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Anonymous
Getting a property will wipe my savings, but if i dont get a property i am worried the prices might be reallly unreachable soon
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At 35, you are eligible to apply for a 2-room BTO. Instead of a shoebox condo, you can go for a BTO that is more afforable (assuming you are eligible). Still, whether you should get a resale or condo unit depends on how you weigh the pros and cons.
Pros: More space: Resale properties often offer more living space compared to shoebox condo units, which can be beneficial if you value space and comfort. Potential for renovation: You may have the opportunity to renovate a resale property to suit your preferences and needs. Established location: Resale properties are often located in established neighborhoods with existing amenities and infrastructure.
Cons: Higher upfront cost: The initial cost of purchasing a resale property may be higher, potentially wiping out your savings. Maintenance and repairs: Older properties may require more maintenance and repairs, which could incur additional costs over time.
Shoebox Condo Unit:
Pros: Lower initial cost: Shoebox condo units typically have a lower upfront cost compared to resale properties, which may be more manageable for your budget. Modern amenities: Newer condo units often come with modern amenities and facilities, offering a convenient and comfortable lifestyle. Potentially better location: Shoebox condo units may be located in prime or up-and-coming areas, providing potential for future appreciation.
Cons: Limited space: Shoebox units are known for their limited living space, which may not be ideal if you value spacious living arrangements. Potential for future price appreciation: There's a risk that prices for condo units may continue to rise, making it difficult to afford in the future if you don't buy now
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Condo unit if you feel like it will appreciate, resale for stability.
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If getting a condo would wipe out your savings, you can consider Resale/Sales of balance or a BTO instead. i dont see the point of stretching your dollars for a condo then take up renovation loan and use paylater to get your furnitures for the house and it may in turn get yourself into debt instead..
Though condo has value but in terms of practical, HDB would be better instead.
And also take in consideration of maintenance fee/ property tax as well.
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Apply for 2-rm BTO flat....
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I hope you are paying rent.