1%
Well, that's it. We've done it. After much ho-humming about whether we should take the plunge, my wife "FT" and I decided to go for it. We'd seen a piece of land that we liked--the location was great--with a small, very old, one-story terrace house on it. Our plan is to tear down the house and build a new one on the property.
The land is 1546 sq ft. Remarkably, the street is zoned for buildings up to 5 stories, although I doubt FT and I can afford to build that high. Our goal is to build a home 3 to 4 floors, with the top floor somewhat open to the elements.
We made an offer to the current owners a few weeks ago. Our offer was S$100,000 less than what they had initially said they wanted. They countered, asking for only S$20,000 more than what we offered. We countered in return by offering only S$10,000 more. They accepted.
We've just given them the 1% option to purchase. Which means our journey has begun. It also means we have another 99% of the way to go.
The land is 1546 sq ft. Remarkably, the street is zoned for buildings up to 5 stories, although I doubt FT and I can afford to build that high. Our goal is to build a home 3 to 4 floors, with the top floor somewhat open to the elements.
We made an offer to the current owners a few weeks ago. Our offer was S$100,000 less than what they had initially said they wanted. They countered, asking for only S$20,000 more than what we offered. We countered in return by offering only S$10,000 more. They accepted.
We've just given them the 1% option to purchase. Which means our journey has begun. It also means we have another 99% of the way to go.
posted by Chubby Hubby at 8:05 AM
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