I need an idea about buying a condo. I am planning to sell my 4rm HDB fLAT FOR s$350k and having 150K as CPF and 150K cash.. total cash & cpf after the sale is 650K. I am looking for new Condo 4 RM. It's cost 1.8 M, My current salary around 8K. Can I buy a condo or go back HDB. does my financial is good enough to buy condo?
Based on the numbers shared, you are looking at about 1.2m loan for the condo. The monthly mortgage could be quite a stretch based on 8k sole income.
The maximum loan depends on your age, income and credit profile as well as any outstanding debt obligations at the moment, subject to bank approval.
I would believe, based on numbers shared, you can consider a less spacious condo with a lower price range, that might be more manageable. Ideally, I would need more numbers to make better recommendations.
May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.
Ivan Ng ERA ASAP
(ASk Anything Property)
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-- HDB BTO 4rm Sellers Mr. Farvin & Ms. Sel --
Ivan was the first agent that we met up with and right from the offset we had good vibes as he has a friendly personal approach, detailed working style and focuses on building the long-term relationship.
Our unit comes with its challenges but Ivan remained positive and had no qualms committing to our plans right from the start. It took only 6 weeks of aggressive marketing for him to secure a good offer which was a pleasant surprise in the end.
Ivan was always responsive and we had no worries to pass him the house keys. The whole process was transparent and hassle free, and he was always thinking from our point of view on how to make life easier for the client. He is a committed professional and has fast execution, so we felt assured that things are done well and we can entrust the sale process entirely to him.
--- HDB Flat Upgraders Mr. & Mrs. Lee ---
We decided to engage Ivan as our agent as we were impressed with how he answered the enquiries on property guru website.
He has helped us to find our ideal unit and also sold our current unit. He was very patient and never pushy when we were looking for our ideal unit. He would tell us that it is always important to find a unit that we really liked.
When it comes to selling of our unit, he was always prompt in arranging for viewings and he also tried his best to arrange and consolidate the viewings due to our time constraints. He is a reliable and prompt agent and is always willing to clarify any concerns and questions that we have.
Thanks Ivan! :)
-- HDB 5-rm Sellers Mr. & Mrs. Ting --
We have engaged the services of Ivan Ng for sale of our property at Pandan Gardens. He is professional and systematic in his marketing approach.
He is hardworking and committed to his work. He puts in great efforts in arranging clients for viewings and kept us updated thereafter. He is ever ready to help and guide us whenever the need arises.
He provided us with sound and useful advice as well as closely follow through from the start till the smooth sale of the property within a short period of time.
Thanks, Ivan. Keep up the good work! Read More
Mark, your RIGHT choice
MCG Read More
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Gavin Read More
With the information you have shared, the maximum quantum that you can afford comfortably is in the region of 1.5 mil.
It is not advisable to over stretched yourself especially when the interest rates are expected to rise in the future.
I will need more information such as your age, your other financial commitments to give you a more informed recommendation. Please feel free to contact me so that I can understand your situation and objectives better and provide you with further assistance!
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“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefited a lot from his advice and sharing. He is extremely patient when guiding me through the buying process and I am happy to secure a dream house within my budget with his assistance. A highly recommended salesperson who made my house hunting journey a breeze.”
Ms Chia (Buyer)
“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
“Nick is very pro-active in helping us to resolve whatever questions and problems that we encountered. All the issues are settled even before us having to request or ask for a second time. He was very frank and transparent with all the details, limitations and advantages that we wouldn’t have known. I think this is the most important virtue to be successful in this line. I will surely recommend him to anyone who needs his service because I trust that they will be equally satisfied!!”
Mr and Mrs Chan (Sold and Bought a property through Nick)
“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)
“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations.
We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House) Read More
Based on the info provided, you can definitely afford a condo but may have to consider a smaller unit , perhaps a 3 bedder rather than 4.
Please do not hesitate to contact me for a non obligatory discussion and a more in depth financial analysis. So that you can have a better picture of what are all the options available.
Thank you .
ERA Realty Network
Mobile : 98718363
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Website : www.arthur-loo.com Read More
Like most Buyers, you have forgotten to take into account your AGE. Because your AGE determine the loan tenure you can undertake, which in turns affect the amount you can loan.
Based on TDSR 60% on a 30-year loan tenure, you can loan a max of about $1.069m. Adding in your sale proceeds and exisiting funds of $650k, you can only purchase up to a max of $1.719m. And this is excluding the BSD that you have to pay.
Should you go for a $1.8m property, you will have to source for at least another additional $100k worth of funds. Hence, I'm not so sure if this is comfortable for you.
Since you're looking at 4-bedroom, and your income ceiling is below $14k, have you considered an EC? Nowadays, you can get a 4-bedder EC for under $1m. I believe this will be a much more comfortable financial commitments for you.
Should you need any further assistance in matters relating to property, please contact me at my mobile 9748 6305. I will be happy to assess and share with you the possibilities for you and your partner in the current market.
PropNex Realty Read More
Tq for your enquiry.
Based on the initial information provided, it would suggest that you should be able to secure a loan of $1m (subject to bank approval)
Assuming that your Hdb does not have any outstanding loan, your budget should fit around $1.6m (have to set aside for legal & stamp duties)
Another thing to take note would be that you will have to is the timeline for the purchase to be after the Option has been exercised by your Hdb buyer in order to avoid paying ABSD.
Thanks and look forward to value-add to your housing plans.
Danny Lim. Huttons (Paya Lebar Division)
We want to EXCEED your expectation
NTU BBM (Finance)
Contact: (+65) 82730380 Read More
In such sell buy transactions, it it essential you look into engaging an agent whom skills and knowledge you are confident in and whose working style you are comfortable with. Perhaps we could meet for an in obligatory discuss for me to shed some insights on the market , provide some recent transaction caveats and sales / purchase report for your understanding , share more on the marketing strategies and techniques for your unit as well as compute your financial sums and establish your financial timeline. All these aspects would give you a fundamental understanding of the transaction. I have transacted many of such deals with my clients and the most high profile one was when I sold a EM at a record price in Bishan which was published in the Chinese Newspaper (article available upon request). I have been an agent for years and am one of ERA Top Achievers till date and hope to value add your portfolio as I have for hundreds of my clients over time, of which testimonials can be seen on my website.
Hope to hear from you ! Do view my awards , accolades and testimonials @ www.kumarrai.com . Thank you!
ERA Assistant Division Director
ERA TOP ACHIEVERS 2014-2016
ERA MULTI MILLION CLUB
ERA ASIA PACIFIC WINNER 2014-2016 Read More