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20-11-2011, 08:23 AM
I was rather surprised when I read this piece from Marc Lim. Imagine purchasing a close to 1 Million Dollar-EC with a combined income of below $12,000 (for EC). That's a really heavy burden to take up and though the dream home may be "love at first sight", the mortgage will definitely not be. I think with their income, an HDB resale flat costing maybe $500,000 to $600,000 may have been a cheaper option.
Then again, who am I to judge others' spending and choices?
The Straits Times
Nov 20, 2011
A flat-out proposal
By Marc Lim
I hate to admit it, but I did it the typical Singaporean way - I got my flat ahead of saying 'I do'.
Lest my friends protest, I have to qualify that I've often been critical of couples who sew up the deal for a flat before they tie the knot.
Only the lazy and unimaginative go down that route, at least that's what I used to think. Getting a woman to register for a government-subsidised flat together is as good as getting her to say yes to marriage, given the rules governing the purchase of HDB units. So where's the romance in that?
Various versions of how I'd pop the question have played in my mind, ever since I was fortunate enough to find the woman I know I want to spend the rest of my life with.
Evenings spent on an island resort followed by an elaborate proposal on a candle-lit beach sounded nice. Being a sports nut, going down on one knee during half-time of a football/basketball match was also a consideration.
Yet, here I am, having to somehow still make the proposal special, even though the element of surprise has all but gone.
One can argue that, technically, the proposal will still be a surprise because she won't know when it'll happen.
Unfortunately, while that is true, she does however know that I have a deadline to meet and will have to ask for her hand in marriage by 2014 - when our home is likely to be ready.
My predicament can only be blamed on the flat that we both fell in love with.
Executive condominiums were not even on our radars when we decided, earlier this year, to scout for potential homes just for the fun of it. Rather, we had our sights on units under the cheaper Design, Build and Sell Scheme.
Location was important to us, and since I managed to persuade her that nothing beats the east, we only looked at homes in that part of the island.
It was purely by chance that we even looked at the Tampines EC we ended up buying - mainly because of my mother.
She was the one who shoved the advertisement featuring the development in my face one morning.
She claims she had heard great things about it and that it sounded like a good buy. I would like to give her the benefit of the doubt, but I have a suspicion that after 35 years, she REALLY wants me out of the house - soon.
Anyway, we took her advice and decided to check it out one Sunday.
Weekends, if you don't already know, are a crazy time in any showflat. Between screaming kids jumping on beds to old folks wanting to test even the toilet seats, the units didn't quite boast the calm and serenity the property agent was touting.
Irritation, however, turned to bliss when we entered the unit we plonked down our life savings for.
Love at first sight isn't a phrase I can usually relate to. But we did fall immediately in love with the apartment.
Lighting is a big item on our 'what we want in our flat' list. And this unit checks all the right boxes, with a generous balcony and unique curved-designed floor-to-ceiling windows in the master bedroom. At 1,227 sq ft, for a three-bedder, it was also the ideal size.
Young couples often cite price as their biggest obstacle to buying their dream home. We were no different. At almost a million dollars, could we afford it? Yet, given the crazy property market, what if property prices continue to head north?
One other point to consider was our eligibility to buy an HDB unit. While we currently fall within the income ceiling, there is no guarantee we would still qualify in the future.
Unsure about which path to take, we sought answers, and again the apartment didn't disappoint.
Multi-generational unit was a term we both had never come across. But it proved the clincher in our deliberations.
As the name suggest, such units are built to house two sets of occupants. Essentially, the unit is divided into two flats, each with its own entrance. In our case, the flat has a two-bedroom apartment and a studio.
Realistically, we could afford the place. But when we realised that we could rent out the studio to help supplement our mortgage, we were sold.
Reaching a decision, however, was one thing. We still needed to ballot - and were lucky to be among the top 30 to select a flat and got a unit of our choice.
Yes, ideally I would have preferred to get the girl before the flat. But this was just too good a chance to pass up.
My plan now is to work on the girl.
Even if that means having to start from the beginning again and taking the next two years to make it perfect.
marclim@sph.com.sg
Then again, who am I to judge others' spending and choices?
The Straits Times
Nov 20, 2011
A flat-out proposal
By Marc Lim
I hate to admit it, but I did it the typical Singaporean way - I got my flat ahead of saying 'I do'.
Lest my friends protest, I have to qualify that I've often been critical of couples who sew up the deal for a flat before they tie the knot.
Only the lazy and unimaginative go down that route, at least that's what I used to think. Getting a woman to register for a government-subsidised flat together is as good as getting her to say yes to marriage, given the rules governing the purchase of HDB units. So where's the romance in that?
Various versions of how I'd pop the question have played in my mind, ever since I was fortunate enough to find the woman I know I want to spend the rest of my life with.
Evenings spent on an island resort followed by an elaborate proposal on a candle-lit beach sounded nice. Being a sports nut, going down on one knee during half-time of a football/basketball match was also a consideration.
Yet, here I am, having to somehow still make the proposal special, even though the element of surprise has all but gone.
One can argue that, technically, the proposal will still be a surprise because she won't know when it'll happen.
Unfortunately, while that is true, she does however know that I have a deadline to meet and will have to ask for her hand in marriage by 2014 - when our home is likely to be ready.
My predicament can only be blamed on the flat that we both fell in love with.
Executive condominiums were not even on our radars when we decided, earlier this year, to scout for potential homes just for the fun of it. Rather, we had our sights on units under the cheaper Design, Build and Sell Scheme.
Location was important to us, and since I managed to persuade her that nothing beats the east, we only looked at homes in that part of the island.
It was purely by chance that we even looked at the Tampines EC we ended up buying - mainly because of my mother.
She was the one who shoved the advertisement featuring the development in my face one morning.
She claims she had heard great things about it and that it sounded like a good buy. I would like to give her the benefit of the doubt, but I have a suspicion that after 35 years, she REALLY wants me out of the house - soon.
Anyway, we took her advice and decided to check it out one Sunday.
Weekends, if you don't already know, are a crazy time in any showflat. Between screaming kids jumping on beds to old folks wanting to test even the toilet seats, the units didn't quite boast the calm and serenity the property agent was touting.
Irritation, however, turned to bliss when we entered the unit we plonked down our life savings for.
Love at first sight isn't a phrase I can usually relate to. But we did fall immediately in love with the apartment.
Lighting is a big item on our 'what we want in our flat' list. And this unit checks all the right boxes, with a generous balcony and unique curved-designed floor-to-ceiling windows in the master bedroom. At 1,227 sq ft, for a three-bedder, it was also the ideal size.
Young couples often cite price as their biggest obstacle to buying their dream home. We were no different. At almost a million dollars, could we afford it? Yet, given the crazy property market, what if property prices continue to head north?
One other point to consider was our eligibility to buy an HDB unit. While we currently fall within the income ceiling, there is no guarantee we would still qualify in the future.
Unsure about which path to take, we sought answers, and again the apartment didn't disappoint.
Multi-generational unit was a term we both had never come across. But it proved the clincher in our deliberations.
As the name suggest, such units are built to house two sets of occupants. Essentially, the unit is divided into two flats, each with its own entrance. In our case, the flat has a two-bedroom apartment and a studio.
Realistically, we could afford the place. But when we realised that we could rent out the studio to help supplement our mortgage, we were sold.
Reaching a decision, however, was one thing. We still needed to ballot - and were lucky to be among the top 30 to select a flat and got a unit of our choice.
Yes, ideally I would have preferred to get the girl before the flat. But this was just too good a chance to pass up.
My plan now is to work on the girl.
Even if that means having to start from the beginning again and taking the next two years to make it perfect.
marclim@sph.com.sg
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/