You are both 40, which means there is a high chance of retrenchment for both of you next year onwards. You should assume this as your base case. So you should just sell your
HDB flat, get the net cash proceeds (eg $300k) and plus your $1.3m, you have $1.6m. Under this scenario, just buy a $1.2m condo. You will then be debt free, assuming you have no other debts. So if both of you get retrenched, you still have a fully paid up home. Then you can take up taxi driving to pay for your food and utilities.
Quote:
Originally Posted by Unregistered
Can we comfortably afford a $2m condo?
Wife and I, both 40, have $1m in cash, $300k in stocks and a half-paid HDB EA which we may keep (we are aware of the ABSD, but it's another topic).
Jobs are semi-stable. Both of us made a combined $500k this year, but we got higher than usual payouts this year. I would say its safer to assume a $300k income.
Or should we lower our condo budget to $1.5m?
Thanks in advance. |