No worries, the condo maintenance cost is manageable for us. As for downgrading later, we have decided to downgrade to a
HDB studio unit for the elderly when we reach 65. By then, we would have enjoyed condo living, our children would have enjoyed a lot. When we sell our condo when we reach 65, we would have at least $1m in cash which we can invest in blue chips to give 5% dividend pa, which is $50k pa or $4k pm. And with our
CPF retirement account payout of $2k pm, we will have $6k pm of passive income for our retirement. This is enough as we don't eat much and we will not have any car by then. $6k pm for a debt free retired couple with no car, is a lot of money.
Quote:
Originally Posted by Unregistered
Condo living is fantastic and it is really something to aspire to. However like in all things, there is no free lunch. Besides it costing more than HDB, the monthly fees are higher than the HDB town council fees. Be prepared to pay for the upgrade to your quality of life.
If you are not already saving much, upgrading to an EC would reduce that saving even more. Work out the costs properly before plunging in.
Worst thing is once you get used to living in a condo, downgrading back to HDB will be painful. So think and consider carefully. |