Is it possible for young couples to get a house of their own now?

[BeTtybUup]

Hi ladies....

im getting my ROM end of this year, has been looking for a house since april. Im the average Singaporean, earning just enough to get by...heeee... Preparing for my wedding at the end of the year also.... So my $$$$ are almost WipED out....oh dear....

im actually looking out for resale flats coz BTO is just too long to wait....
I want a house of my own, if you know what i mean. Living with in-laws or own mum is not possible as there are no spare rooms...

Im just lamenting as it is just so tough to get a housewith a LOW COV, mind you, im looking at COV less than 10K,as i really think its crazy to pay that high for a cov (30k - 60k), and i still have a whole life ahead of me after the wedding....

looking at the trend now...i think its still possible but hard to find.
The Gov is really monopolising the whole housing situation.. making it difficult for young couples to have their own place to stay.... and here they are preaching housing is affordable..... Pengz!!!

Demands for housing in Sinagpore in the last few years are driven mainly by 3 factors:

1.) An influx of migrants;
2.) Market speculation; and
3.) Seller expectations.


****...its really wait and see how the whole market will be like in the next few months... if not... either its rental or applying for multiple bank loans to pay for COV alone.

Any input on how i could a house than?

Wish me luck!!

[chloe.p..]

Personally, I don't think prices will dip in the near future. The year or so I was looking for my current place, prices rose $20K on average. I've moved in for 10 months and prices have risen by another $25K on average. It wouldn't be long before renovated 3 room flats at convenient (not prime) locations will be going for $300K I feel. You just have to take a look at the flyers in your mailbox to know. I have PR friends who are buying hdb flats in prime locations, coughing out cash of $600K upwards. Many people do not mind taking on a 30 year loan and end up paying interest of 20-50% of the value of their home either. Their only concern is to have a comfortable place and which they can boast about.

For places with COV of $10K or less, these would probably be those on the lower levels (2nd/3rd floor), in not so convenient locations (no MRT/school/hawker centre nearby), older estates (20 year old up), and units in rather bad/old condition. Or you may just get lucky . You just have to weigh the pros and cons of financial stress with environmental stress.

Why not try getting a flat directly from hdb? For married couples, this is actually a bonus. A pity it's not something I'm entitled too.

[artichoke]

Looking at the housing market now, if the prices don't drop, I think renting will end up cheaper than owning a house. You own it for 99 years anyway and you can't take the house with you when you die. I rather use my money for something else.

[BeTtybUup]

Personally, I don't think prices will dip in the near future. The year or so I was looking for my current place, prices rose $20K on average. I've moved in for 10 months and prices have risen by another $25K on average. It wouldn't be long before renovated 3 room flats at convenient (not prime) locations will be going for $300K I feel. You just have to take a look at the flyers in your mailbox to know. I have PR friends who are buying hdb flats in prime locations, coughing out cash of $600K upwards. Many people do not mind taking on a 30 year loan and end up paying interest of 20-50% of the value of their home either. Their only concern is to have a comfort environmental stress. table place and which they can boast about. ....

LOL.... i don't need a place to boast about.... i just need a place to call my own.
Cant flat owners be abit lenient bout the steep cov...
But i understand what you mean... Boo hoo to all the new couples like me...

but hey, ur the only other person i know that understands re:the 30yrs loan period and how much interest it chokes up from our cpf...the other person was my agent friend who insist i took a loan for 20 yrs or lesser if i were to take HDB loan.

artichoke: wow...i may just have to wait and see then...

[lavend3rmist]

Hi BeTtybUup! Not to spoil your day, but I think its really difficult to find a house with COV <$10k nowadays, with the crazy mindset of using HDB as an investment by not only PRs, but SGeans who don't really need the house and just buy it to rent out. So there's always us... couples who r struggling to start our own pad.

I don't foresee COV prices to be really nose-diving any time soon. When i got my house in Jan 2009, pple's been telling me that i should have waited since economy crisis is bound to set COV at lower prices. Should i have waited, i don't think i can ever find a similar house with only $10k COV now. My friend who's been searching for 2yrs, initially unwillingly to pay even $10k COV... or buy houses at Sk/Punggol thru BTO.. ended up in Woodlands w $30k COV 1mth back.

Personally, i would still insist on 30yr loan. If CPF has got enough money can always do a partial/full redemption to minimise the interest later on. Loan period can only shorten but not lengthen. So should we take a <20yr loan and midway one of us need to stop work (baby.. family..etc), we may have problem financing the loan as shorter loan term usually = higher mthly installmt. That's probably something u have to take into consideration in your planning.

my personal suggestion is try to keep balloting from HDB direct, be it ready-built or BTO, at least u clock up the unsuccessful tries. Meanwhile, also keep a lookout on resale market for gd buys, there are, but rare.

[kiss_me]

we're in the EXACT situation man! i think BTOs take way too long, but no choice still have to ballot, but the problem is my queue is freaking bad, like 300 units, my queue would always be like 600 or 800 that like of crappy numbers.

and we absolutely cannot cough out 30k COV. even if we cough out the COV then what? don't have to buy furniture, no renovation? no way to borrow from parents too ***sigh***

we're going to stay with his parents for the time being, no other alternatives already.

since private property prices are dropping, i hope the immigrants will go back to buying private properties. it was so mad awhile back, foreigners in higher mgmt simply chose to buy resale flats instead.

my friend managed to buy a 3 room flat in jurong asking for less than 10k only, but west is a big no-no for the both of us

[angelic]

We are still able to get our own home. Just have to pay until die. That's what I tell my husband.

Just beware of agents telling others that prices of the properties will keep on going up although it will go up if you are buying at an appropriate time. Sometimes they, themselves, are speculating. My parents listened to the property agents in 1997 that properties' prices will keep on going up so they upgraded and bought a 5-rooms flat in Pasir Ris at $500K. After 13 years, it still remains at $500K. Thereotically speaking, they are making a loss. Should they wait for one more year (199, they would have bought it for $400K.

Now I believe it's the peak now. The prices will go down soon from the trend that I see. I think it's best to wait now especially those who are not in a hurry to buy flats or private properties. But in 5 years time down the road, the prices of the houses may increase as compared to current prices unless a recession/tragedy/deadly illness strikes again.

[chanteldiva]

I'm currently 21 years old now

but due to some family problems my SO & I decided to move out

have been living in rented room for abt a year alrd.

I am still studying so living expenses are very high for us as we need to pay monthly rental etc.

We are now waiting for out BTO which will be ready in 2013. Sigh. Life is hard now but at least we know we are going to have a house of our own in 2013.

all the best to everyone out here who are trying to get a house. hard to get a house here in sg, Best wishes! & don't give up