So much have happened the past 1 month, I do not even know where to begin! Less than 10 days of moving into our newly rented apartment, I said "goodbye" to my BMW 125i sports coupe. I have more or less gotten over the sadness of losing a damn good car. It was my very first sports car and it was so powerful and such a pleasure to drive. I am glad we did drive it to Johor once last year and had a good run. Also gone with it was the license plate that had graced all of my past cars in Singapore for the last 15 years...Oh well, as much as I hate to part with it, I think it is for the better. Having 2 cars is too much a luxury for us.
Then we booked us a 5 bedroom apartment at Q Bay Residences in Tampines! The layout was right, the price was right, the location so-so and the timing was quite bad actually as we now have to figure out quickly how to get the whooping amount to pay for it within 8 weeks. It was by chance that we found out about Q Bay. We were on our way to fun-bowl at Tampines Safra and we saw this banner and went in. The indicative price was around $950~$1000 psf which is affordable but the amount in stamp duties after the latest "cooling off" measures is really hard to swallow. Anyway, I figured that we cannot rent forever, so we have to buy something somehow and the longer we wait, the more expensive it is going to get. The population is projected to be 6.9 million by 2030! And I definitely do not see the size of my family getting smaller any time soon, in fact, it will only get bigger as baby J will eventually want his own room.
We spoke to a banker and she recommend that we can take a term loan with our 2 properties to tie us through and we breathed a sigh of relieve. The government's "cooling off" measures are not making it easy for us...10% additional buyer stamp duty, 40% loan and God knows what else! But whatever it is, we still have to do it. I am totally consumed by the idea and I think I am going to go for it no matter what. It is OK to not have a car but I think it is definitely unacceptable not having a nice house with a good master bedroom. I want a master bedroom with a walk-in wardrobe and a bath tub. I want my house to have a good size balcony. And indeed, when there is a will, there will be a way. Our term loans have been approved! Now, I do not need to sell one of my apartment so hurriedly and lose all negotiation powers. I figured that if we can hold on for a couple of years, the price will definitely move up further! Now, I really need to find a tenant soon!
Then we booked us a 5 bedroom apartment at Q Bay Residences in Tampines! The layout was right, the price was right, the location so-so and the timing was quite bad actually as we now have to figure out quickly how to get the whooping amount to pay for it within 8 weeks. It was by chance that we found out about Q Bay. We were on our way to fun-bowl at Tampines Safra and we saw this banner and went in. The indicative price was around $950~$1000 psf which is affordable but the amount in stamp duties after the latest "cooling off" measures is really hard to swallow. Anyway, I figured that we cannot rent forever, so we have to buy something somehow and the longer we wait, the more expensive it is going to get. The population is projected to be 6.9 million by 2030! And I definitely do not see the size of my family getting smaller any time soon, in fact, it will only get bigger as baby J will eventually want his own room.
We spoke to a banker and she recommend that we can take a term loan with our 2 properties to tie us through and we breathed a sigh of relieve. The government's "cooling off" measures are not making it easy for us...10% additional buyer stamp duty, 40% loan and God knows what else! But whatever it is, we still have to do it. I am totally consumed by the idea and I think I am going to go for it no matter what. It is OK to not have a car but I think it is definitely unacceptable not having a nice house with a good master bedroom. I want a master bedroom with a walk-in wardrobe and a bath tub. I want my house to have a good size balcony. And indeed, when there is a will, there will be a way. Our term loans have been approved! Now, I do not need to sell one of my apartment so hurriedly and lose all negotiation powers. I figured that if we can hold on for a couple of years, the price will definitely move up further! Now, I really need to find a tenant soon!
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