Housing Options on a S$9K Monthly Income

I earn about $9,000 a month, so I can't apply for a BTO flat. For resale flats, I only qualify for a $15,000 Proximity Grant. My Ordinary Account (OA) has little money because I moved most of it to my Special Account (SA). Now, I'm thinking about these options:

Buy a new condo (1-bedroom + study) – It will be ready by 2028. I can pay the 25% downpayment and take a loan for the remaining 75%. The price is around $1.4 million.
Buy a resale condo – I could:Rent it out, wait for the price to increase, then sell it for a profit.
Or, live there myself.
Buy a 3-room resale flat with over 40 years left on the lease – Pay the full amount in cash. Then:Live there alone.
Or, rent a room to someone from Johor Bahru.
Stay with my parents and invest my money elsewhere.
Rent a place in Johor Bahru and commute to work.

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SH

18 Jan 2025

#4 is good option. Invest in house or invest in something you can't see also invest.

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Kasper Toh

17 Jan 2025

Marketing Manager at ERA Realty

There are a lot of options based on your finances. Is this purely from an investment point of view?

Strike off option 3, please. Many especially Asians, perceive debt in a negative light. In real estate, debt can be a tool for positive leverage, where ROI exceeds the cost of borrowing. (Using borrowed money to make more money. Traders do this on a daily basis.)

You can research more about leveraged and unleveraged returns or speak to any real estate professional who is financially savvy.

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