4rm Flat - Worth Buying?

[florabliss 0]

Hi,

Need some opinion.

Do you think it is worth to spend $480K (including 50K COV) on a 4RM HDB resale flat in AMK Central? The 6 yr old flat is a corner unit, above 18 floor. Floor area is 91 sqm. It relatively new and minimum renovation required.

Thanks!

[zirhk3355 1]

You have to gauge yourself. But just to share how I would gauge the pricing:

Valuation reflects to the surveyor's value of the flat, inclusive of reno, location, comparative analysis of surrounding estate transacted prices, etc.

COV reflects market supply and demand, this means how much people are willing to pay ABOVE the actual value of the flat, which also refers to the intangible values such as fengshui, neighbours, "feel" of the flat, etc.

[yokine9a 1]

Goto HDB website, look at the completed transaction pricing of 4rm flats in AMK, especially the block you are looking at. Have a feel on what the selling price was in the property market.

In my own opinion, $480k + 50k is a bit on the high side. Almost can buy a 5rm flat in Toa Payoh

[applefreak 1]

yokine9a, it's $430k + $50k

hi florabliss, worth or not is really dependent on the individual

just like tv, some pple feel that spending $4k on a 42" plasma is worth but others think it's crazy when you can get one at half the price

for the flat, how much do you like it?

can you afford it?

these are the 2 main questions that only you can answer

and your answers to these 2 questions will be the answer to your first question

if you can afford it well enough, and really really like it

then it's definitely worth it

but if you can ill afford it, and considering it only because it's available

then it's a definitely

[vicenzo70 0]

As Applefreak put it so starkly clear, ARE YOU ABLE TO AFFORD IT? I dont mean to belittle anyone, but if you think its a worthwhile investment & the price reflects the true value in the area, by all means, buy it. Note of caution, ensure you have enough cash/CPF to fund your purchase for say, next 20 years?

Im also staying in AMK. Just bought an unit in Sept07. 4 bus stops from central. Cost = $275K incl COV. High floor & corner. Downside, its an old flat. Upside, we fully paid for it using CPF & cash.

My advice to would be HDB buyers, esp hot units, do your maths!!!

Edited March 4, 2008 by vicenzo70

[hello88 2]

definitely on the high side but it all depends on whether u like it or not and whether u can afford it plus how long do u wanna stay there???

anyway, there are definitely still people willing to pay that figure (Feb resale transaction)

Blk 596B Ang Mo Kio St 52 21 to 25 91.00 2002 $485,000.00

Edited March 4, 2008 by hello88

[Guest our-home]

Hi florabliss, in my opinion, if it's your first flat or if you are newlyweds, don't spend too much. There's lots of other stuff that will add to your bill later, eg. new furniture, minor reno, appliances, etc.

We regretted paying $352K ($40K COV included) for our 4-room, 103sqm, common corridor mid-floor unit in Serangoon North back in 1997. That was when prices were at their "peak". Were in a hurry coz rented place we stayed at was not convenient. Now our unit is worth about $290K, I think.

Look around some more, if you have the time to spare. And as vicenzo70 recommends, do your maths.

[florabliss 0]

Hi all, thanks for your valuable advices. I've been searching for a flat in AMK area since Jun 2006. Haven't been able to see any decent ones that is priced reasonably. Just last week, view a 30yr old unit at Blk 426 and it was in a very bad state. And guess what the owner is asking for 50K cash! That's why I'm really tempted to buy the one that I've stated there earlier as the place was just situated next to the AMK hub and it's quite nicely done up.

But I just scared that 10yrs down the road, I have problem selling the flat at a better price.

vicenzo70, you are really lucky. So envy...

[Zc31 0]

IS there a reason to stay in AMK? Near parents?

Your workplace easily accessible there?

If you're newly weds, 50k cash is gonna kill lotsa other expenditure unless frankly you're well off. Also if you're earning less then 8k combined, paybing off this house is quite a chore imho.

For me i decided to stay alittle off accessibility, chose bukit gombak, hse 5mins walk to station n living room face forest, something diff for a change.

Living on #20 after my 2nd appt, i paid 18k cov.

[florabliss 0]

Ya, my parents live in AMK, while his is in Bishan. And everyday we'll be going back home for dinner. So prefer to get somewhere nearer to ease the travelling. Both of us work in town area, so it's convenient for us to travel to work. At the same time, we qualify for the 40K grant too.

[Zc31 0]

Ya, my parents live in AMK, while his is in Bishan. And everyday we'll be going back home for dinner. So prefer to get somewhere nearer to ease the travelling. Both of us work in town area, so it's convenient for us to travel to work. At the same time, we qualify for the 40K grant too.

no wonder wan to stay there. i stayed in bishan for 16yrs, shifted to sengkang and now gg to shift to gombak

at the current situation where demand exceeds supply, see if you can bargain it down alittle.

i got 30k for first timer. Did some calculation and 10k more over 30yrs din seem realli attractive to me.

i work in tuas and wife at ibp.

would love to stay in amk too. the beef noodles is a place i go to every sunday for brunch haha

[florabliss 0]

We tot of moving to places like Sengkang, Jurong and Bukit Panjang area. But that would requires a lot of travelling. I think my HTB would be dead tired driving here and there (esp when he already needs to travel around during the day for work). It's dangerous for him to drive if he doesn't get enough rest.

[gohkm 1]

Hi florabliss,

U remind me of last year after i sold my punggol flat(best time to sell). Though i got a new clementi flat through balloting but i still go AMk to see see look look. why AMK? Cos my childhood days are spend at AMK ave 10, i study at townsville primary and AMK central is place i frequent during weekend......

so initially my wife and I go see those old 3 room flats near the AMk central..........all cut throat price.........ranging from 240k to 300k........though they are 3 + 1..........but that additional "room" is slighly bigger than store room but cannot be a room.....those flat viewing take away 3 weeks of my time.....very siong, every day after work report there with my wife and go house viewing....i almost faint when i come across a 4room HDB unit near AMK central......i think is 700X.......about 8th to 9th floor.......asking for 450k..........and the seller still deciding to sell anot.......but finally i come across quite a not bad 3+1 corner unit at blk 319 high floor asking for 310k........the agent is very sure i will like it and pay a deposit for it..........but i walk away....why?..........i feel abit not right somewhere....i am buying a 4th hand 1977 3 room flat for $310k............where HDB is selling me a 5 room new clementi unit at $365k..........for 55k more i got a new 5 room unit at clementi..........so i go ahead with my clementi unit...........

i think my move is not wrong afterall, ......i take a look at the recent price of 5room new unit sold at clementi by HDB............it cost at least $473K............about 100k different or more.........i guess is a small sum to some ppl but its definitely a big sum to me...........

[auroraborealis 0]

Hi!

Have you considered Toa Payoh? Close proximity to Bishan and AMK, and very convenient too. A friend of mine is staying at one of the point blocks next to the mrt station, and she recently told me that she heard talk of prices of around $350-400k going around. Of course it's not as new as the one you're talking about.

Don't tie yourselves down to a huge loan and have to give up too many things.

Cheers!

[yokine9a 1]

Sorry lah, didn't see the figures carefully, getting old now

But still, $430k + $50k still expensive leh