Hi guys, welcome back to another episode of SingaporeanTalksMoney, I want to have a causal set up where I talk about the money problems I have or anything that I want to talk or share with you. Today, I am going to talk about getting a property in Singapore.
Turning 26 this year means many of my friends around me who have a partner and are planning to get married have applied for BTOs and most of them have successfully got a unit or if not, opt for a resale property. For me, being single means that I will need to wait till I am 35 years old to get a resale property unless I am going to get a private property.
I have all my life stayed in HDB flats so I definitely hope to buy one in the future because condos/private properties usually have maintenance fees which is sort of a recurring extra costs for the property hence it doesn't really appeal to me. I am staying around the East and definitely have looked through properties in the region. As I am currently single, let's assume that I am going to buy a resale when I turn 35 years old.
My understanding so far
So I know currently that there are 2 kinds of loans available, HDB loan which typically means you will use your CPF funds to pay for your property while there is a Bank loan as well where it could be based on a fixed or floating interest rate.
Mortgage Calculator
HDB has this mortgage calculator that I came across and I think it is really a good gauge to use. Let me show you in the video as I fill in the values that they assess/require.
Property has been a hot investment the past few years
I have been seeing many ads for property investing around when I surf the internet. It seems to really be like a property boom partly I would feel is due to low interest rate and also cos everyone has been saving lots from not travelling? HAHAHAHAH I am really not sure but there has been so many private property projects like Midtown Modern, Irwell Hill Residences and so on.
Worries on the future outlook
With many of my peers getting a BTO which definitely will be of a lower price than resale, it means that 9 years from now, when I am 35 years old, the prices that I am looking at will most likely not be the same. It kinda worries me in the long term when I compare my salary and property prices also on my living expenses.
Anxiety starts when you think about conditions that you are not in control of. Constant overthinking can give me more stress as I go along. I try to not think about it because it is not something that I can control and instead work on my present where there are things that I have control over. Hope you guys enjoy this different approach of video.
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Thank you for sharing such great information also i came across this link which provide access to wide range of investments such as Private Credit Market
ReplyDeletePersonally, i like properties as an asset class. The only big downside is the fluidity of properties. You really need choose your property well.
ReplyDeleteOr just get a cheap estate for staying
Hi, that's right, properties are a great asset class especially in Singapore where land is scarce. So location really matters and definitely the remaining years left on the lease. I believe properties also have multiple factors to look at to really value it.
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