Asked by Ms. jane goh
Hi , As my boy and his gf is reaching marriage age, I'm considering whether to ask them to apply for a resale flat in Tiong Bahru (2km from me),Kim Tian,11 years unit,high floor.My qns is whether they should buy this resale unit in Kim Tian.New BTO flats like Kim Tian Green and Tiong Bahru green,only 450-500k.Is it worth for them to buy a 700k flat(assume valuation 680k,cov 20k)?Further if I am to breakdown the mortgage calculation as below:Assuming they loan 550k from HDB and remaining 150k from Cash & CPF. Factoring in mortgages interest rate, total cost of resale unit = (Monthly mortgage loan*12 month*repayment years)+Cash +CPF + stamp fee +agent’s fee +potential renovation (~20k)= (2.5*12*25)+150k+15.6k+7.5k+20k =~950k!!! Will it be possible a Kim Tian house can fetch more than a million in the many years to come?Tiong Bahru is a prime area, and there’s not much land for BTO anymore. Appreciate analytical answer. Jane
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