- Joined
- Jul 1, 2022
- Messages
- 63
- Points
- 8
I have been living with my parents since I was conceived. I think it's fine time I get a place of my own.
My parents are supportive of "getting rid" of me so that they do not have to cook, tidy the house that I frequently mess up, and do my laundry.
They tell me they are retiring soon and their desires to lead their last stage of their lives holidaying, and doing things they have always wanted to do, but couldn't because they have to wait for me to graduate and be financially independent.
So, I have been reading a lot online on BTO, Resale and Condo.
I have not made up my mind as of now.
BTO seems cheapest and I wouldn't have to worry much about huge loan repayments in an era of rising interest rates for the next decade. However I can only apply for 2 room when I reach 35. I am still a bit far from that age.
Resale gives me an option of buying in a location that I like with no limitations of flat size. Of course this option also means lease decay challenges as time passes.
Sadly, both the above BTO and Resale are non starters for me as I am currently single and no ready girlfriend to get married to.
Now I kind of regret breaking off with my girlfriend of more than 9 years since junior college days, otherwise, these two options would have been readily available for me.
For condominium, with current prices, I think I can only afford, with a sizable loan, plus friendly parental financial assistance, a small little one bedroom, freehold, in good central city fringe locations.
I am apprehensive about taking huge loans, mainly because I have seen my senior friends having to downgrade or move back to their parents' homes or HDBs, because they have over stretched their financial abilities due to changes in their career paths and finances.
An acquaintance from university that I recently met in NS ICT, who is a property agent, suggested to me that I should buy a condominium and leverage on my current youth and borrowing abilities. He says it's stupid not to do so when I am already working and young.
After which, he suggested that I rent the condo unit out to offset loan repayments, and continue to stay with parents.
Do you think it's a good idea?
I mean I am so so with the property agent's idea.
It doesn't achieve my foremost objective on having a place of my own and leading a more independent life that my parents and myself wanted to.
The last option of course is to rent, which achieve my foremost objective, but it's like I wouldn't be able to reap any capital gains in future. It's feels like a pure out and out expenditure from my monthly salary.
Any good and genuine advice from learned seniors in this forum who are good in managing their finances and investment?
My parents are supportive of "getting rid" of me so that they do not have to cook, tidy the house that I frequently mess up, and do my laundry.
They tell me they are retiring soon and their desires to lead their last stage of their lives holidaying, and doing things they have always wanted to do, but couldn't because they have to wait for me to graduate and be financially independent.
So, I have been reading a lot online on BTO, Resale and Condo.
I have not made up my mind as of now.
BTO seems cheapest and I wouldn't have to worry much about huge loan repayments in an era of rising interest rates for the next decade. However I can only apply for 2 room when I reach 35. I am still a bit far from that age.
Resale gives me an option of buying in a location that I like with no limitations of flat size. Of course this option also means lease decay challenges as time passes.
Sadly, both the above BTO and Resale are non starters for me as I am currently single and no ready girlfriend to get married to.
Now I kind of regret breaking off with my girlfriend of more than 9 years since junior college days, otherwise, these two options would have been readily available for me.
For condominium, with current prices, I think I can only afford, with a sizable loan, plus friendly parental financial assistance, a small little one bedroom, freehold, in good central city fringe locations.
I am apprehensive about taking huge loans, mainly because I have seen my senior friends having to downgrade or move back to their parents' homes or HDBs, because they have over stretched their financial abilities due to changes in their career paths and finances.
An acquaintance from university that I recently met in NS ICT, who is a property agent, suggested to me that I should buy a condominium and leverage on my current youth and borrowing abilities. He says it's stupid not to do so when I am already working and young.
After which, he suggested that I rent the condo unit out to offset loan repayments, and continue to stay with parents.
Do you think it's a good idea?
I mean I am so so with the property agent's idea.
It doesn't achieve my foremost objective on having a place of my own and leading a more independent life that my parents and myself wanted to.
The last option of course is to rent, which achieve my foremost objective, but it's like I wouldn't be able to reap any capital gains in future. It's feels like a pure out and out expenditure from my monthly salary.
Any good and genuine advice from learned seniors in this forum who are good in managing their finances and investment?
