Buying a condo before 30

[shadow84]

We are very lucky. Parents from the sandwiched generation and we want them to take the money and spend on themselves. But then it’s a huge boost for us with this capital. Are we are being selfish?

I am not only child but my sibling is settling overseas liao.

Thoughts on just buy first for investment then sell and move to bigger hdb later?

U need wait 30 mths after selling your condo before applying for hdb, not including the 2.5 yrs of building BTO.

 

[notsotechben]

U need wait 30 mths after selling your condo before applying for hdb, not including the 2.5 yrs of building BTO.

30 months apply to resale also?

 

[1993newbie]

That applies if you’re applying BTO. Can only buy after 30 months of disposing condo.

If you’re buying condo to Resale HDB, you can buy anytime. Just need to dispose Condo within 6 months of resale HDB purchase.

U need wait 30 mths after selling your condo before applying for hdb, not including the 2.5 yrs of building BTO.

 

[1993newbie]

For resale no 30 months period needed. Can buy resale HDB anytime

30 months apply to resale also?

 

[Shingoz]

TEN pools!? Wow. Which project is that?

The 1399 units project I bought only has....2 pools haha (granted 1 is a 360 deg lagoon)

5th AGM and so far no increment for the management fee. First 2 years no sinking fund. Yea we have 10 Swimming pools in the development, all are well maintained.
The condo exterior will undergo repainting works next year. Yay!

 

[1993newbie]

It’s up north. 689 units in total. 80% of the units are pool facing.

TEN pools!? Wow. Which project is that?

The 1399 units project I bought only has....2 pools haha (granted 1 is a 360 deg lagoon)

 

[8zaoyu]

Happy househunting for your RCR/CCR Unit

No, not househunting anymore, just happy to hear that you kids are happy with your shoebox 1 or 2 bedder "investment units" at such a young age under 30.

 

[pikafunk3]

Hi, I have been reading for a long time but have decided to start a thread now to learn more from everyone here.

I am currently 25 and have been working for close to 3 years. I have slightly more than 20K in cash and about 25K in my OA. I am drawing 4K monthly which is expected to increase in the next few years. I know its not much for now but I will want to kickstart my journey to home ownership.

I am planning to own a 1 bedroom unit before I turn 30. This is for staying and not renting as its my lifelong dream to have my own home. I have done some calculations and it seems feasible.

I would like to seek everyone's advice here regarding my situation and if its an achievable goal. If so, what are things that I need to look out for and prepare?

Thanks all!

hi, care to share your calculations?

maybe we can have some input

 

[Polar Bear King]

Hi, I have been reading for a long time but have decided to start a thread now to learn more from everyone here.

I am currently 25 and have been working for close to 3 years. I have slightly more than 20K in cash and about 25K in my OA. I am drawing 4K monthly which is expected to increase in the next few years. I know its not much for now but I will want to kickstart my journey to home ownership.

I am planning to own a 1 bedroom unit before I turn 30. This is for staying and not renting as its my lifelong dream to have my own home. I have done some calculations and it seems feasible.

I would like to seek everyone's advice here regarding my situation and if its an achievable goal. If so, what are things that I need to look out for and prepare?

Thanks all!

uncle polar $30k monthly for 5 yrs liao only now dares to sell off cityview to upgrade to condo,you say leh?
young man find a GF get married start a family with a HDB flat first,consider life's priorities carefully

 

[Passerboy]

Hi, I have been reading for a long time but have decided to start a thread now to learn more from everyone here.

I am currently 25 and have been working for close to 3 years. I have slightly more than 20K in cash and about 25K in my OA. I am drawing 4K monthly which is expected to increase in the next few years. I know its not much for now but I will want to kickstart my journey to home ownership.

I am planning to own a 1 bedroom unit before I turn 30. This is for staying and not renting as its my lifelong dream to have my own home. I have done some calculations and it seems feasible.

I would like to seek everyone's advice here regarding my situation and if its an achievable goal. If so, what are things that I need to look out for and prepare?

Thanks all!

Hi, it may be better to accumulate at least 35% in cash and OA over the total quantum of your intended purchase condo before committing to purchase one.

For a $1mil condo, perhaps would be safe to have $350k before committing into the purchase. And would also be best to use no more than 30% of ur monthly pay for mortgage.

For progressive payment wise, there are some online calculators available, that you can try searching.

 

[Kamikaze55555]

Hi, it may be better to accumulate at least 35% in cash and OA over the total quantum of your intended purchase condo before committing to purchase one.

For a $1mil condo, perhaps would be safe to have $350k before committing into the purchase. And would also be best to use no more than 30% of ur monthly pay for mortgage.

For progressive payment wise, there are some online calculators available, that you can try searching.

thank you for your kind advice

 

[Kamikaze55555]

uncle polar $30k monthly for 5 yrs liao only now dares to sell off cityview to upgrade to condo,you say leh?
young man find a GF get married start a family with a HDB flat first,consider life's priorities carefully

thank you! i dont intend to get married anytime soon and if i do, i dont think i will bto. i want to own a property thats solely mine la without sharing it with a husband so will work hard to get it

 

[tanjiakpeng]

uncle polar $30k monthly for 5 yrs liao only now dares to sell off cityview to upgrade to condo,you say leh?
young man find a GF get married start a family with a HDB flat first,consider life's priorities carefully

I second uncle polar's recommendation.

Compounding return is more powerful when we are younger with a longer investment horizon.

Returns from property are 2-4% per year while compounded cpf is risk free at 2.5% or if u invest in other instruments at a higher rate.

There are definitely better options to condo at a young age (i support HDB and EC). Deferring the 'singaporean dream' of a condo is beneficial in the long run.

However with tags such as 'yolo' and 'metoo', it clouds judgement and unfortunately encourages instant gratification - this explains the chase for condo asap.

 

[Polar Bear King]

thank you! i dont intend to get married anytime soon and if i do, i dont think i will bto. i want to own a property thats solely mine la without sharing it with a husband so will work hard to get it

opps didn't notice you're a girl.......that's even more reason to settle down sooner and raise family.

BTO/resale HDB hor is just a cheap convenient option for young families,worth the 5 yr MOP to settle other priorities in life first.

Condo dream no rush one,anytime can enter since it's a gamble in the end. some may even say now is too high to enter......which I concur because I predict WW3 to start in 2023/2024 so I suggest others to enter when the crash comes

 

[Kamikaze55555]

I second uncle polar's recommendation.

Compounding return is more powerful when we are younger with a longer investment horizon.

Returns from property are 2-4% per year while compounded cpf is risk free at 2.5% or if u invest in other instruments at a higher rate.

There are definitely better options to condo at a young age (i support HDB and EC). Deferring the 'singaporean dream' of a condo is beneficial in the long run.

However with tags such as 'yolo' and 'metoo', it clouds judgement and unfortunately encourages instant gratification - this explains the chase for condo asap.

i think for me its really just to have a place to call my own without having to wait till im 35 to get a HDB. Considered renting but decided that it makes more sense to save up and purchase. Thank you for your advice, I will keep them in mind

 

[8zaoyu]

i think for me its really just to have a place to call my own without having to wait till im 35 to get a HDB. Considered renting but decided that it makes more sense to save up and purchase. Thank you for your advice, I will keep them in mind

Perhaps the govt should consider 10 - 15 year leases of HDB 2-room flexi for SG citizen singles till they turn 35 years to age (cheap buy and more spare$ to travel or buy ETFs,etc) - then consider extension to 99 year lease or buy resale 5-room/EA or Jumbo HDB and renovate like palace such that your Renovation ideas appear on magazines. Maybe, bringing future jobs for IDs and their workers.

 

[lecterc]

Remember to factor in the required cash for BSD. The process to draw from CPF to pay is too long hence cash upfront is required and CPF returns the cash 2-3 months later

Sadly my agent didn't tell me until we commit on a purchase. A lot of the articles in internet also didn't state this clearly.

Sent from Google PIXEL 2 XL using GAGT

 

[evolute8]

Bookmarked.

 

[1993newbie]

Below 35, single, desperate and looking to move out. How ah?

https://www.99.co/blog/singapore/below-35-single-desperate-and-looking-to-move-out-how-ah/

 

[isaacngre]

Remember to factor in the required cash for BSD. The process to draw from CPF to pay is too long hence cash upfront is required and CPF returns the cash 2-3 months later

Sadly my agent didn't tell me until we commit on a purchase. A lot of the articles in internet also didn't state this clearly.

Sent from Google PIXEL 2 XL using GAGT

CPF can be used directly for payment of stamp duties for new launch. You have to inform your solicitor ASAP once unit is booked.

For resale, cash payment then CPF reimbursement is the norm.