Buying a condo before 30

[youphoria]

What are the disadvantages of buying private before buying a hdb? Are there any restrictions? No grants? Will it affect bto?

 

[Pokémon]

What are the disadvantages of buying private before buying a hdb? Are there any restrictions? No grants? Will it affect bto?

Mainly BTO. One can only apply for BTO 30 months after disposing the private property.

 

[ohmyglob]

I don’t think it’s impossible... I’m on the same boat. I’m 28. Just bought mine (BUC), and for me, I decided that I want to stay on my own and not buying HDB in the future.

 

[lordlad0]

i think TS (and a few mid-20s ppl) here is calculating based on his projected earnings in the next few years, not based on his/her current cash/cpf in-hand.

Not saying you can't do that in terms of budgeting (it is a valid way of financial management to include projected earnings) but due to the fact that TS is still quite far off in terms of requirements, using projected earnings to budget is way off-base and risky.

 

[Pokémon]

i think TS (and a few mid-20s ppl) here is calculating based on his projected earnings in the next few years, not based on his/her current cash/cpf in-hand.

I thought that is the point of this thread, not that he wants to get it now.

It is still achievable. If any changes in the future that might affect the possibility of owning one, he could always abort.

Even I buy based on my projected earnings, not that I already have that much of money. If not, how do banks make money?

 

[lordlad0]

I thought that is the point of this thread, not that he wants to get it now.

It is still achievable. If any changes in the future that might affect the possibility of owning one, he could always abort.

Even I buy based on my projected earnings, not that I already have that much of money. If not, how do banks make money?

yes, most of us buy based on our projected earnings but that was when we already got a certain amount in cash/investment/cpf..

general rule of thumb (for me anyway) is to have a personal net worth of 50% of the net price of the property before i decide to really put money on it.

so if you want to buy a million dollar property, you (and your partner) better have at least 500k combined net worth.

i just dropped money on a small unit that cost about 800k and i only did it when i reached a personal liquidable net worth of 400k.

 

[Pokémon]

i just dropped money on a small unit that cost about 800k and i only did it when i reached a personal liquidable net worth of 400k.

Well, that makes sense. I did something similar for 2 units.

However, I was only at 40% (including CPF) for the 2nd unit. I did not wait, and not knowing back then that within 3 months, ABSD for 2nd property would have gone up to 12%...

Anyway, I would still be on track by the time payment is required for the 10% before CPF/Bank loan kicks in. At times, you just have to take the chances and not simply follow by the books.

 

[Fattyboiboi]

You bought one bedroom condo? What if next time u want to marry and start a family?

I don’t think it’s impossible... I’m on the same boat. I’m 28. Just bought mine (BUC), and for me, I decided that I want to stay on my own and not buying HDB in the future.

 

[SBC]

Ga ga buy if can really afford.

 

[fotoudavid]

yes, most of us buy based on our projected earnings but that was when we already got a certain amount in cash/investment/cpf..

general rule of thumb (for me anyway) is to have a personal net worth of 50% of the net price of the property before i decide to really put money on it.

so if you want to buy a million dollar property, you (and your partner) better have at least 500k combined net worth.

i just dropped money on a small unit that cost about 800k and i only did it when i reached a personal liquidable net worth of 400k.

True, I also made sure I paid one lump sum before I commit. More then half the unit cost.

 

[ohmyglob]

You bought one bedroom condo? What if next time u want to marry and start a family?

Yes 1BR... that’s the future to think about. 2 pax can comfortably stay in a 1BR too anyway.

 

[kiatme]

Yes 1BR... that’s the future to think about. 2 pax can comfortably stay in a 1BR too anyway.

True, a great minister once said "You need a very small space to have sex", even after baby born most likely parents will be staying in same room as baby for first 3-6 years.

Plenty of time to work on an upgrade afterwards


https://www.straitstimes.com/singapore/ministers-rejoinder-to-no-flat-no-child-belief <--- source of quote

 

[kindaichi83]

shd be able to if you are prudent in saving up

but i dont think can afford anything about 750k

 

[Hoo8899]

What is the point of buying one bedder when you are young, you dont intend to get married or dont want to have kids? What about future wife insisted to have kid? Maybe by 30 years old you hv sufficient money to buy a one bedded, but will you have anything left?

 

[Pokémon]

What is the point of buying one bedder when you are young, you dont intend to get married or dont want to have kids? What about future wife insisted to have kid? Maybe by 30 years old you hv sufficient money to buy a one bedded, but will you have anything left?

Everyone has their own choices in life. There is no need to impose your belief unto others.

Plans can always change, and there should be enough time for TS to decide what the next step would be when those things you mentioned form part of his life.

Why worry so much now when you do not even know whether they would definitely be part of your life?

What do you mean by 'will you have anything left'? You seem to speak with certainty of someone else's life. Who knows TS would meet a rich SO, buys a 5 bedder instead...?

 

[ohmyglob]

True, a great minister once said "You need a very small space to have sex", even after baby born most likely parents will be staying in same room as baby for first 3-6 years.

Plenty of time to work on an upgrade afterwards


https://www.straitstimes.com/singapore/ministers-rejoinder-to-no-flat-no-child-belief <--- source of quote

Haha at the minister’s comment and agree with what you said. The thing is I don’t intend to marry or have kids so I’m comfortable living on my own in the 1BR.

 

[ohmyglob]

shd be able to if you are prudent in saving up

but i dont think can afford anything about 750k

I’ve been saving for many years since the polytechnic days (worked part time every weekends) and even so the max I can afford is 700k.

 

[yamashita]

What is the point of buying one bedder when you are young, you dont intend to get married or dont want to have kids? What about future wife insisted to have kid? Maybe by 30 years old you hv sufficient money to buy a one bedded, but will you have anything left?

Everyone has their own choices in life. There is no need to impose your belief unto others.

Plans can always change, and there should be enough time for TS to decide what the next step would be when those things you mentioned form part of his life.

Why worry so much now when you do not even know whether they would definitely be part of your life?

What do you mean by 'will you have anything left'? You seem to speak with certainty of someone else's life. Who knows TS would meet a rich SO, buys a 5 bedder instead...?

Agree with what Pokemon said, to each his own - even if we disagree, there's no need to impose our beliefs on others.

One can always start off from a one-bedder and move up based on changing needs.

 

[Kamikaze55555]

hi all,

thanks for all your advice! I have been trying my best to save up over the past year and I am now at $40K CPF and about $45K cash. I know I still have quite abit more to go till I can start looking but I am getting there! Can I get some advice on progressive payment for new launch condos?

Thanks all!

 

[Kamikaze55555]

If TS is not buying a completed project and assuming the condo is under progressive payment, TS can take the opportunity to save up during the progressive payment period before instalment amount hits full loading.

At key collection, there might be a need to pay 6-month maintenance fee upfront (at least for my project). This upfront cost will need to be taken into consideration as it can be quite substantial.

thank you! Cam you share more? thank you!