From the points you brought up, I think I'm at risk. Even though my flat is paid up and currently valued at $400k, I think best for me not to upgrade to a condo as it means I have to take a mortgage of $800k even if I sell my flat and use the $400k as a downpayment to a $1.2m condo. To service a $800k mortgage is no joke. Your idea of buying a condo and rent out the flat is not possible as I don't have much cash to even pay for the condo downpayment. I need to sell the flat to get the cash downpayment. With the big property oversupply coming, renting out may not be possible and I will risk an empty condo. Worse, if I lose my job, how can I ever service the mortgage?
I think the best option for me is to stay in my flat and build up my
CPF balance for retirement. I can also invest in blue chip stocks. Property investment today is a very high risk thing to do, especially since I'm at risk of retrenchment given my easily replaceable position.
As for yourself, do you fear of you being replaced too? Are you immune to retrenchment as a recruiter?
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Originally Posted by Unregistered
My honest opinion is for you to upgrade to a condo if your existing hdb has been paid for and u have extra cash for a condo. If your flat has been paid for, then buy another condo, rent out the flat and use the cash for the installment. Purchasing condo is a form of forced savings and these money will come in handy when u r nearing retirement age, otherwise you will have to work till 91.
Finance sectors depending on which companies you are in, does your company have restructuring often and the tendencies to get rid of 'expensive' people, if yes, you may be in for some trouble. Some banks though, do not practice retrenchment and if your company is a 'safe' one, you dont have to worry. In the event that you are retrenched, remember to lower you expectations when you are looking out. There's no guarrantee that a job is yours forever, but i will not worry too much. Risk wise I can't advise, but my experience as a recruiter tells me managerial roles at 200k pa gets retrenched as well. But like i have said, if you company is a responsible and profitable one, you don't have to worry. |