Dissecting and analyzing? It is what I would call paralysis by analysis.
Yes, buying a property is a huge commitment for most of us salaried people, but in Singapore where land is scarce and especially when you are buying for own stay, it would be alright. Just make sure you can handle the loan and that you are in it for the long haul.
The poster rightly pointed out that it is indeed a form of forced savings. Many generation of homeowners before him, have reaped the financial benefits of home ownership.
Condo living brings your quality of life up a few notches. Before, I was contented staying in my cosy
HDB exec flat, but after I made my move to a condo, whoa, there is no looking back. It was a case of "You don't know what you don't know".
Another thing is life is very unpredictable. You can plan all you want, but fate has a habit of springing nasty surprises. You must have read many stories of people delaying gratification because they wanted to save enough? Well, their delayed gratification became permanent delays.
Quote:
Originally Posted by Unregistered
Welcome,
Its your choice at the end of the day, taking a loan on a non performing asset till you're 65 seems like a risky move. Personally I would hate to have a obligation hanging on me pass 50 that would keep me bonded to my job.
But of course all of us would like to move to the next stage of desires, be it cars condo's landed property what have you. If I may I would suggest you minimize the loan term to 15 or even better 10 years. Why so? Simply because this is not an investment property and from your profile I don't reckon you your savings will go into another property investment. Best you pay everything off asap before you hit 55 and lead another 10 years of stress free living. It would mean some lifestyle cutbacks but better now then when you're pushing 60 plus.
As for your choice of property if you are selecting a leasehold new condo near an existing MRT track its likely future gains have already been factored by the developers margins. In fact I could go on dissecting your choices and selected area (which I feel is over-hyped) but its pointless since you already decided and seem quite firm on it. Good luck with your sale. |