70% of sky habitat snapped up in a day!

[PN]

You are a lucky girl Felicia.

You have rich patents who don't need your support
I know of couples who need to support 4 parents (from both sides).

You have only 1 child. Getting ready for 2nd one?

You never take taxi at all? Not even once when you're in a hurry.
Care to share your family medical fees including child?

I didn't list out everything for simplicity. You can refer back to the old thread if you are interested.

More of such sharing is good.

[buttercarp]

I still think 10k income can afford a 1.2m pty.

A bit of a squeeze, but can.
But I still think if income is $10k should just settle for HDB.
What's wrong with HDB.... the new ones look good.
For me I feel that the price of the house you can afford should be about 5-6x your annual income.
So if earn 10k per month- one year will earn $120k so should not spend more than $720k for a home.
I am very conservative and feel that the quality of life is very important and we should not be slave to our loans.

[ysyap]

A bit of a squeeze, but can.
But I still think if income is $10k should just settle for HDB.
What's wrong with HDB.... the new ones look good.
For me I feel that the price of the house you can afford should be about 5-6x your annual income.
So if earn 10k per month- one year will earn $120k so should not spend more than $720k for a home.
I am very conservative and feel that the quality of life is very important and we should not be slave to our loans.

That depends on how you apportion your loans? U might want to take loan even if u have cash so as to invest for a higher return than the low housing interest rates currently. Yes you are relatively conservative but I guess its prudent...

[Ringo33]

Let's engage in a more academic and less emotional debate ok ?

My opinion,
car loan should not be there. Runnig cost of a car monthly should be just 7-800
Insurance 1k a month , well, insurance company earns too much from this.
Home cooking NTUC cost should be 800 a month. 1800 u budget for 1k other expense already.

These 3 items combined should be 3k plus for a normal family...

U forgot bonus , that is used to pay yearly one off items, like road tax, insurance, tax, etc. 10k income, it's not unreasonable to assume a 20k bonus right ?

I still think 10k income can afford a 1.2m pty.

You definitely sound like someone who dont even have a family or own a car. good try flunkies

[buttercarp]

That depends on how you apportion your loans? U might want to take loan even if u have cash so as to invest for a higher return than the low housing interest rates currently. Yes you are relatively conservative...

What happens if 3 years later, the interest rate goes up?
Then people may start selling their property.
If one borrows to the hilt, one will be in trouble.

[Ringo33]

A bit of a squeeze, but can.
But I still think if income is $10k should just settle for HDB.
What's wrong with HDB.... the new ones look good.
For me I feel that the price of the house you can afford should be about 5-6x your annual income.
So if earn 10k per month- one year will earn $120k so should not spend more than $720k for a home.
I am very conservative and feel that the quality of life is very important and we should not be slave to our loans.

The general rule of thumb is that an household should not spend more than 30% of their income on housing and 30% of your income should go into savings.

those who tell you otherwise are just kidding themselves.

[amk]

You definitely sound like someone who dont even have a family or own a car. good try flunkies

Oh really ? would you demand me to show u a photo of my car ?
Look this is not the kind of comment we used to have in this forum.


To buttercarp, I completely agree with you, that HDb is fine. It's a choice of lifestyle. IMO Gen Y generally do not share your view. House need to be condo, cars need to be BMW. Since HDB is becoming a vehicle of investment, it even starts to make sense to take profit from your entitlement

[phantom_opera]

insurance 200pm with kid not enough, critical illness protection is a must. 8k income possible to buy 1.2m provided low interest rate, fat bonus, iron rice bowl, control expenses, high flying career

[Ringo33]

Oh really ? would you demand me to show u a photo of my car ?
Look this is not the kind of comment we used to have in this forum.


To buttercarp, I completely agree with you, that HDb is fine. It's a choice of lifestyle. IMO Gen Y generally do not share your view. House need to be condo, cars need to be BMW. Since HDB is becoming a vehicle of investment, it even starts to make sense to take profit from your entitlement

With COE at $90K, the monthly depreciation of COE alone is already $750 per month regardless if you take loan or not. So please dont try to tell us that cost of owning a car is just about paying for running cost.

There is not need to prove that you own a car, because from what you said so far, it is easy to tell that you dont have one.

[phantom_opera]

amk is the only guy playing corporate bond, give him some respect lah

[buttercarp]

amk is the only guy playing corporate bond, give him some respect lah

Yup i too, think he is a respectable guy.
I don't know if he owns a car or not.
It does not matter if he does not own a car, why should it matter anyway?
This is not a car forum.

[roly8]

at the end of the day, still depend on one's risk appetite..

[Ringo33]

at the end of the day, still depend on one's risk appetite..

If 2 families with similar household income of $10K decides to buy a property today. 1 choose a HDB at $500K and the other a PC at $1.2m.

At the end of 10 years, which family do you think will be better off?

[DKSG]

If 2 families with similar household income of $10K decides to buy a property today. 1 choose a HDB at $500K and the other a PC at $1.2m.

At the end of 10 years, which family do you think will be better off?

Given 10 years and if the family can sell anytime within the 10 years to capture the profits, CONFIRM PC win!

But I assume both got the best value when buying and selling la. If the PC buyer kanna con to buy something overpriced, we cant help lor.

Citeris Parabus - PC will do better.

DKSG

[roly8]

obvious ,right..

the one that choose the HDB lor...

[testtest]

A bit of a squeeze, but can.
But I still think if income is $10k should just settle for HDB.
What's wrong with HDB.... the new ones look good.
For me I feel that the price of the house you can afford should be about 5-6x your annual income.
So if earn 10k per month- one year will earn $120k so should not spend more than $720k for a home.
I am very conservative and feel that the quality of life is very important and we should not be slave to our loans.

agree, it is too risky to buy 1.2M property with 10k income....call me conservative, but i will only be comfortable with 14k income to buy a 1.2M house

[Ringo33]

Given 10 years and if the family can sell anytime within the 10 years to capture the profits, CONFIRM PC win!

But I assume both got the best value when buying and selling la. If the PC buyer kanna con to buy something overpriced, we cant help lor.

Citeris Parabus - PC will do better.

DKSG

I beg to differ actually. Assuming if both family have similar monthly expenses, by the end of 10 years, the one living in HDB flat would have got enough savings to buy a private condo while still able to hold on to the HDB flat. This will give them an extra rental income revenue.

For the family who own the $1.2m property, they will hardly have much savings for investment.

[PN]

Let's engage in a more academic and less emotional debate ok ?

My opinion,
car loan should not be there. Runnig cost of a car monthly should be just 7-800
Insurance 1k a month , well, insurance company earns too much from this.
Home cooking NTUC cost should be 800 a month. 1800 u budget for 1k other expense already.

These 3 items combined should be 3k plus for a normal family...

U forgot bonus , that is used to pay yearly one off items, like road tax, insurance, tax, etc. 10k income, it's not unreasonable to assume a 20k bonus right ?

I still think 10k income can afford a 1.2m pty.

Car loan also need to be included.
If you need to pay $$$ every month of course cannot exclude what.

Income tax, property tax also need to be included.

[stiook]

agree, it is too risky to buy 1.2M property with 10k income....call me conservative, but i will only be comfortable with 14k income to buy a 1.2M house

Garmen already said $10k stay HDB, $12k stay EC and >$12k then stay PC or landed... there are a lot of factors to consider. Age, job security... was talking to someone who told me about saving for kids education. Because it is so tough to get into a local U now, must prepare for overseas education that can cost from $200k to $500k per child.

Importantly, one must be comfortable with the choice one made. If become too stress and quality of life is compromise, then what is the point?

Life is short. We plan for tomorrow but we must also enjoy today.

[Ringo33]

Car loan also need to be included.
If you need to pay $$$ every month of course cannot exclude what.

Income tax, property tax also need to be included.

I think what he is trying to say is that he can pay the car in full dont need to take loan. And he conveniently exclude the depreciating value of the car.

[phantom_opera]

Actually I think amk is trying to help to point out that don't spend too much on car and insurance eg u can go for 2nd hand car

[PN]

Want to share one real case.

He bought a condo at 800k few years ago. He is earning about 9k. Wife working but pay not much. So I would say total hoisehold income is 10.5k income.

He owns a car & has two kids. He has a maid. He told me he hardly has savings every month. Pay just enough to cover monthly expenses. Sometimes he drive to his parents hosue who lives nearby to have dinner.

His mortgage is mainly paid using CPF + less in cash initially.
Recently, his CPF has dried out so most of mortgage has to be paid in cash already.
Monthly expenses gets tighter with this.

So don't assume your CPF can last forever to cover most of it.

[buttercarp]

Garmen already said $10k stay HDB, $12k stay EC and >$12k then stay PC or landed...

Yup, i agree with garmen on this issue.

[yowetan]

Want to share one real case.

He bought a condo at 800k few years ago. He is earning about 9k. Wife working but pay not much. So I would say total hoisehold income is 10.5k income.

He owns a car & has two kids. He has a maid. He told me he hardly has savings every month. Pay just enough to cover monthly expenses. Sometimes he drive to his parents hosue who lives nearby to have dinner.

His mortgage is mainly paid using CPF + less in cash initially.
Recently, his CPF has dried out so most of mortgage has to be paid in cash already.
Monthly expenses gets tighter with this.

So don't assume your CPF can last forever to cover most of it.

Your friend could just remove the maid, to lessen the burden?

Is your friend still earning 9kSGD per month (Gross or Nett)?

Mine household is 7k+SGD with 2k++ (rental income); we are doing fine now.

[Ringo33]

Actually I think amk is trying to help to point out that don't spend too much on car and insurance eg u can go for 2nd hand car

what we are trying to point out that $700 per month is not enough to own a car here inSingapore and one shouldnt spend too much on housing.

[buttercarp]

Want to share one real case.

He bought a condo at 800k few years ago. He is earning about 9k. Wife working but pay not much. So I would say total hoisehold income is 10.5k income.

He owns a car & has two kids. He has a maid. He told me he hardly has savings every month. Pay just enough to cover monthly expenses. Sometimes he drive to his parents hosue who lives nearby to have dinner.

His mortgage is mainly paid using CPF + less in cash initially.
Recently, his CPF has dried out so most of mortgage has to be paid in cash already.
Monthly expenses gets tighter with this.

So don't assume your CPF can last forever to cover most of it.

I can fully understand his predicament.
To live rather comfortably with 2 kids and a maid, 10k per month is barely enough.

[phantom_opera]

So controlling expense on car, kid, eating out, travel, insurance is the key right ? Some want to eat at Dempsey or British club weekly, drive BMW, travel to Japan London ... Of course left very little for housing

[PN]

Garmen already said $10k stay HDB, $12k stay EC and >$12k then stay PC or landed... there are a lot of factors to consider. Age, job security... was talking to someone who told me about saving for kids education. Because it is so tough to get into a local U now, must prepare for overseas education that can cost from $200k to $500k per child.

Importantly, one must be comfortable with the choice one made. If become too stress and quality of life is compromise, then what is the point?

Life is short. We plan for tomorrow but we must also enjoy today.

Great point. Something which many parents didn't prepare in advance.

Also there are many singles in this forum, so they may not have taken this into consideration.

Agree. Life is short.
Looks good with condo living but every month under stress. What for?

[yowetan]

Great point. Something which many parents didn't prepared in advance.

Also there are many singles in this forum, so they may not have taken this into consideration.

Agree. Life is short.
Looks good with condo living but every month under stress. What for?

It is about expectation, a dream to live his/her way of life. My wife and myself are hoping to have our own private space, i.e. Landed property or a condominium with facilities exclusive to the community within.

[phantom_opera]

what we are trying to point out that $700 per month is not enough to own a car here inSingapore and one shouldnt spend too much on housing.

A five year old Kia picanto was 25k last year, u can pay by cash