I would like to share my experience of buying my resale flat. I am a first time buyer and I searched via Property Guru. I learned through TH-cam to understand about property market and being a Sales manager, I utilised negotiation skills I've harnessed through my career. No agents were used and I scoured for a 5 room HDB flat that was listed at $375k in Sembawang (good condition, no renovation required) and brought it down to $350k. Took up HDB grants totalling $65K. Electrical appliances and some furnitures left behind were still in good condition so I did a fixer-upper. Discovered that anyone can buy a house without the need of an agent and turn "trash" to treasure. Thank you for sharing your story!
I think one thing you should mention is that even for grants, you're not really saving money. It's more like using your future money. When you sell the house, you need to return all the grants plus the accrued interest back to your CPF account. This is a very crucial issue for people who are old, trying to sell their house for money or to downgrade to a smaller HDB flat. In the end they have to top up more cash to return it into their CPF account and some does not have that amount.
Ah yeah, u are right. Its borrowing future money. I heard of ppl having to top up cash instead when selling. But if that's the case, might be better not to sell. At the same time, u have to take the grant n loan, otherwise not enough money to buy.
@@KelvinLearnsInvesting yup but sometimes these are special circumstances. Like for example, the children bought a condo or a bungalow, asked the parents to move in with them, and only when they found a buyer and started with the proceedings, then realized they need to top up a lot of money. Or ask the parents to live overseas with them etc.
@@Emsyaz I shall ignore your sarcastic tone. Simply by working and saving and saving hard. Eat at home more. Don't keep shopping online for useless stuff. don't use credit cards just for the sake of 'points'. Live simply and don't always go on holidays. Change your job if you always need to 'escape' Have a better attitude. Don't spend too much on reno on your first home. Rent out your spare bedroom. Most importantly spouse must be on board with you and not against it. You should have enough after a few years. Nobody say must pay absd and buy house again in singapore.
I would suggest to do away with the buyer agent if you can. 1% depending on the house can be expensive. I would say it's definitely tough to do everything alone but it gets easier after the first round. Really funny video btw, when comes to 💰 must really be thick skin or sure lugi! I only disagree with one thing, the use of ID is in the event when something goes wrong, they will help you solve all your headache. Go for the cheap ones.
I do my house reno for $12,000. Major hacking works, kitchen carpentry, ceiling fans and lights for whole house. Living and bedroom tiles. Feature wall and shoe cabinet. Main thing is to manage reno project ownself. Me and my wife had alot of bonding time doing diy for ikea, taobao stuff. I still look and laugh at the 3 ID quotes I got for fun from time to time (cheapest one cost $40,000) Boss method
Great video! A really refreshing touch to your usual videos. Liked it alot and really appreciate it cause i just applied for a BTO last week and this will come in handy as i’m super thickskinned hahahaha! Thanks Kelvin!👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻
just a small comment... think the hsbc advance credit card has a cap of $125/month. but otherwise u've been super spot-on on the info buddy!! great stuff!!! :)
I am curious about the part where agents negotiate to lower the pricing. Would they actually go all out to do so , since that will cut their commision?
Michelle you don't really need an agent as long as you have some financial sense. Just like you don't need an ID if you have design experience or are hands on.
Hi I buying my resale flat soon..the agent will definitely help to negotiate right? In your case he help u negotiate down around $20k that’s quite a lot. And is there any cash over valuation?
Hi kelvin, I’m so sorry.... but when I see your raspberry pi and the game Controllers... can I know if see you later set up yourself? Which version did u bought? How much n where to buy and any video I can refer to set up?
Haha, I knew someone would ask about it. My model was 3b, but the latest one is already 4b. I bought them all from Taobao, there are many shops selling in sets that comes with sd card & casing. Rasberry Pi set: ~sgd100 2 Wireless controllers (taobao): $15-$30 each As for setting up, just search for "Retropie Best Image" in google & youtube, they will give you a complete image, u just write that into SD card (google for tutorial) and you are done.
It depends on a few things, where you spend the most at? Can you hit minimum $500 a month? I'm using this 2 cards currently: UOB One: - min spend $300, 3.33% cashback, if can hit $2k, 5% cashback HSBC Advanced: - no min spend, 2.5% cashback if you open account with them + transfer in + transfer out salary There may be other cards that suit your needs better. www.moneysmart.sg/credit-cards/cash-back ps: always use 3rd party website like singsaver, valuechampion, moneysmart to apply, cos you'll get additional sign up reward
Oh wow haha, i seriously forgot the exact amount, off the top of my head (may be wrong though) SG: - LG TV: sgd2k (you can save by getting Prism TV) - Washing Machine: sgd1k - Fridge: free (from prev owner) - Oven: sgd600 - Mattress: sgd2k Malaysia: - Sofa: rm3k - bed frame: rm600 - bar table: rm1k - dining table: rm1k
Hi Kevin, great video! I have a question to ask here. I thought for bank loan, you would need to pay 5% in cash and 20% can be from CPF? In your cost summary, you only included the 20% downpayment. Please reply if you see this, this is really helpful!
Bro you should have served NS. 2 yrs only. Then no need pay BSD, ABSD. And take the grants. Don't sell your flat. Invest and buy 2nd property when you can afford. $80,000 savings from your flat cost easily Boss Tips
Ah, why do you think so haha.. Let's say if we earn lower than fresh grad's pay, $3k, our OA contribution is 23%: $3k x 23% x 12 months x 5 years x 2 person = $82800 already, not including interests
You are right about PR, but there's also bonus + payraise + our fresh grad pay is about the average. 23% does go to OA. blog.seedly.sg/about-central-provident-fund-cpf/
@@KelvinLearnsInvesting maybe next time you can give us some guide on buying retirement(not for profit but to live and pass down to next gen type) property in JB
I would like to share my experience of buying my resale flat. I am a first time buyer and I searched via Property Guru. I learned through TH-cam to understand about property market and being a Sales manager, I utilised negotiation skills I've harnessed through my career. No agents were used and I scoured for a 5 room HDB flat that was listed at $375k in Sembawang (good condition, no renovation required) and brought it down to $350k. Took up HDB grants totalling $65K. Electrical appliances and some furnitures left behind were still in good condition so I did a fixer-upper. Discovered that anyone can buy a house without the need of an agent and turn "trash" to treasure.
Thank you for sharing your story!
U will need to pay the accured interest of the grant when you sell the house next time?
I hate to say this but, it took a pr to actually teach us singaporeans how to do it.. Simply said, well done br0!
Ahh.... I'm sure alot of people know these tricks haha
@@KelvinLearnsInvesting i was looking at yr channel by chance as a newbie i think u r cool at first i was just kill my boring momment
bro youre such a lovely down to earth guy. thanks for the tips. subbed bro. 💙
These are really amazing tips! Will be referring back to this video a few years down the road when I apply for my BTO 💪🏻
Haha, all the best with your BTO in the future!
Thanks for this video! You gave me a rough ball park of the cost so i can plan my finances better you're a real mvp!
Your house is beautiful. Thanks for the tips!
Haha thankss!!
I think one thing you should mention is that even for grants, you're not really saving money. It's more like using your future money. When you sell the house, you need to return all the grants plus the accrued interest back to your CPF account. This is a very crucial issue for people who are old, trying to sell their house for money or to downgrade to a smaller HDB flat. In the end they have to top up more cash to return it into their CPF account and some does not have that amount.
Ah yeah, u are right. Its borrowing future money. I heard of ppl having to top up cash instead when selling. But if that's the case, might be better not to sell. At the same time, u have to take the grant n loan, otherwise not enough money to buy.
@@KelvinLearnsInvesting yup but sometimes these are special circumstances. Like for example, the children bought a condo or a bungalow, asked the parents to move in with them, and only when they found a buyer and started with the proceedings, then realized they need to top up a lot of money. Or ask the parents to live overseas with them etc.
Or like me, I take CPF grants but I won't sell my house. Save for 2nd house. So the grant is really grant to my family.
Boss method
@@bsolutions525 then where did you get the money to buy 2nd house if you dont sell the first house for profit?
Enlighten me, Boss
@@Emsyaz I shall ignore your sarcastic tone.
Simply by working and saving and saving hard. Eat at home more. Don't keep shopping online for useless stuff. don't use credit cards just for the sake of 'points'. Live simply and don't always go on holidays. Change your job if you always need to 'escape' Have a better attitude. Don't spend too much on reno on your first home. Rent out your spare bedroom. Most importantly spouse must be on board with you and not against it. You should have enough after a few years.
Nobody say must pay absd and buy house again in singapore.
Great suggestions! This is such an important topic to be discussing. I really enjoyed the video!
Thanks :)
Include mega discount store and audio house in your list as well. I’ve gotten cheaper compared with courts, harvey norman and best denki.
Wow good tip! I didn't know about this!
I would suggest to do away with the buyer agent if you can. 1% depending on the house can be expensive. I would say it's definitely tough to do everything alone but it gets easier after the first round.
Really funny video btw, when comes to 💰 must really be thick skin or sure lugi!
I only disagree with one thing, the use of ID is in the event when something goes wrong, they will help you solve all your headache. Go for the cheap ones.
Great advices there! Going for a normal id can definitely save alot of money
I do my house reno for $12,000. Major hacking works, kitchen carpentry, ceiling fans and lights for whole house. Living and bedroom tiles. Feature wall and shoe cabinet. Main thing is to manage reno project ownself. Me and my wife had alot of bonding time doing diy for ikea, taobao stuff.
I still look and laugh at the 3 ID quotes I got for fun from time to time (cheapest one cost $40,000)
Boss method
Nice video. Can you share with us which contractor you use in your renovation? Thank you
Any video on how you do up the raspberry pi?
I love your content n no frills approach
Another good tip is to buy Energy Saving Appliances. At least the energy consumption wont hike up our bills. Saves our cash
Thank you for the informative video! You're very sincere and entertaining. Subbed and liked! Great job!
Saw the game set, can you share how to the build it?
Super good content kelv!
Thanks hehe
Great video! A really refreshing touch to your usual videos. Liked it alot and really appreciate it cause i just applied for a BTO last week and this will come in handy as i’m super thickskinned hahahaha! Thanks Kelvin!👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻
Wow congrats! Enjoy your new house (and saving money)
just a small comment... think the hsbc advance credit card has a cap of $125/month. but otherwise u've been super spot-on on the info buddy!! great stuff!!! :)
Didn't realized that! Thanks for letting us know!
The wink when you said "sleeping" killed me 🤣
Thanks for infor Kevin. Would you recommend your contractor to do simple and affordable work like kitchen cabinet for 2 room flexi
If is a small project like single cabinet, will expect delays. But if is renovating the entire house, he will usually do it quickly
Yes if affordable i want his contact for new BTO 2room flexi
@@sharontay7810
This is their fb. You can find the contact in this page. His name is Mr Yeo
facebook.com/visualfurnituresg/
I am curious about the part where agents negotiate to lower the pricing. Would they actually go all out to do so , since that will cut their commision?
Hi Kelvin, thanks for sharing! Can you do a video share on your advisez in getting PR in Sg? =D
Oh ho! Sounds like a good idea, lemme go plan it :)
Great! Video!
Thanks Kelvin for this video. Where do you get the rasperry pi and games from?
Rpi from taobao. Games from online
Omg u damn smart!
6 dislikes from the previous interior designers company HAHAHA
Hi Kelvin, will the Property Agent help you through all the processes including getting the lawyer?
Yup yup, an agent will do everything for u including house hunting, negotiation, getting lawyer, finding bank loan etc
Michelle you don't really need an agent as long as you have some financial sense. Just like you don't need an ID if you have design experience or are hands on.
Hi I buying my resale flat soon..the agent will definitely help to negotiate right? In your case he help u negotiate down around $20k that’s quite a lot. And is there any cash over valuation?
U need to ask your agent haha. For me didnt have cash over valuation
Thanks
Hi kelvin, I’m so sorry.... but when I see your raspberry pi and the game Controllers... can I know if see you later set up yourself? Which version did u bought? How much n where to buy and any video I can refer to set up?
Haha, I knew someone would ask about it. My model was 3b, but the latest one is already 4b. I bought them all from Taobao, there are many shops selling in sets that comes with sd card & casing.
Rasberry Pi set: ~sgd100
2 Wireless controllers (taobao): $15-$30 each
As for setting up, just search for "Retropie Best Image" in google & youtube, they will give you a complete image, u just write that into SD card (google for tutorial) and you are done.
so helpful! thanks legend
Thanks :)
our brand new 4 rm flat BTO in Sengkang cost $280k. That was in 2012.
Ah 2012, the good old days where HDB is still cheap and we can still travel overseas
@@KelvinLearnsInvesting nowadays rather go for resale to pick the best unit. After all we are already paying a premium.
Mine 4 room resale in Bishan $340k. Reno $12k. Left 66 yrs lease. Just last year 2019.
Paid off around half of housing loan liao😄
@@bsolutions525 damn fast leh boss. Half paid less than a year of moving in.
@@WeirdDrinkingBoy thanks😄💪 You can too
Hi Kelvin, how to source for contractor and find out they are not another ID ?
Hmm, i'm not too sure also. But if you want just pm me, i can pass u my contractor's contact. Then you use his pricing to compare with others
@@KelvinLearnsInvesting hi kelvin I would love to connect with your contractor for my upcoming bto. How do I pm you sir?
Very useful. Whats the best credit card for cashback?
It depends on a few things, where you spend the most at? Can you hit minimum $500 a month? I'm using this 2 cards currently:
UOB One:
- min spend $300, 3.33% cashback, if can hit $2k, 5% cashback
HSBC Advanced:
- no min spend, 2.5% cashback if you open account with them + transfer in + transfer out salary
There may be other cards that suit your needs better.
www.moneysmart.sg/credit-cards/cash-back
ps: always use 3rd party website like singsaver, valuechampion, moneysmart to apply, cos you'll get additional sign up reward
Thanks Kelvin! Can share on the cost of your furniture and electronics 😀
Oh wow haha, i seriously forgot the exact amount, off the top of my head (may be wrong though)
SG:
- LG TV: sgd2k (you can save by getting Prism TV)
- Washing Machine: sgd1k
- Fridge: free (from prev owner)
- Oven: sgd600
- Mattress: sgd2k
Malaysia:
- Sofa: rm3k
- bed frame: rm600
- bar table: rm1k
- dining table: rm1k
Beautiful house but I feel the pain with you also bro. I don’t know how you going to pay. Thanks for sharing
With cpf :D
buyers don't have to pay agent fees in Singapore right... Only sellers. Buyer's agent will share commission of seller agent
If u engage a buyer agent, u will need to pay that agent 1%
Hi Kevin, great video! I have a question to ask here. I thought for bank loan, you would need to pay 5% in cash and 20% can be from CPF? In your cost summary, you only included the 20% downpayment. Please reply if you see this, this is really helpful!
You are right, in the past its only 20% downpayment, 5% of it can be cash. But now is 25% downpayment 5% cash.
@@KelvinLearnsInvesting Thanks for the reply, you purchase your flat how many years ago?
@@laifookfatt3465 about 3 years ago
Thanks kelvin :)
Hi Kelvin, can I have the name of the contractor you used?
Haha, can email me at kelvinlearnsinvesting@gmail.com, i pass to u there
if you put your camera in front of the window and film with the camera facing away from the window, the quality will come out nicer :P
good tip!! i'm planning to redo the room in a few months time, so will look better by then :X
How much above COV did you paid?
Ah.. i really forgot.. it wasnt by alot, few k maybe
May I know the model of your raspberry pi?
Hey its rpi 3b
Hi kelvin, this is completely off the topic but, how old are you?
Haha oh man, im nothing compared to graham. I'm 32 right now so u have alot of time to grow yr money. I wished i started that early. All the best!
Hi, may I ask what's the remaining lease of ur flat and which area?
Tampines area, remaining abt 65 years
@@KelvinLearnsInvesting broooooooo, same area, high 5!
Bro you should have served NS. 2 yrs only. Then no need pay BSD, ABSD.
And take the grants. Don't sell your flat. Invest and buy 2nd property when you can afford. $80,000 savings from your flat cost easily
Boss Tips
Boss tips indeed 👍
@@KelvinLearnsInvesting thanks for the reply. Subbed:)
@@bsolutions525 He has lots of money so he doesnt need to be enslaved for 2 years, Boss.
@@Emsyaz haha I don't think he started with alot of money. Working just like us. But lucky no need to have served that 2 yrs correct
What is your Full-Time job?
Hey im a programmer
5 years to save CPF up to 83k? You and your wife's salary are not bad!
Ah, why do you think so haha.. Let's say if we earn lower than fresh grad's pay, $3k, our OA contribution is 23%:
$3k x 23% x 12 months x 5 years x 2 person =
$82800 already, not including interests
@@KelvinLearnsInvesting Kelvin, first year of PR only 5% contribution, second 15%! and not all your CPF contribution goes to OA!
You are right about PR, but there's also bonus + payraise + our fresh grad pay is about the average. 23% does go to OA.
blog.seedly.sg/about-central-provident-fund-cpf/
Hi Kelvin, great video. I am thinking to open my own channel as well. Hope to make a friend and learn from you.
now cannot go jb :(
Yea, that really sucks. Some of these shops should allow you to buy online, you can try contacting them to ask.
got discount ah
hahaha
I shall do that. Hahaha.
may i ask where did you get your sofa? hahaha
In johor, at this shop: www.casaitaly.com/?fbclid=IwAR0zbTiiQjSLiC70kuyDz72KhUhZ3dJDILUFbidxHrU30j44_EMPM3cWKdE
@@KelvinLearnsInvesting THANK YOU KELVIN! this is like the ideal sofa i have been dreaming of. no referral? HAHAHA
@@iC3viL Just contact them haha, i not sure whether it's possible to order online or not tho
Are you a malaysian?
Ah yes!
@@KelvinLearnsInvesting maybe next time you can give us some guide on buying retirement(not for profit but to live and pass down to next gen type) property in JB