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 05 Sep 08 1:02 am |
debt free life is good.
You are nobody's slave.  |
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05 Sep 08 1:35 am |
people making same mistake as US.
Take big loans now because banks offering very low interest rates. Think can afford these loans for 30 years. But when the rates reset and double...can you still pay ?? Or do you foreclose ??
Too many naive home buyers. Kena burn very bad. |
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05 Sep 08 1:37 am |
| Anonymous wrote: | | I might be paying higher rental now but I was also paying very low rental till my last contract. |
Thats right. Just like rental goes up and down. Mortgage payments go up and down. And the bad thing is once they go up, very hard to bring them down as banks are quick to raise interest rates and very slow in dropping them.
Those borrowing at current interest rates can rest assured that in future interest rates can only go up. So if you maxing out your monthly payment thinking you can just about afford it, think how will you manage when it increases sharply. Unline rental...you wont have the option to get out.
Thats the trap. |
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05 Sep 08 9:03 am |
| Just look at the global stock market meltdown. Yesterday wall street shred > 300 points, world stock market follows today.....seller still wanna to ask for the sky? |
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05 Sep 08 9:11 am |
| Anonymous wrote: | IMHO, better pay 9600 for a year, than 20+K for a house and be bogged by loan for the rest of your life?
Not sure about you guys, but I don't have 20+K lying in my bank... And I dont buy 4D or Toto! |
If you know how to think...then you are wrong. 9600 per year all down to the drain...20+K per year for a bank loan or HDB loan? If HDB loan, then the house must be damn expensive...
if you get a normal decent 4 room flat with HDB loan, the monthly installment is less than 800. at the end of the day, the house is yours. even if one day you got retrenched, you can't get the 800 dollars at least for 6 months??
Even if you take bank loan...although it may be around 1000 or 1200, you can call the house as yours...but if you cant pay the installment for 3 mths, the house will not be yours anymore but the bank. But if you rent, do you think your landlord will still allow you to stay if you do not pay your rental for 3 months?? |
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05 Sep 08 9:22 am |
| Anonymous wrote: | | Anonymous wrote: | IMHO, better pay 9600 for a year, than 20+K for a house and be bogged by loan for the rest of your life?
Not sure about you guys, but I don't have 20+K lying in my bank... And I dont buy 4D or Toto! |
If you know how to think...then you are wrong. 9600 per year all down to the drain...20+K per year for a bank loan or HDB loan? If HDB loan, then the house must be damn expensive...
if you get a normal decent 4 room flat with HDB loan, the monthly installment is less than 800. at the end of the day, the house is yours. even if one day you got retrenched, you can't get the 800 dollars at least for 6 months??
Even if you take bank loan...although it may be around 1000 or 1200, you can call the house as yours...but if you cant pay the installment for 3 mths, the house will not be yours anymore but the bank. But if you rent, do you think your landlord will still allow you to stay if you do not pay your rental for 3 months?? |
Can you guarantee that rent wont go down in future? Just look at the vacancy rate of condos...they won't be able to stay vacant for long, thereafter you will see < 2k rent for condo very soon. What's next for HDB rental market, go figure out. |
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05 Sep 08 9:28 am |
I have been renting for quite sometime before I purchase 1 unit recently. In my point of view, I would rather buy instead of keep renting...
reason:
1. The money that I save all goes to the landlord, if I buy...at least can be consider as investment, the house is mine after all.
2. The amount of rental fee that I have to fork out is greater than the amount of my installment
3. I can use my CPF to pay for the installment. Rental need to pay by cash, can't see $ at the end of the day
4. Even if got financial crisis...i would rather face it when i'm in a possession of house rather than when im renting
5. I bought the house to prepare myself for the hard time ahead. Because my monthly installment is much lower than the rental fee that i gotta pay. I cant save alot when i rent but now at least i can see some savings. I know part of it because i pay using CPF...but you cant get the CPF out anyway...why not use it? i would rather keep my own money where i can take it out anytime!!
6. I do not have family or relatives can be rely on. Gotta rely on myself.
7. I am aware the property price will drop sooner rather than later but it will not drop significantly like 1996. And the property thing goes in cycle. even if it drops, you just need hold on to your house for the next 7 yrs and the price will be even higher than the current one (of course considering inflation as well).
You may not agree with me...but thats how i think...compare between both buying and renting...it is much more worth to buy, well at least for someone like me. BUt if you can rely on someone or you stay with your parents, then you can wait...the price will come down sooner rather than later. I am very well aware of this but I do not have any other choice, do I? |
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05 Sep 08 9:33 am |
| Anonymous wrote: | I have been renting for quite sometime before I purchase 1 unit recently. In my point of view, I would rather buy instead of keep renting...
reason:
1. The money that I save all goes to the landlord, if I buy...at least can be consider as investment, the house is mine after all.
2. The amount of rental fee that I have to fork out is greater than the amount of my installment
3. I can use my CPF to pay for the installment. Rental need to pay by cash, can't see $ at the end of the day
4. Even if got financial crisis...i would rather face it when i'm in a possession of house rather than when im renting
5. I bought the house to prepare myself for the hard time ahead. Because my monthly installment is much lower than the rental fee that i gotta pay. I cant save alot when i rent but now at least i can see some savings. I know part of it because i pay using CPF...but you cant get the CPF out anyway...why not use it? i would rather keep my own money where i can take it out anytime!!
6. I do not have family or relatives can be rely on. Gotta rely on myself.
7. I am aware the property price will drop sooner rather than later but it will not drop significantly like 1996. And the property thing goes in cycle. even if it drops, you just need hold on to your house for the next 7 yrs and the price will be even higher than the current one (of course considering inflation as well).
You may not agree with me...but thats how i think...compare between both buying and renting...it is much more worth to buy, well at least for someone like me. BUt if you can rely on someone or you stay with your parents, then you can wait...the price will come down sooner rather than later. I am very well aware of this but I do not have any other choice, do I? |
For long term , buy a own flat is a smart way... i think a lot of ppl is renting and waiting now and monitor the resales flat price.if drop..i think all of them will start to looking resales flat ..Agreed? |
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05 Sep 08 9:34 am |
| Anonymous wrote: | I have been renting for quite sometime before I purchase 1 unit recently. In my point of view, I would rather buy instead of keep renting...
reason:
1. The money that I save all goes to the landlord, if I buy...at least can be consider as investment, the house is mine after all.
2. The amount of rental fee that I have to fork out is greater than the amount of my installment
3. I can use my CPF to pay for the installment. Rental need to pay by cash, can't see $ at the end of the day
4. Even if got financial crisis...i would rather face it when i'm in a possession of house rather than when im renting
5. I bought the house to prepare myself for the hard time ahead. Because my monthly installment is much lower than the rental fee that i gotta pay. I cant save alot when i rent but now at least i can see some savings. I know part of it because i pay using CPF...but you cant get the CPF out anyway...why not use it? i would rather keep my own money where i can take it out anytime!!
6. I do not have family or relatives can be rely on. Gotta rely on myself.
7. I am aware the property price will drop sooner rather than later but it will not drop significantly like 1996. And the property thing goes in cycle. even if it drops, you just need hold on to your house for the next 7 yrs and the price will be even higher than the current one (of course considering inflation as well).
You may not agree with me...but thats how i think...compare between both buying and renting...it is much more worth to buy, well at least for someone like me. BUt if you can rely on someone or you stay with your parents, then you can wait...the price will come down sooner rather than later. I am very well aware of this but I do not have any other choice, do I? |
If u hv been renting all these while, why cant u wait for a little longer? is it wise to buy at the peak then? |
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05 Sep 08 9:37 am |
Yeah, buying a house in the long run is important.
But in the short term, the prices do not justify giving your hard-earned cash to some sellers!
Give 9600 to Landlord and buy a house within a reasonable pricing 1 year down the road.
VS
Give 20+K now for a house and be bogged down by a loan for the rest of your life. HDB loan still okay, but what if you can only take a bankloan? Bank loan = you need to come up with more cash! 5% of the flat val has to be paid in cash! |
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05 Sep 08 9:37 am |
| Anonymous wrote: | | Anonymous wrote: | | Anonymous wrote: | IMHO, better pay 9600 for a year, than 20+K for a house and be bogged by loan for the rest of your life?
Not sure about you guys, but I don't have 20+K lying in my bank... And I dont buy 4D or Toto! |
If you know how to think...then you are wrong. 9600 per year all down to the drain...20+K per year for a bank loan or HDB loan? If HDB loan, then the house must be damn expensive...
if you get a normal decent 4 room flat with HDB loan, the monthly installment is less than 800. at the end of the day, the house is yours. even if one day you got retrenched, you can't get the 800 dollars at least for 6 months??
Even if you take bank loan...although it may be around 1000 or 1200, you can call the house as yours...but if you cant pay the installment for 3 mths, the house will not be yours anymore but the bank. But if you rent, do you think your landlord will still allow you to stay if you do not pay your rental for 3 months?? |
Can you guarantee that rent wont go down in future? Just look at the vacancy rate of condos...they won't be able to stay vacant for long, thereafter you will see < 2k rent for condo very soon. What's next for HDB rental market, go figure out. |
I think you only think of short term solution...even if the rent drop, thats still not your house. If you got family, do you want your wife and kids keep moving here and there? and condo <2K is not possible in the near future, you can have a choice not to agree with me. Well, anyway...it's up to you really..you can continue renting, that's your choice, got nothing to do with me  . When i'm old, i will have at least a house where i can sell and migrate to other countries to retire... |
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05 Sep 08 9:44 am |
| Anonymous wrote: | | Anonymous wrote: | I have been renting for quite sometime before I purchase 1 unit recently. In my point of view, I would rather buy instead of keep renting...
reason:
1. The money that I save all goes to the landlord, if I buy...at least can be consider as investment, the house is mine after all.
2. The amount of rental fee that I have to fork out is greater than the amount of my installment
3. I can use my CPF to pay for the installment. Rental need to pay by cash, can't see $ at the end of the day
4. Even if got financial crisis...i would rather face it when i'm in a possession of house rather than when im renting
5. I bought the house to prepare myself for the hard time ahead. Because my monthly installment is much lower than the rental fee that i gotta pay. I cant save alot when i rent but now at least i can see some savings. I know part of it because i pay using CPF...but you cant get the CPF out anyway...why not use it? i would rather keep my own money where i can take it out anytime!!
6. I do not have family or relatives can be rely on. Gotta rely on myself.
7. I am aware the property price will drop sooner rather than later but it will not drop significantly like 1996. And the property thing goes in cycle. even if it drops, you just need hold on to your house for the next 7 yrs and the price will be even higher than the current one (of course considering inflation as well).
You may not agree with me...but thats how i think...compare between both buying and renting...it is much more worth to buy, well at least for someone like me. BUt if you can rely on someone or you stay with your parents, then you can wait...the price will come down sooner rather than later. I am very well aware of this but I do not have any other choice, do I? |
If u hv been renting all these while, why cant u wait for a little longer? is it wise to buy at the peak then? |
My rental have tripled from the first time I rent. I got no choice but to buy, do not have the previlege to wait. And I got my house cheap...there are still alot of house out there that is quite affordable. If you have been here for quite sometimes...I am the one who bought the house with 20K COV when the asking was 60K! The house is very nice and in a move in condition..no need to do renovation, 3 mins from MRT, high floor...and the valuation of my house has increased AT LEAST 20K from the date i purchase 3 mths ago. Is it worth it? Well, i think me myself also can't give a definite answer, only time will tell...I'm buying to stay anyway... |
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05 Sep 08 9:48 am |
| Anonymous wrote: | Yeah, buying a house in the long run is important.
But in the short term, the prices do not justify giving your hard-earned cash to some sellers!
Give 9600 to Landlord and buy a house within a reasonable pricing 1 year down the road.
VS
Give 20+K now for a house and be bogged down by a loan for the rest of your life. HDB loan still okay, but what if you can only take a bankloan? Bank loan = you need to come up with more cash! 5% of the flat val has to be paid in cash! |
Yah, true...HDB is OK but not bank loan. Anyway, I am taking HDB loan...thats why can see a lot of difference between renting and buying but if taking bank loan...there are alot of risk involved. |
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05 Sep 08 9:53 am |
| Anonymous wrote: | | Anonymous wrote: | I have been renting for quite sometime before I purchase 1 unit recently. In my point of view, I would rather buy instead of keep renting...
reason:
1. The money that I save all goes to the landlord, if I buy...at least can be consider as investment, the house is mine after all.
2. The amount of rental fee that I have to fork out is greater than the amount of my installment
3. I can use my CPF to pay for the installment. Rental need to pay by cash, can't see $ at the end of the day
4. Even if got financial crisis...i would rather face it when i'm in a possession of house rather than when im renting
5. I bought the house to prepare myself for the hard time ahead. Because my monthly installment is much lower than the rental fee that i gotta pay. I cant save alot when i rent but now at least i can see some savings. I know part of it because i pay using CPF...but you cant get the CPF out anyway...why not use it? i would rather keep my own money where i can take it out anytime!!
6. I do not have family or relatives can be rely on. Gotta rely on myself.
7. I am aware the property price will drop sooner rather than later but it will not drop significantly like 1996. And the property thing goes in cycle. even if it drops, you just need hold on to your house for the next 7 yrs and the price will be even higher than the current one (of course considering inflation as well).
You may not agree with me...but thats how i think...compare between both buying and renting...it is much more worth to buy, well at least for someone like me. BUt if you can rely on someone or you stay with your parents, then you can wait...the price will come down sooner rather than later. I am very well aware of this but I do not have any other choice, do I? |
For long term , buy a own flat is a smart way... i think a lot of ppl is renting and waiting now and monitor the resales flat price.if drop..i think all of them will start to looking resales flat ..Agreed? |
Yes, I think now everybody wait for the price to drop before rushing to buy. But at that time, do you think the property price will rise again? Since so many demands? |
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05 Sep 08 10:04 am |
| Anonymous wrote: | | Anonymous wrote: | | Anonymous wrote: | I have been renting for quite sometime before I purchase 1 unit recently. In my point of view, I would rather buy instead of keep renting...
reason:
1. The money that I save all goes to the landlord, if I buy...at least can be consider as investment, the house is mine after all.
2. The amount of rental fee that I have to fork out is greater than the amount of my installment
3. I can use my CPF to pay for the installment. Rental need to pay by cash, can't see $ at the end of the day
4. Even if got financial crisis...i would rather face it when i'm in a possession of house rather than when im renting
5. I bought the house to prepare myself for the hard time ahead. Because my monthly installment is much lower than the rental fee that i gotta pay. I cant save alot when i rent but now at least i can see some savings. I know part of it because i pay using CPF...but you cant get the CPF out anyway...why not use it? i would rather keep my own money where i can take it out anytime!!
6. I do not have family or relatives can be rely on. Gotta rely on myself.
7. I am aware the property price will drop sooner rather than later but it will not drop significantly like 1996. And the property thing goes in cycle. even if it drops, you just need hold on to your house for the next 7 yrs and the price will be even higher than the current one (of course considering inflation as well).
You may not agree with me...but thats how i think...compare between both buying and renting...it is much more worth to buy, well at least for someone like me. BUt if you can rely on someone or you stay with your parents, then you can wait...the price will come down sooner rather than later. I am very well aware of this but I do not have any other choice, do I? |
For long term , buy a own flat is a smart way... i think a lot of ppl is renting and waiting now and monitor the resales flat price.if drop..i think all of them will start to looking resales flat ..Agreed? |
Yes, I think now everybody wait for the price to drop before rushing to buy. But at that time, do you think the property price will rise again? Since so many demands? |
at least u and me are waiting now...haha |
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05 Sep 08 10:05 am |
[quote="Anonymous"]
Yes, I think now everybody wait for the price to drop before rushing to buy. But at that time, do you think the property price will rise again? Since so many demands? [/quote
Yes, it will be like median price drop - 30K, then up slightly + 5k, then drop - 30K, then up + 2K, then drop - 30K...for each quarter... |
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05 Sep 08 10:24 am |
Even CPF cannot be taken out, it is still your money. Do not overspend it.
For my case, what I want is >4rm, 10 mins walk to mrt, high flr, good shape and direction, not too old, not too ulu, lift level. Currently we spend 20k+ on rental each year. I can easily foresee the price of our target flats to drop 50k to 100k in the next 2 to 3 years. After careful calculation, we decided to wait for another 2 years.
If unfortunately the price keeps up, we still can afford it at that time (accumulate more money). This chance is very little. |
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05 Sep 08 10:59 am |
| Anonymous wrote: | Even CPF cannot be taken out, it is still your money. Do not overspend it.
For my case, what I want is >4rm, 10 mins walk to mrt, high flr, good shape and direction, not too old, not too ulu, lift level. Currently we spend 20k+ on rental each year. I can easily foresee the price of our target flats to drop 50k to 100k in the next 2 to 3 years. After careful calculation, we decided to wait for another 2 years.
If unfortunately the price keeps up, we still can afford it at that time (accumulate more money). This chance is very little. |
Cannot be gua... drop 50k to 100k in the next 2 to 3 years? If can drop 30k already very good lor...for me..if next year can drop 15% of val . i will be very happy already. c our luck...... |
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05 Sep 08 11:23 am |
Money is one aspect and to me rental is wastage where as your own house is your asset. People may have different opinion.
If you have a family with kids or just hubby-wife, I would better pay the extra for that privacy than to stay in a common room. I can not justify myself to stay in a common room just to save few hundreds. I am not in such a desperate situation. If things turned out to be such a bad situation, I would rather prefer a so called ULU place with cheaper rental than a common room.
Have you came across whims of landlords? have you cheated by rental agents? have you changed your house in a very short notice? have you shifted almost regularly? Some people may have enjoyed that but to me, with kids, it's not a very memorable experience. Think about your kids school, their friends..
To me the risk of a lower valuation is more acceptable than all these small aspects of life. I am buying the house to stay not to do business. |
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