Buying a condo before 30

[Pokémon]

Want To Own a Condo Before 30 in Singapore? You will need $275,000.

https://www.99.co/blog/singapore/what-does-it-take-to-own-a-condo-before-30-in-singapore/

Be less ambitious and buy a property half the price of that in the example.

 

[1993newbie]

I Owned Two Condos Before I Was 30; It’s Not What I Expected

https://www.99.co/blog/singapore/i-owned-two-condos-before-i-was-30-its-not-what-i-expected/

 

[8zaoyu]

Be less ambitious and buy a property half the price of that in the example.

In the story, the couple bought the pte condo in 2010, the psf was about 800+ to 1000+ in the OCR then. The pte condo psf is rarely under 1500 now!

 

[Passerboy]

In the story, the couple bought the pte condo in 2010, the psf was about 800+ to 1000+ in the OCR then. The pte condo psf is rarely under 1500 now!

I think they were stretched cos previously there were no TDSR requirement and they bought two properties

 

[8zaoyu]

In the story, the couple bought the pte condo in 2010, the psf was about 800+ to 1000+ in the OCR then. The pte condo psf is rarely under 1500 now!

I was not refering to the story of owning two condos, this story is of a single businesswomen at 40 years old, if I were her, yep, I would like to have more than one property, one to stay when alive and for my alter when I am not, and another property to rent out with minimum 3 months advance rental!

 

[LWZ]

Moral of the story is that we should not over-commit, and should plan with worst case scenario in mind. Just because one is earning 20k/month now doesn't mean one will be able to continue doing so indefinitely.

 

[minamikaze]

I bought a 2 bedder when I was 28 and my wife bought a 1+1 (dual key) 3 years later (she's younger than me by a few years).
The passive income's great (amounting to almost 6k), and we're lucky enough to not have had any gaps in rental so far. On the whole we're quite optimistic about the SG property market long term wise, and so far it has been the right decision.
On track to paying off the first property very soon and then we'll have to decide what's the next step...

 

[tempestuous-]

I bought a 2 bedder when I was 28 and my wife bought a 1+1 (dual key) 3 years later (she's younger than me by a few years).
The passive income's great (amounting to almost 6k), and we're lucky enough to not have had any gaps in rental so far. On the whole we're quite optimistic about the SG property market long term wise, and so far it has been the right decision.
On track to paying off the first property very soon and then we'll have to decide what's the next step...

Which year did you get your two bedder?

 

[minamikaze]

Which year did you get your two bedder?

In yr 2015.

 

[8zaoyu]

Which year did you get your two bedder?

It does not matter when they had bought, they had foreseen, but not all SCs know that that it will be good to keep one family size property and another rentable and also cashable out property under each name of the couple (both working and with enough disposable and investible savings)without ABSDs (why this extra tax burden, this is OUR LAND!) NOT THE BIAS-SELECTED young SPRs' land. Between, when SG lost businesses, SPR PMETs will be in the line to get retrenched so how to earn their rentals - so it is right also do not over commit all your $$ in properties also unless you had made $$ and can even pay in cash, leaving some mortgage loan left where you can opt to rent out or not, don't matter

 

[wira]

i think young first timers should always get a BTO as first property. don waste the subsidies and grants from SG government for young first timers rather than getting a private condo.

 

[NiShiZhu]

i think young first timers should always get a BTO as first property. don waste the subsidies and grants from SG government for young first timers rather than getting a private condo.

On the contrary I didn’t see it that way when bought my first property that time.
Because of the waiting time for bto and 5 yrs MOP, I see these factors as important opportunity cost and the time loss compared to buying a PC.

Well different pple, different mentality.

 

[carrrt]

don waste the subsidies and grants from SG government for young first timers rather than getting a private condo.

At the end of the day still must return the grant + Accrued interest of it , no?

 

[kiatme]

The grant (HDB) is returned back into your CPF, not government. Accrued interest is based on the amount of CPF you took out from your CPF, buying HDB or private doesn't matter, you still have to put back the accrued interest when selling

 

[1993newbie]

I got my finances reviewed to see if I can own a condo by the time I'm 30

https://www.asiaone.com/money/i-got-my-finances-reviewed-see-if-i-can-own-condo-time-im-30

 

[8zaoyu]

On the contrary I didn’t see it that way when bought my first property that time.
Because of the waiting time for bto and 5 yrs MOP, I see these factors as important opportunity cost and the time loss compared to buying a PC.

Well different pple, different mentality.

That's what a lot of our SG kiddo 25 yr old graduate singles aspire. To grab their 1 or 2 bedder pte condos the moment they get the $5k+ salary! The opportunity cost may be they lose out trying other job opportunities! Of course, if they steadily earning monthly 5 fig., then housing debt is still the best debt, not gambling/etc debts.

 

[kaixin18]

I bought a 2 bedder when I was 28 and my wife bought a 1+1 (dual key) 3 years later (she's younger than me by a few years).
The passive income's great (amounting to almost 6k), and we're lucky enough to not have had any gaps in rental so far. On the whole we're quite optimistic about the SG property market long term wise, and so far it has been the right decision.
On track to paying off the first property very soon and then we'll have to decide what's the next step...

friend bought 3 bedroom condo for about a million in 2009 January. sold if off in 2018 for 2 million ++.

Which year did you get your two bedder?

buying a condo for investment is not the issue. its getting the tenants. granted there are property agents to do that job for you but you will soon realise that you will have to find the tenants on your own cos some of the agents are just plain lazy. so for every month your home is vacant you're losing money.

It does not matter when they had bought, they had foreseen, but not all SCs know that that it will be good to keep one family size property and another rentable and also cashable out property under each name of the couple (both working and with enough disposable and investible savings)without ABSDs (why this extra tax burden, this is OUR LAND!) NOT THE BIAS-SELECTED young SPRs' land. Between, when SG lost businesses, SPR PMETs will be in the line to get retrenched so how to earn their rentals - so it is right also do not over commit all your $$ in properties also unless you had made $$ and can even pay in cash, leaving some mortgage loan left where you can opt to rent out or not, don't matter

before the absd rule kicked in property investment definitely can make money for a couple earning $10k monthly. but now just to buy a second property must pay taxes etc. this loophole has been closed. time to find another one before they catch up and close that too

i think young first timers should always get a BTO as first property. don waste the subsidies and grants from SG government for young first timers rather than getting a private condo.

yes. always buy hdb first cos then u can buy condo. if you buy condo first then cannot buy hdb. must sell off the condo first then only can buy hdb. iras and hdb quite strict on this. cannot run away huan.

 

[minamikaze]

Any idea where this 3BR condo is located roughly, for reference?
So far our capital gain on our 800K condo bought in 2015 is only about 100K+, but we've been collecting steady rent (average $2.7K) with no gaps.
Capital gain on our 2nd 1+1 condo bought in late 2018 is about 80K, also no gaps in rent (average $3.3K).

friend bought 3 bedroom condo for about a million in 2009 January. sold if off in 2018 for 2 million ++.

 

[tulipkiss]

I bought a 2 bedder when I was 28 and my wife bought a 1+1 (dual key) 3 years later (she's younger than me by a few years).
The passive income's great (amounting to almost 6k), and we're lucky enough to not have had any gaps in rental so far. On the whole we're quite optimistic about the SG property market long term wise, and so far it has been the right decision.
On track to paying off the first property very soon and then we'll have to decide what's the next step...

are both units in central region?

 

[minamikaze]

Yeah, rented out both units. We're staying elsewhere small and cosy for low rent in the meantime.
In city fringe (Geylang area).