What house should I buy after selling my small condo?

Originally Posted by tchen003

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.

[tchen003]

Originally Posted by Unregistered

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

Option 2 is better in my opinion

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

Originally Posted by Unregistered

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

+1

shd just buy hdb

[Saluters]

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.

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!!!

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

[Bleland]

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

[Bleland]

Originally Posted by Vynryal

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.