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HDB or Condo?

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  • HDB or Condo?

    Hi ladies!

    With the change in the property market, my bf and I are now thinking if we should get a HDB or condo. Of course there are many trade-offs we have to consider, like space, facilities, etc. We would just like to know what some of you will consider.

    Our combined income is about $6K.

  • #2
    I always think HDB is better. Even though private property is more spacious.

    Here's my

    (1) There's nothing in Singapore call freehold. Just 1 word from the government, we need this land for public use. That's it - we're in a lose lose situation

    (2) I'm paying the monthly maintenance fee like swimming pool, tennis court & etc but do I get to use it frequently

    (3) I might not be living in Singapore during my retirement. And I wouldn't know what'll happen to the property market by that time. So I don't want to make myself for being a slave to anything.

    * That's the reason why people said we're "Assert rich but cash poor" &

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    • #3
      Are you all thinking of having a car also? With a combined income of 6K, it is going to be rather stretched if you get both car and condo. Don't forget the hefty conservation fees you have to pay every month for the condo.

      Just my

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      • #4
        I agree with ShoppingQueenie.

        Frankly speaking I think a combined income of $6K, you should get an HDB flat. The monthly maintenance alone is about $300 in new condos. A decent size new condo, probably about the size of a 4 room HDB, will cost you at least $600,000. I don't think your CPF can cover the monthly repayments, so you will need to top-up with cash. Plus you will spend the next 30 years repaying the loan. Actually a large part of what you are paying will be the interest. Also don't forget that CPF will continue to be reduced. Add a car, a baby, babysitter or maid, and you will be down to very little cash. Don't forget you still need to save.

        A new 4 room HDB flat costs only around $100,000. You can repay within 10 - 15 years. Its an immense relief to stay in a flat which is fully paid for. Imagine even if you don't work, you can still rent out a room and won't starve. That's why so many people queue when HDB releases their new 4 room flats.

        Actually I think new HDB flats have a very nice design, mine has ceiling to floor windows. The surroundings are very nicely landscaped too. I compare my block and private condo and I don't envy the latter.
        Last edited by tamarind; 20-07-2005, 04:42 PM.

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        • #5
          Originally posted by ShoppingQueenie
          (1) There's nothing in Singapore call freehold. Just 1 word from the government, we need this land for public use. That's it - we're in a lose lose situation
          well said

          Wonderful!! Congratulations in advance

          6K think best settle for HDB, no overstretching & when baby is here, he/she can be well-provided for.

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          • #6
            yup plus all that extra cash, you can always go for a club which would provide you the amenities you need and at least if anything happens financially, you only limit your loss to selling off the club membership or terminating it. Sometimes getting rid of a property you cannot afford any longer is very difficult. People will tend to cut your price deeper if they know you are in a hurry to get rid of it.

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            • #7
              We know that our finances will be stretched if get a Condo, so now weighing the pros and cons.

              Our budget is $400K the max. We were figuring that HDB conservance fees are around $60. Plus parking $90. Adds up to $150. As we are thinking of getting a resale 2 bedrm unit, the average fees are about $200. We get security plus facilities. We think it might be quite a good deal.

              Plus we have cash to pay more upfront without relying too much on our monthly CPF deductions.

              Now still scouting around ***. Quite headache about this housing thing...

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              • #8
                400k is a good sum, perhaps a walk-up apartment w/ simple basic facilities like pool? or leasehold condo in less mature areas?

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                • #9
                  For 400K, you can get a really nice 6-room flat with more money to spend on renovation. My friend got a 6-room @ $200+K, spent $80K on renovation and her house looks really fantastic ~ hip & most importantly very cosy. Her combined income with her hubby is $8K.

                  I guess you'll need more rooms in the future when you have kids, so might as well get a HDB flat.

                  Just my worth.

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                  • #10
                    What about ECs? Govt owned with condo facilities too. cost less than a condo

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                    • #11
                      EC is also a way out, 5 years down the road can be privatised.

                      but some condo buyers just simply can't stand leasehold . can't sell later is their major worry imo.

                      or get an old unit, stay for time being, pray for en-bloc or collective sale, then can strike a small fortune. me cheapo again actually i can't stand old units, very afraid of 'unclean' spots

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                      • #12
                        Yep, I'm afraid of second-hand (or third, fourth) units for the same reason as vernis.

                        Moreover, buying a new unit (in the case of HDB flats) enable you to enjoy rebates from HDB ***, assuming both of you do not have flats under your names yet.

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                        • #13
                          I already got my flat but yet to collect the keys. initially thought that the new scheme is applicable to me, however, realise that the new scheme is only applicable to pple who book their hse after 19th July.
                          was so disappointed.
                          will write in to appeal...

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                          • #14
                            Originally posted by melody80
                            Yep, I'm afraid of second-hand (or third, fourth) units for the same reason as vernis.
                            woooo...woooo....

                            i am all lost about getting house & regulations like that. my DH (& bunch of colleagues) so excited about the new regulation, me

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                            • #15
                              Hi girls, I think condo is a good idea . As i think that HDB, u dun really own the house, ur actually renting from the HDB board. But if got financial difficulty at first, it's also alright to get a HDB first but gradually works towards condo and u can rent ur hdb too at the same time to earn extra money or sell ur hdb ^_^

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