Sunday, 18 March 2012

Housing matters

Being a parent has taken up lots of time and energy, it is indeed refreshing to have the time to blog when one has a family. This month has been eventful, first I got some guy from Channelnewsaia inviting me to attend their programs about middle class struggles, then I got to know that my ballot for the september sale of balance flat was unsuccessful.

I had been waiting patiently since last septamber for my chance to finally own my very first property. While waiting for the so call appointment at hdb in march (should there be units available for selection base on the racial quota), I applied for a BTO at punggol; my queue number was even worse and thus I missed out the punggol BTO flat exercise.

I had mixed feelings about missing out the queenstown sale of balance flat exercise as the sale quantum is in the range of $5xxk yet you get blocked view and low floor units. The only good point is that I can move in right away and it is in a prime area. But for applicants that had bought them earlier, they had paid only $3xxk which is way much cheaper. Missing out on this means that I have to compete with the many Singaporeans during the next HBD sale launches.

Thoughts ran through my mind should I consider a EC instead, reason being the chances of getting one is virtually 100% for a first timer, you get facilities and the grant. My wife also speaks about upgrading oneself which made me rethink my next step. I also had concerns that should we delay in our purchase later, we might eventually exceed the hdb ceiling income and not be able to quality for hdb or even EC.

Buying a EC now would had disrupted my financial plans. I would need to cash out my stocks at a slight loss, buying one would also require me to top up cash in the monthly mortgage payment. It will not be a very huge financial burden monthly, but the thought of servicing the Overall interest/loan turns me off abit. I was not quite ready to join in the first lane of rat race for my EC.

I had a discussion with my wife and we both decide to try for the HDB while we can. First, it will be cheaper and we can clear the loan faster, secondly, we can use the extra cash we have for family holidays and stuff. I promise that we will still live in a condominium later no matter what, but that is when we have generated enough passive income and we wont have to slog for the property.


  1. Typical married women folks like house upgrading.

  2. It would be best to get hold of a hdb first. It is fine to get a 4-room or 5-room hdb. Do not get into unnecessary debt for fhe next 30 years. Stick to your plan. I also got my hdb first. It did not tie me down. Instead my cash becomes more flexible and i can buy into other properties for investment. Completed my hdb loan in 5 years. Now pumping up my warchest to invest into properties. Thanks for your sharing.

  3. My wife does not hanker for an EC or condo, so not all married women like to upgrade. She is quite happy living with me in our cosy 4-room HDB flat.

    I agree with SmartPassiveCashFlow - do not get into too huge a debt burden while still young. The interest on a large loan can be really tough to pay off, and you will find you need to cough up cash and your CPF OA never has a large balance. Choose a HDB and pay it off quickly, then invest the spare cash into good companies for passive income.

  4. Thank you all for your very constructive comments.
    I agree to your comments totally.
    I just hope I wont have to wait too long for my HDB. :)

  5. Go with what you can afford and pay it off ASAP! Having a roof over your head is the first big key to freedom. So I like you and your wife's decision for the HDB.

  6. the longer you decide the hdb price will keep going up....

    In 2005 i cannot get those ready, tried find MP also useless so i immediately go apply BTO 1st time and thank god i get my first home.

    i wait 3 1/2 yrs for my flat.

  7. You are using the right approach. Do not overstretch yourself, you will regret it later. Also, I have read an article saying that the property market is Singapore is overvalued right now.
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