$100,000 above valuation - clever or crazy?

Read old posting on? Why Think Of Selling Dream Home?

Createwealth8888:

So is he crazy? I said no and I believe he could well afford it and knew how to live his life!


"Does everything in your life have a price tag and can be sold for a profit?" - Createwealth8888

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The Electric New Paper :


Despite friends' dissuasion, our journalist buys Choa Chu Kang HDB penthouse at whopping $755,000.

29 August 2010

Yes, I paid $100,000 in cash-over-valuation (COV) for my HDB flat. No, I did not mistakenly add an extra zero to that figure.

"Gila" (crazy in Malay), said one friend. Totally exorbitant, chided another.

But I have only one question: How much would you pay for the home of your dreams?

I felt it was worth paying $755,000 for the four-bedroom executive maisonette in Choa Chu Kang, even though I feel that property prices have hit ridiculously high levels.

The 12-year-old flat has 87 years left on its 99-year lease.

The Business Times reported last month that the median COV for executive flats and five-roomers in hot areas, such as Bishan, was $70,500 and $52,500 respectively.

Sure, the amount I paid was more than that. But it wasn't an impulse buy.

My wife and I considered many things before choosing this flat and finally signing on the dotted line.

So what happens when the property market cools and prices start dropping? Will I regret how much I have put into my new home?The answer is no.

I certainly don't plan to sell. Not even if someone dangles a $150,000 COV offer.

That's because I've found my dream home, where one day you'll find me relaxing in my roof garden, sipping a home-made teh tarik and watching the world go by from my 12th-floor perch.

By then, I hope I won't even remember how much of a hole I'd burnt in my pocket

Read more? Is Home For You to Retire Or to fund your Retirement?