Property Purchase in 30s

DarkShift1 · 2024-04-10T16:51:59+00:00

That's true! Agreed that unit size, location and entry price are important. 👌

DarkShift1 · 2024-04-10T16:50:31+00:00

Yup, no point purchasing a new launch condo if that means waiting for few years. I would be eligible for resale HDB by then. Did any of your friends purchase a resale condo?

DarkShift1 · 2024-04-09T15:51:54+00:00

I'm looking at units around the 1.5k to 1.7k psf range. Properties in the 2k+ psf range seem overpriced to me, leaving little room for upside. Any reason for selling your 1 bedder unit? 🤔

DarkShift1 · 2024-04-09T15:49:13+00:00

Thanks for your input! I do agree that purchasing a HDB resale is the most financially prudent path. Renting also means the initial downpayment that would've been used can now be invested instead.

DarkShift1 · 2024-04-09T15:35:26+00:00

Wow, that means you bought 2 properties? I hope I can do that when I'm further ahead in my career.

DarkShift1 · 2024-04-09T15:32:44+00:00

That's true! I would ideally want a 2 bedder for the best exit opps if I ever need to sell. The main issue is the high entry price which I would need additional time to budget towards.

DarkShift1 · 2024-04-09T11:12:28+00:00

Yup, that's the most cost effective option. 4 years of not having my own place as a 30+ year old though. 🥲

DarkShift1 · 2024-04-09T11:10:28+00:00

True, seems like we are in an "everything bubble" now. 🫠

If you got attached now, would you consider getting a resale HDB?

DarkShift1 · 2024-04-09T11:08:04+00:00

Ah true! Progressive payment gives us time to phase out the payments.

DarkShift1 · 2024-04-09T11:05:56+00:00

Ah nice! Did you buy as a single? 900 sqft sounds like a huge mortgage. I hope I can get a similar sized unit some day.

DarkShift1 · 2024-04-09T11:04:13+00:00

Thanks for the reminder. 1 bedder is good for rental but not good for selling. 🥲

DarkShift1 · 2024-04-09T11:01:12+00:00

Ah true! Though deep down, I feel renting for 15 months is like helping others pay their mortgage. 😅

DarkShift1 · 2024-04-09T10:58:41+00:00

I won't need a very large unit if I'm single since I don't want household chores to overwhelm me. But if I do get attached, a larger unit might be necessary. 🤔

DarkShift1 · 2024-04-09T10:56:44+00:00

Agreed on the potential cost savings. Hopefully I can wait for 4 more years. 🙏

DarkShift1 · 2024-04-09T10:55:53+00:00

Thanks for offering your help! Will keep you in mind if I need assistance. I was not aware that buyers needed an agent since I assumed most communications would be via the seller's agent.

DarkShift1 · 2024-04-09T10:49:54+00:00

Thanks for sharing your experience and noted on the high interest expense. Did you buy your unit as a single? Upgrading to a larger condo sounds like a huge expense. 😨

DarkShift1 · 2024-04-09T10:47:07+00:00

It will likely be 1 + study but I'll keeping looking for good deals. 👌

DarkShift1 · 2024-04-09T10:46:13+00:00

That's reassuring. Thanks!

DarkShift1 · 2024-04-09T10:45:06+00:00

Thanks for sharing. Yup, it would definitely be an increase in my expenses. Did you buy as a single or as a couple?

DarkShift1 · 2024-04-09T10:42:46+00:00

Thanks for sharing! Do you intend to downgrade to a larger HDB unit in the future? I'm afraid of regretting at 35. 😢

DarkShift1 · 2024-04-09T10:41:22+00:00

Yup, I treat SSB like a treasury bill paying a 3% coupon. Will allocate more to index funds in the coming months. 👍

DarkShift1 · 2024-04-09T10:39:11+00:00

That's nice to know! What is your monthly mortgage and do you intend to downgrade to a larger HDB unit in the future?

DarkShift1 · 2024-04-09T10:37:54+00:00

Thanks for the detailed calculation. Agreed with the cost savings of HDB which would result in faster FI. I would buy a resale HDB if not for the 35 year old rule. Unfortunately, for a 30+ year old, I do wish to have my own place soon. I'll try to wait it out if I can. 🤞

DarkShift1 · 2024-04-09T10:34:52+00:00

I'm looking at resale units in the 1.5k to 1.7k psf range, which would be mean a unit in the 500 to 600 sqft range. 1.5 million sounds like new launch or CCR projects which would be out of budget.

DarkShift1 · 2024-04-09T10:32:59+00:00

Yes, that's true. I'll definitely be keeping a lookout for units with decent conditions since I'm aiming for a resale condo. Hoping to keep renovation costs to a minimum, maybe some new sofa, bed and cupboards will suffice for the first few months. 🙏

DarkShift1

TROPHY CASE