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Am I able to afford a small condo?

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NOWAR
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Am I able to afford a small condo?

Post by NOWAR » Tue, 07 Mar 2023 12:40 pm

Good Day All, :D
I am writing to seek your advice on purchasing my first property, a condominium in Singapore. As a Singaporean Permanent Resident, I am currently 38 years old, and my spouse is a foreigner. Our monthly total household income is around $9,500, and we have a total of $130,000 in savings in the bank.

I also have $125,000 in my CPF OA account, with a monthly CPF contribution of $2,000. As I do not have any other loans, I believe I am able to get a mortgage loan of up to 75% of the property price.

I would like to seek your advice on what would be a suitable budget-friendly condo that I can afford, based on my financial situation. Can you provide me with an approximate price breakdown of the total amount I need to have on hand before purchasing a condo, including any hidden costs such as legal fees, valuation fees, and stamp duty?

I would also like to know if there are any tips or strategies that you can suggest to help me maximize my financial resources and ensure a smooth and successful purchase process.

Thank you very much!
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Nice to meet you all :P

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therat
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Re: Am I able to afford a small condo?

Post by therat » Tue, 07 Mar 2023 1:21 pm

I think you ask property agent better.

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PNGMK
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Re: Am I able to afford a small condo?

Post by PNGMK » Tue, 07 Mar 2023 5:38 pm

You need 25% deposit upto which can be 10% from your CPF OA.

Legal fees ~3k

ABSD and BSD and legals cannot be financed and needs to be paid in cash on settlement.

Renovation, moving costs, MCST fees etc all may need to be paid.

For a 1.5 MM condo:

Deposit (25%) $375k.
ABSD (5%) $75k
BSD $30,400
Total $476,000 deposit and only 120k from your CPF approx means cashing up $350k for all this plus legals etc.
I not lawyer/teacher/CPA.
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