facebookI’m in working as a full time however my boyfriend just started polytechnic. We’d like to BTO and our parents will only be helping us out with down payment. Is this a wise decision? - Seedly

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Anonymous

18 Aug 2021

Property

I’m in working as a full time however my boyfriend just started polytechnic. We’d like to BTO and our parents will only be helping us out with down payment. Is this a wise decision?

Would like to have our own space together hence the thought of a BTO.

Discussion (5)

What are your thoughts?

1) Consider whether you will be able to afford the instalments with just your own salary

2) Your bf is still young (?) and there's quite a long way before starting work (assuming NS + degree), it'll just be you earning everything

3) If there's no rush, don't rush. Ensure your relationship is stable before committing.

Val

Val

27 Aug 2021

Level 3·Marketing at SMU

I think a few factors you should consider are:

1) Do you and your partner see eye to eye on accepting this support from your parents? Are there any reservations regarding this?

2) As much as you both see each other in one anothers' lives right now, there should be some ground rules or things to consider in any worst case scenario: Will the bto be jointly under both your names, or only yours? As the finances are coming from your family.

3) How stable is your relationship currently, and have you had open conversations discussing whether or not there are any viable options like renting (testing out how it's like cohabiting first) or purchasing a smaller, cheaper resale? If all goes well you can go for an upgrade in the future.

Beyond that other factors like considering how you both are going to afford the installments, renovation costs, etc.

I think if you are going to BTO actually the downpayment shouldn't be a the cause of concern as the ...

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