Advertisement

Anonymous

18 Apr 2019

∙

Is it advisable to get 3-rooms first, and after 5 years MOP, upgrade to bigger apartment?

(3-room vs 4-room) We want good location and minimum 4-room HDB BTO at Boon Keng in view of having children in future, but currently can only afford 3 rooms BTO comfortably. Is it advisable to get 3-rooms first, and after 5 years MOP, upgrade to bigger apartment?

3

Discussion (3)

What are your thoughts?

Learn how to style your text

Josh Tan Jian Liang

12 Feb 2019

Co-founder https://theastuteparent.com at Promiseland Independent Pte Ltd

I think Hariz has given a good rule of thumb for home affordability. It can help you stay financially prudent. :)

Ive this video description to share with you on “should i buy a $750k HDB”

Reply

Save

Hariz Arthur Maloy

12 Feb 2019

Independent Financial Advisor at Promiseland Independent

This is exactly what I'm doing. I'm not planning to have a baby in the 3 room flat. So just husband and wife. Also, this allows us to only pay a $500 mortgage via cash, frees up cashflow for investing.

After 5 years, hopefully straight to condo or landed.

Rule of thumb to follow for home affordability is: Your home should never cost more than 7 X the combined annual income of the family. Preferably 5 X is sufficient. So if household income is 100k, a 500k house is perfect, but never buy more than 700k.

Reply

Save

Yong Kah Hwee

12 Feb 2019

This is a question of wants VS needs. Sure, you can get the 4-room flat, but at the expense of what?...

Write your thoughts

Related Posts

Should I buy a 5 room hdb flat now, or a 3 room hdb flat now, and upgrade to a 5 room after MOP, and invest the difference?

I am a 28 year old guy who's aiming to get married in the next 5 years. I am new to investing as well, could you advise me an investment type that could earn me decent returns within 3-7 years?

Is it worth to get a 5 room resale flat which is 5 years old and selling it after 5 years, say the price is 600k for a non mature estate?

Is it advisable for a 25 year old to transfer some of their OA( OA above 20k) into SA to aid in reaching 1M65 when they are buying a bto flat 5 room (price 350k & no grants) in 4 to 5 years time?

Me and my fiancé are renting a studio apartment and our lease will be up next March. We are planning to get a house but we did not want a BTO (need to wait 3-4 years). Should we get a balanced flat or resale flat or just extend lease and get a BTO?

Related Posts

Should I buy a 5 room hdb flat now, or a 3 room hdb flat now, and upgrade to a 5 room after MOP, and invest the difference?

I am a 28 year old guy who's aiming to get married in the next 5 years. I am new to investing as well, could you advise me an investment type that could earn me decent returns within 3-7 years?

Is it worth to get a 5 room resale flat which is 5 years old and selling it after 5 years, say the price is 600k for a non mature estate?

Is it advisable for a 25 year old to transfer some of their OA( OA above 20k) into SA to aid in reaching 1M65 when they are buying a bto flat 5 room (price 350k & no grants) in 4 to 5 years time?

Me and my fiancé are renting a studio apartment and our lease will be up next March. We are planning to get a house but we did not want a BTO (need to wait 3-4 years). Should we get a balanced flat or resale flat or just extend lease and get a BTO?

Advertisement