Buying a condo before 30

[1993newbie]

Wooohoo! Love your spirits! Jia you jia you! Definitely possible. I was in your shoes too. Save save save for the condo downpayment.

Took me 7 years to reach slightly more than 100k in cash. I use less than 40k CPF coz I started working full time after ORD for 2 years before buying my shoebox condo last year at age 25.

Part time jobs during poly does pay me CPF and I’m grateful for it. Helps to accumulate.

With your spirits towards home ownership You can definitely do it!

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]

Wooohoo! Love your spirits! Jia you jia you! Definitely possible. I was in your shoes too. Save save save for the condo downpayment.

Took me 7 years to reach slightly more than 100k in cash. I use less than 40k CPF coz I started working full time after ORD for 2 years before buying my shoebox condo last year at age 25.

Part time jobs during poly does pay me CPF and I’m grateful for it. Helps to accumulate.

With your spirits towards home ownership You can definitely do it!

thank you for the encouragement! I do need to be more disciplined in saving up, while also not giving up on some nice things in life! Will get there, just a matter of time I am also just looking for a shoebox condo...just want a place to call my own. I am planning to save up aggressively for one more year so hopefully by next sept, I can give another update here!

 

[Kamikaze55555]

Wooohoo! Love your spirits! Jia you jia you! Definitely possible. I was in your shoes too. Save save save for the condo downpayment.

Took me 7 years to reach slightly more than 100k in cash. I use less than 40k CPF coz I started working full time after ORD for 2 years before buying my shoebox condo last year at age 25.

Part time jobs during poly does pay me CPF and I’m grateful for it. Helps to accumulate.

With your spirits towards home ownership You can definitely do it!

may I know if you bought a new launch or a resale?

 

[Forever84]

Honestly, I don't think you have the right finances to jump into a 1 bedroom condo at this moment.

Even for new launch, it will still require a 25% downpayment, of which you at this moment clearly do not have sufficient of. I won't suggest you to clean out your savings just to pay the deposit.

For progressive schedule, keep in mind also, these days the projects can go up really fast so the completion can be months ahead of schedule. And your loan can kick in faster than expected. Once the project TOP, usually you need to pay 6 month of maintenance during key collection plus surveyor fees and the property tax will kick in as well.

You still young and it's good to have a something to work towards. If you buying this as a single, I would suggest you at least have 50% of the property value in cash and CPF before u jump in. This is to ensure you can stay afloat even in any margin call situation or when increase rate goes too high, you have option to reduce total loan amount and use that to better manage the risk.

I have bought a unit for own stay with family too and we subscribe to same principles. Basically you must remember when it comes to private housing, even you buy for own stay you need to think like an investor. For example, what's the location u want? Why condo a and not condo b? Why unit 1 and not 2? Every unit is not perfect, so what's the cons of the one your picked? What's the exit strategy? What's your backup plan if market tanks or interest goes up? Know what you want and don't be influenced by price, because usually star buy units have something quite undesirable and when u have limited budget, you become easy prey for agent to push those to you.

Don't forget, if market really tanks, bank won't hesitate to call u one. They not your neighbors, just sharks.

 

[1993newbie]

I went for resale. Went for a few new launch projects but always no Heng during balloting. One bedder get snapped up quite fast.

Then CM kicks in, downpayment increased to 25%. That’s when I lowered down my Budget and went into resale instead. Good thing can move in quick and am lucky owner let go fully furnished and a few months of rental income.

may I know if you bought a new launch or a resale?

 

[NiShiZhu]

I went for resale. Went for a few new launch projects but always no Heng during balloting. One bedder get snapped up quite fast.

Then CM kicks in, downpayment increased to 25%. That’s when I lowered down my Budget and went into resale instead. Good thing can move in quick and am lucky owner let go fully furnished.

What was your Budget before the CM?

 

[1993newbie]

Before CM with 20% max was 750k.

After CM with 25% max is 600k.

Wouldn’t wanna touch emergency funds for downpayment.

What was your Budget before the CM?

 

[NiShiZhu]

Before CM with 20% max was 750k.

After CM with 25% max is 600k.

Wouldn’t wanna touch emergency funds for downpayment.

If u buy on the night before CM, the cheapest park colonial 1 bedder is 790k and Stirling is 766k.
Both slightly exceed your max Budget.

 

[1993newbie]

Yes! On the day of CM I visited Stirling actually before my night shift commence. My agent called me up on that night but nah.

If u buy on the night before CM, the cheapest park colonial 1 bedder is 790k and Stirling is 766k.
Both slightly exceed your max Budget.

 

[NiShiZhu]

Yes! On the day of CM I visited Stirling actually before my night shift commence. My agent called me up on that night but nah.

Nvm, buy Liao no regret.
Save more bullets for second one. Lol.

 

[1993newbie]

Hahhahah! Yeah, saving saving.

For now, shop around and see see look look at new launches.

Nvm, buy Liao no regret.
Save more bullets for second one. Lol.

 

[Baroness]

Kudos to you bro. At 25 my money are spent on cars and alcohol Wished I had the foresight and discpline then to get a property perhaps my life will be very different now

Wooohoo! Love your spirits! Jia you jia you! Definitely possible. I was in your shoes too. Save save save for the condo downpayment.

Took me 7 years to reach slightly more than 100k in cash. I use less than 40k CPF coz I started working full time after ORD for 2 years before buying my shoebox condo last year at age 25.

Part time jobs during poly does pay me CPF and I’m grateful for it. Helps to accumulate.

With your spirits towards home ownership You can definitely do it!

 

[1993newbie]

Thanks bro. It’s okay man, don’t look at the past. I’m sure you’re happy with your current status as well.

Some sacrifice were made during my property saving journey but it’s all worth it. Slowly shall climb to a better location or hoot on a second one maybe. Slowly but surely , see what the future may hold.

Kudos to you bro. At 25 my money are spent on cars and alcohol Wished I had the foresight and discpline then to get a property perhaps my life will be very different now

 

[NiShiZhu]

Thanks bro. It’s okay man, don’t look at the past. I’m sure you’re happy with your current status as well.

Some sacrifice were made during my property saving journey but it’s all worth it. Slowly shall climb to a better location or hoot on a second one maybe. Slowly but surely , see what the future may hold.

Back then in 2003-2005, my first 4 bedder condo only cost 680k (1500sqft) .
20% down payment with stamp duty is about 150k. Back then, my cpf is about 100k with saving 130k. So after paying using cpf and cash, still left 80k cash. Lol
No car, eat at home, take bus and mrt, took 7-8 years to save up.

Those were the scary but happy days where property price so cheap but ironically, no one is buying.

 

[1993newbie]

Oh wow!! That’s really cheap!

Good that u made the right move without hesitation. A good pot of gold I bet.

That’s the SARS period right, many were cautious on buying property.

What a good start for you and look at you now. Great to hear such stories. Keep me motivated

Back then in 2003-2005, my first 4 bedder condo only cost 680k (1500sqft) .
20% down payment with stamp duty is about 150k. Back then, my cpf is about 100k with saving 130k. So after paying using cpf and cash, still left 80k cash. Lol
No car, eat at home, take bus and mrt, took 7-8 years to save up.

Those were the scary but happy days where property price so cheap but ironically, no one is buying.

 

[NiShiZhu]

Oh wow!! That’s really cheap!

Good that u made the right move without hesitation. A good pot of good I bet.

That’s the SARS period right, many were cautious on buying property.

What a good start for you and look at you now. Great to hear such stories. Keep me motivated

Still remember everyone on the street were wearing a mask during SARS.
That explains why when I bought that property, there’s still a lot of vacant units with no takers.
Best part is, my agent brought me unit to unit to see how the view looks like until u get to pick the best unit with the best facing.

Nostalgia.
Now buy new launch all have to rely on floor plan.

 

[1993newbie]

What? They sell ready to move in condos back then? Wow! There’s no such thing as 5 years timeline for Developers for units unsold?

Lucky you, to slowly see and pick the best unit.

That’s similar to HDB in early 2000s too, my parent brought me around to see ready to move in HDB and some condo showflats almost every weekend.
Still remember I went to view Caribbean showflat and I wish I can live in one.

I guess by bringing me to see showflats it somehow gives me the motivation to work hard and save up to be able to live in condos. And I’m thankful for the early exposure.

Yea I was in primary 4 during the sars period and I still remember homework were mailed to our home. Stay at home do homework. Hahahah those were the days.

Still remember everyone on the street were wearing a mask during SARS.
That explains why when I bought that property, there’s still a lot of vacant units with no takers.
Best part is, my agent brought me unit to unit to have a sensing how the view looks like until u get to pick the best unit with the best facing.

Nostalgia.
Now buy new launch all have to rely on floor plan.

 

[NiShiZhu]

What? They sell ready to move in condos too back then? Wow!

That’s similar to HDB in early 2000s too, my parent brought me around to see ready to move in HDB and some condo showflats almost every weekend.
Still remember I went to view Caribbean showflat and I wish I can live in one.

I guess by bringing me to see showflats it somehow gives me the motivation to work hard and save up to be able to live in condos. And I’m thankful the exposure.


Yea I was in primary 4 during the sars period and I still remember homeworks were mailed to our home. Stay at home do homework. Hahahah those were the days.

Yes, the condo was TOPed and there’s still many vacant units. U can get to view every units as and when u like.
If u have noticed, my account was created in 2005. Like u, after buying my first, I began reading many property related forums and became interested in it. Everyday will study the transaction volume and price of every condo in property guru, ura sites, streetsines, srx.
Now 99.co which is actively recommended by u. Lol.
It’s great to see like minded peeps here.

 

[1993newbie]

Goodness gracious, I’m exactly like you. Yes, after my purchase I’m more vested into reading up bout properties, volumes etc. Yes this account was created in the midst of my house purchase. I didn’t even know such forums about properties exist.

It’s more transparent now which is good.

I really love 99.co, can see everything! Yea I really would recemmond everyone to use 99.co!
P.s this is not a sponsored post.

If u have noticed, my account was created in 2005. Like u, after buying my first, I began reading many property related forums and became interested in it. Everyday will study the transaction volume and price of every condo in property guru, ura sites, streetsines, srx.
Now 99.co which is actively used by u. Lol.
It’s great to see like minded peeps here.

 

[NiShiZhu]

Goodness gracious, I’m exactly like you. Yes, after my purchase I’m more vested into reading up bout properties, volumes etc. Yes this account was created after my house purchase. I didn’t even know such forums about properties exist.

It’s more transparent now which is good.

I really love 99.co, can see everything! Yea I really would recemmond everyone to use 99.co!
P.s this is not a sponsored post.

In the earlier days, forums.condosingapore.com was one of the most active and informative property forums.
Honestly, some of my decision making is made through after reading from that forum.lol.
But unfortunately, most old birds had left and mostly taken over by agents.