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asoon88

Don't Pay More Than $400k For A Hdb Flat

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I guess each estate has it's gds & bads.... most impt is - so long as u are comfy staying there. Nothing is perfect in this world.

Just like I hv frens who lived in the East & North & they sang praises of their estate; and often ask me why didn't I consider shifting nearer to them.

Bt I stay in the West since young, & nv tot of leaving the West side... I m comfy w/ wat I hv & so I will stay put.

The fact is :

The coolest parts of Singapore are in the WEST and parts of the NORTH. Elsewhere it is simply simmering hot ! I wonder why valuation guys never factor this in ? EAST side properties are sitting on reclaim land which can be dislodge by a freak earthquake/tremor sometime in the future. It is also made up of marine clay unlike the granite foundations of the WEST... that's why I stay in Jurong !!

Edited by asoon88
 

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Let me just share with everyone what I did recently to avoid paying COV.

Many agents will tell you that 'it is impossible' to buy flats without COV. The reason is simple : The sellers usually use this money to cover the 2% commission to pay the agents. Any remaining money is just nice to pay the commission of 1% to the agent finding another flat for them.

I bought an EA flat recently. The owner's agent was asking Valuation + $15K cash. The flat was less than 12 yrs old, marble flooring, built-in wardrobes, fitted kitchen,etc,etc.....all were still in pretty good condition. I rejected their offer when first approached. After spending days checking out the surroundings, feng-shui and everything that I think will affect me, I decided to approach the sellers' agent again because the unit was ideal for me.

I offered to pay him a 1.5% commission and asked him to claim the remaining 0.5% from the owner in return for NO COV. IT WORKED !

I bought the flat at valuation.

Eventhough I paid the seller's agent commission using profits from my previously sold flat, I think it is money well spent because:-

i) I did not drive up the resale flat price which will be reflected in HDB's statistics

ii) Paying the agent 1.5% was much lower than forking out $15K COV

iii) The seller's agent was on my side the moment I offered to pay his commission. The resale process was seamless.

Therefore, what agents want are their commissions. Yes, a higher selling price with COV will increase their commissions. However, making a quick sell and collecting the commissions is the name of their game .

whoever seller get this agent is **** suay.... :bangwall:

 

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whoever seller get this agent is **** suay.... :bangwall:

This is an agent that knows the best interest of all parties including himself. Nothing "***** suay" about it.

Edited by asoon88
 

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Where's the fiduciary duty then? :rolleyes:

Housing estate agents and crooks are not very different. The former informs you the upfront payment while the latter takes whatever without informing you. Nothing to be fiducial about since all parties seller, agent and buyer were in the discussion before agreement.

 

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Housing estate agents and crooks are not very different. The former informs you the upfront payment while the latter takes whatever without informing you. Nothing to be fiducial about since all parties seller, agent and buyer were in the discussion before agreement.

I beg to differ. There are good housing agents around. At the same time, Fiduciary duty is important as the agent represents either the buyer or seller in one case or another. In other cases, they represent both. When they represent both, fiduciary duty is contentious.

My agent, who is also a friend of mine have only done 1 HDB sales which was for me whereas his mainstay is private / high end properties. In my dealings with him, he has always sought the best price and assisted in negotiation prices for me. Even advising me to walk away on occasions.

I'm not singing praises about my friend/agent but rather to state that there are people who put their clients interest in the right pocket and the commissions in the other.

Unfortunately in an industry like property market, its really challenging as it is still unregulated.

 

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I agree w/ Phantom also... I also hv encountered gd agts who put their customers' interests at heart & nv put on a face when you rejected him. Some agts - when they show u numerous units & you are still nt satisfied, they really give you one kind of look.

They can really go to the extra mile, just to help u get your dream unit. Right frm the beginning they nv mention a single word on comm. Bt some agts, when I try to ask if they wanna co-broke, their reply was "we seldom co-broke bcos comm frm purchase of flat is only 1%" & asked me to b more understanding.

After almost get conned over some issues, we rather stick to one & hv him bring us ard. Even if it means getting a unit not from his list, he was also more than willing to follow us ard to make sure we know wat we are signing on.

I was just telling my gf abt this agt who's a BP specialist, & she also told me, yes, he is gd!

Tis agt I've met, has a 'potential' buyer (bt I dunno hw potential) & he's brought him to view like close to 40 units or more.... almost the entire BP units tat were on sale. Bt still can't meet their expectations. Somehow or rather, maybe bcos they are too-believing in drawing lots frm the temple. They can place an OTP 1k yet change their mind. Bt he's still v patient w/ them & I really SALUTE him! ha ha ha...

Edited by Bighead
 

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I bought my EA from HDB 4 year ago for 269k. Took a loan for 30 years and every month dry up my CPF. Sometime i was wondering, how come ppl are able to afford more than 400k for a HDB flat? My concern is that even new flat from HDB are costing more than 300k for a 4 room (punggol location) For the younger generation who just start working, i wonder how much they need to save up enough for their CPF before they can afford a 4 room HDB.

 

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Sadly, the low or zero COV is mainly targetted to 5rm & bigger units. Chances of low/zero cov to 4rm & below is near to impossible, unless the condition is not in a move-in condition. For new couples that wish to have their own homes, it will still be better to get directly from HDB.

 

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Sadly, the low or zero COV is mainly targetted to 5rm & bigger units. Chances of low/zero cov to 4rm & below is near to impossible, unless the condition is not in a move-in condition. For new couples that wish to have their own homes, it will still be better to get directly from HDB.

even not in move-in condition, owner also asking for COV

Come across 1 4rm, asking 10k COV. 1 3rm asking at least 30K COV

Both of the unit need a 100% reno from top to toe.

 

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I bought my EA from HDB 4 year ago for 269k. Took a loan for 30 years and every month dry up my CPF. Sometime i was wondering, how come ppl are able to afford more than 400k for a HDB flat? My concern is that even new flat from HDB are costing more than 300k for a 4 room (punggol location) For the younger generation who just start working, i wonder how much they need to save up enough for their CPF before they can afford a 4 room HDB.

I think it is almost impossible to find a EA at 269K today.

I am just wondering how can new couples who want to buy their first flat are able to forge out $20K to $40K cash for the ridiculous COV.

Taking a Typical Sporean couple who wants to marry age 29 and a get a new home,

who must have already spent $20K to $40K already on marriage, do they still have this extra cash to pay for COV?

Even they have, are you willing to reduce all this hard-earned saving to Zero and start all over.

You are not paying cash for the value of the property you buy, you are paying additional cash to home seller $20K to $40K more for what???

what's the logic here ???

 

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I think it is almost impossible to find a EA at 269K today.

I am just wondering how can new couples who want to buy their first flat are able to forge out $20K to $40K cash for the ridiculous COV.

Taking a Typical Sporean couple who wants to marry age 29 and a get a new home,

who must have already spent $20K to $40K already on marriage, do they still have this extra cash to pay for COV?

Even they have, are you willing to reduce all this hard-earned saving to Zero and start all over.

You are not paying cash for the value of the property you buy, you are paying additional cash to home seller $20K to $40K more for what???

what's the logic here ???

Yes, it is impossible to find anything within one's means unless they empty their CPF and bank account including their parents ! My recent EA cost me $390K already. No COV though.

This question has been put to our dear minister Mah Boh Tan many times. He said recently on TV that Singaporeans have a wide choice of properties to choose from. From private, to HDB new and resale flats. He said buying property is like going into a "supermarket". He thinks buying property is like buying meat and vegetables !

Vote him out when the next election comes. He has made many greedy Singaporeans and PRs rich, he has made even more Singaporeans 'homeless' and 'bankrupt' every month.

That is why no housing estate agent is an honest guy no matter how good his service is. He is out to fleece people in the most 'honest' way.

Edited by asoon88
 

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it is wrong to say that 5 room has no or Low COV bcoz I just paid $14,000 COV for a 5 room in sembawang...and its not near mrt :rolleyes: cheers everyone.

I agree with you as I am paying COV 14k for 5 rooms at sembawang too.

Where is your location?

Edited by alphakim
 

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3rm flat for more than $200K is very expensive. If bought a lousy flat den super expensive.

got a friend bought 5rm flat @ $368K. Inside of Tampines but not near MRT.

Edited by dean
 

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