facebook28 years old, Earning 3k a month. Aspire to purchase a condo. 70k cash and 30k OA in hand for deposit? Do you think it is wise to purchase a condo with my current financials? - Seedly

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Anonymous

25 Feb 2020

Property

28 years old, Earning 3k a month. Aspire to purchase a condo. 70k cash and 30k OA in hand for deposit? Do you think it is wise to purchase a condo with my current financials?

Discussion (16)

What are your thoughts?

You might be stretching abit far with your finances. You should probably wait a few more years before considering to purchase a condo.

Good to know that you have high aspirations at a young age!

That's a neat sum of savings as well and it will certainly help you to get invested.

Give me a ring or whatsapp @97649657 and I can share my journey with you if you like. The information that you have shared is too little to make a proper suggestion or advice at the moment, so it will require further discussions at least over a drink.

View 9 replies

You might be stretching it a little. You gotta work out your financials. Can you survive if you are out of job for, say, 6 months?

Clarence Chua

Clarence Chua

22 May 2019

Level 10·Financial Planning Specialist at Prudential Assurance Singapore

Will anyone be splitting the mortgage with you? 3k a month is a bit of a stretch when it comes to mortgage payment.

A simple way to keep track if you are ready to own a property is when your mortgage do not exceed 40% of your income. (I recommend to keep it in the 30-35% range)

If you are using it for rent, rental income must be higher than the mortgage you are paying.

Vincent Tan Wen Bin

Vincent Tan Wen Bin

21 May 2019

Level 7·Assistant Vice President at Thinkers Alliance

Not sure about what price point would you be going for your condo.

If we use $1 million as illust...

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