Anonymous
How much salary should you be earning to afford a condominium in Singapore?
We have just gotten our BTO and will be staying for at least 5 years. But wonder what it takes to upgrade to a condo after this 5 years? So me and my wife can work towards that together.
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Nicholas Woon
07 Jun 2019
Associate Division Director at ERA Realty Network Pte Ltd
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Advice is don't use too much CPF for your currrent BTO. Use cash as much as possible, take it as forced savings for your new condo. At the end of 5 years, you will pay less accured interest and the lump sum comes back to you as cash to be deployed for your new condo
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A condo can range from a 1 bedroom to 5 bedrooms. Perhaps u can share more details of your current b...
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On average, BTO owners get to pocket $100-150K in cash proceeds after the sale. This helps in the 25% downpayment for the purchase of the condo.
If the household income is about $8k monthly and above, you would be able to upgrade quite comfortably. Assuming 35 years old and $4k income per person (5 years later), you and your spouse can loan up to $1 mil (no other outstanding loans) with the current 75% LTV. Hope this clarifies!