Decoupling for passive income advice

[mummy1234]

Just want to seek advice on whether it is wise to sell my Sg terrace and small condo which are both jointly held to buy 2 separate properties to be separately held in my hubby and my name in order to be financially wiser?

Can maybe get 1 mil in total in cash plus a fully paid up JB house.

Then we live in one property while renting the other out for passive income? Will the passive income be sufficient to cover both properties?

Hopefully, by doing so, my hubby who is having difficulty finding jobs, will not have to keep paying mortgage to the bank.

 

[doody_]

If you are downsizing then yes it is a good idea. Get the loans paid off and also avoid ABSD.

 

[stjoe1]

Depend which property you will rent out. If JB house, may not be able to cover your living expenses in SG. If you rent out SG condo and live in JB, then the rental should be able to cover.

Thought your hubby managed to get job recently?

 

[mummy1234]

Depend which property you will rent out. If JB house, may not be able to cover your living expenses in SG. If you rent out SG condo and live in JB, then the rental should be able to cover.

Thought your hubby managed to get job recently?

He lost it again after 3 months...that is the story of his life....so he is not confident to keep paying mortgages. Currently, his cash reserves only sufficient to pay his share of mortgages for 5 years.

Alternatively, we could sell JB house and Sg condo to pay up our terrace. At least will still have a freehold landed and when time to retire, rent it out for S$3500 a month and rent a S$500 a month JB condo to retire to.

 

[mummy1234]

If you are downsizing then yes it is a good idea. Get the loans paid off and also avoid ABSD.

Yeah, problem is 2 boys will be teenagers inno time and will prob find it a squeeze if we downsize.

 

[OngHuatHuat]

Lower your living standard a bit lor.

I think can easily afford another condo.

 

[noobinvestor]

Just want to seek advice on whether it is wise to sell my Sg terrace and small condo which are both jointly held to buy 2 separate properties to be separately held in my hubby and my name in order to be financially wiser?

Can maybe get 1 mil in total in cash plus a fully paid up JB house.

Then we live in one property while renting the other out for passive income? Will the passive income be sufficient to cover both properties?

Hopefully, by doing so, my hubby who is having difficulty finding jobs, will not have to keep paying mortgage to the bank.

how many times u wanna talk about your story?

 

[OngHuatHuat]

I like to chat with mummy. Please do not scold her.

how many times u wanna talk about your story?

 

[mummy1234]

Lower your living standard a bit lor.

I think can easily afford another condo.

So, you think sell and buy 2 condos better? But my concern is if we can sell for good price and also buy decent sized condo or not? And passive income likely goes to maintenance fees of condos too which may keep rising. I find it funny that previously my hubby did not like leasehold and maintenance fees and yet he wants to go back to it now. Also my fear of collapsing buildings from seeing cracks in my walls before makes me fearful of living in a building.

 

[mummy1234]

I like to chat with mummy. Please do not scold her.

I like chatting with you too... r yr 2 horizon hills terraces renovated and ready to rent out? Need my agent contact? He is quite good. Helped me and another LivinginJB forum member rent out our JB houses and I had enquiries about his contact from HWZ member too. He also helps us to pay our property tax as we seldom go into JB now but of course, we pay him back.

 

[wahkao3]

If you are downsizing then yes it is a good idea. Get the loans paid off and also avoid ABSD.

what is ABSD?

-What is the interest on the mortage loan? if its low, you dont have to pay it down too fast
-What is the price of your new condo? what is the rental on your new condo? I got a friend renting condo at only 3%. a really bad deal

 

[mummy1234]

what is ABSD?

-What is the interest on the mortage loan? if its low, you dont have to pay it down too fast
-What is the price of your new condo? what is the rental on your new condo? I got a friend renting condo at only 3%. a really bad deal

Additional Buyer Stamp Duty.

Our mortgage interests are all less than 2% as we refinanced. Condo's gross rental yield is 4%.

Problem is our existing terrace still has quite a big loan cause we took an equity loan on it to buy the JB house.

 

[OngHuatHuat]

Sell at good price? May not be able to.
Decent sized condo? Yes, but need to spend some time to locate the condo.

You can keep your existing small condo and buy another decent size condo.
With the money you get from selling terrace, should be able to get quite a good freehold and large condo already.

You can try selling your share of existing condo to your husband? Coz if your husband has no income, there is no way that you can own 2 properties after you sell both existing properties.

Doubt the buildings will collapse even if there is crack.

So, you think sell and buy 2 condos better? But my concern is if we can sell for good price and also buy decent sized condo or not? And passive income likely goes to maintenance fees of condos too which may keep rising. I find it funny that previously my hubby did not like leasehold and maintenance fees and yet he wants to go back to it now. Also my fear of collapsing buildings from seeing cracks in my walls before makes me fearful of living in a building.

 

[OngHuatHuat]

Not yet renovated. I am passing the work to my father in law.

Will ask you for the agent's contact when I finish everything.

Ask you huh, full furnished in jb means need to include what? Air con? Furnitures?

I like chatting with you too... r yr 2 horizon hills terraces renovated and ready to rent out? Need my agent contact? He is quite good. Helped me and another LivinginJB forum member rent out our JB houses and I had enquiries about his contact from HWZ member too. He also helps us to pay our property tax as we seldom go into JB now but of course, we pay him back.

 

[mummy1234]

Not yet renovated. I am passing the work to my father in law.

Will ask you for the agent's contact when I finish everything.

Ask you huh, full furnished in jb means need to include what? Air con? Furnitures?

I believe full furnished means everything included? I am not sure but mine was, the previous owner kindly left everything for me including old tv, sofa, jap mattresses, fridge, washer and built in wardrobes and aircon.

 

[OngHuatHuat]

Wow. Quite nice.
Ask you huh, your jb house have how many air cons in total? And at which room? Coz I still considering how many should I install.

I believe full furnished means everything included? I am not sure but mine was, the previous owner kindly left everything for me including old tv, sofa, jap mattresses, fridge, washer and built in wardrobes and aircon.

 

[mummy1234]

Wow. Quite nice.
Ask you huh, your jb house have how many air cons in total? And at which room? Coz I still considering how many should I install.

I in dining room and 1 in downstairs bedroom and 1 each in the 3 bedrooms upstairs and 1 in the 3rd floor so 6 in total I believe. The living room does not have strangely but it does not feel hot with 2 powerful ceiling fans and the corridor I the 2nd floor does not have.

 

[OngHuatHuat]

This is a bit too many. Need to cut cost or else hard to recover cost.

I in dining room and 1 in downstairs bedroom and 1 each in the 3 bedrooms upstairs and 1 in the 3rd floor so 6 in total I believe.

 

[mummy1234]

This is a bit too many. Need to cut cost or else hard to recover cost.

How many rooms your Horizon Hills terrace? 2 floors?

 

[OngHuatHuat]

2 floors.
5 rooms.
3 on top. 2 below(one small + one maid).

I think I will just install air cons for the rooms on top.

How many rooms your Horizon Hills terrace? 2 floors?