What house should I buy after selling my small condo? - Page 2 - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Investments and Net Worth

Investments and Net Worth Talk all about money making exploits, shares, property and building net worth




What house should I buy after selling my small condo?

Reply
 
Thread Tools
  #11 (permalink)  
Old 08-11-2018, 07:18 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by tchen003 View Post
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. Downpayment@25%=375k. StampDuty@BSD 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.

Reply With Quote
  #12 (permalink)  
Old 08-11-2018, 09:15 PM
Senior Member
 
Join Date: Sep 2015
Posts: 37
tchen003 is on a distinguished road
Default

Quote:
Originally Posted by Unregistered View Post
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

Reply With Quote
  #13 (permalink)  
Old 05-06-2019, 03:32 PM
Unregistered
Guest
 
Posts: n/a
Default

Option 2 is better in my opinion

Reply With Quote
  #14 (permalink)  
Old 05-06-2019, 04:14 PM
Unregistered
Guest
 
Posts: n/a
Default

you useless child, work already still need parents help buy condo. shame on u
Reply With Quote
  #15 (permalink)  
Old 07-06-2019, 01:28 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
you useless child, work already still need parents help buy condo. shame on u
+1

shd just buy hdb
Reply With Quote
  #16 (permalink)  
Old 03-07-2019, 05:09 AM
Saluters's Avatar
Junior Member
 
Join Date: Jul 2019
Posts: 1
Saluters is on a distinguished road
Default

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.
Reply With Quote

  #17 (permalink)  
Old 06-08-2019, 02:10 AM
Unregistered
Guest
 
Posts: n/a
Post

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!!!
Reply With Quote
  #18 (permalink)  
Old 24-05-2020, 10:34 PM
Unregistered
Guest
 
Posts: n/a
Default

option 4. since parents already helping. ask them to help more?
Reply With Quote
  #19 (permalink)  
Old 10-12-2020, 02:19 AM
Banned
 
Join Date: Dec 2020
Location: London
Posts: 5
Bleland is on a distinguished road
Default

Contact a real estate agent that will help you with this question
Reply With Quote
  #20 (permalink)  
Old 11-12-2020, 12:12 PM
Banned
 
Join Date: Dec 2020
Location: London
Posts: 5
Bleland is on a distinguished road
Default

Quote:
Originally Posted by Vynryal View Post
Nice advices, but what if my parents need senior living community and I lived in their house. This house will be for sale soon.
Hello Vynryal. Your question is interesting but some key details would make life easier. Where do you stay (state, city)? How much time do you have before the house will be under real estate agency work. Would recommend assisted living community Minneapolis as most interesting and safe places for your relatives to live and spend their time together. They have strong values and interesting lifestyle for their residents. Besides that big campus is present where daily walks are filled with smiles. They have church and many entertainment programs to fill days with many possible interesting things.
Reply With Quote
Reply

Bookmarks

Tags
condo for investment, hdb flat, investment, loan, propery investment

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Top Selling Executive Condo Sol Acres | 61001778 PropertySalesSG General Discussions 0 27-01-2017 03:43 PM
Lakeville - Singapore condo in the upcoming Biz District selling at super affordable newsgprop Marketplace and Find Work 0 08-11-2014 05:39 PM
Lakeville - Singapore condo in the upcoming Biz District selling at super affordable newsgprop General Discussions 0 08-11-2014 05:38 PM
Small companies that pay well? oldbird Income and Jobs 11 09-10-2013 01:19 PM
Small Businesses qoolbox Investments and Net Worth 1 07-09-2011 04:23 PM

» 30 Recent Threads
Work in SMU ( 1 2 3)
22 Replies, 6,715 Views
IMDA (under MCI) ( 1 2 3... Last Page)
1,308 Replies, 667,407 Views
Software Engineer 0-3 YOE pay? ( 1 2 3)
28 Replies, 22,904 Views
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
16,850 Replies, 5,255,568 Views
Cybersecurity/Info security career ( 1 2 3... Last Page)
516 Replies, 279,563 Views
DSTA (under Mindef) ( 1 2 3... Last Page)
1,591 Replies, 1,434,667 Views
Roles in accenture singapore ( 1 2 3... Last Page)
7,809 Replies, 2,462,485 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
5,970 Replies, 4,805,519 Views
How is life as a doctor in... ( 1 2 3... Last Page)
7,466 Replies, 3,536,512 Views
ST Electronics ( 1 2 3... Last Page)
3,864 Replies, 1,615,003 Views
Whats your net worth ( 1 2 3... Last Page)
2,962 Replies, 1,413,387 Views
Career as Teacher ( 1 2 3... Last Page)
11,406 Replies, 6,981,735 Views
GovTech ( 1 2 3... Last Page)
6,464 Replies, 2,469,500 Views
Lawyer Salary ( 1 2 3... Last Page)
21,266 Replies, 10,626,078 Views
LTA (Land Transport Authority) ( 1 2 3... Last Page)
832 Replies, 440,541 Views
Maritime and Port Authority of... ( 1 2 3)
22 Replies, 21,667 Views
HTX (Home Team Science and... ( 1 2 3... Last Page)
888 Replies, 419,500 Views
Singapore Airlines ( 1 2 3)
25 Replies, 14,356 Views
MAS for Mid Career Professionals ( 1 2 3... Last Page)
2,176 Replies, 1,122,036 Views
SIM-UOL fresh grad starting pay ( 1 2 3... Last Page)
6,932 Replies, 2,954,431 Views
DBS tech seed programme ( 1 2 3... Last Page)
3,835 Replies, 1,544,246 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
6,222 Replies, 3,880,007 Views
High Finance Thread ( 1 2 3... Last Page)
1,570 Replies, 685,369 Views
CSA (Cyber Security Agency) ( 1 2 3... Last Page)
938 Replies, 545,797 Views
Hospital (Private or Public)... ( 1 2 3... Last Page)
771 Replies, 448,112 Views
If you can't find a company here... ( 1 2 3... Last Page)
143 Replies, 55,131 Views
Working in SMRT ( 1 2 3... Last Page)
45 Replies, 61,480 Views
GovTech Tech Associate Program... ( 1 2 3... Last Page)
372 Replies, 260,902 Views
Micron starting pay ( 1 2 3... Last Page)
707 Replies, 412,249 Views
Civil Servant Bonus Mid-2023 ( 1 2 3... Last Page)
155 Replies, 162,030 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 05:10 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2