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Anonymous
How do I go around purchasing a condo without accumulating enough for downpayment yet?
Graduating soon (26) with no student debt, will be bonded for 5 years. Contributed $40k to endowments, Investment portfolio NAV at $26k (-17%), cash around $8k.
Recently saw a new condo project which I fancy, no pricing yet but I est it to be around $1mil for a 2br+1study freehold (OCR). Hopefully able to rent out 1br. Want to do a career switch either 5 or 10 years later. Any advice?
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Cedric Jamie Soh
22 Apr 2020
Director at Seniorcare.com.sg
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Colin Lim
17 Apr 2020
Financial Services Consultant at Colin Lim
Purchase price: 1million
Downpayment: 25%, 250,000(cash and cpf)
Loan: 650,000
Tenure: 25
Interest: 2%
Repayment: 2755/month
Buy within your means.
If you cant find any tenant, you have to pay the loan.. Emergency fund is important.
Reach out to me if you want to understand more.
#planwithcolin
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Pang Zhe Liang
17 Apr 2020
Lead of Research & Solutions at Havend Pte Ltd
If you have no means to afford the downpayment and/or the ongoing instalment, then the property is o...
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Great you are planning early!
As you can guess, the downpayment is the tough part compared to the monthly repayment.
downpayment 20% is of $200,000.
I will say prepare at least $300,000 for the estate duties, lawyer fees, simple renovation or furniture for the tenants and etc.
For people with 2nd property, i will say prepare $600,000 or $700,000 because the loan allowed is smaller.