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Buy condo or wait it out?

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Old 17-11-2020, 06:28 PM
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Default 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.

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Old 17-11-2020, 08:27 PM
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Quote:
Originally Posted by michaeljordan321 View Post
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?

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Old 17-11-2020, 09:03 PM
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Originally Posted by michaeljordan321 View Post
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

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Old 04-12-2020, 09:37 AM
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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?
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Old 04-12-2020, 03:49 PM
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Originally Posted by michaeljordan321 View Post
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.
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Old 06-12-2020, 01:27 PM
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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?
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Old 06-01-2021, 01:51 AM
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Quote:
Originally Posted by michaeljordan321 View Post
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!
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Old 07-01-2021, 11:46 AM
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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.
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Old 07-01-2021, 11:50 AM
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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.
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