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12-08-2013, 12:15 AM
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Junior Member
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Join Date: Aug 2013
Posts: 9
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Advice Needed: Should I buy a condo now?
I currently have about 160K in cold hard cash( I know is quite pathetic, but still growing my pot of wealth has to start from somewhere right?) , and would be able to make good on monthly payments of up to 1.5K (everything including mortgage loan, condo conservancy charges, utilities bill etc ) . As a first timer, should I consider entering the market now? If so what projects would the old birds recommend?
If not, should I wait for things to cool off since a slew of measures of MAS have just been implemented and interest rates might rebound forcing more than a handful to sell off their property (aka another recession) hence enabling prices to drop substantially?
Of course during this period I am still working hard to expand my warchest.
Please advise, thanks.
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12-08-2013, 09:40 AM
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Quote:
Originally Posted by baby_predator
I currently have about 160K in cold hard cash( I know is quite pathetic, but still growing my pot of wealth has to start from somewhere right?) , and would be able to make good on monthly payments of up to 1.5K (everything including mortgage loan, condo conservancy charges, utilities bill etc ) . As a first timer, should I consider entering the market now? If so what projects would the old birds recommend?
If not, should I wait for things to cool off since a slew of measures of MAS have just been implemented and interest rates might rebound forcing more than a handful to sell off their property (aka another recession) hence enabling prices to drop substantially?
Of course during this period I am still working hard to expand my warchest.
Please advise, thanks.
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160k not even enough to pay for downpayment and basic reno, you raise another 200k+ in hard cash first b4 talking big abt owning condo.
Mthly 1.5k not even enough for bank instalment and u expect to cover all the charges including maintainance and utilities!? LOL
Seriously, be humble & got get a BTO
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12-08-2013, 10:19 AM
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1.5K per month can't even help you to service your HDB loan, let alone a condo loan.
I personally took a 400K loan from the bank for a period of 30 years at 1.79% constant.
And I am already servicing about 1.2K every month.
I doubt you will be able to find condos priced at $500K, and even if you can, they will be so tiny you are better off in a HDB.
What's with getting a HDB anyway? you should start of with a HDB because of the price appreciation.
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12-08-2013, 10:51 AM
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If you are single and 35 yrs old, you can buy a 2 room BTO which cost only $76k, the max. You can simply pay off the BTO flat with your $160k. After 5 years, you can sell your BTO flat for $300k, making profit of $200k plus. Then you get a small condo using the profits.
Quote:
Originally Posted by baby_predator
I currently have about 160K in cold hard cash( I know is quite pathetic, but still growing my pot of wealth has to start from somewhere right?) , and would be able to make good on monthly payments of up to 1.5K (everything including mortgage loan, condo conservancy charges, utilities bill etc ) . As a first timer, should I consider entering the market now? If so what projects would the old birds recommend?
If not, should I wait for things to cool off since a slew of measures of MAS have just been implemented and interest rates might rebound forcing more than a handful to sell off their property (aka another recession) hence enabling prices to drop substantially?
Of course during this period I am still working hard to expand my warchest.
Please advise, thanks.
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12-08-2013, 10:55 AM
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Quote:
Originally Posted by Unregistered
1.5K per month can't even help you to service your HDB loan, let alone a condo loan.
I personally took a 400K loan from the bank for a period of 30 years at 1.79% constant.
And I am already servicing about 1.2K every month.
I doubt you will be able to find condos priced at $500K, and even if you can, they will be so tiny you are better off in a HDB.
What's with getting a HDB anyway? you should start of with a HDB because of the price appreciation.
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The 1.79% only for 3 years lar, u write until like all 30 years is 1.79%.
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12-08-2013, 12:07 PM
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Junior Member
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Join Date: Aug 2013
Posts: 9
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Thank you guys for your candor. I apologize if I sounded brash and arrogant. I am aware not doing your sums right and going in can bring about a painful death. I definitely have much to learn.
I am 31 and currently single, so BTO is out for me?
Would an upfront 400k with the ability to commit to monthly 3k payments be more realistic for buying a decently basic condo unit?
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12-08-2013, 12:11 PM
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Quote:
Originally Posted by baby_predator
Thank you guys for your candor. I apologize if I sounded brash and arrogant. I am aware not doing your sums right and going in can bring about a painful death. I definitely have much to learn.
I am 31 and currently single, so BTO is out for me?
Would an upfront 400k with the ability to commit to monthly 3k payments be more realistic for buying a decently basic condo unit?
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If you plan to get married, go for a 4 room BTO flat. After 5 years, can flip and then buy a condo.
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12-08-2013, 12:13 PM
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Junior Member
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Join Date: Aug 2013
Posts: 9
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No I do not see myself settling down. Gf is happy with the sex and dating for now. We don't believe in marriage.
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12-08-2013, 12:37 PM
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Quote:
Originally Posted by baby_predator
Thank you guys for your candor. I apologize if I sounded brash and arrogant. I am aware not doing your sums right and going in can bring about a painful death. I definitely have much to learn.
I am 31 and currently single, so BTO is out for me?
Would an upfront 400k with the ability to commit to monthly 3k payments be more realistic for buying a decently basic condo unit?
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what exactly u buying the condo for? for living ? or just flipping to get rich quick?
if ur father/mother/gf can instantly give you 400k easily I think u r better off with other more high risk high return things since no risk of personal bankruptcy
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