Quote:
Originally Posted by Unregistered
Indeed we are low income. We are ashamed of ourselves.
We are thinking of selling our condo as we feel we dont deserve staying in it since we are low income couple. If we sell at $900k and then pay off the mortgage of $300k left, we will then get $600k. We can then buy a 3 room HDB flat at $300k and pay in cash. We will then have $300k to invest in stocks which can give us 5% dividend yield or $15k pa. Then our income can increase to $184k pa. By staying in HDB flat, we can also get rebates for utilities which mean we spend less.
So by selling our condo and living in a 3 room HDB flat (plus investing), we can increase our current savings of $80k pa to $100k pa. If we sell our car and take public transport, we can save $118k pa.
Is this a good idea? What do you think? |
Despite your "low" income (In inverted commas, as I don't think it's low), you still have an asset that can help you beat inflation and has potential to appreciate.
Sell it and you end up killing your golden goose.
Keep it if you can afford to service it. It's 2/3s paid for already anyway!