Buy condo or wait it out?

[michaeljordan321]

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.

Originally Posted by michaeljordan321

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?

Originally Posted by michaeljordan321

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]

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?

Originally Posted by michaeljordan321

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]

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]

Originally Posted by michaeljordan321

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]

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.

Originally Posted by michaeljordan321

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.

Originally Posted by Unregistered

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.