Quote:
Originally Posted by Unregistered
Me. My mortgage for a freehold condo, my home, has 16 years left. I have an iron rice bowl (bonded for five years), my savings can sustain the mortgage for two years. Other than the housing loan I have zero debt as I don't have a car, have no kids, and have no expensive hobbies, maintaining a comfortable but unflashy lifestyle.
Parents said I was silly not to get a bigger, more prime, more expensive condo. But I believe in safety. No one will help if I get into negative equity. Not even parents.
After the crash, plan to get my savings into condo#2. For now I wait, patiently.
Certainly, with no risk, there is no profit. I have a friend who bought three condos. Sure, he is sitting on fantastic paper profit now. The question is what happens when prices fall.
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I always find this Singaporean obsession with property investment very unhealthy and illogical.....I would like to remind you that our country is not a going concern....if you are accounting trained you would know what I mean......Singapore may not be around 100 years from now, or even 50 years, we are too small and the population is going down....we may be a one time hit miracle that's all, so if you sink so much money into houses, are you they would be worth anything 50 years from now???
the conventional argument is always land is scarce here so property investments would not go wrong, the favorite tagline from developers and agents.....what if there is no more Singapore in 50 years???