Should You Buy A Private Property As Your First Home? Here Are The Pros & Cons

[@StackedHomes]

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[@yjc149]

This is the best channel for this category

[@StackedHomes]

Wow thank you so much for your kind words ❤

[@knnyzng]

really love this series of helpful videos - thank you!

[@StackedHomes]

Glad you like them!

[@denisetanpropertystrategist]

Awesome video guys! I believe one of the plus side of getting a private is really about the seller stamp duty period (3yrs) which is less than that of an MOP (5yrs). Just to share - I had a client who was in the same situation a few years back where they had the option of a resale HDB, brand new EC and brand new condo (they exceeded BTO income cap). With some support from family for the downpayment, they got a new project which I recently helped them flip at the TOP stage for profits, and then upgraded them again to a FH landed property in East Coast, which then in turn appreciated due to the rising landed prices. So yes I feel the decision really depends on their finances and their future plans down the line. Condo would possibly cut short exit time for new opportunities. So glad I helped my clients to upgrade to a freehold landed property at 32.

[@yxinz]

Flip at TOP? No SSD?

[@denisetanpropertystrategist]

@@yxinz they bought in June 2017 after the change of SSD ruling (11 Mar 2017). By the time the condo TOP-ed, it already passed the SSD period so they could sell upon getting keys. :-)

[@StackedHomes]

That's awesome! Thanks for sharing your experience Denise!

[@bryanchiew2801]

Hi Ryan great video, lots of good info summarised. I think it would also be quite sound to add on the fees of a capark lot in HDB to the conservation fees for more similiar comparison.

[@StackedHomes]

Thanks! Yes that's true! Adding in the season parking and the conservancy fees could be close to the mass-market condo monthly maintenance too!

[@DerLostPotato]

I'm now 30. I have to wait 5 years before I'm eligible for BTO. Say I'm now 35 and I got a bto flat. I wait another 5 years for completion, I'll be 40 year old then. So right now, I'm using this 5 years to save aggressively so I have options. Either 1. I save enough in 5 years to fully pay my bto (I don't plan to get married so if I bto I can only bto a 2rm) 2. I save enough in 5 years to get a resale if the location, design, etc appeals to me 3. I save enough for a Down-payment for a one bedder condo. And if I fail to save for this category, I'm back at category #2

[@ocswoodlands]

For pte property to be a person's 1st property, it only makes sense for the case of a young buyer.. ie as a way to get onto the property ladder way earlier than 35 yo... Eg, it makes a lot of sense for a 25 yo to buy a small pte property as he will enjoy a 10 year head start compared to his peers who wait for singles to at 35 yo....

[@StackedHomes]

Thanks for sharing! Well for singles there isn't much of a choice too. They can only buy private, or rent. In the long-term, renting for 10 years would be more costly than just purchasing a small apartment. A lot of Singaporeans opt to stay with their parents though, as buying private requires a huge commitment in funds at a young age.

[@TheSpidyboyie200000]

Hey cool man, thanks for sharing your bit of advice with us, Ryan!

[@StackedHomes]

Thank you! We hope you find it helpful! 😉

[@TheSpidyboyie200000]

@@StackedHomes as always, very insightful

[@runekid9271]

appreciate your videos stacked homes! keep it up!

[@StackedHomes]

Appreciate it!

[@victoryleo1981]

It's not uncommon to see HDBs selling before MOP (I think usually a few months to a year earlier) and they are not divorced cases. I heard of people asking MP to write appeal letter to HDB.

[@StackedHomes]

Yes it's not uncommon, appeals do work!

[@badboi888]

I couldn't get a BTO unit in the location I want and I'm not willing to pay premium for resale HDB/Condo. Thus, I went for a new Condo.

[@thisisgerald]

so are you saying you're below the 14k income cap but can still afford a new condo?

[@commieskungflu1635]

What makes you think you aren’t paying a premium for a new condo? The premium is inbuilt into the developer’s selling price! New private properties cost far far more than resale private properties especially the PSF price. Dumb people pay for it because they think the prices will ALWAYS go up for sure. That’s the only reason they go all-in. I think it’s really dumb considering how unstable the world has been and it’s only going to get geopolitically worse.

[@gryffinlq]

when we say our monthly mortgage should not exceed 30% of our combined monthly income, does it refer to gross income or take-home?

[@Honeymagmangospoof]

Very insightful thank u

[@StackedHomes]

Glad it was helpful!

[@Potomacstud]

Thank you ..really helpful

[@StackedHomes]

We're glad it was helpful! 😃

[@ZERO_0594]

Good job!

[@StackedHomes]

Thanks!

[@IA100KPDT]

if u can afford it, dont buy HDB. or if u r staying in HDB, sell if u can make a profit to stay in private. HDB too many rules and regulations.

[@StackedHomes]

Thanks for sharing your thoughts! Yup for a first home, you'll have to think carefully if an HDB is really what you want. But the 5 year MOP isn't too restrictive since most people stay for at least this period of time and most people are able to tolerate the restrictions since they don't really apply much unless you start thinking about renting it out.

[@thisisgerald]

my partner and I (30-35) are above the 14k threshold for BTO but cannot afford a resale because we don't have much savings or CPF saved. This is because we only started employment in our late 20s (studied too much) and were blessed to start with reasonably high salaries. what would you suggest someone in our position to do? we plan to get married next year and get our own property.

[@StackedHomes]

Hello! I'm afraid there's not much of a choice here as you'll need savings to put up the downpayment, so aggressively saving for the downpayment for a resale HDB / condo is necessary I'm afraid!

[@stevenheng3336]

I come across several owners NOT PAYING the maintenance fee for years... wondering how they feel seeing the MSCT? ... 😂😂😂 that's why I always tell others to buy what they can afford

[@StackedHomes]

Not paying is serious. The MCST has the power to force sell the home after going through some special processes - surprised it could go on for years!

[@stevenheng3336]

@Stacked Homes Exactly, its at least 3 cases I came across and they asked bank if wanted to sell if not they would but so far only 1 really advertised on paper to sue him however this person really ignoring and finally he surrendered the property to the bank... and bank has to pay all msct before bank can sell... then after sold, he came questioning the amount paid to mcst and we realised mcst did advertise to sell the property...there are really many many such people in SG... can't afford yet continue to hold on to it and when banks come after them, every T&C becomes unreasonable to them... sick

[@lamjos]

if you solely own a private property and marry someone, can he or she buy a resale HDB ? or the family nuclei rule applies and you must sell within 6 months as well ?

[@StackedHomes]

You'll be forced to sell your private property. Your spouse could purchase the property first, then get married and you'll be added as an Occupier. Technically not supposed to own private property but if that is the investment property and you are residing in the HDB, then HDB may approve the private property which means you get to keep it.

[@PPI317]

Wealth preservation. Only 5% of HDB will undergo SERS, but Condo has higher chance of going enbloc to preserve wealth

[@StackedHomes]

Thanks for sharing!

[@RazifHazmi]

Love the videos! I don't mean to be rude but why you always wear the same shirt? It's been bugging me..

[@StackedHomes]

Hahah! For consistency! We'll see if a change of attire would be good. Any colour you think would go well with the set? 😂

[@RazifHazmi]

@@StackedHomes Doesn't matter the attire. The content is awesome! Keep it up.

[@farland789]

I think he looks damn cool in that shirt. Steve Jobs wore the same attire all the time.

[@gnohzgnohz3578]

@@StackedHomes pink with bunny ears LMAO!

[@nottypenguin]

they recorded all the videos in one sitting :P