Getting a condo. Objective advice appreciated

[momoeagle]

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

Is not that I not working. I choose the timing to work. Like your terminology, flexi hours. To put it properly, when I work, I really put in 110% effort and work really hard, and can go on until I break.

But thing is back then, I would not venture out on this if I had taken on more debt. I wouldn't be as daring, everything will be more kiasi, don't dare take risks.

 

[MrCoconut]

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

I've thought of this. But to move all my 5 room items to a rented space will be another challenge also haha.

 

[MrCoconut]

What’s your combined income?

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

12k now. Preferably I do not wish to max out my CPF monthly OA for the mortgage. So still need at least 1 or 2k top up in cash. Which I think may be quite a stretch. Especially if the loan is till 65, I need to ensure I earn at least 8k by 65 year old to be comfortable.

 

[shadow84]

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

Earning 30k/mth also need consider that much? Lol really is 1st world problem sia

 

[K|muRa^84]

If combined is les than 200k pa, I think things will be kinda tight

12k now. Preferably I do not wish to max out my CPF monthly OA for the mortgage. So still need at least 1 or 2k top up in cash. Which I think may be quite a stretch. Especially if the loan is till 65, I need to ensure I earn at least 8k by 65 year old to be comfortable.

 

[Eraval]

Personally, if I have to consider so many things like you I would not move to a condo liao. The fact that you think so much means it stresses you liao, and if that does not make you comfortable perhaps you can wait abit more lor


My wife also looking at condo but we are very open to a 5 room HDB also, pricing must be comfortable la long term. Condo dream is that, a dream, reality is another thing mah

Even EC now also becoming unaffordable I feel, the PG price so high, abit unrealistic for me le. Resale is the way to go le cause we not eligible for BTO le

 

[drkcynic]

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

There are ways to decouple without going through a divorce. Speak to a competent property agent if you are not sure.

 

[drkcynic]

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.

In my case I am selling my existing property for a new one. I am given up to 6 mths to sell my existing without incurring ABSD. I believe it is dependent on how long the seller of your new property will allow you to stretch it.

 

[1993newbie]

 

[petetherock]

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.

You are a wise man who will live a contented and happy life.
Pursuing a condo lifestyle when one doesn’t have the means is a sure way to stress and unhappiness
Pray that one keeps one’s job or the misery will be even worse.
Too many folks are spending beyond their means to be part of the 20% for no really good reason.
Think carefully

 

[petetherock]

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

Yep
30k gross?
Good sum
Even then, your choice of not going above 3mil is smart. Keep some reserve

BTW which condo ? Was it FH?
IMO the value is in FH condos which are CCR and under 10 years.
Potential capital gain, rental yield and you’ll enjoy the central location

 

[bolster]

There are ways to decouple without going through a divorce. Speak to a competent property agent if you are not sure.

Fake divorce is to buy 2 hdb lah.

 

[Polar Bear King]

Yep
30k gross?
Good sum
Even then, your choice of not going above 3mil is smart. Keep some reserve

BTW which condo ? Was it FH?
IMO the value is in FH condos which are CCR and under 10 years.
Potential capital gain, rental yield and you’ll enjoy the central location

New build
Park colonial

 

[drkcynic]

New build
Park colonial

What do you think about the pricing over at Woodleigh residences (WR) then?

Any reason why you didn't get WR instead?

 

[Polar Bear King]

What do you think about the pricing over at Woodleigh residences (WR) then?

Any reason why you didn't get WR instead?

Woodleigh residences (WR) pricing even higher PSF leh..........and the layout we think not as practical as ParkCol

absolutely not because of the bidadari graveyard matter

 

[momoeagle]

Woodleigh residences (WR) pricing even higher PSF leh..........and the layout we think not as practical as ParkCol

absolutely not because of the bidadari graveyard matter

I thought graveyard usually means plot of land has good fengshui.

It's unlike massacre areas, e.g. North of Punggol.

 

[Polar Bear King]

I thought graveyard usually means plot of land has good fengshui.

It's unlike massacre areas, e.g. North of Punggol.

but I think WR PSF>$2k hor,not worth the price lar

 

[momoeagle]

but I think WR PSF>$2k hor,not worth the price lar

Yes this I agree

 

[ralphlauren]

What’s everyone formula to apportion cash and cpf to monthly repayment?

I am thinking of maxing out cpf (my monthly contribution hit ceiling liao) so that it will keep my cash outlay low. Any pros and cons for doing that?

 

[Forever84]

What’s everyone formula to apportion cash and cpf to monthly repayment?

I am thinking of maxing out cpf (my monthly contribution hit ceiling liao) so that it will keep my cash outlay low. Any pros and cons for doing that?

My plan is to keep reducing the loan by lump sum until it is below my cpf contribution, think OA is 2.2 per month. So once the mortgage goes below that, I can build up some buffer again.