Hi all Gurus,
I have a real headache here and it is driving me sleepless recently... Would sincerely appreciate some sound advise from all the pros here...
Background :
- I am Singaporean and is now staying in a rented HDB house, monthly rental at SGD2700, because of some past mistake make which I do not want to mention here for simplicity purpose.
- Our total savings(including all CPF) is only about SGD250K...not much actually..
- We have a family condo TOP in yr2014 meant for permanent staying, and it's monthly repayment to the developer will soon to be near SGD3000 in 7-8 months time later. Now is near one thousand only in monthly repayment.
Intention :
We would hope to buy one more condo(2 bedder - less than SGD1m) for mainly 3 reasons below.
1. Can soon(3 months later) offset the current monthly HDB rental cost of SGD2700 while waiting for the family condo to TOP in yr2014.
2. Can 'breathe' a little financially once we are require to pay the SGD3000 monthly repayment for the family condo 7-8 months later, because can then use the rental from additional purchase condo to offset the HDB rental SGD2700 liao.
3. Can use this additional condo for retirement purpose later(collecting rental) once we are able to pull it through altogether.
Dilemma :
1) Should we really buy another condo, given the current gloomy market and with such limited financial status of SGD250k ? Are we over our head, and should not think of buying at all ??
2) If buy now, the house prices are still much on the highside, comparing YTY..
3) If dont buy now, every month is just incurring SGD2700 in real cost with no return, ie, helping people paying their house only.
4) If we choose to wait for property prices to drop, will only incur more monthly rental cost only..To date, already paid 7 months rental(SGD18,900)....very heart ache. Additionally, property price may not drop at all....no one will know..
While I am trying to stay positive, i.e., the drop in property price is more than I pay for total retal to date...then it will be breakeven. But the question is WHEN will be that time ?? Or will it come at all ??
Really apology for such a long story above, and thanks for your patience in reading it to this point..
Please advise what should I do now ?? dilemma....