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Anyone bought their own house in their 30's? Share your story!


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Guest Moving out

Please share the type of house you bought and the challenges faced after buying the house. Did you buy when you are in your 30's or later?

 

There are people blessed with rich parents or took over the house after parents passed away but not interested to know about those!

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Guest RichHuh
25 minutes ago, Guest Moving out said:

Please share the type of house you bought and the challenges faced after buying the house. Did you buy when you are in your 30's or later?

 

There are people blessed with rich parents or took over the house after parents passed away but not interested to know about those!

 

As in non-HDB, private apartments/condominiums and landed properties?

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Guest Guest
1 hour ago, Guest Moving out said:

Please share the type of house you bought and the challenges faced after buying the house. Did you buy when you are in your 30's or later?

 

There are people blessed with rich parents or took over the house after parents passed away but not interested to know about those!

Why is there a need to add the 2nd paragraph? Are you not your own man? You have no spine?

 

As long as you are working, even in lower paying job, you can buy your own home.

 

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2 hours ago, Guest Moving out said:

Please share the type of house you bought and the challenges faced after buying the house. Did you buy when you are in your 30's or later?

 

There are people blessed with rich parents or took over the house after parents passed away but not interested to know about those!

 

I like your kind of character. Proactive in gathering info to help yourself make a more informed decision. We share similar traits in this aspect.

 

I understand why you include the 2nd paragraph because we don't learn much from such "success stories". 

 

Wish to know you better. Can you pm me as you are using a guest account? Thanks.

 

 

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yes, i bought mine in my 30s. literally dumped all my CPF and savings for downpayment. No amount left for renovation. So, you should buy one with no renovation needed. I only painted it.

 

As I have also no money left for furniture, I only started buying furniture closer to the settlement ... one piece at a time and some are on hire-purchase / make use of credit card pay in installment.

 

Also rented out a room to help with finances.

 

those were the days.

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Guest Guest

Interest rates going higher and higher and higher already ... good luck to those who are going to buy only now around this period of time. 

 

 

 

 

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Guest Guest

Most impt is to buy a flat 1st. I bought a unit as bare as possible, with good flooring. 

 

All i did was change electrical, painted the walls, rip out all build in cabinets, redid toilets, polish marble flooring...

 

These reno cost me abt $10k.

 

Furniture, I bought from IKEA, basic sofa, bed, mattress, tv cabinet, a small cabinet for kitchen for less than $1500..you can get cheap ones from Fourty two..

 

I bought new fridge, washing machine, an induction hot plate and other kitchen items for abt $1200.

 

An important point is the balance lease...those with 60years or less, its cheaper but value will fall. Location as well, example, a 3 rm clementi hdb will be abt $60k more expensive than a west coast flat..clementi and west coast is seperated by an overhead bridge.

 

Or consider buying a new 2 rm singles flat from hdb, will cost you abt $100k.

 

Do not need designer furnitures...keep place clean and tidy..will be more attractive than a cluttered untidy designer home.

 

Hdb will take as much cpf from your OA, do set aside abt 10k and buy a safe policy which you can sell incase you are jobless.

 

My loan amount is abt $210k, i pay in total abt $700plus per month via cpf.

 

 

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I will not dare to unless I can fully pay it up and have money for renovation , savings left ...’cause home items might need repurchasing and servicing too ....servicing is not cheap these days ...that’s why increasing number of people around the world not planning to buy but rent to stay instead 

Edited by Dan 28
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My close fren shared his story which struck me a lot.

 

Background:

Single gay, PR, bought first house condo at 42. Stable income, $5k during his 30s now $8k in 40s. Previously rented a room. There was 2 yrs he was in contract job when in his 30s.

 

Factors he delayed purchase

: worry abt insufficient funds as he supports his parents in msia, contract job

: he always thot of migration, and did leave sg. After a year, he returned to sg due to family

 

Pros

: as he got the hse in his 40s, theres far more mental peace as theres financial security

 

Cons

: missed perks out in a permanent home 

eg: less worries abt booted out fr rental home, neednt have to put up with bad hsemates, more sex. He wondered what is it like to have a ons sleep over in his home.

 

Verdict

: he doesnt regret. But if he had to do it all over again, he would buy a home in his 30s. 

Edited by auscent
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Is better to get a flat now as times goes by the price will be sky rocket high.So if you stable in your current job my advised go get your own flat as time goes by house getting smaller and expensive.

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Guest Guest
2 hours ago, Dan 28 said:

I will not dare to unless I can fully pay it up and have money for renovation , savings left ...’cause home items might need repurchasing and servicing too ....servicing is not cheap these days ...that’s why increasing number of people around the world not planning to buy but rent to stay instead 

Interest rates are traditionally low in sg. Almost no one even those cash rich will pay in full as they use funds to generate more cash.

 

To rent a 3 rm hdb flat cost $1500 monthly. Asumming TS is working for abt 10 years, he should be have abt 80k in OA...after deducting OA, he could be have a hdb loan of $200k, monthly payment is about $700plus.

 

Ts can also monitize his hdb by renting out 1 room or whole unit if he stays with parents.

 

I took hdb loan at 2.5% throughout instead of private banks at current rate of less than 2%...hdb rates is constant throughout while private ia fluid...i was jobless with bo cpf for about 1 year and hdb has much more leeway in delaying payment than private banks.

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Guest Guest

Just to add

 

I did not overstreach what I can buy. Hdb made an assessment on my loan amount I could take from them, I could buy a 4 room flat..however, I did not and  bought a 3 room flat at a moderately good location, 7mins walk to mrt..those like next to mrt cost 500k while my flat cost $310k(right now, its 280k).

 

I do not want added stress on the monthly loan amount and pay what I am comfortable with...just remember to set aside a sum of money from your OA in cases of emergency like jobless etc..enough for at least a year's loan payment.

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Guest Farmer
1 hour ago, Guest Guest said:

Just to add

 

I did not overstreach what I can buy. Hdb made an assessment on my loan amount I could take from them, I could buy a 4 room flat..however, I did not and  bought a 3 room flat at a moderately good location, 7mins walk to mrt..those like next to mrt cost 500k while my flat cost $310k(right now, its 280k).

 

I do not want added stress on the monthly loan amount and pay what I am comfortable with...just remember to set aside a sum of money from your OA in cases of emergency like jobless etc..enough for at least a year's loan payment.

Better repay full before you reached 50yo.  CPF Board will do all sorts of crazy thing to your OA after 50 and you may end up not being able to service your loan. The CPF goal post is sitting on wheel. The higher the the loan, the worse you will encounter unless, you can guarantee having an unterrupted job from now until 50.   I think the younger generation will suffer the most, unless they got their inheritence from parents or earning obscene salary.  Otherwise, even a HDB 3-room is just a dream.   If you want independency, than 2-room is the best and the only option (they are affordable and will not stretch your CPF). 

 

ALWAYS REMEMBER.  HDB is a depreciation asset.  

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Guest Guest
3 minutes ago, Guest Farmer said:

Better repay full before you reached 50yo.  CPF Board will do all sorts of crazy thing to your OA after 50 and you may end up not being able to service your loan. The CPF goal post is sitting on wheel. The higher the the loan, the worse you will encounter unless, you can guarantee having an unterrupted job from now until 50.   I think the younger generation will suffer the most, unless they got their inheritence from parents or earning obscene salary.  Otherwise, even a HDB 3-room is just a dream.   If you want independency, than 2-room is the best and the only option (they are affordable and will not stretch your CPF). 

 

ALWAYS REMEMBER.  HDB is a depreciation asset.  

I collected slightly abv $100k in rental income so far. Its how you look at situations. You can be negative and sat its the worst policy...to me, its a good asset to have. I do not live in my flat for now and in inmediate future but eventually, I will be living in my flat. 3room is still affordable. People have been saying how terrible hdb is for so many years...but almost every soon to wed sg couples still apply for a hdb to call their own.

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Guest Farmer
1 hour ago, Guest Guest said:

I collected slightly abv $100k in rental income so far. Its how you look at situations. You can be negative and sat its the worst policy...to me, its a good asset to have. I do not live in my flat for now and in inmediate future but eventually, I will be living in my flat. 3room is still affordable. People have been saying how terrible hdb is for so many years...but almost every soon to wed sg couples still apply for a hdb to call their own.

Not talking about you, I am advising the TS. Unless you are TS, than your answer is very confusing.

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Guest Thomas Didymuz Toh
2 hours ago, Guest Guest said:

I collected slightly abv $100k in rental income so far. Its how you look at situations. You can be negative and sat its the worst policy...to me, its a good asset to have. I do not live in my flat for now and in inmediate future but eventually, I will be living in my flat. 3room is still affordable. People have been saying how terrible hdb is for so many years...but almost every soon to wed sg couples still apply for a hdb to call their own.

 

Agree that rental of flat is best way to go.

i have rented out my flat via agents to workers.

some free  eye candy to see too.:yuk:

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2 hours ago, Guest Farmer said:

Better repay full before you reached 50yo.  CPF Board will do all sorts of crazy thing to your OA after 50 and you may end up not being able to service your loan. The CPF goal post is sitting on wheel. The higher the the loan, the worse you will encounter unless, you can guarantee having an unterrupted job from now until 50.   I think the younger generation will suffer the most, unless they got their inheritence from parents or earning obscene salary.  Otherwise, even a HDB 3-room is just a dream.   If you want independency, than 2-room is the best and the only option (they are affordable and will not stretch your CPF). 

 

ALWAYS REMEMBER.  HDB is a depreciation asset.  

What kind of crazy things will they do?  But if want to sell and buy,  do it before 55 to avoid your cash proceeds being locked up in the minimum retirement sum..... Yes getting more difficult for younger to buy,  over past 15 years,  Hdb resale jump by 100% but salary did not follow. ..house is always a liability until u rent out or sell for a profit.

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Guest Farmer
35 minutes ago, Letsrelaxpp said:

What kind of crazy things will they do?  But if want to sell and buy,  do it before 55 to avoid your cash proceeds being locked up in the minimum retirement sum..... Yes getting more difficult for younger to buy,  over past 15 years,  Hdb resale jump by 100% but salary did not follow. ..house is always a liability until u rent out or sell for a profit.

Just hear say.  Only those who stay in HDB with huge loan will know.  I stay in Kampong. 

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11 hours ago, Guest Moving out said:

Please share the type of house you bought and the challenges faced after buying the house. Did you buy when you are in your 30's or later?

 

There are people blessed with rich parents or took over the house after parents passed away but not interested to know about those!

I thoght there's already a thread for this topic? :?

 

Anyway, bought my 2-rm resale flat when I turn 35 on the day! Got my loan amount checked at HDB, then proceeded to source for flats according to my preferred location + available loan amount. Near to MRT/preferred location = more expensive, so 2-rm or 3-rm max. Further from MRT/not desirable location = cheaper = can buy bigger flat. I had no intention of buying big flats, since I intend to stay alone, so my prime decision was location, which I've more or less decided.

 

I knew I wanted to buy my own place when I was 30, 31. So I've already started saving since.

 

Apart from administrative expenses and compulsory stamp duties, all my saving were enough to reno my 2-rm flat and buy some decent furniture. Electricial items and some furniture from Courts, since got Linkpoints to earn, and remaining minor furniture from Ikea.

Had my contractor make me a full-length wardrobe. Even let me design the layout of the cabinets, drawers, etc. Knocked down my wall separating the living room and bedroom. Changed my door, custom-made my metal grill door, parquet flooring the whole living/bedroom (2-rm only, very small). Kitchen didn't do much. Just got an induction stove and the thingie above it. Re-made the kitchen cabinets also. Total reno about 18k.

Apparently I have the breakdown of my expenses saved in an excel file:

There may be future expenses that I did not add in, though.

1940 Running Total for Expenses.xlsx

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Guest Sad life

Noticed many indicate they stay alone, being gay and old must be terribly lonely. One day if you pass away in your bed no one will know or care...

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35 minutes ago, Guest Sad life said:

Noticed many indicate they stay alone, being gay and old must be terribly lonely. One day if you pass away in your bed no one will know or care...

 

U mean being straight won't be old lonely n die alone?

 

I m puzzled at how u arrive at such conclusion.

鍾意就好,理佢男定女

 

never argue with the guests. let them bark all they want.

 

结缘不结

不解缘

 

After I have said what I wanna say, I don't care what you say.

 

看穿不说穿

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Guest guest
14 hours ago, Dan 28 said:

I will not dare to unless I can fully pay it up and have money for renovation , savings left ...’cause home items might need repurchasing and servicing too ....servicing is not cheap these days 

 

 

Many old ppl die alone and rot and ferment into a liquid mess b4 anyone discovers .

 

Some have mental problem in old age and become loners and hermits. Its their own fault and problems.

 

Drifters.

 

 

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Guest Blameless
5 hours ago, Guest guest said:

 

 

Many old ppl die alone and rot and ferment into a liquid mess b4 anyone discovers .

 

Some have mental problem in old age and become loners and hermits. Its their own fault and problems.

 

Drifters.

 

 

Starting from you. Nothing to do with individual fault. It is part of nature. The eco system has to do its work to ensure life is fair. Rich or poor, gay or straight, nothing is spared. Stop your self righteous blaming culture.

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20 hours ago, Guest Guest said:

Most impt is to buy a flat 1st. I bought a unit as bare as possible, with good flooring. 

 

All i did was change electrical, painted the walls, rip out all build in cabinets, redid toilets, polish marble flooring...

 

These reno cost me abt $10k.

 

Furniture, I bought from IKEA, basic sofa, bed, mattress, tv cabinet, a small cabinet for kitchen for less than $1500..you can get cheap ones from Fourty two..

 

I bought new fridge, washing machine, an induction hot plate and other kitchen items for abt $1200.

 

An important point is the balance lease...those with 60years or less, its cheaper but value will fall. Location as well, example, a 3 rm clementi hdb will be abt $60k more expensive than a west coast flat..clementi and west coast is seperated by an overhead bridge.

 

Or consider buying a new 2 rm singles flat from hdb, will cost you abt $100k.

 

Do not need designer furnitures...keep place clean and tidy..will be more attractive than a cluttered untidy designer home.

 

Hdb will take as much cpf from your OA, do set aside abt 10k and buy a safe policy which you can sell incase you are jobless.

 

My loan amount is abt $210k, i pay in total abt $700plus per month via cpf.

 

 

 

When buying a property, I suggest you consider the following:

 

INTENTION

a) Do you intend to live in it for as long as possible?

b) Do you want to use this property to invest?

 

If it's a), then you have a lot more options - whether it's an aged HDB resale flat, or a condo unit that has a 99-year lease

 

If it's b) then you'll want to hunt wisely, including considering the age of the property, location of it, and proximity to amenities and facilities that could be a pull factor when renting out or selling it.

 

The other thing I would like to stress is considering your FINANCES.

 

1) Check your current savings - do you have enough for

i) Downpayment

ii) Renovation

iii) Legal fees / insurance / agent fees

iv) White goods (appliances, furniture)

 

2) If you were to wipe out your savings - which most do - then you also want to consider:

i) Do you have at least $10,000 in your account that cannot be touched unless it's for an absolute emergency?

ii) If you don't, then how long will you take to accumulate at least $10,000 after you wipe out everything?

iii) Do you have safety nets? Eg: Parents, siblings, friends, partners who can loan you emergency cash during your first few months of 'bankruptcy'?

 

These are vital factors because living without emergency funds can be scary

 

3) As far as you can help it, try NOT to take up any loans because the simple rule in life is not to bite off more than you can chew.

 

4) If you have done your sums and find that you are not able to cough up the initial cash portions, I suggest:

i) Drawing up a timeline to see when you can reach that amount (without compromising on essential spending)

ii) Look for ways to grow your money while you wait for that timeline to play out (eg: Less risky investment options such as Singapore Savings Bonds, bank structured deposits, time deposits etc)

iii) Look for ways to beef up your CPF (investment options are available for those who want to use CPF money to do so)

 

5) If you're still unsure, you should read up more on the internet and take what you've learnt to discuss it with friends who've bought properties, or talk to experts like financial advisors or property agents. The catch, however, is for you to be equipped with some knowledge first so that you can decide for yourself if they're giving you sound advice or if they're hardselling you stuff.

 

Enjoy the process!

 

 

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There are many in a mess getting flat at a young age ....due to health issues in life later , lost of job, unable to get loan  , unable to pay on time with more  interest incurred , unable to enjoy life while young ....

Not everyone makes profit selling a house , how many would want to buy a second hand condo or flat unless for en bloc purpose

rentng out is not easy with government’s tightening of foreigners and companies building dorms for their workers 

Edited by Dan 28
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Guest Guest2
2 minutes ago, Dan 28 said:

There are many in a mess getting flat at a young age ....due to health issues in life later , lost of job, unable to get loan  , unable to pay on ime with more  interest incurred . Tie up with installment , unable to enjoy life while young 

So dobt buy than stay with you?

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2 hours ago, Guest Guest2 said:

So dobt buy than stay with you?

 

Lol.

 

2 hours ago, Dan 28 said:

I am above 50 lar ...who would want to stay with me , mostly go for young ones 

 

If stay for free n nsa, I m sure there'll be takers.

 

:P

鍾意就好,理佢男定女

 

never argue with the guests. let them bark all they want.

 

结缘不结

不解缘

 

After I have said what I wanna say, I don't care what you say.

 

看穿不说穿

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Guest Guest
2 hours ago, Dan 28 said:

I am above 50 lar ...who would want to stay with me , mostly go for young ones 

U say dont buy house what. So stay where? Rent? Pay over $1000 in rental a month? Stay with family? Stay with friends? But they may also not buy as you said will have problems...so stay with you lor.

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Guest Guest
2 hours ago, Dan 28 said:

There are many in a mess getting flat at a young age ....due to health issues in life later , lost of job, unable to get loan  , unable to pay on time with more  interest incurred , unable to enjoy life while young ....

Not everyone makes profit selling a house , how many would want to buy a second hand condo or flat unless for en bloc purpose

rentng out is not easy with government’s tightening of foreigners and companies building dorms for their workers 

 

I think in land-scarce Singapore, it is better to buy earlier than later. Property prices in land scarce countries/cities will only go up, and will hardly go down. Look at New York and HK as examples there. Furthermore, even the newly designated PM is pushing for 10 million population target now, telling people to get ready to live below ground level. So this country will only get more and more crowded, and housing will become a bigger and bigger problem, and we will see that happening in our lifetime.

 

All those issues mentioned about loss of jobs etc are part and parcel of the reality of living in Singapore nowadays. Buying a house is indeed a HUGE liability, , but unless you have the means of migrating overseas, having a roof over your head is as basic an inescapable human need as eating and drinking. One contingency plan is to set aside a large sum of money in the CPF to help ensure that the mortgage can be settled through CPF payment if you are going to go without a job for a few years. And if possible, go for a fixed interest rate for as long a period of time in this current climate. This way, at least you still can have some peace of mind even when other financial liabilities comes up unexpectedly and suddenly. 

 

All these are my personal opinion only. No vested interest in anyway. 

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9 hours ago, Blogger Adam said:

 

a) Do you intend to live in it for as long as possible?

 

 

If it's a), then you have a lot more options - whether it's an aged HDB resale flat, or a condo unit that has a 99-year lease

 

 

 

Yes,yes yes!!!  Stay as long as possible and have sex in own privacy. No need to rent hotel room or fuck in toilet cubicle.  Your own home can just provides that 24/7.

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3 hours ago, Guest Guest said:

 

I think in land-scarce Singapore, it is better to buy earlier than later. Property prices in land scarce countries/cities will only go up, and will hardly go down. Look at New York and HK as examples there. Furthermore, even the newly designated PM is pushing for 10 million population target now, telling people to get ready to live below ground level. So this country will only get more and more crowded, and housing will become a bigger and bigger problem, and we will see that happening in our lifetime.

 

All those issues mentioned about loss of jobs etc are part and parcel of the reality of living in Singapore nowadays. Buying a house is indeed a HUGE liability, , but unless you have the means of migrating overseas, having a roof over your head is as basic an inescapable human need as eating and drinking. One contingency plan is to set aside a large sum of money in the CPF to help ensure that the mortgage can be settled through CPF payment if you are going to go without a job for a few years. And if possible, go for a fixed interest rate for as long a period of time in this current climate. This way, at least you still can have some peace of mind even when other financial liabilities comes up unexpectedly and suddenly. 

 

All these are my personal opinion only. No vested interest in anyway. 

Can’t really agree , there are more housing available  than people here , unlike HK or New  York , more competitive to find tenant and buyers for flats  here , why would so many  old folks need to work if they can be a landlord and rent out their rooms or flats  so easily 

Edited by Dan 28
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1 hour ago, Dan 28 said:

Can’t really agree , there are more housing available  than people here , unlike HK or New  York , more competitive to find tenant and buyers for flats  here , why would so many  old folks need to work if they can be a landlord and rent out their rooms or flats  so easily 

 

Renting out flats is only possible if there's alternatives available, eg, staying with parents, kids or bfs. 

 

I heard cases of old people dumb enough to sell their flats and use the fund for their children to purchase a new unit. They end up homeless more often than not.

 

 

鍾意就好,理佢男定女

 

never argue with the guests. let them bark all they want.

 

结缘不结

不解缘

 

After I have said what I wanna say, I don't care what you say.

 

看穿不说穿

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Guest lazytosignin

well, i contemplated for quite awhile before deciding to buy a one-bedder apartment when I’m 30. reason was partly to have a place on my own and also because i personally feel that property prices will most probably inflate over the next few years. If i were to hold off, it will take me much longer to own my place. if there’s anyone who has questions about the hidden costs involved- especially when you are not buying HDB being below 35, drop a message below. I’ll try to share what info or thoughts I had. 

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Guest Troublesome
10 hours ago, Dan 28 said:

Can’t really agree , there are more housing available  than people here , unlike HK or New  York , more competitive to find tenant and buyers for flats  here , why would so many  old folks need to work if they can be a landlord and rent out their rooms or flats  so easily 

Old folks don't like to stay with strangers. Or if rent whole flat than stay where. 

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Guest Pascal
Been in SG for almost 10years as PR, i foresee this is the city i want to spend my old age, someday in future parents will pass away, and sibling is just sibling they have their own family to care, when that time happen, there is nothing in my homecountry anymore that make me want to live there.
 
so i converted to pink ic and got my own 4rm hdb at my late 30s, why 4rm? this is important because i need a passive income, rent out 1 bedroom is not enough for my future living cost ($1000), i need money from renting 2 bedrooms ($1500-$1800?). just incase when im old and jobless, these additional 2 rooms are my main source of income, its hard to rely on cpf during retirement also, coz probably i wont have enough cpf after draining it for DP and years of mortgage. 
 
i plan to fully paid this house once i reach 45-47years old, only after fully paid, then i can feel safe. for now i still need to be prudent with spending and working hard on my job and stay employed.
 
and dont forget owning you own place is such a bliss, each time i step in my house after long working day, i feel the happiness, really happy to have a place i call my own, it's priceless. after renting room for almost 10years, the freedom of having your own house is beyond words. those who are still renting room especially with live-in landlord will understand this feeling hahah
 
so whoever thinking to buy their own hdb/condo, focus on your DP saving and timeline. good luck!
 
Feel free to share if u have other point of view glad to know
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Guest Condo
1 hour ago, Guest Pascal said:
Been in SG for almost 10years as PR, i foresee this is the city i want to spend my old age, someday in future parents will pass away, and sibling is just sibling they have their own family to care, when that time happen, there is nothing in my homecountry anymore that make me want to live there.
 
so i converted to pink ic and got my own 4rm hdb at my late 30s, why 4rm? this is important because i need a passive income, rent out 1 bedroom is not enough for my future living cost ($1000), i need money from renting 2 bedrooms ($1500-$1800?). just incase when im old and jobless, these additional 2 rooms are my main source of income, its hard to rely on cpf during retirement also, coz probably i wont have enough cpf after draining it for DP and years of mortgage. 
 
i plan to fully paid this house once i reach 45-47years old, only after fully paid, then i can feel safe. for now i still need to be prudent with spending and working hard on my job and stay employed.
 
and dont forget owning you own place is such a bliss, each time i step in my house after long working day, i feel the happiness, really happy to have a place i call my own, it's priceless. after renting room for almost 10years, the freedom of having your own house is beyond words. those who are still renting room especially with live-in landlord will understand this feeling hahah
 
so whoever thinking to buy their own hdb/condo, focus on your DP saving and timeline. good luck!
 
Feel free to share if u have other point of view glad to know

If I want to buy a 3 room condo, how much downpayment that i need to save? And how much installment per month?

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1 hour ago, Guest Pascal said:
Been in SG for almost 10years as PR, i foresee this is the city i want to spend my old age, someday in future parents will pass away, and sibling is just sibling they have their own family to care, when that time happen, there is nothing in my homecountry anymore that make me want to live there.
 
so i converted to pink ic and got my own 4rm hdb at my late 30s, why 4rm? this is important because i need a passive income, rent out 1 bedroom is not enough for my future living cost ($1000), i need money from renting 2 bedrooms ($1500-$1800?). just incase when im old and jobless, these additional 2 rooms are my main source of income, its hard to rely on cpf during retirement also, coz probably i wont have enough cpf after draining it for DP and years of mortgage. 
 
i plan to fully paid this house once i reach 45-47years old, only after fully paid, then i can feel safe. for now i still need to be prudent with spending and working hard on my job and stay employed.
 
and dont forget owning you own place is such a bliss, each time i step in my house after long working day, i feel the happiness, really happy to have a place i call my own, it's priceless. after renting room for almost 10years, the freedom of having your own house is beyond words. those who are still renting room especially with live-in landlord will understand this feeling hahah
 
so whoever thinking to buy their own hdb/condo, focus on your DP saving and timeline. good luck!
 
Feel free to share if u have other point of view glad to know

 

DP?

鍾意就好,理佢男定女

 

never argue with the guests. let them bark all they want.

 

结缘不结

不解缘

 

After I have said what I wanna say, I don't care what you say.

 

看穿不说穿

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1 hour ago, Guest Condo said:

If I want to buy a 3 room condo, how much downpayment that i need to save? And how much installment per month?

 

Depends on how much is your salary and how much you can loan. 

Don't read and response to guests' post

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Guest Condo
7 minutes ago, LeanMature said:

 

Depends on how much is your salary and how much you can loan. 

Min how much salary is needed and max how much can i borrow with that min salary? Can buy 1 bedder?

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1 hour ago, Guest Condo said:

Min how much salary is needed and max how much can i borrow with that min salary? Can buy 1 bedder?

 

You should go read this up here first... 

https://www.singsaver.com.sg/blog/how-much-can-you-borrow-for-your-home-loan

 

And then there are many online housing affordability calculators for you to search, but many of them makes many basic assumptions which may not be right, such as the lease of the condo still has a long way to go before its end, or that you have no other liabilities such as that of the car loans to pay off etc. 

 

You can do a search online for ONLINE CALCULATORS FOR HOUSING AFFORDABILITY but please remember to add the word Singapore in your search term. 

 

An example is this one here by propertyguru

https://www.propertyguru.com.sg/mortgage/affordability-calculator

 

The banks also have a lot of their own affordability calculators on site eg DBS www.dbs.com.sg/personal/landing/loans/homeloans/calculate/affordability.html

 

I have seen people put in the 1% deposit for a property and got it forfeited because the banks refused to give them the loan they wanted due to such affordability matters. So it is wise to get an in-principle approval from the banks for the loans first before you even put in the 1% deposit. Alternatively, in my case, the loan I requested was well within my means to pay it off, so I wasn't that afraid to put in that 1% deposit first before I do a loan hunt to see which bank can give the best rates. 

 

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Guest condo
1 hour ago, Guest Guest said:

 

You should go read this up here first... 

https://www.singsaver.com.sg/blog/how-much-can-you-borrow-for-your-home-loan

 

And then there are many online housing affordability calculators for you to search, but many of them makes many basic assumptions which may not be right, such as the lease of the condo still has a long way to go before its end, or that you have no other liabilities such as that of the car loans to pay off etc. 

 

You can do a search online for ONLINE CALCULATORS FOR HOUSING AFFORDABILITY but please remember to add the word Singapore in your search term. 

 

An example is this one here by propertyguru

https://www.propertyguru.com.sg/mortgage/affordability-calculator

 

The banks also have a lot of their own affordability calculators on site eg DBS www.dbs.com.sg/personal/landing/loans/homeloans/calculate/affordability.html

 

I have seen people put in the 1% deposit for a property and got it forfeited because the banks refused to give them the loan they wanted due to such affordability matters. So it is wise to get an in-principle approval from the banks for the loans first before you even put in the 1% deposit. Alternatively, in my case, the loan I requested was well within my means to pay it off, so I wasn't that afraid to put in that 1% deposit first before I do a loan hunt to see which bank can give the best rates. 

 

Thanks lot. very helpful. After winning tonite TOTO, can buy 1 condo already.

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13 minutes ago, Guest condo said:

Thanks lot. very helpful. After winning tonite TOTO, can buy 1 condo already.

 

Noooo... After winning tonite TOTO, you must share with me for being helpful, ok? Lol. 

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Guest condo
45 minutes ago, Guest Guest said:

 

Noooo... After winning tonite TOTO, you must share with me for being helpful, ok? Lol. 

I can rent out one room to you. 

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