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Anonymous
Really want to get our own house nearer to the central area. However, we can only afford older resale flat e.g. Ang Mo Kio area. Any advice?
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Cedric Jamie Soh
03 Oct 2019
Director at Seniorcare.com.sg
I am not sure how old is "old". Many people have different definitions, so let me roughly share some aspects I know of
Some years ago I bought an apartment that has only 60+ years left. I calculated that if I rent it out for the 60 yrs, the total return is more than what I am going to pay for the resale price + interests + more. Hence I decided the unit is worth the age.
You can do this similar type of exercise.
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For a couple in your late 20's, I wouldn't recommend getting anything older than a unit built in the 1990s. It would dramatically reduce the amount you can get in grants and loans, and would put a cap on how much CPF you can use. Instead, pick a flat that can cover you and your spouse til the age of 95.
My advice would be not to regard your home purchase as an investment. Rather, think of it as a lease for you to build a family in the long term.
That said, here are the pros and cons.
Pros:
Cons: