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LLy

07 Sep 2024

∙

How do you choose a house based on financial affordability?

Other attributes (eg location, size) aside, just solely based on financial affordability, how do you choose a house value out of 3 scenarios below:

you max your loan repayment (ie 20% salary of CPF-OA of both spouses)
a smaller amount (to err on safe side)
stretch a little bit by topping up mortgage with spare cash (ie leftover of salary from expense distribution)?

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1M45

Edited 12 Sep 2024

I see the market rate for the rental plus amount of CPF i need to deduct, as long dont touch my salary (cash) can liao.

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CH

11 Sep 2024

I choose 2. a smaller amount (to err on safe side)

no iron rice bowl cannot afford to stretch max and only can calculate base salary, exclude bonus.

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