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-   -   What house should I buy after selling my small condo? (https://forums.salary.sg/investments-net-worth/11036-what-house-should-i-buy-after-selling-my-small-condo.html)

Unregistered 08-11-2018 07:18 PM

Quote:

Originally Posted by tchen003 (Post 111479)
That's really useful advice from the experienced. Thanks!!!

I will talk about numbers based on estimation:

Year 2024, I cash out 220k SGD from my 900k SGD small condo. This loan is 30 year tenure at interest rate 2% pa. Therefore, monthly mortgage is 739 SGD.

Year 2024, we buy a 3rm condo in OCR at 1.5 million price under my wife name. [email protected]%=375k. [email protected] ONLY (assume wife Singaporean, no property under her name) = 44600, miscellaneous fee (legal, etc) =10k. Total estimate 430k SGD. Loan 1.125million for 30 year tenure at interest rate 2%pa. Therefore monthly mortage is 4158 SGD.

Total monthly mortage = 739+4158=4897 SGD or 5000 SGD to be safe. The small condo can rent out at 2000 SGD per month.
Our monthly salary should be above 12k SGD/per month in year 2024.

So back to your questions:

Q1: I work as IT support in banks. It's a relative more stable job compare to traders or dealers. However I havent finalized my career path yet.

Q2:I have ISP, Rider, ECI (multiple) to support me in case of illness. However I dun have emergency fund now.

Q3: Given my family monthly income at at least 12k per month with 5k monthly mortage, I think it's a bit challenging and need careful planning.

Q4: If wife stay at home. Very challenging for me given that my salary need go to kid, parent, mortage, family and probably myself. Unless I can earn 12k per month in 2024

You have to take note if you can still support the mortgage if there is unemployment.

Understand your needs and priority when choosing a home.

My priority is location near city area where my parents are. I managed to get a condo near my parents n workplace. The condo will be ready in 3 years so mortgage is not in full yet.

I have buffer funds in cpf and cash during emergency to pay for mortgage.

tchen003 08-11-2018 09:15 PM

Quote:

Originally Posted by Unregistered (Post 111481)
You have to take note if you can still support the mortgage if there is unemployment.

Understand your needs and priority when choosing a home.

My priority is location near city area where my parents are. I managed to get a condo near my parents n workplace. The condo will be ready in 3 years so mortgage is not in full yet.

I have buffer funds in cpf and cash during emergency to pay for mortgage.

Yes, keep enough fund in CPF for mortage in case of unemployment

Unregistered 05-06-2019 03:32 PM

Option 2 is better in my opinion

Unregistered 05-06-2019 04:14 PM

you useless child, work already still need parents help buy condo. shame on u

Unregistered 07-06-2019 01:28 PM

Quote:

Originally Posted by Unregistered (Post 120020)
you useless child, work already still need parents help buy condo. shame on u

+1

shd just buy hdb

Saluters 03-07-2019 05:09 AM

Can't exactly give a good recommendation in my opinion because I have only invested some money in One Pearl Bank condo(https://www.onepearlbank-official.com.sg/location/) and I am going to receive money from renting. If I want to sell it sometime in the future I think that I will invest in an online business.

Unregistered 06-08-2019 02:10 AM

Think you all better wake up n freeze whatever thots of owning a OCR condo. You think your job will be secured continuously for the next 10years. Think again. Business environment is so much different n will be much more in years to come. Look ar the numerous trade spats, tariffs here n there...you might say whats wrong with that as they are always there in the first place but the world is different now. In 30 yrs or so, you will be an old person n from now till then, you better plan where are your retirement expenses coming from. If you are thinking of paying hefty mortage when you should be building your retirement sum, you will suffer during the next 30yrs after retirement. Yes enjoy first suffer later! Good luck. Lower your expectations.....why buy an expensive condo with debt and work for the bank just to show off. My god, pls wake up!!!

St1neGrab 21-05-2020 09:55 PM

If you know how to repair a house or know someone who will repair your house for a cheap price, it will be more profitable to buy a small house that requires some repairs. We did this and saved some money. Because, as a rule, renovated houses are much more expensive. I am lucky that my husband can do a lot of things himself, this knowledge came to him from his father, who was a carpenter. And for the restoration of windows, we invited workers who are the only ones in the city who are engaged in high volume window resurfacing. And now our house looks great.

Unregistered 24-05-2020 10:34 PM

option 4. since parents already helping. ask them to help more?

Bleland 10-12-2020 02:19 AM

Contact a real estate agent that will help you with this question


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