Anonymous
Will I be able to afford a resale Maisonette worth 750K?
I will begin working in May 2019 (job in government sector with ~$4600 salary (gross income) while my fiance is already working since March 2018 with a salary of $2800. We are looking to get a HDB maisonette worth 750K as my mom is willing to pay 100K for the downpayment. On top of that, I have around 15K in CPF while my fiance has around 10k. Is it wise to get a maisonette near the MRT with 67 years of lease left if I'm not planning to move? Or stick to my BTO at fernvale and move in future?
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Josh Tan Jian Liang
06 Jan 2019
Co-founder https://theastuteparent.com at Promiseland Independent Pte Ltd
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Loh Tat Tian
06 Jan 2019
Founder at PolicyWoke (We Buy Insurance Policies)
Using my own Bto as an example. I am owning a 320k mortagege payable for 30 years.
My monthly mortgage is $1,250 combined with my wife.
For your case,. It should be roughly double of mine.
Your monthly mortagege should be $2,500 a month, (includes CPF payable). How you split it between your wife and you is entirely up to you.
Do you think you can afford it? I think that the question.
I have yet to dive in the specifics of housing depreciation etc etc.
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If your HLE should comes out to be around $450k-$500k, this mansionette at $750k may be out of reach. Home buying is a very personal choice. As to sticking to your BTO, you may read this post why I like BTO for a different opinion. Good luck!