Advice to buy new flat

[dolphin6969]

Hi,

I'm 49 years Singaporean male and my wife is 38 years old PR from Malaysia.
Is it wise to purchase a new HDB as I will be a 2nd time buyer from my 1st marriage? Am staying with parents now.

If I were to buy a new HDB I was told by HDB that I need to payback about $24k in cash from my 1st purchase.

My mom always said I'm stupid not to buy a flat. Can rent out and collect rental and have a house of my own when old.

I'm the only one with CPF of around $250k...my wife has none.

Too many things to consider...loan, if jobless how la.....etc


Any wise man out there to advise? Thanks !

 

[havetheveryfun]

your payback 24k in cash goes to the purchase of the new house right ? or not to pay HDB?

 

[SBC]

your payback 24k in cash goes to the purchase of the new house right ? or not to pay HDB?

Looks like to HDB.

250k in CPF OA? Gaga hoot.

 

[yoongf]

Any possibility that u buy over yr parents flat?

 

[Mr.Canberra]

My mom always said I'm stupid not to buy a flat. Can rent out and collect rental and have a house of my own when old.

I'm the only one with CPF of around $250k...my wife has none.

Too many things to consider...loan, if jobless how la.....etc

Your mother is correct! Listen to her lah!

If you buy 3-Room BTO flat (low floor) in a non-matured estate you don't even need to take a loan.

Want to buy faster buy before you reach 55 years old.

your payback 24k in cash goes to the purchase of the new house right ? or not to pay HDB?

Looks like to HDB.

That is the resale levy paid to HDB if you purchase the second BTO flat.

 

[Mecisteus]

Just stay at your parents house. Not possible?

Your CPF is best kept for retirement.

If you have a lot of cash, then you may consider buying own flat.

Single income and a debt of 300-500k is going to be financially strained if you don't have a stable job and high income.

 

[Mecisteus]

Another possibility is to buy a bigger flat.

Psycho your parents to rent their flat and bring them to live together with you.

 

[wutawa]

Any kids? If have kids, better bto bah, unless your wife has a house in mys.

 

[andyhtc]

OA is good enough and safe for a 3-room flat.

It can be rented out at around $1.8k to fund your retirement in future.