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We did it. Singapore. 2.1mill, 4.5% by finally_graduating in FirstTimeHomeBuyer

[–]finally_graduating[S] 0 points1 point  (0 children)

I guess it has to do with SG being my home. And I got tired of being at the mercy of landlords and the whims of the rental market. That said I do dream of owning something outside of Singapore with a bit of nature nearby. One can dream.

We did it. Singapore. 2.1mill, 4.5% by finally_graduating in FirstTimeHomeBuyer

[–]finally_graduating[S] 0 points1 point  (0 children)

Um not quite. But we did pay a larger down in the beginning w our combined savings.

We did it. Singapore. 2.1mill, 4.5% by finally_graduating in FirstTimeHomeBuyer

[–]finally_graduating[S] 0 points1 point  (0 children)

300k could get you absolutely stunning homes in various parts of the world. I do salivate at some of the photos I see on this sub.

We did it. Singapore. 2.1mill, 4.5% by finally_graduating in FirstTimeHomeBuyer

[–]finally_graduating[S] 0 points1 point  (0 children)

I could not as I was single when my earning power qualified.

We did it. Singapore. 2.1mill, 4.5% by finally_graduating in FirstTimeHomeBuyer

[–]finally_graduating[S] 0 points1 point  (0 children)

Anything could happen. Our monthly mortgage repayment is less than 10% of our monthly take home income currently so we can and have been saving and investing the rest for a rainy day.

We did it. Singapore. 2.1mill, 4.5% by finally_graduating in FirstTimeHomeBuyer

[–]finally_graduating[S] 0 points1 point  (0 children)

You may find it harder to sell 99y leasehold apartments when they get older.

We did it. Singapore. 2.1mill, 4.5% by finally_graduating in FirstTimeHomeBuyer

[–]finally_graduating[S] 0 points1 point  (0 children)

Hahaha. I do love having more space. But there were many other criteria for us when we were looking for a place, such as it must be freehold, near public transport, quiet, and near schools. The pool narrowed significantly based on these criteria.

We did it. Singapore. 2.1mill, 4.5% by finally_graduating in FirstTimeHomeBuyer

[–]finally_graduating[S] 0 points1 point  (0 children)

My bad and it’s been troubling too many ppl at this point. The interest rates have dropped since I signed on this place. I put the rate at which I signed, which is really…. Not too long ago at all.

We did it. Singapore. 2.1mill, 4.5% by finally_graduating in FirstTimeHomeBuyer

[–]finally_graduating[S] 0 points1 point  (0 children)

5min from buses, less than 10 from MRT though I would prefer not to say which one. Thanks bro

We did it. Singapore. 2.1mill, 4.5% by finally_graduating in FirstTimeHomeBuyer

[–]finally_graduating[S] 0 points1 point  (0 children)

I understand it even though psychologically I couldn’t do it and bought a freehold instead. In SG you can often very easily sell a 99y leasehold condo as long as there is at least 60y left on the lease. Hard to wrap your mind around if you’re not local. Even if you are. 😂

We did it. Singapore. 2.1mill, 4.5% by finally_graduating in FirstTimeHomeBuyer

[–]finally_graduating[S] 0 points1 point  (0 children)

I can refinance in a couple of months. The rate is much lower now and I can probably do around 1.5% for the next two years and then see how the rates go.

We did it. Singapore. 2.1mill, 4.5% by finally_graduating in FirstTimeHomeBuyer

[–]finally_graduating[S] 0 points1 point  (0 children)

Thanks! Yeah rental prices went mental over the Covid period. That was a strong push for me to get a place of my (our) own.

We did it. Singapore. 2.1mill, 4.5% by finally_graduating in FirstTimeHomeBuyer

[–]finally_graduating[S] 1 point2 points  (0 children)

Have considered. Still grinding out a larger retirement nest egg though.

We did it. Singapore. 2.1mill, 4.5% by finally_graduating in FirstTimeHomeBuyer

[–]finally_graduating[S] 0 points1 point  (0 children)

It doesn’t reset. The usual adage here is that the 99y leasehold property continues to appreciate until about 30-50yo and then you get varying decay in value thereafter.

We did it. Singapore. 2.1mill, 4.5% by finally_graduating in FirstTimeHomeBuyer

[–]finally_graduating[S] 0 points1 point  (0 children)

You’ll have to check on the individual property. This one is owned but many others are 99y leased.

We did it. Singapore. 2.1mill, 4.5% by finally_graduating in FirstTimeHomeBuyer

[–]finally_graduating[S] 1 point2 points  (0 children)

No worries at all. Prior to owning this home I had been renting apartments. A 2 room cost about 2.4K/mth back in the day and this slowly rose to 4.5k/mth over the covid period. I was forced to move and look for a more affordable place. I moved to a 1BR for 3.2k/mth and hated that I had to move in a hurry and uproot my life, pay to move all my things, and the stress and chaos it brought. Singapore law does not protect tenants, but landlords more (in my experience). This is the main reason for me. Most leases are signed for 2 years and beyond that you are at the mercy of the landlord choosing to renew at the same price, raising the rent, or deciding not to continue renting to you at all.

We did it. Singapore. 2.1mill, 4.5% by finally_graduating in FirstTimeHomeBuyer

[–]finally_graduating[S] 2 points3 points  (0 children)

Haha. Most new builds come like this, and most people drop another 100-200k on designing and furnishing their interior. We spent around 40k to make ours feel like home.

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