How much are you earning per annum?

You are doing the right thing. I would not encourage a family with a household income of $8k per month to upgrade to a condo. You need to save for your old age.

Originally Posted by Unregistered

i'm 34 and earn 8k+ as a civil servant. Still living in hdb flat. Some of my colleagues live in condos while some in hdbs, but it has never been a subject of discussion among us.

In fact, i dont see this whole point of upgrading to a condo. We have good neighbours, all the amenities/facilities we need are nearby and close to school. MRT/bus stop is close too. I feel living in HDB is more comfortable compared to condo. What we need is what we get here.

Condo - chances are what you need is not what you get. And what you get is not what you need.

Originally Posted by Unregistered

You are doing the right thing. I would not encourage a family with a household income of $8k per month to upgrade to a condo. You need to save for your old age.

thank you for reinforcing my initial thoughts about condo not being everything in life. I am in no rush or hurry to "upgrade" to a condo. Like I mentioned, I don't see the point of how I would "upgrade" when in fact, from where I look, I would be "downgrading" because I would no longer be with my friendly neighbours, bus/mrts at walking distance, being self.

By the way, when I wrote $8k+, it was my salary and not my household income (wifes' salary $7k+ not included). These are basic salary (bonuses not included, both are civil servants).

We used to stay in an exec HDB flat. It was spacious and near a park, but more importantly within walking distance to the school where our children studied for 10 years till they both completed O levels. Our loan was paid up. We thought that's where we will retire and live out the rest of our lives. We made good friends with our neighbors and had frequent dinner gatherings at each others' homes. Then one by one of our neighbors/ friends upgraded. Some to landed properties and others to condos. We knew they were rich as among them was a banker, a director in a stats board, accountant, businessmen and other professionals. It was that time that we decided to upgrade, it was 2008/09 period.

We decided on a condo with full facilities which was within 2 minutes walk to an MRT station. Although we had to take up a loan again, the decision to upgrade was a good one as condo living opens up a whole new life for our family.

When living in the HDB, we had parking issues as both my wife and I had a car each. One of us had to park at a different block quite a distance away. We had no such issue in the condo, some more we don't need to pay for the second car park lot. Not only that we found that our condo maintenance fees was actually lower than when we staying in HDB with 2 cars!

Swimming outings used to be a gamble each time when we were staying in the HDB. After packing and getting everyone ready, we would drive and arrive at the public pool to find that it was very crowded or that the weather had turn for the worse. Now, at the condo, we just looked out the window and decide on the spot to go for a swim, no need to pack etc..

I also play tennis regularly. My khakis and I used to play all over Singapore wherever we could book a court. Sometimes we couldn't even book a court. Now, the venue is fixed at my condo or at one of my kakis' condo. And it's free! Public courts on weekends charge $10 or more per hour! Car park no issue.

My children, now in the uni are enjoying the gym and other facilities such as the BBQ, squash and function rooms for their parties.

I imagine that if we were to use public facilities they would come up to a tidy sum. But they are all available in the condo !

Certainly my family have become more physically active and healthier since moving in into the condo. Our quality of life has certainly gone up!

I would have never thought this could be possible without making that move as I was very contented and comfortable living in my previous exec HDB flat. I am very glad I did.

Originally Posted by Unregistered

thank you for reinforcing my initial thoughts about condo not being everything in life. I am in no rush or hurry to "upgrade" to a condo. Like I mentioned, I don't see the point of how I would "upgrade" when in fact, from where I look, I would be "downgrading" because I would no longer be with my friendly neighbours, bus/mrts at walking distance, being self.

By the way, when I wrote $8k+, it was my salary and not my household income (wifes' salary $7k+ not included). These are basic salary (bonuses not included, both are civil servants).

Jahannam [Hellfire] ?? - YouTube

Originally Posted by Unregistered

thank you for reinforcing my initial thoughts about condo not being everything in life. I am in no rush or hurry to "upgrade" to a condo. Like I mentioned, I don't see the point of how I would "upgrade" when in fact, from where I look, I would be "downgrading" because I would no longer be with my friendly neighbours, bus/mrts at walking distance, being self.

By the way, when I wrote $8k+, it was my salary and not my household income (wifes' salary $7k+ not included). These are basic salary (bonuses not included, both are civil servants).

wow age 34 and getting 8k+ as civil servant???
you in under MX scheme or uniform group?? basic salary so high? scholar?

me age 32 also NUS degree, in GLC getting slightly less than 4k nia...

Originally Posted by Unregistered

wow age 34 and getting 8k+ as civil servant???
you in under MX scheme or uniform group?? basic salary so high? scholar?

me age 32 also NUS degree, in GLC getting slightly less than 4k nia...

Bitch please, I'm 23 fresh out of school and raking in 8K+/mth in consulting. Big whoop.

Families with household income of $15k per month (basic) is considered average and should just stay in HDB flats. If you want to stay in condo, you must have a combined income of $35k per month to be on the safe side. Best if you buy the condo in cash and take no loan. Like the guy who can only afford to buy a condo in his 50s.

So, continue to save when you are in your 30s and 40s and stay in HDB flat. When you have saved $2m, then buy your condo in your 50s. Pay cash.

I agree. Luxury condos are only meant for higher income households.

I'm 43, owns a luxury condo, paid off the mortgage loan. Also no more car loan. Debt free.

Originally Posted by Unregistered

Families with household income of $15k per month (basic) is considered average and should just stay in HDB flats. If you want to stay in condo, you must have a combined income of $35k per month to be on the safe side. Best if you buy the condo in cash and take no loan. Like the guy who can only afford to buy a condo in his 50s.

So, continue to save when you are in your 30s and 40s and stay in HDB flat. When you have saved $2m, then buy your condo in your 50s. Pay cash.

For those who still qualify for EC, should go for it. No point jumping straight into private condos. ECs are there for a reason - to cater to the aspiration of the middle middle class (household incomes of between $10k - $12k pm). ECs will be privatized eventually.

Originally Posted by Unregistered

Families with household income of $15k per month (basic) is considered average and should just stay in HDB flats. If you want to stay in condo, you must have a combined income of $35k per month to be on the safe side. Best if you buy the condo in cash and take no loan. Like the guy who can only afford to buy a condo in his 50s.

So, continue to save when you are in your 30s and 40s and stay in HDB flat. When you have saved $2m, then buy your condo in your 50s. Pay cash.

Originally Posted by Unregistered

thank you for reinforcing my initial thoughts about condo not being everything in life. I am in no rush or hurry to "upgrade" to a condo. Like I mentioned, I don't see the point of how I would "upgrade" when in fact, from where I look, I would be "downgrading" because I would no longer be with my friendly neighbours, bus/mrts at walking distance, being self.

By the way, when I wrote $8k+, it was my salary and not my household income (wifes' salary $7k+ not included). These are basic salary (bonuses not included, both are civil servants).

Since you cannot afford a private condo, why not apply for an EC? If you do not qualify for a new EC, you can buy a resale EC which is less than 10 years old. These ECs are not fully privatised, so they are still very cheap, you can buy one for $700k plus only. You can sell your HDB flat for $600k and buy the old EC for $700k, you take only $100k mortgage for 30 years, every month you pay only $500 so with $18k monthly income, you can afford.