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Old 18-12-2013, 11:58 AM
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I am an optimist. Go ahead and buy the EC. You are already in your late 40s and soon you might die. Before you die, you must enjoy life. Owning a condo in Singapore is the best achievement ever for Singaporeans. You can sell your flat for $450k and use your cash and CPF. Downpayment $500k. Nowadays you can get a 3-room EC unit for only $700k. So you need to loan only $200k of mortgage. You can service the loan for 20 years until you retire at 70. You can do it. Be optimistic.

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Originally Posted by Unregistered View Post
Couple in our late 40s, earning a combined income of $100k pa. We are in the middle income group in Singapore. We bought our 4-room flat direct from HDB, many years ago at a low price. Now, we have paid it up. We own a small car, just nice for our family of four. Our savings in CPF OA and cash is $100k in total. We have no loans. No other assets.

Do you think we can afford to upgrade to an EC? We need to take a new mortgage if we upgrade. Or should we just be happy and stay put at our flat (currently worth $400k)?

Any advice? Thank you.
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