How much are you earning per annum?

Originally Posted by Unregistered

I am living in my condo, brought 5 years ago. Feel so stuck now, recent transaction of my condo was below 20% of my purchased price....worrying if the bank will call me for topping up to the recent valuation price by cash....if so, that would be 200k-300k cash all to the bank. Now worrying of losing my job, retrenchment news spreading and bad job market too... trying to sell off, but can't find a buyer even at a 15% losses for 6 months already....

Regret selling my HDB(was fully paid) for Condo. With now a so-called higher standard of living in condo, my condo is barely empty without much entertainment, small tv, small sofa, no cable tv, aircon off 95% the time to save money, no maid to wash and clean... still need to pay condo maintenance fee $300 every month.. Admire some colleagues who still living in HDB, all have no worry of loan repayment(all paid up), and they have much more money to spent on house entertainment, living more comfortably(w maid, air-con almost 24hrs on, message chair, gaint tv, huge living space...) then me in current empty shelter...

You are not alone. I am having samiliar problem like you. My partner was retrenched recently, can't find a new job for 3 months already, now family income loss by half.. Going to sell my car to cut expenditure soon, my 3 children all at junior primary school will soon need to learn go to school by walking. If sell my condo, surely incur over 100k loss based on 3 month ago offer, now seriously unsure if such offer exist.

Originally Posted by Unregistered

You are not alone. I am having samiliar problem like you. My partner was retrenched recently, can't find a new job for 3 months already, now family income loss by half.. Going to sell my car to cut expenditure soon, my 3 children all at junior primary school will soon need to learn go to school by walking. If sell my condo, surely incur over 100k loss based on 3 month ago offer, now seriously unsure if such offer exist.

When you upgrade to the condo after selling your flat, how much DP did you put? 20%? 30%? 40%?

I've very conservative, I put a DP of 80%. I can sleep well at night. I can actually pay off the 20% loan if I want to.

You should not just put a 20% DP because if the market crash by 30%, you will be in negative equity.

what's the value of your condo and how much loan you take?

Originally Posted by Unregistered

I am living in my condo, brought 5 years ago. Feel so stuck now, recent transaction of my condo was below 20% of my purchased price....worrying if the bank will call me for topping up to the recent valuation price by cash....if so, that would be 200k-300k cash all to the bank. Now worrying of losing my job, retrenchment news spreading and bad job market too... trying to sell off, but can't find a buyer even at a 15% losses for 6 months already....

Regret selling my HDB(was fully paid) for Condo. With now a so-called higher standard of living in condo, my condo is barely empty without much entertainment, small tv, small sofa, no cable tv, aircon off 95% the time to save money, no maid to wash and clean... still need to pay condo maintenance fee $300 every month.. Admire some colleagues who still living in HDB, all have no worry of loan repayment(all paid up), and they have much more money to spent on house entertainment, living more comfortably(w maid, air-con almost 24hrs on, message chair, gaint tv, huge living space...) then me in current empty shelter...

Originally Posted by Unregistered

what's the value of your condo and how much loan you take?

Brought 1.4m, maybe worth 1.1m only now, outstanding near 1m. Saving can only sustain 6 months, if one day loss my job.

Originally Posted by Unregistered

Brought 1.4m, maybe worth 1.1m only now, outstanding near 1m. Saving can only sustain 6 months, if one day loss my job.

You are f***ed, my friend... Better cut loss before you go down with the ship.

Originally Posted by Unregistered

Brought 1.4m, maybe worth 1.1m only now, outstanding near 1m. Saving can only sustain 6 months, if one day loss my job.

What job are you doing? Which industry?

How old are you? What's your personal annual income? Household income?

What's your total household net worth?

Originally Posted by Unregistered

When you upgrade to the condo after selling your flat, how much DP did you put? 20%? 30%? 40%?

I've very conservative, I put a DP of 80%. I can sleep well at night. I can actually pay off the 20% loan if I want to.

You should not just put a 20% DP because if the market crash by 30%, you will be in negative equity.

If you want to put 80% might as well save your lawyer fees and not take any loan LOL.

Fairy cannon.

Originally Posted by Unregistered

You are f***ed, my friend... Better cut loss before you go down with the ship.

Without believing that inspiration of private property and pride of living in condo..... I wouldn't ended like now... Too late to regret... If Sell it now at 1.1m, still provided i can find buyer, it only a common condo with so so location&view&design&amenities, i lose all my invested money of few hundred thousands.. I guess if so my reitirement will need to push beyond 65 already.

Why do we always see cases of this nature surfacing in every economic cycle? Are lessons not learnt?

Going forward what advise would you give to younger families starting out?

What would you do now?

Originally Posted by Unregistered

You are not alone. I am having samiliar problem like you. My partner was retrenched recently, can't find a new job for 3 months already, now family income loss by half.. Going to sell my car to cut expenditure soon, my 3 children all at junior primary school will soon need to learn go to school by walking. If sell my condo, surely incur over 100k loss based on 3 month ago offer, now seriously unsure if such offer exist.

You have a point.

In our case, when we decided to upgrade to a condo, we could pay it off in full. But when we saw that the housing loan interest was only 1.05%, we decided to just pay the minimum required which was around 30%. Rest of the money, we left it in our CPF (earning 2.5%), FDs/Bonds (earning 1.8% to 5%) and some in shares for dividends (5%)

By not paying up fully, we were able to still make our money generate some cash flow in the meantime.

At the end of the day. You do what is comfortable for you and always live within your means.

Originally Posted by Unregistered

If you want to put 80% might as well save your lawyer fees and not take any loan LOL.

Fairy cannon.