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Topic Review (Newest First)
06-08-2019 02:10 AM
Unregistered 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!!!
03-07-2019 05:09 AM
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.
07-06-2019 01:28 PM
Unregistered
Quote:
Originally Posted by Unregistered View Post
you useless child, work already still need parents help buy condo. shame on u
+1

shd just buy hdb
05-06-2019 04:14 PM
Unregistered you useless child, work already still need parents help buy condo. shame on u
05-06-2019 03:32 PM
Unregistered Option 2 is better in my opinion
08-11-2018 08:15 PM
tchen003
Quote:
Originally Posted by Unregistered View Post
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
08-11-2018 06:18 PM
Unregistered
Quote:
Originally Posted by tchen003 View Post
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. [email protected]%=375k. [email protected] 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.
08-11-2018 03:36 PM
tchen003
Quote:
Originally Posted by Unregistered View Post
Ask yourself these questions:

1. Are you in a secure job, ie do you see career longevity in your current job?
2. Will you be able handle a financial emergency? Such as expensive medical emergency? This requires at least 6 months of salary on standby all the time.
3. If you own 2 properties and have to handle two housing loans or even just one big loan, will you be able to hack the monthly mortgage payment if there is no rental income for an extended period of time say 2 to 6 months?
4. Will you be ale to handle the mortgage payment on a single salary should your wife decides to take a break to look after your kids?


I am putting out these questions because I have walked the path before, and survived! My wife and I have 2 properties after 10 years of our marriage till today - different properties but always 2. One to stay, one to earn rental.

By the way, we dare go into this because we are both civil servants and already worked 35 years!
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. [email protected]%=375k. [email protected] 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
08-11-2018 07:15 AM
Unregistered Ask yourself these questions:

1. Are you in a secure job, ie do you see career longevity in your current job?
2. Will you be able handle a financial emergency? Such as expensive medical emergency? This requires at least 6 months of salary on standby all the time.
3. If you own 2 properties and have to handle two housing loans or even just one big loan, will you be able to hack the monthly mortgage payment if there is no rental income for an extended period of time say 2 to 6 months?
4. Will you be ale to handle the mortgage payment on a single salary should your wife decides to take a break to look after your kids?


I am putting out these questions because I have walked the path before, and survived! My wife and I have 2 properties after 10 years of our marriage till today - different properties but always 2. One to stay, one to earn rental.

By the way, we dare go into this because we are both civil servants and already worked 35 years!

Quote:
Originally Posted by tchen003 View Post
Thanks. This is my option 1 actually.

Detail plan:
year 2018: my small condo worth 750k, my housing loan 600k
year 2024: my small condo worth 900k (assume only), my housing loan 500k.

If I take home equity loan, which is 80% of market price-existing loan-CPF used for payment, I can cash out 900kx80%-500k=220k.

Together with my future wife, we might probably afford downpayment of 500k for a 3rm new condo in OCR area.

But the catch is: we will be on debit of 1.2million....for 30 years......
07-11-2018 11:46 PM
tchen003
Quote:
Originally Posted by Mentos View Post
What if there is option number 4? Why don't you rent your condo and buy bigger property in Singapore? Like this you have extra money to pay for your loan and you still have 2 properties at the end of the day... What do you think?
Thanks. This is my option 1 actually.

Detail plan:
year 2018: my small condo worth 750k, my housing loan 600k
year 2024: my small condo worth 900k (assume only), my housing loan 500k.

If I take home equity loan, which is 80% of market price-existing loan-CPF used for payment, I can cash out 900kx80%-500k=220k.

Together with my future wife, we might probably afford downpayment of 500k for a 3rm new condo in OCR area.

But the catch is: we will be on debit of 1.2million....for 30 years......
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