Page 2 of 2 FirstFirst 12
Results 21 to 34 of 34

Thread: 1st time Home buyer....

  1. #21
    Member Static's Avatar
    Join Date
    Jul 2006
    Location
    Surfing soft porn in CS
    Posts
    1,079

    Default Re: 1st time Home buyer....

    Quote Originally Posted by Yatlapball View Post
    I bought new... reason... it's the Pinnacle Where are you going to find a 48th floor view of both keppel wharfs and the city, as well as prime location for only 377k
    OMG, u managed to ballot for it.. Easy worth half a million when resale (from my POV)

    But 377K quite exp for alot of common folks.

    Income celling for HDB is 8k. Any higher cannot buy HDB.

    If u buy a brand new HDB 5 rm flat, 2nd time buy HDB flat, it must be a resale flat and cannot be a 5 rm flat again. Must upgrade, a executive or higher...

    So think wisely.
    陳綺貞 2010 [夏季練習曲] 巡迴演唱會 Cheer Concert 13 Nov 2010 MAX Pavilion@Singapore Expo

  2. #22
    Senior Member
    Join Date
    Dec 2003
    Location
    Cocteau Twins
    Posts
    2,116

    Default Re: 1st time Home buyer....

    Quote Originally Posted by Yatlapball View Post
    I bought new... reason... it's the Pinnacle Where are you going to find a 48th floor view of both keppel wharfs and the city, as well as prime location for only 377k
    well well, congratulations


    considering that we decide to purchase a 5 room direct from HDB (and planning to stay there for long), any idea if there are still any available? looking at woodlands, choa chu kang. but don't mind considering others as well (other than punggol, sengkang, hougang).

  3. #23
    Senior Member
    Join Date
    May 2006
    Location
    Volcano Land
    Posts
    2,351

    Default Re: 1st time Home buyer....

    Yes... I was quite fortunate in a way to get one of the lower queue numbers.

    don't say "plan to stay for long"... always "plan to move". Because... invariably... you somehow will...
    Last edited by Yatlapball; 2nd January 2007 at 05:15 PM.

  4. #24
    Member
    Join Date
    Nov 2003
    Location
    Northeast
    Posts
    1,226

    Default Re: 1st time Home buyer....

    Quote Originally Posted by Stereobox View Post
    thx for the info so far guys!

    one more question...if our first house is a resale, assuming when we decide to sell it and get one from HDB....are we still still considered 'first-time' buyers and eligible for grants?

    correct me if i'm wrong....as far as i know, the main difference between direct from HDB and resale is the former is brand new and much much cheaper, the latter has more freedom of choice but more ex?

    and Happy New Year 2007~!
    If you bought resale first time, than you will get the HDB Housing grant ($30k to $40k). If you sell that resale flat, you can still buy a new HDB flat direct from HDB but you will need to pay a resale levy. The HDB Housing grant counts as one subsidy from HDB, and each Singaporean only eligible for 2 such subsidies, whether its the implicit one in new HDB flats or the explicit grant for resale flats.

  5. #25
    Senior Member
    Join Date
    Dec 2003
    Location
    Cocteau Twins
    Posts
    2,116

    Default Re: 1st time Home buyer....

    Quote Originally Posted by justarius View Post
    If you bought resale first time, than you will get the HDB Housing grant ($30k to $40k). If you sell that resale flat, you can still buy a new HDB flat direct from HDB but you will need to pay a resale levy. The HDB Housing grant counts as one subsidy from HDB, and each Singaporean only eligible for 2 such subsidies, whether its the implicit one in new HDB flats or the explicit grant for resale flats.
    i see... my landlord was telling me about his resale and did mention something about resale levy.

    what do you mean by each Singaporean is eligible for 2 subsidies? let's say .. for example ..
    1st implicit one via direct from hdb, 2nd one for resale? am i right?

  6. #26
    Senior Member melvin's Avatar
    Join Date
    Jun 2005
    Location
    TPY
    Posts
    2,681

    Default Re: 1st time Home buyer....

    Quote Originally Posted by Stereobox View Post
    i see... my landlord was telling me about his resale and did mention something about resale levy.

    what do you mean by each Singaporean is eligible for 2 subsidies? let's say .. for example ..
    1st implicit one via direct from hdb, 2nd one for resale? am i right?

    You and your spouse will be considered as having enjoyed a housing subsidy for the purchase of a new flat.

    Minimum Occupation Period (MOP)

    You have to occupy the flat for 5 years before you can sell it in the open market. You can submit an application to buy another flat direct from HDB or a new DBSS flat after 5 years from the date you bought your DBSS flat.

    Resale Levy:
    The resale levy is meant to reduce the housing subsidy that can be enjoyed by flat buyers in the purchase of their second subsidised flat from HDB. It also ensures a fairer allocation of housing subisidies between first-timer and second-timer flat buyers.

    You are liable to pay a resale levy when you sell the subsidised flat after meeting the minimum occupation period, and buy a second subsidised flat from HDB or an Executive Condominium (EC) from the developer (or take over ownership of a subsidised HDB flat or an EC within 5 years from the date of issuance of the Temporary Occupation Period).

    If you do not intend to buy a second subsidized flat from HDB or an Executive Condominium (EC) from the developer, for example, if you are buying a resale flat, a new DBSS flat or a private residential property, you need not pay the resale levy.

    The resale levy has been revised with effect from 3 March 2006. The revised resale levy is a fixed amount that is pegged to the flat type of the first subsidised flat as given below:

    Flat Type of the First Subsidised flat Revised Resale Levy
    2-room - $15,000
    3-room - $30,000
    4-room - $40,000
    5-room - $45,000
    Executive - $50,000

    This fixed amount gives flat owners certainty about the resale levy they need to pay. It helps owners of smaller flats to plan ahead if they wish to upgrade to a bigger flat when they are financially ready, as well as owners of bigger flats in financial hardship to buy a smaller flat.

    The revised resale levy will apply to second-timer flat buyers who book their second subsidised flat and submit their application to sell or transfer their first subsidised flat, on or after 3 March 06.

    You will need to pay the resale levy:

    If you sell your existing flat AFTER taking possession of the second subsidised flat. The resale levy will be deducted from the sale proceeds at the point of selling your existing flat in open market. Any shortfall will have to be topped-up in cash.

    If you sell your existing flat BEFORE taking possession of the second subsidised flat. The resale levy has to be paid in cash at the point of taking possession of your second subsidised flat.

    You can opt to pay the resale levy immediately at the point of resale or defer the payment until you buy another flat from HDB. If you opt to defer the payment, an interest at the prevailing rate of 5% per annum will be charged.

    HDB’s mortgage financing is not extended to the payment of deferred levy.

  7. #27
    Member
    Join Date
    Nov 2003
    Location
    Northeast
    Posts
    1,226

    Default Re: 1st time Home buyer....

    Quote Originally Posted by Stereobox View Post
    i see... my landlord was telling me about his resale and did mention something about resale levy.

    what do you mean by each Singaporean is eligible for 2 subsidies? let's say .. for example ..
    1st implicit one via direct from hdb, 2nd one for resale? am i right?

    To clarify (if I'm not wrong), explicit housing grant is only for 1st timer, so if you buy new flat from HDB for your first flat, you wouldn't be able to get a grant for a resale flat after that. However, you can buy new flat from HDB twice. Hence, there are only 2 situations where you will pay the resale levy: if you bought a resale flat first and then buy a new flat from HDB, or if you bought a new flat first, and then buy another new flat.

    I'm also starting to look for a flat now.. planning to get married in 2008.

  8. #28

    Default Re: 1st time Home buyer....

    Quote Originally Posted by justarius View Post
    To clarify (if I'm not wrong), explicit housing grant is only for 1st timer, so if you buy new flat from HDB for your first flat, you wouldn't be able to get a grant for a resale flat after that. However, you can buy new flat from HDB twice. Hence, there are only 2 situations where you will pay the resale levy: if you bought a resale flat first and then buy a new flat from HDB, or if you bought a new flat first, and then buy another new flat.

    I'm also starting to look for a flat now.. planning to get married in 2008.
    As long as you buy twice from HDB ( subsidised flat ) u pay levy. U buy from open market and not subsidized by HDB no need to pay levy.

    Scenario
    First time Second Time
    NEW FLAT HDB to HDB SUBSIDIZED FLAT (PAY LEVY)
    NEW FLAT HDB to OPEN MARKET (NO NEED TO PAY LEVY)

    or you have enjoyed 2 concessionary loans direct from HDB.

    Like wat the others say...New flat small.... but u gain more when u sell.
    Old flat...bigger...but current market condition u may not see so much that u used to b4 the 1997 HDB boom. However demand for resale flats is higher as new flats are no more being build at most of the mature estates. Sengkang..Boon Lay and some other areas are usually hard to sell as the locations are are out place or there are too many sellers over there trying to sell off their flats after their 5 years maturity. Buying a house must be thought of carefully.financial, comfort and mobility (some see fenqshui --> just received a call and a client asked me the toilet facing whcih direction ..*faintz) should be the main issues. I have seen first time buyers especially those newly married who rush into buying a house as long as it looks good but they do forget to see the long term effects.

  9. #29

    Default Re: 1st time Home buyer....

    Quote Originally Posted by justarius View Post
    To clarify (if I'm not wrong), explicit housing grant is only for 1st timer, so if you buy new flat from HDB for your first flat, you wouldn't be able to get a grant for a resale flat after that. However, you can buy new flat from HDB twice. Hence, there are only 2 situations where you will pay the resale levy: if you bought a resale flat first and then buy a new flat from HDB, or if you bought a new flat first, and then buy another new flat.

    I'm also starting to look for a flat now.. planning to get married in 2008.
    Congra....
    Stress Man @ work... :bigeyes:

  10. #30
    Senior Member
    Join Date
    Oct 2003
    Location
    Singapore
    Posts
    3,717

    Default Re: 1st time Home buyer....

    looks like lots of people getting married soon, stereobox, k3nn3th03 and justarius.. Congrats.

    Just sharing my thoughts and what i did. Both my wife and me stayed in West area but we chose to buy an EC in AMK. Why? 3 reasons, Location, transport and potential

    Location - as one of the guys stressed, is very important. If you are sporty type who likes rollerblade, beach etc, marine parade or even bedok/pasir ris area will prob be more suitable.

    Transport - Closely linked to Location. if u drive, think of parking, driving conveniences. Also, maintenance fees for EC/condos will be more worthwhile if u owned a car since u have parking, security etc. No car, then is it near MRT (opened or otehrwise) or bus interchange? Near Ntuc etc, trust me, buying grocery is a headache esp if u have lugged it back on bus/mrt etc.

    potential - yes, there may be capital gain. However, this capital gain is eroded by your interest payment. The longer u pay, more interest. a 30 year loan of 300k, u prob will pay like 400k of interest. So end of the day, if u sell at 700k, u are even. One strategy a friend of mine did was to buy a 4 room flat. It costs him like 200k and almost pay off everything now after abt 3 years in the flat. Fast? yeah, but possible if both parties earn > 6-8k combined. How they do it? well, 1st, u have a grant of like 30k? then they have savings of about 30k as well. So their loan is like 140k only. Capital repayment is made yearly with CPF+cash.

    Why i mention him? Cos now, he's debt-free and can sell the place. in his case, he pays little interest and thus will make more. The bad thing is the 4 room flat is in punggol and the value hasnt went up a lot yet.

    So thats my take on this. good Luck.

  11. #31
    Senior Member melvin's Avatar
    Join Date
    Jun 2005
    Location
    TPY
    Posts
    2,681

    Default Re: 1st time Home buyer....

    Quote Originally Posted by justarius View Post
    To clarify (if I'm not wrong), explicit housing grant is only for 1st timer, so if you buy new flat from HDB for your first flat, you wouldn't be able to get a grant for a resale flat after that. However, you can buy new flat from HDB twice. Hence, there are only 2 situations where you will pay the resale levy: if you bought a resale flat first and then buy a new flat from HDB, or if you bought a new flat first, and then buy another new flat.

    I'm also starting to look for a flat now.. planning to get married in 2008.
    IIRC Resale levy is payable upon selling of any be it direct from HDB or from open market!
    another scenario will be if you buy a direct HDB then buy resale and back to direct HDB then u got to pay levy for the first flat till latest with interest!

  12. #32

    Default Re: 1st time Home buyer....

    Quote Originally Posted by justarius View Post
    ....
    ........planning to get married in 2008.
    Are you very sure... think about it very carefully.

    If you like milk, you don't have to buy a cow. Supermarket is just as good, more variety, more brands. Don't have to listen, talk, and take care of cow.

    If you like the cow, by all means.

    No offence intented... Just an analogy.

    PS: Someone may be telling her the same analogy above.

  13. #33

    Default Re: 1st time Home buyer....

    Quote Originally Posted by nemesis32 View Post
    looks like lots of people getting married soon, stereobox, k3nn3th03 and justarius.. Congrats.

    Just sharing my thoughts and what i did. Both my wife and me stayed in West area but we chose to buy an EC in AMK. Why? 3 reasons, Location, transport and potential

    Location - as one of the guys stressed, is very important. If you are sporty type who likes rollerblade, beach etc, marine parade or even bedok/pasir ris area will prob be more suitable.

    Transport - Closely linked to Location. if u drive, think of parking, driving conveniences. Also, maintenance fees for EC/condos will be more worthwhile if u owned a car since u have parking, security etc. No car, then is it near MRT (opened or otehrwise) or bus interchange? Near Ntuc etc, trust me, buying grocery is a headache esp if u have lugged it back on bus/mrt etc.

    potential - yes, there may be capital gain. However, this capital gain is eroded by your interest payment. The longer u pay, more interest. a 30 year loan of 300k, u prob will pay like 400k of interest. So end of the day, if u sell at 700k, u are even. One strategy a friend of mine did was to buy a 4 room flat. It costs him like 200k and almost pay off everything now after abt 3 years in the flat. Fast? yeah, but possible if both parties earn > 6-8k combined. How they do it? well, 1st, u have a grant of like 30k? then they have savings of about 30k as well. So their loan is like 140k only. Capital repayment is made yearly with CPF+cash.

    Why i mention him? Cos now, he's debt-free and can sell the place. in his case, he pays little interest and thus will make more. The bad thing is the 4 room flat is in punggol and the value hasnt went up a lot yet.

    So thats my take on this. good Luck.
    thanks..

  14. #34

    Default Re: 1st time Home buyer....

    Quote Originally Posted by nemesis32 View Post
    So their loan is like 140k only. Capital repayment is made yearly with CPF+cash.
    is it possible to pay the capital repayment like that?
    and isn't there any penalty if you accelerate the loan period?

Page 2 of 2 FirstFirst 12

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •