How much are you earning per annum?

The worrisome thing i noticed here is that there are common plans to downgrade to studio hdb or cheap hdb upon retiring.

1. You may not like the HDB lifestyle
2. You may not sell your condo at the price you want as everyone seems to be selling then.

Originally Posted by Unregistered

The worrisome thing i noticed here is that there are common plans to downgrade to studio hdb or cheap hdb upon retiring.

1. You may not like the HDB lifestyle
2. You may not sell your condo at the price you want as everyone seems to be selling then.

hi,
if you have read this thread enough u will know that it is the same guy posting and replying to his own post but using different scenarios. don't sweat it.

I think we worry too much about retirement. I think most Singaporeans can retire as long as they don't spend too much. In fact we can retire in luxury if we retire in Thailand. So don't worry, be happy.

Originally Posted by Unregistered

The worrisome thing i noticed here is that there are common plans to downgrade to studio hdb or cheap hdb upon retiring.

1. You may not like the HDB lifestyle
2. You may not sell your condo at the price you want as everyone seems to be selling then.

Definitely not easy. I been house hunting for hdb after staying in condo, some of the hdb condition are just bad. Let me say this - after viewing, even if you can accept, your family may not able to.

Can a couple in their 40s afford to upgrade to a condo (from a paid up hdb flat) if their combined income is $10k pm or $120k pa?

If yes, what should their budget be? Assuming can sell flat at $500k? Is a $2m luxury condo too expensive? Is a loan of $1.5m too high? Assume no other loans.

Any gurus here can advise? tyia.

Someone posted very easy to retire by living like a King in Thailand or rentout their HDB flat for $5K, live in Malaysia.

Wonder will the whole family able to do it???

Originally Posted by Unregistered

Definitely not easy. I been house hunting for hdb after staying in condo, some of the hdb condition are just bad. Let me say this - after viewing, even if you can accept, your family may not able to.

It depends. If you are a spendthrift, owns a car, etc. better not.

But if you don't own a car, don't have a maid, don't go for expensive holidays, eat at cheap hawker centres, shop at cheap shops, etc, maybe it is possible. There are people who can save 60 - 70% of their income, so this type of people may be able to do it.

So, for instance, if you earn $120k pa and only spends $40k pa, you can actually save $80k pa, this amount can easily cover the annual mortgage payment. You can treat the principal repayment as your savings. It may also encourage you to be prudent in spending or else you may be spending away your money on brand new conti cars, luxury bags, european holidays, etc.

So, it is up to indiividual and family circumstances. But if want to be more conservative, just buy a $1.2m condo in the OCR and take loan of just $700k. Seek professional advice as your circumstances can best be evaluated.

Originally Posted by Unregistered

Can a couple in their 40s afford to upgrade to a condo (from a paid up hdb flat) if their combined income is $10k pm or $120k pa?

If yes, what should their budget be? Assuming can sell flat at $500k? Is a $2m luxury condo too expensive? Is a loan of $1.5m too high? Assume no other loans.

Any gurus here can advise? tyia.

Originally Posted by Unregistered

Can a couple in their 40s afford to upgrade to a condo (from a paid up hdb flat) if their combined income is $10k pm or $120k pa?

If yes, what should their budget be? Assuming can sell flat at $500k? Is a $2m luxury condo too expensive? Is a loan of $1.5m too high? Assume no other loans.

Any gurus here can advise? tyia.

Definitely too risky. 10kpm for a couple is just sufficient to manage a comfortable lifestyle in HDB, but not in a condo. One should not use more than 30% of their income for housing. Assuming you're 45yo, aim to pay off by 55, you will have about 10 years to pay off your loan. 30k pa x 10 years = 300k. Or 450k (30k x 15y) if you pay off by 60yo.

I wouldn't do that.

Originally Posted by Unregistered

Definitely not easy. I been house hunting for hdb after staying in condo, some of the hdb condition are just bad. Let me say this - after viewing, even if you can accept, your family may not able to.

I agree. Once you've upgraded, it is quite difficult to downgrade.

Originally Posted by Unregistered

Definitely not easy. I been house hunting for hdb after staying in condo, some of the hdb condition are just bad. Let me say this - after viewing, even if you can accept, your family may not able to.

I was hunting for condo recently, have seen some older ones, noticed the facilities were quite run down, the house need a complete overhaul... but some newer HDB appeared better in condition...