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How much are you earning per annum?

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  #3871 (permalink)  
Old 31-03-2014, 08:39 AM
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Just wait patiently for crisis to bring prices back to sane levels.

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  #3872 (permalink)  
Old 31-03-2014, 09:19 AM
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Condo fully paid... est $1.5mil....waiting on sideline to go in again as missed the boat...
You are now a millionaire. What is your combined net worth?

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  #3873 (permalink)  
Old 31-03-2014, 10:06 AM
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What is the sane level? Households earning $300K to $400K pa have found $1m property affordable. Look at the car COE. At $80k COE, people are still rushing in.

I think if you cannot afford to buy now, you will most certainly not able to afford to buy in a crisis, because you will be jobless.


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Just wait patiently for crisis to bring prices back to sane levels.

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  #3874 (permalink)  
Old 31-03-2014, 07:48 PM
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Hi gurus,

We need your advice regarding our plan to upgrade. My wife and I are both 40. We have a combined monthly income of $10k a month or $120k pa. We now live in a 5 room HDB flat which is fully paid up and valued at $600k.

We are thinking of selling our flat at $600k and use the cash for downpayment for a $1.2m condo. We then take a 25 years loan of $600k.

Since we both take public transport to work, we don't spend much on transport, so we feel we can afford the monthly payments of about $2400 (24% of our monthly income). We will use our CPF and cash for the monthly payments.

Is this advisable? Thank you.
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  #3875 (permalink)  
Old 31-03-2014, 08:07 PM
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Originally Posted by Unregistered View Post
Hi gurus,

We need your advice regarding our plan to upgrade. My wife and I are both 40. We have a combined monthly income of $10k a month or $120k pa. We now live in a 5 room HDB flat which is fully paid up and valued at $600k.

We are thinking of selling our flat at $600k and use the cash for downpayment for a $1.2m condo. We then take a 25 years loan of $600k.

Since we both take public transport to work, we don't spend much on transport, so we feel we can afford the monthly payments of about $2400 (24% of our monthly income). We will use our CPF and cash for the monthly payments.

Is this advisable? Thank you.
What are your jobs? What's the split in terms of earnings? How many kids do you have? What's your avg monthly expenses?

These are important points to consider before buying a much more expensive property especially when you and your wife are in your 40s.


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  #3876 (permalink)  
Old 31-03-2014, 08:07 PM
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Hi gurus,

We need your advice regarding our plan to upgrade. My wife and I are both 40. We have a combined monthly income of $10k a month or $120k pa. We now live in a 5 room HDB flat which is fully paid up and valued at $600k.

We are thinking of selling our flat at $600k and use the cash for downpayment for a $1.2m condo. We then take a 25 years loan of $600k.

Since we both take public transport to work, we don't spend much on transport, so we feel we can afford the monthly payments of about $2400 (24% of our monthly income). We will use our CPF and cash for the monthly payments.

Is this advisable? Thank you.
If you are prepared to work and retire at age 65 with not much CPF savings left..then guess should be OK.
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  #3877 (permalink)  
Old 31-03-2014, 08:25 PM
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If you are prepared to work and retire at age 65 with not much CPF savings left..then guess should be OK.
Our jobs are stable and we can most likely able to work until 65. Our expenses are not high as we only have a son and we don't drive.

We see our monthly mortgage payment (using CPF and cash) like forced savings and when we reach 65 and retire, we can sell the condo (after enjoying condo living for 25 years), say at $1.6m, and then buy the HDB studio unit (for old folks). This HDB studio cost only $100k. We can then retire with the $1.5m cash.
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  #3878 (permalink)  
Old 31-03-2014, 08:38 PM
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Our jobs are stable and we can most likely able to work until 65. Our expenses are not high as we only have a son and we don't drive.

We see our monthly mortgage payment (using CPF and cash) like forced savings and when we reach 65 and retire, we can sell the condo (after enjoying condo living for 25 years), say at $1.6m, and then buy the HDB studio unit (for old folks). This HDB studio cost only $100k. We can then retire with the $1.5m cash.
Seems like you have the answer yourself....go for it then...
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  #3879 (permalink)  
Old 31-03-2014, 09:00 PM
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Seems like you have the answer yourself....go for it then...
Thanks for the vote of confidence. We will start marketing our HDB flat and also start hunting for a ready-to-occupy condo unit, preferably just TOP (new, nicer, modern design, fresh 99 years lease).
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  #3880 (permalink)  
Old 31-03-2014, 09:41 PM
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You cant be serious or did you just answer yourself? You relied on the advise of a total stranger (faceless and anonymous at that) and made your decision. A decision that will cost you >$1m and tie you and spouse down for what, 25 years?

If you had asked more generic questions like the trend for property prices in Singapore over the long term, the trend of loan interest rates, and property demand and supply etc. It would be understandable.

Questions on regarding affordability is best answered by yourself. The amount you can afford, and your current and future needs, job security, emergency funds are all things only you and your spouse would know best.

Having said that, moving onto a condo is a natural progression and manifestation of upward mobility. 40s is not old, not young. For us, we moved into a condo when we were 50, a little late, but it was one of the best decisions we made. We were not after the status of living in a condo, but what impressed us and helped make up our minds was the landscaping, the quiet and exclusive ambiance, the ample car park space, the security and convenience of having a myriad of facilities at our door step. We are certainly more physically active now, and contented.

Being able to fully pay up for the condo clinched it for us. No need to ask anybody.

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Thanks for the vote of confidence. We will start marketing our HDB flat and also start hunting for a ready-to-occupy condo unit, preferably just TOP (new, nicer, modern design, fresh 99 years lease).
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