Cost of owning property?

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Moth
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Cost of owning property?

Post by Moth » Fri, 25 Mar 2005 2:14 am

I am considering purchasing a condo when I get my PR. I have some questions on buying property in Singapore:

1. What loan terms can I get - interest rates, terms, EMIs ?
2. What can I get for $800K-$1M ? Can I get a good 3BR condo close to CBD ?
3. What are the one time costs in purchase - registration, fee etc
4. What are the ongoing costs in purchase - building maintenance, facilities, etc
5. What should I expect to spend to paint the house, do repairs, interiors etc ?
6. Are there any other costs for property owners - any taxes etc
'There is no such thing as best in a world of individuals'

Helper

Re: Cost of owning property?

Post by Helper » Sat, 07 May 2005 8:26 pm

Moth wrote:I am considering purchasing a condo when I get my PR. I have some questions on buying property in Singapore:

1. What loan terms can I get - interest rates, terms, EMIs ?
2. What can I get for $800K-$1M ? Can I get a good 3BR condo close to CBD ?
3. What are the one time costs in purchase - registration, fee etc
4. What are the ongoing costs in purchase - building maintenance, facilities, etc
5. What should I expect to spend to paint the house, do repairs, interiors etc ?
6. Are there any other costs for property owners - any taxes etc
Hi Moth

1 u can check with the local banks like DBS, UOB or OCBC as they will be the best people to advise you and u can get some quotes first and what criteria u need to meet before they can approve the loan etc.
2 If u are talking abt 2nd hand condo definitely u can get at this price range but may not be in Orchard Road area for 3BRM. U can try area like Tiong Bahru. I would personally recommend East Coast though there is no mrt service there but bus service and taxi is convenient too. And most impt is it is near to the beach if u are a beach person and area there is great compared to other areas.
3 One time payment will probably be the property agenty fee (once deal is successful), legal fee etc
4 Maintence fee probably from $100 and above monthly and i think thats all u need to pay monthly
5 u can consult this when u engage a property agent. In fact, maybe u can start finding an agent to go thru all the info u need to buy a condo

yoongf
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Post by yoongf » Sun, 08 May 2005 9:52 pm

1. What loan terms can I get - interest rates, terms, EMIs ?

About 60-80% of valuation. Starting from 1.7% 1st yr, rising 1% annually till 3 yr.. then is board rates, currently ard 4.5%.

2. What can I get for $800K-$1M ? Can I get a good 3BR condo close to CBD ?
Yes.

3. What are the one time costs in purchase - registration, fee etc
Stamp Duty = 3%.
Legal fees.. about 0.5%


4. What are the ongoing costs in purchase - building maintenance, facilities, etc

Maintainance + Sinking Fund about $250 - $400 depending on condo's condition.

5. What should I expect to spend to paint the house, do repairs, interiors etc ?
About 50K - 200K depending on individual taste.

6. Are there any other costs for property owners - any taxes etc

Property tax, at 4% or 10% of annual value, depending whether is owner occupation.
TV Licence Fee. $110.
Utilities, budget for $250 if heavy aircon user.

Condos may have this Upgrading Levy if the Condo Mgt is planning for a major retrofit. May come to about 10K one time for each unit to redo the lifts, communual areas.

Insurance of about $300 per annum if a mortgage is involved.

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