$6K not enough, is it true?

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beppi
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Post by beppi » Tue, 05 Oct 2010 4:33 pm

revhappy wrote:6k a month! Thats 144k gone down the drain for a 2 year lease. 140k is the 20% downpayment needed to buy a 2 bed condo that cost ~700k.

I would rather buy a condo here than pay that kind of rent.
While there might still be a few so-called "Condos" available at S$700k, they are surely either run-down or in a location nobody wants to live in ("Ulu" in Singlish). Such places can be rented at S$2-2.5k/month, not 6k!

Even if you do buy such a Condo with the downpayment you mention, you'd still have to take a mortgage of S$560k. The monthly repayments would be similar to what you'd pay rent for the same unit - with most of it being interest paid to the bank.

Unless it's an HDB with a subsidized loan, buying property in Singapore is only a financially sound idea if prices rise. If they don't, you're better off renting!
I prefer to gamble in other ways ...

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LindaJ
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Post by LindaJ » Sun, 10 Oct 2010 11:37 pm

We have finally decided on a beautiful place in Tangung Rhu Road. Now busy with some furnishing, school hunting, sorting out our passes, maid hunting and the list goes on…… When will this ends??? :???:

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sundaymorningstaple
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Post by sundaymorningstaple » Mon, 11 Oct 2010 2:25 am

When your contract ends and you start reversing the process. :-|
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

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