facebookI am 29 and single with no plans to get married. Is it worth for me to buy a condo together with my parents who are 56 and 62. I have only $40+K in my CPF OA with a monthly salary of $4K+? - Seedly

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Anonymous

12 May 2021

Property

I am 29 and single with no plans to get married. Is it worth for me to buy a condo together with my parents who are 56 and 62. I have only $40+K in my CPF OA with a monthly salary of $4K+?

Should I buy a condo with my parents?

Discussion (4)

What are your thoughts?

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With zero plans of ever getting married, the first thing to consider is whether your parents are happy to let you stay with them. This will even enable you personally take care of them as they get older, without stressing out about kids and spousal demands.

I think the money aspect is a secondary issue. That's because if it is a joint purchase, y'all only need to discuss the most important points i.e. contributory amounts and percentage of ownership.

Oh ChengKok

12 May 2021

Financial Services Consultant at AIA Singapore

Affordability aside. It depends on the intention of getting a house.

A possible intention could be to stay in a condo with your parents and renting out your existing place. You will have a "higher standard of living" while your parents getting rental income every month. If that is your intention, I think that is fantastic.

Looking forward to hear from you.

Jiayee

25 Nov 2020

Salaryman at some company

In addition to YJ's question, you also need to check out Hariz's answer regarding affordability http...

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