Asked by Anonymous
LGBT person here considering home options.
29 y/o turning 30 next year, considering if I should wait out 5 Years 10 Months for resale HDB when I’m 35 y/o or get a 1 bedroom condo in the near future.
Monthly income: $11k++ (FT: $9000+, Side income $2000+)
Cash: $200k (Stupid move of doing endowment, or I would probably had more)
CPF: $120k
Reason why I’m thinking of waiting for HDB:
1. Not in immediate rush to move out at the moment although it’s uncertain to say as I’m not staying with parents and anything could happen in the next 5-6 years.
2. Can buy a bigger unit (and perhaps even rent out 1 room for extra income)
3. I probably would not have to worry about mortgage that much given it’s cheaper and I still have years to go to grow my cash and CPF. As compared to having condo and worrying if I’m out of job, and need to really keep aside a decent amount of rainy funds to cover my mortgage.
Reason why I’m thinking of condo:
1. Can start doing proper retirement planning early. Not owning a property of my own name and having the feeling of “I might need to move out anytime before I can get HDB.” sucks. I’m reluctant to do long term investment now (only FD/bank interests) cause of this reason I might need a huge cash upfront anytime.
2. Even if I wait out till 35 y/o, I have $0 grant from HDB as compared to others given my income, which makes me felt like no difference as compared to having a condo.
Any advice? And assuming condo, how much should I budget to be comfortable?
Note that I’m looking at it solo without a partner.
29 y/o turning 30 next year, considering if I should wait out 5 Years 10 Months for resale HDB when I’m 35 y/o or get a 1 bedroom condo in the near future.
Monthly income: $11k++ (FT: $9000+, Side income $2000+)
Cash: $200k (Stupid move of doing endowment, or I would probably had more)
CPF: $120k
Reason why I’m thinking of waiting for HDB:
1. Not in immediate rush to move out at the moment although it’s uncertain to say as I’m not staying with parents and anything could happen in the next 5-6 years.
2. Can buy a bigger unit (and perhaps even rent out 1 room for extra income)
3. I probably would not have to worry about mortgage that much given it’s cheaper and I still have years to go to grow my cash and CPF. As compared to having condo and worrying if I’m out of job, and need to really keep aside a decent amount of rainy funds to cover my mortgage.
Reason why I’m thinking of condo:
1. Can start doing proper retirement planning early. Not owning a property of my own name and having the feeling of “I might need to move out anytime before I can get HDB.” sucks. I’m reluctant to do long term investment now (only FD/bank interests) cause of this reason I might need a huge cash upfront anytime.
2. Even if I wait out till 35 y/o, I have $0 grant from HDB as compared to others given my income, which makes me felt like no difference as compared to having a condo.
Any advice? And assuming condo, how much should I budget to be comfortable?
Note that I’m looking at it solo without a partner.
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