43-1. Jamie's HDB 2018 - House Hunting, Purchase, Lease & HDB Renovation Info

September 30, 2018

43-1. Jamie's HDB 2018 - House Hunting, Purchase, Lease & HDB Renovation Info

HDB for Jamie

update 26 oct 2018

504 #05 - 295k

neg to 290k

valuation 290k - nov2018

(ownership) signed with HDB - 15 April 2019

MOP 5 years - till 15 April 2024

notes:

-flat bought apr 2018 @$290k (Valuation Price)

-flat TOP 1980 (41 years old as at year 2021)

-Tenant 1 - Edwin and Wife - Apr/May 2018 to 2 June 2020

-Tenant 2 - Bob - 16 june 2020 till 8 Oct 2023

-Tenant 3 - Andreas and Wife - 1 Dec 2023 onwards

below info as at 5 dec 2018

below: renovation history

504 amk #05-2654 renovation history

blog done 30 sept 2018 sunday

Jamie is looking for a 3-room HDB

with limited budget (300k), near mrt

we started looking on & off from dec 2017 and we've not got anything yet. hope very soon.

shortlisted:

1. 506 #06, 319k neg

2. 504 #05, 295k with furniture

3. 587 #10, 330k neg

4. 504 #06, 285k neg

what if we offer

1. 290k

2. 280k

3. 290k

4. 260k or 265k with floors done

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shortlisted:

photos of units here
https://drive.google.com/drive/folders/1GRPoQTqzgWiT69yNFaudnSlOr9zFhyoq?usp=drive_link

1. 506 #06, 319k neg

2. 504 #05, 295k with furniture, possibly 285k

3. 587 #10, 330k neg (RED, GREEN, YELLOW, BLUE...)

4. 504 #06, 285k neg (PINK)

5. 585, 320k neg, 947sqft, corner unit

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below links not available or incorrect content.

1. 506 #06, 319k neg

living room photos -
https://www.propertyguru.com.sg/listing/21168339

br/bathroom photos here -
https://www.propertyguru.com.sg/listing/hdb-for-sale-506-ang-mo-kio-avenue-8-21499559

2. 504 #05, 295k with furniture, possibly 285k

3. 587 #10, 330k neg (RED, GREEN, YELLOW, BLUE...)
https://www.propertyguru.com.sg/listing/hdb-for-sale-587-ang-mo-kio-avenue-3-21467521?ref=ls%7C%7C2%7C1

4. 504 #06, 285k neg (PINK)
https://www.propertyguru.com.sg/listing/hdb-for-sale-504-ang-mo-kio-avenue-8-21363353?ref=ls%7Ctl3%7C1%7C1

5. 585, 320k neg, 947sqft, corner unit
https://www.propertyguru.com.sg/listing/hdb-for-sale-585-ang-mo-kio-avenue-3-20675574?ref=ls%7C%7C5%7C1

------------------------------------------------

blk 504 amk #05

oct 2018

1st offer 285k rejected

2nd offer 295k agreed

other conditions

- handover in april

- wait for tenants to vacate property

- furniture & appliances included

- no agent fee

- 5k cash to seller

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i think this is how the figures work...?

if 300k is valuation and u purchase at:

315k,

hdb loan is 122k

monthly $708

cov is 15k

reno min 5k-10k, eg fridge, sofa, dining table, beds, washing machine, wardrobes, touch up, clean etc

300k

hdb loan is 118k

monthly $685

cov $0,

285k

hdb loan is 105k

monthly $610

cov $0

reno depends on unit

260k

hdb loan is 95k

monthly $552

cov $0,

reno est 10k-30k

my woodlands hdb loan is 33k, monthly $200, online monthly instalment calculator is very close

the cost 17 years ago to pay for electrical appliances, wardrobes, cabinets, furniture, curtains is 25-30k

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calculation

i have my eye on this unit at 506

map/location - amk

overview - price range in amk

below - blk 510 recent resale prices

floor plan blks 504,506

floor plan blk 587

my pick in order of preference:

#1 great ambience, immediate

506 - 319k neg, renovated, 732sqft

amk blk 506, #06-2614

viewed 30 sep 2018

#2 value, not bad, need to wait

504 - 295k with furniture, 732sqft

amk blk 504 #05-2654

currently tenanted to 4 nurses

@$1,750/mth

#3 good condition, near bus, mrt, park

587 - 330k neg, renovated, 720sqft

#4 need reno (cash)

504 - 290k neg, 732sqft

when we viewed, price was 290k, same weekend dropped to 285k, week after price dropped to 280k. owner must sell within these few weeks.

agent says lowest price owners want is 280k... like what? this flat needs a lot of repairs & works (aka cash), last owner lived there 28 years and did not maintain much. flat still in original condition.

works needed for pink house

1. kitchen

- sink

- cabinets

- stove

- mosiac floors - clean? replace?

- wall tiles

2. terazzo floors - to polish

3. bedrooms

- boards above doors

- wardrobes - master no wardrobe

- bedroom2 wardrobe to repair

- curtains

4. toilets

- master bath - no shower & heater

5. storeroom

- paint & reorganize, clean

6. repaint pink walls!😂

7. need to buy😱

- furniture for living rm, kitchen & br

- electrical appliances - eg fridge, washing machine, stove

even if items are 2nd hand, will cost $$!!

8. any other unforeseen repairs

- eg plumbing, electricals, etc

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HDB Resale Flat Purchase/Buyer Procedure

hdb.gov.sg
> e-services >
> buying a resale flat >
> resale flat prices >
>> (fill in the form for recent transacted prices)

steps for purchase & handover (min 14 weeks)

1. intent to buy

2. HLE Loan

HDB loan is granted according to
valuation price OR sale price, whichever is LOWER

3. Option to purchase + Option grant fee (neg, max $1k)
- seller to commit price and sale to buyer - cannot back out
- buyer to wait 21 days to get valuation from HDB then decide if want to go ahead or back out of the purchase (back out will lose option grant fee
- valuation CANNOT be done independently
- you have to guess valuation based on recent transactions

4. Exercise Option to Purchase
when HDB gives valuation/approval to proceed
+ PAY Option Exercise fee to seller (max $5k)

5. Submit Registration for handover
- both parties to submit within 7 days of each other
- HLE MUST BE VALID

6. HDB Process Registration - 2 weeks

7. Sign/Handover with HDB Officer
-----------------------------------------

blk 504 amk #05

Ok procedure is...

1) seller need to give option to buyer if price and terms are all agreeable with buyer paying $1000 for this option.

2) nx buyer need to submit for a valuation report within the nx 24hrs n to see whether he still wish to go ahead with the purchase after valuation is out the nx few days. Buyer can still opt out of the deal but 1K will be forfeited by seller.

3) within nx 21days fm option date buyer need to exercised the option if not option will be expired n his 1K will be forfeited too.

4) after buyer exercising both seller m buyer can opt for 120days period before the case is submitted to HDB to process.

Timeline is as below...

1mth Nov issue OTP and sign

3-4mths 120days to HDB

1-2mths HDB to process

By early April buyer definitely will recvd his flat.

---------------------------------
18 Apr2020

found some photos of a renovated blk 504 3-Room HDB with no walls between kitchen and living room. it looks awesome!!