Buy a resale flat now or later? It depends.

K is unable to buy a BTO flat because his combined income with his wife is above $10,000. Currently staying with his dad, they are thinking of buying a resale flat with their first child on the way. They want to be close to his dad and have more space of their own. He wonders if he should wait for prices to bottom before buying a resale flat near his dad's.

My reply to his message:

I have to say that I don't know when the HDB resale prices would bottom. I don't think anyone does.

However, if I were to hazard a guess, I am going to say that prices will continue to fall. More BTO flats will be completed. More ECs and condos will be completed. Will happen in the next 2 to 3 years. It is just starting now.

So, the question is really how urgently you need a place of your own. If it is not an urgent need, then, waiting for a while more seems like a good idea.

In the meantime, do some window shopping first. There could be people desperate enough to sell cheap for various reasons.

Finally, when location is more important than price, then, your choices are more limited. This is certainly the case for you since you want a flat close to your dad's. If a choice unit should come along, would you want to buy or continue waiting?

Have anything you might want to share with K? Please feel free to leave comments below. Thanks.

Related posts:
1. 45 years old, get a bigger flat or invest?
2. Buying a property: Affordability and value for money.

Are you sometimes forced to be extravagant?

If I am out with family and close friends, I can be quite generous and would often buy everyone a meal but with others, I am not so generous, naturally.

Have you ever had the experience of going out in a group for a meal and instead of everyone paying for what he or she ordered, the bill was split evenly and shared amongst all the diners? 






I have never liked that because the food I eat is typically quite cheap and I don't eat a lot especially if I feel that the restaurant is expensive. 

So, I would usually end up subsidising the other diners in these situations, so to speak.





A recent conversation I had with a friend on FB:

Two questions:

1. How to tactfully tell them that I don't like the arrangement?
See related post #1 below.

2. How to help these people become financially more prudent?
See related post #2 below.





Any other ideas?

I ended up saying:

Related posts:
1. Think you cannot reduce your spending?
2. Don't see money, won't spend money.