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Old 04-09-2013, 10:20 PM
dives
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If you believe your agent then you're probably not really in tune with the market. Lets put this question to you instead

You buy a 2 bedroom condo near an mrt, cost you 1 Million. Downpayment 230K + stamp, borrow 800K from bank. (maybe more if need renovation)

Monthly repayment 2800 at 1.5% interest @ 30 years
MCST 300
Property tax 200
Monthly outgoing 3300 (property only, you include other expenses)

Scenario 1
Property market takes a dive 10%, Newly TOP properties will be the first to take a hit price wise (since they were already sold at inflated values). Bank comes and ask you to top up 100K, can you pay that out?

Scenario 2
Wife or you lose your job, funds become even tighter, you can imagine what happens then

There are many other scenarios that can happen you decide how safe you wanna play it, given the current market sentiment and your profile I reckon its quite a risky play



Quote:
Originally Posted by Unregistered View Post
I earn $4k pm, my wife earns $5k pm. We have sold our flat and plan to buy a resale condo. Got profit of about $200k. My agent tells me now is a good time to upgrade. I can use the profit and my cash savings as downpayment for a condo. With the new cooling measures, we will look for a 2 bed room condo which cost less than $1m. We are looking at condos which have just TOP so that we can move immediately. Any suggestions? Must look beautiful and near MRT station. We don't drive.
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