hdb. Dont know why more people not doing this, maybe they not aware got such low rental places...
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10-08-2011, 04:04 PM
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loans rates should stay ultra low for next two years.
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10-08-2011, 04:13 PM
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Super Member
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Join Date: Jul 2011
Posts: 115
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You are not allowed to rent out your HDB flat before 5 yrs of buying it, unless posted overseas.
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10-08-2011, 04:15 PM
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Super Member
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Join Date: Jul 2011
Posts: 115
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Also, with 1.05m, you should have gotten a freehold housing in east coast area. bad move. my friend bought a penthouse unit 1400+ sqft, freehold at katong area for less than 1m.
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11-08-2011, 08:04 AM
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From a numbers perspective, think you have done well. I'm generally negative on the housing market but think an EC is generally a safe investment.
However what you have done (renting out hdb within 3 yrs) may not have been legal, as mentioned by another poster above.
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11-08-2011, 11:08 AM
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Super Member
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Join Date: Jul 2011
Posts: 115
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Quote:
Originally Posted by Qaz
700psf for a freehold condo? which development?
I rented out rooms, that's why only $1700 combined. Wud have gotten more if I rented out whole unit.
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Quite a number of boutique development about 5yrs old was going at that price at the time u book your EC. look around propertyguru trends. but since you have footed for your EC, no need to look back.
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13-08-2011, 02:26 AM
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Senior Member
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Join Date: Jun 2009
Posts: 44
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I just book my EC last week, have look around for options in that price range but only available ones are suburban old condos / ECs.
Since I have not yet exercise my options, pls share which 5yr old condos is east coast condo is going at $700psf. The loss fm not exercising my option for the EC is minimal if i can get a penthouse condo at east coast for the same price!!
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