Unregistered |
26-03-2012 01:42 PM |
Quote:
Originally Posted by Unregistered
(Post 22026)
Engineer, 6+ yrs, 2nd upper local uni
Total income in 2011: around 75k, and v secure job.
Does not sound too bad but I work v hard everyday..11 h days are common and weekends too. Managed to get a condo. Life is not too bad but cld be better....
What am I doing right now? OT :(
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This is the overworked 75k engineer responding....
How did I buy a condo with my average salary? Well, I bought it in 2009 with my spouse who earns even less than me. Look for outer core region condos, you will be surprised that there are some Freehold or 999 condos still going for < 1000 psf in SG even now. If u want a brand new condo for <1000psf, those days are over .... got to be realistic in this exceedingly expensive country.
It is not always risky to buy a condo ... the key is to buy something 1) not in an expensive district 2) resale 3) search for value for money with potential for the upside e.g. future MRT nearby. I am actually a risk adverse person and currently the ratio of my outstanding housing loan to current condo valuation is 50%. (this is because the value of my condo has risen since 2009) The market can do what it likes henceforth, I am in a safe position.
Note however that to buy NOW (2012) is definitely riskier than in 2009.
Try property guru.com to search for something that fits your budget and criteria.
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