HDB and COV ??

Discuss about life in Singapore. Ask about cost of living, housing, travel, etiquette & lifestyle. Share experience & advice with Singaporeans & expat staying in Singapore.
Post Reply
ramshree01
Newbie
Newbie
Posts: 6
Joined: Sun, 11 Jan 2009 8:49 pm

HDB and COV ??

Post by ramshree01 » Sun, 27 Sep 2009 3:58 pm

Hi There!

Recenlty I was looking to buy HDB flat in Sengkang as feel like I can stay here for 3-5 years , already here for 2 years now and rents are around 1800. But I saw a problem in the system here, owners are asking 25-40000 extra above valuation given by HDB. I felt very bad and If I pay exta for something is kind of getting cheated. Did not really expected something in Singapore where everything so far seen clear and clean. Does anyone know why people are asking COV and not following Valuation?? question is really then why to showoff valuation , owner can straight ask his own value of flat too... by anytime will anyone look into it or it will continue like this anyone know please... as staying here becomes a pain.. rent and housing takeup most..

If its a quesiton of supply and demand issue... thats what importent how they handle the setuation.

Cheers!
Ram..

User avatar
econoMIC
Chatter
Chatter
Posts: 298
Joined: Fri, 25 Sep 2009 3:03 pm
Location: London/Singapore (back for good 29 Jul 2010)

Post by econoMIC » Sun, 27 Sep 2009 7:10 pm

They ask for more because they can and there will be somebody paying more: I am thinking of all the PR couples where one is not a citizen. They have only two choices: private or resale.
a.k.a. littlegreenman

User avatar
sundaymorningstaple
Moderator
Moderator
Posts: 39641
Joined: Thu, 11 Nov 2004 1:26 pm
Answers: 10
Location: Retired on the Little Red Dot

Post by sundaymorningstaple » Sun, 27 Sep 2009 7:51 pm

What's wrong with paying more than the valuation? That's called market demand. Or are you unfamiliar with the term? Those flats that were valued at 330k in 1999 are now being valued at around 380K (5 room resale flats) That because the "market value" of the flats have gone up.

Would you be happy if you bought your HDB flat in 1980 for 25K and had to sell it today for 25K that it was valued at 30 years ago? I thought not. Valuation is a media that is arrived at over a period of time due to previous sold units in a given area. If the previous valuation was 330K when I bought my flat 10 years ago and I paid 350K for it, but today most similar flats are being valued at 380K, does that mean I should sell my flat for 350 or 380K? I be a fool to only ask 350K don't you think?

Willing seller and willing buyer. That's the name of the game. The only problem is the amount that you will be allowed to mortgage. But this is only a minor thing if you have the money in CPF.
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

User avatar
econoMIC
Chatter
Chatter
Posts: 298
Joined: Fri, 25 Sep 2009 3:03 pm
Location: London/Singapore (back for good 29 Jul 2010)

Post by econoMIC » Wed, 14 Oct 2009 6:16 pm

@Spammer: pity you don't give your email address. Otherwise I would have signed you up for every pregnancy newsletter online I can find. That did the trick with other persistent spammers last time. Too bad you have a blog on your website where we can spam until you drop dead. :evil:
a.k.a. littlegreenman

SINGHXLb
Newbie
Newbie
Posts: 1
Joined: Sun, 07 Mar 2010 1:20 pm

Re: HDB and COV ??

Post by SINGHXLb » Sun, 07 Mar 2010 1:26 pm

Its not cheating Ram the Valuation is decided by HDB ,Valuation is the value on which you get LOAN from banks.. Thats the only significance of valuation and its not legally binding for one to sell on that price..Infact COV can be negative :)

Post Reply
  • Similar Topics
    Replies
    Views
    Last post

Return to “Staying, Living in Singapore”

Who is online

Users browsing this forum: No registered users and 14 guests