Guest Justwantsaplace Posted May 15, 2023 Report Share Posted May 15, 2023 Turning 30 this year earning about 5.5K take-home. Thinking of getting a 1 bed rm condo new launch but the downpayment is probably at least 300K which I don't have right now. I'm curious for those of you who went through same route did you wait till you are financially able to make the sum or did you receive help from parents/ relatives? On one hand I don't want to accept any help from others and feel indebted to them, but on the other hand I know the long term market will only go up and not down so it might be a case of forever waiting to earn enough but never enough. Quote Link to comment Share on other sites More sharing options...
Guest Practical Posted May 15, 2023 Report Share Posted May 15, 2023 I feel one needs to be at least earning 5 figure take home if really want to buy a small condo now. If not, one will just be scrimping and saving every month for the mortgage payments. https://sg.news.yahoo.com/buying-condo-singapore-much-earn-034843051.html Quote Link to comment Share on other sites More sharing options...
Guest Mr Meh Posted May 15, 2023 Report Share Posted May 15, 2023 2 hours ago, Guest Justwantsaplace said: Turning 30 this year earning about 5.5K take-home. Thinking of getting a 1 bed rm condo new launch but the downpayment is probably at least 300K which I don't have right now. Wait another 5 years to buy 2-room BTO. Why so hard on yourself financially. Condo very good meh? Unless you are PR or foreigners, then Bo Bian. Quote Link to comment Share on other sites More sharing options...
bluerunner Posted May 15, 2023 Report Share Posted May 15, 2023 Unless you are non local, get a HDB first. It’s more affordable and more practical in the long run. Condo price is ridiculously high now. Maximise your hard earn $$. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted May 15, 2023 Report Share Posted May 15, 2023 2 hours ago, Guest Practical said: I feel one needs to be at least earning 5 figure take home if really want to buy a small condo now. If not, one will just be scrimping and saving every month for the mortgage payments. https://sg.news.yahoo.com/buying-condo-singapore-much-earn-034843051.html Read from the article, seems like no need must earn 5 figure take home to buy condo. Min salary of $7,011 can buy a $1m condo. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted May 15, 2023 Report Share Posted May 15, 2023 1 hour ago, Guest Mr Meh said: Wait another 5 years to buy 2-room BTO. Why so hard on yourself financially. Condo very good meh? Unless you are PR or foreigners, then Bo Bian. Condo good, got value and also face value. If you can afford to buy a condo before 35 year old might means your earning power is high. Getting a 2 rm BTO although size about the same as a 1 bedder condo, price also cheap for the HDB but status wise a great difference. Quote Link to comment Share on other sites More sharing options...
Guest How? Posted May 15, 2023 Report Share Posted May 15, 2023 13 minutes ago, Guest guest said: Condo good, got value and also face value. If you can afford to buy a condo before 35 year old might means your earning power is high. Getting a 2 rm BTO although size about the same as a 1 bedder condo, price also cheap for the HDB but status wise a great difference. Singapore status is meant for the billionaires. Now mortgage interest also very high, If you cannot service your mortgage after becoming jobless, the bank will confiscate your assets and you are forced to sleep in Sembawang park, then how? Quote Link to comment Share on other sites More sharing options...
Guest Whywhy Posted May 15, 2023 Report Share Posted May 15, 2023 4 hours ago, Guest Justwantsaplace said: Turning 30 this year earning about 5.5K take-home. Thinking of getting a 1 bed rm condo new launch but the downpayment is probably at least 300K which I don't have right now. I'm curious for those of you who went through same route did you wait till you are financially able to make the sum or did you receive help from parents/ relatives? On one hand I don't want to accept any help from others and feel indebted to them, but on the other hand I know the long term market will only go up and not down so it might be a case of forever waiting to earn enough but never enough. Woah! $5.5k / 0.8 = $6.9k at 30 May I ask what's your profession? I'm looking to change industry Quote Link to comment Share on other sites More sharing options...
Guest guest Posted May 15, 2023 Report Share Posted May 15, 2023 8 minutes ago, Guest How? said: Singapore status is meant for the billionaires. Now mortgage interest also very high, If you cannot service your mortgage after becoming jobless, the bank will confiscate your assets and you are forced to sleep in Sembawang park, then how? Think many people do not think so far what if they have become jobless. If they can afford to buy a condo now and have a job that can finance their house loan, they just buy. Many people YOLO. If think so much, then many things also cannot do. 😂 I believe many of these people if one day their condo got confiscate by bank, they just move back to parents' house. No need scare will sleep in park. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted May 15, 2023 Report Share Posted May 15, 2023 14 minutes ago, Guest Whywhy said: Woah! $5.5k / 0.8 = $6.9k at 30 May I ask what's your profession? I'm looking to change industry 30 year old gross salary at $7k not say uncommon in this era now. Many people at this age already in manager level, so getting $7k for a manager should be around there. Quote Link to comment Share on other sites More sharing options...
Guest Justwantsaplace Posted May 16, 2023 Report Share Posted May 16, 2023 21 hours ago, Guest Practical said: I feel one needs to be at least earning 5 figure take home if really want to buy a small condo now. If not, one will just be scrimping and saving every month for the mortgage payments. https://sg.news.yahoo.com/buying-condo-singapore-much-earn-034843051.html 18 hours ago, Guest guest said: Read from the article, seems like no need must earn 5 figure take home to buy condo. Min salary of $7,011 can buy a $1m condo. Thanks for sharing this, I do agree even if manage to make the downpayment, having to scrimp and save for monthly mortgage does seem very scary. Although with new launch I understand it will be progressive payment so at least that full amount of monthly loan amount won't be immediately kicked in. I wonder the $7,011 is before or after consider CPF.. ? Quote Link to comment Share on other sites More sharing options...
calvin_lim_83 Posted May 16, 2023 Report Share Posted May 16, 2023 My take is property prices is on an upward trend in the long term. If u think u can service the mortgage (assume interest at 6%. You need to have some buffer) go for it. at 5.5k net pay and TDSR 55%, your available amount for loan is <4K per month. You need to calculate to see if you can afford it (of course you can use your OR to pay for part of the instalment). Quote Link to comment Share on other sites More sharing options...
Guest Jason Posted May 19, 2023 Report Share Posted May 19, 2023 On 5/15/2023 at 5:50 PM, Guest Justwantsaplace said: Turning 30 this year earning about 5.5K take-home. Thinking of getting a 1 bed rm condo new launch but the downpayment is probably at least 300K which I don't have right now. I'm curious for those of you who went through same route did you wait till you are financially able to make the sum or did you receive help from parents/ relatives? On one hand I don't want to accept any help from others and feel indebted to them, but on the other hand I know the long term market will only go up and not down so it might be a case of forever waiting to earn enough but never enough. Don’t think so much. Just buy. No such thing as jobless in Singapore as there are many jobs available for everybody. just ignore the naysayers Quote Link to comment Share on other sites More sharing options...
Guest Possible? Posted May 20, 2023 Report Share Posted May 20, 2023 9 hours ago, Guest Jason said: Don’t think so much. Just buy. No such thing as jobless in Singapore as there are many jobs available for everybody. just ignore the naysayers I agree. He may consider plenty of low paying jobs to help him maintain his expensive condo when he lost his value in the job market. Quote Link to comment Share on other sites More sharing options...
Guest Condo Posted May 20, 2023 Report Share Posted May 20, 2023 1 hour ago, Guest Possible? said: I agree. He may consider plenty of low paying jobs to help him maintain his expensive condo when he lost his value in the job market. Nowadays even grab delivery doesnt make as much as during the covid era. Even do not eat, still need to pay the condo maintenance fees. If need to work multiple job until 18 hrs a day. Remaining 6 to sleep in a place that you do not spend around as much. Quote Link to comment Share on other sites More sharing options...
keyboard Posted July 23, 2023 Report Share Posted July 23, 2023 Asking for a friend, PR, single, paying rent for 2-bedder condo in Kallang, have 400k cpf/cash, would it make more sense to buy a 1/2-bedder condo instead? Quote Link to comment Share on other sites More sharing options...
Kumarsutra Posted July 24, 2023 Report Share Posted July 24, 2023 If he got the means, buy a new launch. he can then either stay in the condo or rent it out. Then he use the rental from the condo to rent a cheaper place like hdb or what. Got some money growth. or he can stay in the condo then sell it to make some profit when he no longer needs it. keyboard 1 Quote Link to comment Share on other sites More sharing options...
matric Posted July 24, 2023 Report Share Posted July 24, 2023 (edited) just want to give my 2 cents worth of opinion I have myself went through this crossroad when I was 35, four years ago (I am 39 years old), although I am in the property industry for 14 years and counting. My main priority is to earn money and save money. Given earning money (appreciation) is not guaranteed, saving is, as long as the property price do not dip drastically (which I believe it won't, if property prices drops dramatically, it would likely affect properties across the board) For options I have BTO 2 room-flexi. It takes 3 years (at least) to build and MOP for 5 years. The next time I could do any action to it would be 8 years. I would be 43 years old, and a 2 room bto would give me profits of say $100+k, if lucky. Earn money: 8 years $100k nett Save money: $250/mth X 60 months (5years) = $15,000 Option 2: Resale HDB - many of my friends/clients waited for 10 years (2012/2013 peak to 2022/2023 another new peak) of HDB cycle to break even / still in negative sale. (Largely depends on the age of the HDB) Option 3: New Condo For easy calculation, let's take a $1mil condo. Similarly new condo that takes 3 years to build, SSD same period. The next time that could do any action is when the house is ready, which means less risk in terms of time. Say we use the same example of staying 5 years. Profits of same $100+k Earn money: 8 years $100k nett Save money: $1500/mth X 60 months (5years) = $90,000 Difference between this option with the first 2 options is the downpayment. $1mil X 29% downpayment is $290,000. The next action of cashing out, I would have $290k + $190k = $480k to use for the next property purchase. Let's look back at the HDB BTO example: Earn money: 8 years $100k nett Save money: $250/mth X 60 months (5years) = $15,000 Down payment say 10% of CPF of a $100k price is $10k Total funds available after cashing out: $125,000 Now do you see why in terms of monetary terms, the ones that go through the HDB route have it easier in terms of downpayment and monthly payment for sure, but later on find it harder to move on in property or have to depend on savings to top up for the next property purchase. Whereas, the challenging steps (downpayment/monthly payment) of condo purchase has less to do with prestige etc, it is the ease of next step or subsequent steps of property progression. Example, even though I don't want to progress anymore at 43 years old I could take the $480,000 and buy a 2 room flexi fully paid at $200,000 and I have $280,000 at hand. At $125,000 funds (for the 35 years old 2 room HDB route) I am basically stuck at age 43. I need savings to raise the downpayment for my next property, as property prices went up in general across all properties. Thank you for reading Edited July 24, 2023 by matric keyboard 1 Quote Link to comment Share on other sites More sharing options...
Guest guest Posted July 25, 2023 Report Share Posted July 25, 2023 Good info. But how do i avoid having a negative sale when i sell my HDB in the future? Quote Link to comment Share on other sites More sharing options...
appboy Posted July 27, 2023 Report Share Posted July 27, 2023 On 7/24/2023 at 11:04 AM, matric said: Save money: $250/mth X 60 months (5years) = $15,000 On 7/24/2023 at 11:04 AM, matric said: Save money: $1500/mth X 60 months (5years) = $90,000 THanks for sharing. What do you mean by saving money? Rental? How did you get $250 and $1500 per month? Quote Link to comment Share on other sites More sharing options...
Guest Recommend Posted July 28, 2023 Report Share Posted July 28, 2023 I got my unit from a LGBT friendly agent. So discussion was quite open and easy. I would recommend to find one and sit down to discuss on the options 👍🏻👍🏻 Quote Link to comment Share on other sites More sharing options...
sgmer Posted July 28, 2023 Report Share Posted July 28, 2023 On 5/15/2023 at 5:50 PM, Guest Justwantsaplace said: Turning 30 this year earning about 5.5K take-home. Thinking of getting a 1 bed rm condo new launch but the downpayment is probably at least 300K which I don't have right now. I'm curious for those of you who went through same route did you wait till you are financially able to make the sum or did you receive help from parents/ relatives? On one hand I don't want to accept any help from others and feel indebted to them, but on the other hand I know the long term market will only go up and not down so it might be a case of forever waiting to earn enough but never enough. Just wondering why not resale EC or condo which is cheaper than new launch? the difference in the price of resale and new is considerably high at the moment Quote Link to comment Share on other sites More sharing options...
Agoenk_pku Posted July 28, 2023 Report Share Posted July 28, 2023 On 5/15/2023 at 10:34 PM, Guest How? said: Singapore status is meant for the billionaires. Now mortgage interest also very high, If you cannot service your mortgage after becoming jobless, the bank will confiscate your assets and you are forced to sleep in Sembawang park, then how? Sembawang Park can sleep ah? Which corner ah? Quote Link to comment Share on other sites More sharing options...
Guest ERA Posted July 29, 2023 Report Share Posted July 29, 2023 16 hours ago, sgmer said: Just wondering why not resale EC or condo which is cheaper than new launch? the difference in the price of resale and new is considerably high at the moment No progressive payment which means lump sum down payment for TS I think. Quote Link to comment Share on other sites More sharing options...
Recommended Posts