facebookA single lady at her 30s, Singapore PR. Do you think it is a good idea to buy a condo since already paying rental every month? - Seedly

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Anonymous

18 Apr 2019

Property

A single lady at her 30s, Singapore PR. Do you think it is a good idea to buy a condo since already paying rental every month?

Discussion (5)

What are your thoughts?

Kenichi Xi

Kenichi Xi

21 Sep 2018

Level 9·nᴉʍ oʇ dǝnᴉʇsǝd 不能说的秘密 at Tag Team with Gabriel Tham

Single PR are not allows to Buy BTO or Resale Flat even if they are 35yrs old unless they are going to marry a Sg citizen just in case she read this again 5yrs later.

Buying a condo is a big commitment and if she married a SG citizen, she have to sell away her Condo if they even consider BTO, resale flat, or situation like inherited flat by her spouse.

If no HDB involved, absd will Not be in effect if the spouse gets another Pty ppty under his own name.

Saving up might be a better suggestion unless the she have a plan to benefit from the ppty she purchase.

For such planning, a more details analysis will be required.

Hope my reply helps.

If you feel this reply have Quality, please upvote and check other Quality Reply.

https://seedly.sg/profile/a-kenichi-xi

Thank you.

Pascal S

Pascal S

12 May 2018

Level 7·MBA Graduate at Singapore Management University

I would suggest 15 years as a rule of thumb rather than 7 years in Singapore context...also, you need to account that rules might change...

A condominium's 1 bedroom will cost @ least $700,000 excluding ABSD and many other fees to purchase.

If we follow the 15 years rule:

  • assuming the monthly rent is about $2000, the total rent paid over 15 years will be $360,000 (Verdict: Rent)
  • assuming the monthly rent is about $3000, the total rent paid over 15 years will be $540,000 (Verdict: Rent)

If you wish to stay in Singapore forever, then it would make sense to buy, but at what price?

There are just so many factors, and thus it would mostly depend on your own situation. Perhaps, you might stay for another 20 years in Singapore but would want to retire elsewhere? Thus, buying could make sense as you could rent out the property...

Jason Sing

Jason Sing

30 Oct 2018

Level 10·School Of Hard Knocks And Life at School Of Hard Knocks And Life

Yes, it is better to buy than to rent as long as you have the money to pay for the downpayment and t...

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