Bto vs private condo

[ShepherdPie]

Anyway to TS. .. We are not being snobs like Mr "put ur $$ @ your mouth" or Mr "Full cash".. I just don't think that it's worth the risk to run up huge /mountain of debts@38 with 2 kids on the way . Because ur situation looks like very high risk of defaulting in the event like losing your job or pty price downward revision, interest revision. I think most of us would think it's better for you to get your bto.. or bigger resale if you really need the space.

[Iewoug]

Hmm, think about this...

 

Debt free after 10 years, living in a nice hdb close to amenities. Few k dividends each mth from stocks, with fully paid car. 2 kids. You want holiday go holiday, want to eat nice restuarant u just go in, kids want toys u have a choice of whether to buy.money never an issue so long as you hold a stable job. Savings still increasing in spite of your expenditure and whatever you earn goes towards retirement. Quality of life is very high even though you do not stay in condo. You have a choice to buy condo as a second property, because u have built up ur cash reserves. Economy tank also nvm. Plenty of reserves to take you through life and you have the choice to stop working before retirement age cos u can afford it. In short, you have a lot of options in life.

 

Is above something achievable in singapore as a normal salaried worker. Yes. If you buy condo, that dream is a lot harder to reach imo. If you do not overcommit, you would not have a lot of financial worries. Family will be happy, i think you would be happy too. Think through carefully because this is a big decision that has a huge impact on quality of life.

 

And if you cannot achieve the above even after choosing hbd, staying in a condo is going to be tough.

 

Nontheless, you have to decide with your family and i wish you much wisdom in making that choice. :)

[Enye]

Hmm, think about this...

 

Debt free after 10 years, living in a nice hdb close to amenities. Few k dividends each mth from stocks, with fully paid car. 2 kids. You want holiday go holiday, want to eat nice restuarant u just go in, kids want toys u have a choice of whether to buy.money never an issue so long as you hold a stable job. Savings still increasing in spite of your expenditure and whatever you earn goes towards retirement. Quality of life is very high even though you do not stay in condo. You have a choice to buy condo as a second property, because u have built up ur cash reserves. Economy tank also nvm. Plenty of reserves to take you through life and you have the choice to stop working before retirement age cos u can afford it. In short, you have a lot of options in life.

 

Is above something achievable in singapore as a normal salaried worker. Yes. If you buy condo, that dream is a lot harder to reach imo. If you do not overcommit, you would not have a lot of financial worries. Family will be happy, i think you would be happy too. Think through carefully because this is a big decision that has a huge impact on quality of life.

 

And if you cannot achieve the above even after choosing hbd, staying in a condo is going to be tough.

 

Nontheless, you have to decide with your family and i wish you much wisdom in making that choice. :)

 

Thank you for glamourising peasant lifestyle.

 

for your plan to work, couples need to start young preferably ~30 so that HDB paid off by ~40. unfortunately for TS, he is 38 already.

 

[Jman888]

 

Thank you for glamourising peasant lifestyle.

 

for your plan to work, couples need to start young preferably ~30 so that HDB paid off by ~40. unfortunately for TS, he is 38 already.

 

 

 

38 also could mean his cpf accounts already bah bah, maybe can one time pay off with both husband and wifec cpf

[Enye]

 

 

38 also could mean his cpf accounts already bah bah, maybe can one time pay off with both husband and wifec cpf

 

then they can live the glamorous peasant lifestyle

 

[Kangadrool]

in FULL CPF.

 

Quite possible.

 

In my case (when the prices were not that highly subsidised yet), but I didn't want to. I "pulled out" some and invested before signing the papers.

 

 

 

38 also could mean his cpf accounts already bah bah, maybe can one time pay off with both husband and wifec cpf

 

Edited December 4, 2014 by Kangadrool

[Mustank]

 

Thank you for glamourising peasant lifestyle.

 

for your plan to work, couples need to start young preferably ~30 so that HDB paid off by ~40. unfortunately for TS, he is 38 already.

 

Actually last time it was really possible to do so

13 years ago my wife and me bought woodlands 4 room only 136k, under walk in selection

Within 5 years, we finish paying, all cpf, no cash

The feeling of debt free is really Jin song

[Kangadrool]

in some cases, the flats are fully paid on the key collection date. That's around the era of 1999/2000 +/-

 

4-room in Jurong less than 80K can liao. Husband + wide CPF @ age 30+ can easily settle in full.

 

Actually last time it was really possible to do so
13 years ago my wife and me bought woodlands 4 room only 136k, under walk in selection
Within 5 years, we finish paying, all cpf, no cash
The feeling of debt free is really Jin song

 

Edited December 4, 2014 by Kangadrool

[Soya]

 

 

38 also could mean his cpf accounts already bah bah, maybe can one time pay off with both husband and wifec cpf

 

in today's interest rate environment, i'd rather not be 'debt free' when it comes to cpf.

[Enye]

Actually last time it was really possible to do so

13 years ago my wife and me bought woodlands 4 room only 136k, under walk in selection

Within 5 years, we finish paying, all cpf, no cash

The feeling of debt free is really Jin song

 

and now you got into debt again or not?

 

[Spring]

Actually last time it was really possible to do so

13 years ago my wife and me bought woodlands 4 room only 136k, under walk in selection

Within 5 years, we finish paying, all cpf, no cash

The feeling of debt free is really Jin song

 

Congrats and yes feeling is damn shiok!!

 

That said, my friend once told me that yes you pay all is good and makes you debt free but that also means that your cpf is wiped out and what happens if touch wood, you pass on?

Your beneficiaries will not have anything to support them and especially in the early days when most of us had minimal life insurance.

 

So it's a really tricky situation but I still went on to pay up my hdb years ago cos I'm particular about

interest esp as the interest was not like now when the loan v cpf int is only diff of 0.1%, old days was much wider gap!!

[Jman888]

in some cases, the flats are fully paid on the key collection date. That's around the era of 1999/2000 +/-

 

4-room in Jurong less than 80K can liao. Husband + wide CPF @ age 30+ can easily settle in full.

 

 

 

 

should be earlier than that like early 90s, late 90s more than $100K+.

 

my 4rm resale was $350K in 1999

[Enye]

 

Congrats and yes feeling is damn shiok!!

 

That said, my friend once told me that yes you pay all is good and makes you debt free but that also means that your cpf is wiped out and what happens if touch wood, you pass on?

Your beneficiaries will not have anything to support them and especially in the early days when most of us had minimal life insurance.

 

So it's a really tricky situation but I still went on to pay up my hdb years ago cos I'm particular about

interest esp as the interest was not like now when the loan v cpf int is only diff of 0.1%, old days was much wider gap!!

 

儿孙自有儿孙福

 

[Karu]

Hmm, think about this...

 

Debt free after 10 years, living in a nice hdb close to amenities. Few k dividends each mth from stocks, with fully paid car. 2 kids. You want holiday go holiday, want to eat nice restuarant u just go in, kids want toys u have a choice of whether to buy.money never an issue so long as you hold a stable job. Savings still increasing in spite of your expenditure and whatever you earn goes towards retirement. Quality of life is very high even though you do not stay in condo. You have a choice to buy condo as a second property, because u have built up ur cash reserves. Economy tank also nvm. Plenty of reserves to take you through life and you have the choice to stop working before retirement age cos u can afford it. In short, you have a lot of options in life.

 

Is above something achievable in singapore as a normal salaried worker. Yes. If you buy condo, that dream is a lot harder to reach imo. If you do not overcommit, you would not have a lot of financial worries. Family will be happy, i think you would be happy too. Think through carefully because this is a big decision that has a huge impact on quality of life.

 

And if you cannot achieve the above even after choosing hbd, staying in a condo is going to be tough.

 

Nontheless, you have to decide with your family and i wish you much wisdom in making that choice. :)

 

Guess it's a choice...

 

If you putting ROI aside & using the apartment as a place to stay, HDB isn't very far off from entry level condos or ec. Only difference is the security, facilities (which is underutilized most of the time) & bragging rights when u stay in condo.

 

Bottomline is... Live within your means & don't shortchange yourself too much. YOLO...

[ShepherdPie]

 

Congrats and yes feeling is damn shiok!!

 

That said, my friend once told me that yes you pay all is good and makes you debt free but that also means that your cpf is wiped out and what happens if touch wood, you pass on?

Your beneficiaries will not have anything to support them and especially in the early days when most of us had minimal life insurance.

 

So it's a really tricky situation but I still went on to pay up my hdb years ago cos I'm particular about

interest esp as the interest was not like now when the loan v cpf int is only diff of 0.1%, old days was much wider gap!!

Bro...is all abt planning... you shld take up sizable coverage once you have children.. It really dun matter if you pay up your house or not... cpf also take time to return to children when you pass on esp you didn't name your beneficiary. .. so its all abt planning..There is no simple way to have it all...

 

but i mus say.. $1 in cash and $1 in cpf, there is a different. . so I rather let my cpf pays everything... slowly but surely.. you can pay off 50% in loan and have another 50% waiting to be deducted in cpf..

Edited December 4, 2014 by ShepherdPie

[Mustank]

 

and now you got into debt again or not?

 

 

 

Congrats and yes feeling is damn shiok!!

 

That said, my friend once told me that yes you pay all is good and makes you debt free but that also means that your cpf is wiped out and what happens if touch wood, you pass on?

Your beneficiaries will not have anything to support them and especially in the early days when most of us had minimal life insurance.

 

So it's a really tricky situation but I still went on to pay up my hdb years ago cos I'm particular about

interest esp as the interest was not like now when the loan v cpf int is only diff of 0.1%, old days was much wider gap!!

 

ok serious ah

those little insurance one, please go buy insurance

one of the cheapest is SAF one

 

http://www.aviva.com.sg/life-and-health/for-individuals/SAF/overview.html

 

spend a bit of money

this type cannot save one

[Spring]

Bro...is all abt planning... you shld take up sizable coverage once you have children.. It really dun matter if you pay up your house or not... cpf also take time to return to children when you pass on.. If you didn't name your beneficiary. .. so its all abt planning... ;)

That's very true and good reminder to those amongst us who don't plan well (hands-up, I'm one of them). I old school and belong to an era when most of us had the wrong impression that Insurance

"cheat people", Take out the umbrella when it's a sunny day and withdraws it when it's a rainy day

was my mentality of Insurance Companies!!

 

Now as i grow older, realise this is a wrong attitude and I'm just lucky that nothing untoward happened then, so you are right that planning is most important esp when children comes along!

Edited December 4, 2014 by Spring

[ShepherdPie]

 

 

should be earlier than that like early 90s, late 90s more than $100K+.

 

my 4rm resale was $350K in 1999

bishan ?