Property investment for a single

Hi everyone. I am a single (and likely to stay single) in my mid 30s earning about $150k annually. Have started looking at potentially purchasing a place for investment and at some point perhaps own stay in future.

What are your thoughts in terms of what property I should buy (don't see much discussions for singles looking to invest)? For HDB resale - other than renting it out (also not entire place) not much capital upside and the rental yield seems finite, but lower cash outlay. For private condo new launches, there's opportunities for rental and capital appreciation but high mortgage rates now. Though I have time on my side for long term investing there's always concerns about single person paying for mortgage in the event of unforeseen circumstances.

Also, is it harder for singles to get a higher loan amount as compared to a couple?

Discussion (7)

What are your thoughts?

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YOC

30 Sep 2023

You probably cant rent out in the short term if you buy hdb right? thats why ppl usually suggest private.

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Ngooi Zhi Cheng

28 Sep 2023

Student Ambassador 2020/21 at Seedly

I completely understand your situation and the unique challenges that single individuals face when it comes to property investment. It's a thoughtful consideration, and I'm here to provide some insights.

Let me share a client's story who was in a similar situation. She was a single professional in her mid-30s like you, earning well and looking to invest in property. We discussed various options and tailored a strategy to her needs.

There's a common misconception that property investment is primarily for couples or families. However, it can be an excellent wealth-building strategy for singles too. It's crucial to focus on your financial goals, risk tolerance, and investment horizon.

In your case, with a stable income, you have the opportunity to explore both HDB resale flats and private condos. Your decision should align with your long-term financial goals.

For HDB resale, while rental yield may seem finite, it offers lower cash outlay and can provide a consistent income stream. Private condo new launches often provide opportunities for capital appreciation, but it's essential to assess your risk tolerance, especially with fluctuating mortgage rates.

As for loan eligibility, singles might face slightly different criteria, but it's still possible to secure a substantial loan amount. A financial consultant can guide you through the mortgage process and help you understand your borrowing capacity.

If you'd like more personalized guidance on property investment and how it fits into your overall financial plan, please reach out to me on Instagram (@ngooooied). I specialize in helping individuals make informed financial decisions, regardless of their relationship status.

Remember, property investment can be a valuable part of your wealth-building journey as a single professional. It's all about aligning your choices with your financial goals and risk tolerance.

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Man of the Hour

28 Sep 2023

Man at Man of the Hour

Not sure if you should be looking at condos with a 150k income, especially if you don't intend to get attached. I'd keep my budget to under 1m, which only leaves studio units and possibly some 2 bedders, the latter of which would be in lousier locations.

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