question in private property

[ninelives]

i am a noob in property, I know nuts about property, i know nuts about HDB estate too. I am going to get a condo soon but there something i like to know :

1: must you be above 35 or marry to buy a condo/private property?
2: what determine the value of condo/private property? I heard that it is not advisable to but condo/private property nowaday in Singapore because the value drop very fast, is it true?
3: what happen if the mangement of condo bankrupt? will they tear down the condo?
4: what i need to know when buying private property?
5: any good link or url?
6: i am a noob, enlighten me please. thanks.

 

[Astin]

i am a noob in property, I know nuts about property, i know nuts about HDB estate too. I am going to get a condo soon but there something i like to know :

1: must you be above 35 or marry to buy a condo/private property?
2: what determine the value of condo/private property? I heard that it is not advisable to but condo/private property nowaday in Singapore because the value drop very fast, is it true?
3: what happen if the mangement of condo bankrupt? will they tear down the condo?
4: what i need to know when buying private property?
5: any good link or url?
6: i am a noob, enlighten me please. thanks.

1. You can buy a condo when you have enough money, age not important.
2. The condo price is determined by location and size and age. If u buy to stay then anytime is a good time to buy, if u buy to rent out then anytime is a not-good time.
3. Management do not own the condo, u (or yr bank) own the condo. The management is to manage the condo eg gardening work, swimmng pool maintanence.
4. U decide on yr budget, location, size.
5. Many link but no good ones...

 

[+evenstar]

My parents bought their first private property at the age of 26

 

[markccm]

My parents bought their first private property at the age of 26

so ?

 

[+evenstar]

so ?

He asked whether he needed to be 35 or above..:think: :think: :think:

 

[ninelives]

your parents can buy condo because they are marry. my question is if you are single and below 35, can you buy? For HDB, you can't .

 

[Astin]

your parents can buy condo because they are marry. my question is if you are single and below 35, can you buy? For HDB, you can't .

There is no restriction to buy a condo, only that u need to have enough money, or u need to sweet-talk to yr bank to loan u enough money.

 

[therat]

your parents can buy condo because they are marry. my question is if you are single and below 35, can you buy? For HDB, you can't .

can can.....
can buy condo regardless ur age and marrry or not...
u want to buy as a present to ur baby also can...

condition of having a condo.
1. money.

 

[Astin]

Oh, slight correction, a bankrupt cannot own a condo.

 

[skdls]

Can single unmarried PR buy HDB after 35 yrs old?

 

[Astin]

Can single unmarried PR buy HDB after 35 yrs old?

Due to some government policy, now there is a hugh excess of unsold brand new HDB flats, u should be able to get 1 easily...

 

[Bluestrike]

oh yeah.. it time to go someone place PARTY liao~~~

 

[RossChang]

Hmm... interesting thread...

Private property? yea you can buy it anytime if you have the money...

Which leads me to a few question...
1. Can a foreigner (Non-PR) buy a private property here? any special footnotes to be aware of?
2. How much would a private condo with close proximity to MRT Stations cost?... :think:

 

[RossChang]

Another tot... prehaps property agents are too busy making money than surfing CS...;p

 

[Astin]

Hmm... interesting thread...

Private property? yea you can buy it anytime if you have the money...

Which leads me to a few question...
1. Can a foreigner (Non-PR) buy a private property here? any special footnotes to be aware of?
2. How much would a private condo with close proximity to MRT Stations cost?... :think:

A foreigner can buy a private property, (must be above 6 story I think). But a foreigner may have more restriction to borrow money from bank. Private property in Singapore are classified into freehold, 999-year-lease, 99-year-lease, u got to check the lease of the property and how many years left on the lease. U also need to engage a lawyer to handle the legal matters.

 

[weesiong]

My parents bought their first private property at the age of 26

yes yes, we all know your parents are rich

 

[Yeowww]

u hv to consider the landlease, 99, 999 or freehold. the longer the lease hold, the more expensive it is

another factor u need to consider is the monthly maintenance fees. normally ranges from $230 to 400 depending on size of condo and facilities.

when staying in condo, it means everyone is a owner. so more people = more problems.
eventhough got facilities, some may charge for the usage of say, tennis court...so those always use LL gotta pay.

also note the loan from the bank. during property boom, say someone bought a unit at 1million n he borrowed say 800k. when the price of the property drop to say 700k, the borrower gotta pay the bank at least 100k.

also interest rate can go up anytime, then monthly instalment will go up too.

it's better to get a few property agents to explain the details to u.

 

[+evenstar]

yes yes, we all know your parents are rich

:nono: :nono: You don't know how others work to pay off their instalments for their property. I don't think even your parents can afford to pay off the $$ for your house at one go.

 

[kjmedora]

the most important site you need to visit is www.ura.gov.sg where you can find the last transacted prices of all condos/apartments in singapore. this transparency ables you to assess how much you are willing to pay for your condo.

as for age, its only an issue for HDB.. i am 27 and i just bought my own place..

now is an okay time to buy as the prices are down, dont listen to those agents who say that the prices are going up, its all crap, you can take your time... 6000 unsold apartments sold at 2000 per year, ie. 3 years to deplete current stock with more condos popping up every weekend..so supply > demand...

go look at a lot of places before you buy... have a budget and stick to it... there are a lot of other costs... i paid near to 15000 on stamp duties alone..

condos with less units keep prices better than those wiht hundreds of units (glossy hdbs) as you are unlikely to have to compete internally to sell your place in the future.. undercutting one another in order to sell your place.. this info is good if you are buying.. try to get them to compete against one another..

alas... dont overpay...

 

[Mission]

One good property link : redas.com.sg
Do your homework before you commit :

Eg :
a) Loan repayment every month
b) maintainence cost
c) Mortgage insurance
d) Etc