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-   -   Buy condo or wait it out? (https://forums.salary.sg/investments-net-worth/13198-buy-condo-wait-out.html)

michaeljordan321 17-11-2020 06:28 PM

Buy condo or wait it out?
 
hi all, first post seeking for advice. 31 years old this year, earning 30k a month. total 360k a year.

is it true that maximum i should pay is 5x 360k for a condo?

which is around 1.8m and i should not stretch further? i think i can pay off the condo within 6 years by putting 200k per year into the house with 500k down payment.

i got no car. work from home and usually take bus and mrt. currently got 500k of savings.

Unregistered 17-11-2020 08:27 PM

Quote:

Originally Posted by michaeljordan321 (Post 149350)
hi all, first post seeking for advice. 31 years old this year, earning 30k a month. total 360k a year.

is it true that maximum i should pay is 5x 360k for a condo?

which is around 1.8m and i should not stretch further? i think i can pay off the condo within 6 years by putting 200k per year into the house with 500k down payment.

i got no car. work from home and usually take bus and mrt. currently got 500k of savings.

Is your 30k a month the base pay? Are you in banking/markets where the job can disappear at a moment's notice?

Unregistered 17-11-2020 09:03 PM

Quote:

Originally Posted by michaeljordan321 (Post 149350)
hi all, first post seeking for advice. 31 years old this year, earning 30k a month. total 360k a year.

is it true that maximum i should pay is 5x 360k for a condo?

which is around 1.8m and i should not stretch further? i think i can pay off the condo within 6 years by putting 200k per year into the house with 500k down payment.

i got no car. work from home and usually take bus and mrt. currently got 500k of savings.

lol wht job sia 7 years of exp 30k base

kudos to you man, 80%++ of the population wouldn’t even reach 30k pm at cep

michaeljordan321 04-12-2020 09:37 AM

I work in tech. Hope to get some advice here. I'm looking at 2/3 bedders condo at town area. Should I be thrifty and save another couple of hundred thousands within the next few months, or wait it out before committing to a big purchase?

Unregistered 04-12-2020 03:49 PM

Quote:

Originally Posted by michaeljordan321 (Post 150480)
I work in tech. Hope to get some advice here. I'm looking at 2/3 bedders condo at town area. Should I be thrifty and save another couple of hundred thousands within the next few months, or wait it out before committing to a big purchase?

Then no problem lah. Is this your first property? If so, why not maximise your loan to downpayment you can pay and get a nice one for 2.5mio.

michaeljordan321 06-12-2020 01:27 PM

Yes, first property purchase. Bank gave me up to 2.7m loan. But my yearly income only 360k. And I thought the max I should go for should be around 1.8m for a property?

Canberra 06-01-2021 01:51 AM

Quote:

Originally Posted by michaeljordan321 (Post 150594)
Yes, first property purchase. Bank gave me up to 2.7m loan. But my yearly income only 360k. And I thought the max I should go for should be around 1.8m for a property?

It's possible for you to save till 60% and assume another 40% mortgage in order to lower the risk of unforeseen circumstances. Hope it helps!

masemakum 07-01-2021 11:46 AM

This question is on your mind, is it safe to buy property when the pandemic is still ongoing? I was offered a housing unit in Indonesia, namely the Villa Bogor Indah housing, but I was still thinking deeper about buying it.

Unregistered 07-01-2021 11:50 AM

Quote:

Originally Posted by michaeljordan321 (Post 150594)
Yes, first property purchase. Bank gave me up to 2.7m loan. But my yearly income only 360k. And I thought the max I should go for should be around 1.8m for a property?

So bloody stupid.
I buy a HDB 100k only. The extra 1.7 million I can spend on retiring.
Only stupid people buy condo.

My bed in HDB is just as comfy as yours in your 1.8 million air space.

Unregistered 09-03-2021 01:30 PM

Quote:

Originally Posted by Unregistered (Post 152837)
So bloody stupid.
I buy a HDB 100k only. The extra 1.7 million I can spend on retiring.
Only stupid people buy condo.

My bed in HDB is just as comfy as yours in your 1.8 million air space.

HDB 100k is those studio with 50-60 year lease

after 10 years worth the same

D9, 10, 11 condo 1.8m freehold, 10 year later, enbloc 3m

who's stupid then? let's see.


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