Quote:
Originally Posted by Unregistered
The best savings in Singapore is to buy property. You buy a property and every month when you pay your mortgage, treat the monthly payment as your savings. And best thing, your property will triple in value at least over 30 years. Say you buy a $500k property and you pay mortgage of $1500 every month over 30 years, you would have paid $540k in total. At the end of the 30 years, you will own the property which then will be valued at $1.5million. If you had just saved cash, you get $540k in cash after 30 years whereas if you buy the property, your $540k cash payment would give you a property which is worth 3 times your cash payment.
I'm now saving for downpayment for a landed property, somewhere in the Jurong Lake District.
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Yes and if you believe that, i hv a gold mine in Africa I'd like to sell you.
Whatever possesses you to think prices will go up 3x in the next 30yrs when reality is that many people who bought their condo in 1997 have not even broken even today... In the highest housing market we hv seen ever, and the lowest interest rate environment we hv ever seen?
Housing appreciation is no longer a given. Yes there is money to be made, as with every asset class, but timing is key. The days of mindless Buy and wait for appreciation are gone.
If you buy today, when prices are at an all time high, interest rates are at an all time low, when the govt is coming out w a new measure every few weeks to bring prices down, when price to income ratio is at an all time high, and where we are expecting to see the largest ever glut of TOP both in the private and public housing sectors over the next 5 yrs, AND are expecting a 3 fold increment, all I can say is : can I sell you my house ?