Getting a condo. Objective advice appreciated

[Forever84]

Well... Big, cheap, good location and new doesn't exist... You need to make certain limitations if you are tight on budget and want to live in a condo.

EC is good choice for sure but not everyone can qualify. Honestly would have gone for that if I could, lol

 

[momoeagle]

I agree with you. And are the sacrifices worth it? Just to stay in condo, have to scrimp and save at other areas. I would say I am currently comfortable now. I can spend pretty carefreely, go for holidays, eat at restaurants occasionally. But just because stay in condo, everyday have to calculate the dollars and cents, I find it's not a logical move.

Not worth to me. So delay lor.
I'm trying to make my savings grow at an even faster rate at the moment without sacrificing current lifestyle.

It's not impossible, just need a change in mindset

 

[momoeagle]

For me, it is a logical upgrade. Was staying in a HDB 3room 70sm. Thinking of family planning, so change to 99sm 3bedder EC. Sold HDB 450k, buy EC 860k. Is a top up of 400k loan and we fork up around 100k cash. Kind of upgrade in both size and lifestyle. Probably downgrade in location but since I drive, actually does not matter much

Congrats!

For us, we already planned for kids, so BTO got HDB 5rm 111 sqm.
Planning to upgrade to a 4brm EC eventually.

 

[MrCoconut]

Not worth to me. So delay lor.
I'm trying to make my savings grow at an even faster rate at the moment without sacrificing current lifestyle.

It's not impossible, just need a change in mindset

Do you worry by the time got enough savings, a 2 bedder may cost 1.2mil and up for a OCR area?

 

[momoeagle]

Do you worry by the time got enough savings, a 2 bedder may cost 1.2mil and up for a OCR area?

Nope. Because I'm quite contented currently. So that presents only three scenarios for me.

1) I can afford comfortably because my rate of earning/savings increase. Then buy. It's about how I grow my cash savings outside of property that matters.

2) I cannot afford. Then stay put. I already have a roof over my head.

3) Sacrifice lifestyle to afford.
To be honest, if I scrimp every little thing, I could afford it even back then. It was Esparina EC vs current HDB.

But I don't want to sacrifice current lifestyle (which is rather relaxing compared to most corporate job workers). I was lucky. I also don't want to stress over mortgage payment. Objective of condo dream is to buy and enjoy, not to buy and stress. I work when I want to (usually I want to) and rest when I want to.

Nothing wrong with joining 80% of Singaporeans staying in HDB.

 

[Polar Bear King]

I agree with you. And are the sacrifices worth it? Just to stay in condo, have to scrimp and save at other areas. I would say I am currently comfortable now. I can spend pretty carefreely, go for holidays, eat at restaurants occasionally. But just because stay in condo, everyday have to calculate the dollars and cents, I find it's not a logical move.

Not worth it I think
If I earn $15k I definitely won’t upgrade neither would aunty polar dare to suggest
But I’m earning $30k so aunty polar feels comfortable enough to cut back on her other spendings to pay for mortgage so I let her go ahead

 

[fluxos]

I don’t think property goes up in one straight line. Timing is very important.. I would argue now is not the time to buy

Do you worry by the time got enough savings, a 2 bedder may cost 1.2mil and up for a OCR area?

 

[fluxos]

You don’t have to sacrifice anything if you don’t wish to. Moving from 1200sqft hdb to 700sqft... does not make sense to me. Moreover you will have to cut down on lifestyle? It a major downgrade.

We intend to stay put for now at least for a few more years.

Did u make the move in the end? I am also mindful about space but I am starting to accept that if want to move into condo, definitely have to sacrifice space

 

[Polar Bear King]

TS ultimately is still back to your intentions

You want to OWN a condo to show off? Be prepared to pay the cost and endure whatever pain it comes with

You want to enjoy the lifestyle only? Just rent it and live in to play for fun. Can always claim to outsiders you bought it also mah....

You want to invest? New launch reaching ever higher new height. Resale PC price not Low either. You can sell off HDB and rent a place to wait. WW3 coming on time on target you can speculate housing price to fall by 1/3 by then

 

[drkcynic]

If I didn't read it wrong, TS is struggling to afford the second property but still willing to pay the ABSD?

That is a big nono, money could be put to better use.

Earn more to do a decoupling if you die die want a "second" property.

 

[fluxos]

He is still staying in hdb and if he buys another property he will have to pay absd first before applying for remission later when he sells his hdb.

TS is considering a simple upgrade of hdb to condo.

If I didn't read it wrong, TS is struggling to afford the second property but still willing to pay the ABSD?

That is a big nono, money could be put to better use.

Earn more to do a decoupling if you die die want a "second" property.

 

[MrCoconut]

TS ultimately is still back to your intentions

You want to OWN a condo to show off? Be prepared to pay the cost and endure whatever pain it comes with

You want to enjoy the lifestyle only? Just rent it and live in to play for fun. Can always claim to outsiders you bought it also mah....

You want to invest? New launch reaching ever higher new height. Resale PC price not Low either. You can sell off HDB and rent a place to wait. WW3 coming on time on target you can speculate housing price to fall by 1/3 by then

I think it's just the Singapore dream. And the worry that by the time I can afford comfortably, a 2 bedder would be 1.5mil. thinking should I bite the bullet. Because definitely can use it as a form of investment nevertheless.

Tbh, moving from a 4 room HDB to a 2 bedder, there's nothing to show off... Lol.

 

[MrCoconut]

He is still staying in hdb and if he buys another property he will have to pay absd first before applying for remission later when he sells his hdb.

TS is considering a simple upgrade of hdb to condo.

Yes, definitely I can't afford the ABSD so that's out of the question. I still have to wait for MOP next year. But also risky to sell off without another concrete shelter over head.

 

[Polar Bear King]

If I didn't read it wrong, TS is struggling to afford the second property but still willing to pay the ABSD?

That is a big nono, money could be put to better use.

Earn more to do a decoupling if you die die want a "second" property.

Fake a divorce just to decouple to hold the HDB?
That’s very extreme

 

[Polar Bear King]

Yes, definitely I can't afford the ABSD so that's out of the question. I still have to wait for MOP next year. But also risky to sell off without another concrete shelter over head.

Learn from me then
Rent a condo move over first
Clean up HDB sell off
Then buy the condo afterwards
Don’t even need to pay ABSD
If you really work out the maths,I think at most lose half the monthly rental only cos you take less loan from the bank save the interest

 

[K|muRa^84]

What’s your combined income?

Use a multiple of it to set ur budget and determine affordability

Yes, definitely I can't afford the ABSD so that's out of the question. I still have to wait for MOP next year. But also risky to sell off without another concrete shelter over head.

 

[Sotooong]

Yes. Mus sell first.

I've done my calculations. 1.5mil will need at least 4k of repayment every month. I don't know how much you earn. But I wouldn't feel comfortable maxing out my CPF to pay for it. At most half CPF half cash. Then again u need to ensure you earn more than 4k (maybe 10k to be safe) up to the age of 65. I assuming here also.

Is it must sell of HDB then only can Siam ABSD? Can be MOP already, book unit without paying ABSD? Because definitely won't be able to afford the ABSD without the cash from HDB sale.

 

[Sotooong]

Also the risk of getting axed, no job security nowadays. That to me is the biggest risk. But in the event this happen, jus switched back to hdb.

TS ultimately is still back to your intentions

You want to OWN a condo to show off? Be prepared to pay the cost and endure whatever pain it comes with

You want to enjoy the lifestyle only? Just rent it and live in to play for fun. Can always claim to outsiders you bought it also mah....

You want to invest? New launch reaching ever higher new height. Resale PC price not Low either. You can sell off HDB and rent a place to wait. WW3 coming on time on target you can speculate housing price to fall by 1/3 by then

 

[Passerboy]

I think it's just the Singapore dream. And the worry that by the time I can afford comfortably, a 2 bedder would be 1.5mil. thinking should I bite the bullet. Because definitely can use it as a form of investment nevertheless.

Tbh, moving from a 4 room HDB to a 2 bedder, there's nothing to show off... Lol.

For a compact 2 bedroom w 1 toilet to be 1.5mil will be at least 5-7 years away, and likely only in the city fringe locations, if at all.

It’s more important to wait till you are comfortable to upgrade. All the best in house hunting!

 

[birmingham123]

Nope. Because I'm quite contented currently. So that presents only three scenarios for me.

1) I can afford comfortably because my rate of earning/savings increase. Then buy. It's about how I grow my cash savings outside of property that matters.

2) I cannot afford. Then stay put. I already have a roof over my head.

3) Sacrifice lifestyle to afford.
To be honest, if I scrimp every little thing, I could afford it even back then. It was Esparina EC vs current HDB.

But I don't want to sacrifice current lifestyle (which is rather relaxing compared to most corporate job workers). I was lucky. I also don't want to stress over mortgage payment. Objective of condo dream is to buy and enjoy, not to buy and stress. I work when I want to (usually I want to) and rest when I want to.

Nothing wrong with joining 80% of Singaporeans staying in HDB.

Actually you not working now right ? Y not get a relax job or even do grab? Not just about income but I think is better to go out and meet people. I feel bored if not doing anything everyday. I was on MC for 5weeks some time back and I really feel bored at home. Not really sick but just need a rest to my leg injury so my boss want me work from home. I enjoy coming office and of coz must be flexi hours. I am not a morning person and I usually work 3-4hours and I call it a day already