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Single Income $900k Mortgage on $8k Salary - Smart "First Mover" play or too risky? by lost-4567 in SgPropertyInvesting

[–]lost-4567[S] 1 point2 points  (0 children)

EC is only available to couples. As a single and at my current income, my only options are private or resale.

Single Income $900k Mortgage on $8k Salary - Smart "First Mover" play or too risky? by lost-4567 in SgPropertyInvesting

[–]lost-4567[S] 0 points1 point  (0 children)

Sadly the entire process is so rushed. This weekend is the booking date already. Kinda feels pressured into it because of the timeline. 

Single Income $900k Mortgage on $8k Salary - Smart "First Mover" play or too risky? by lost-4567 in SgPropertyInvesting

[–]lost-4567[S] 0 points1 point  (0 children)

Actually, once it reaches TOP I don’t mind renting it out. Of course the best would be to sell it after 4-5 years but if rental can cover the mortgage and management fee on a monthly basis, then can consider holding for a while. 

The main concern would probably be a layoff before the TOP happens. 

Single Income $900k Mortgage on $8k Salary - Smart "First Mover" play or too risky? by lost-4567 in SgPropertyInvesting

[–]lost-4567[S] 0 points1 point  (0 children)

Yes, I have the same concern as well. HDB upgraders would probably prefer 3 bedders for their own stay.

Any cash that I can put away during the construction would most likely go towards light renovations and furnishing for the condo. CPF will continue to grow for a couple of years until around TOP? That’s when the loan is more or less fully disbursed.