Asked by Teo See Hwa

I have 2 Condos and 1 HDB, 1 condo rented out for 4k, HDB rented out for 2.8k, and I'm staying in one condo, I'm 55-year-old next year with an outstanding loan of 1.5 million. What should I do next?

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  • HC Tang
    HC Tang, Financial Enthusiast, Budgeting at The Society
    Level 8. Wizard
    Answered on 03 Oct 2018

    Do what you've been doing. :)

    I believe you use the condo rental income to pay for itself for the one rented out.

    So does the HDB.

    There should be balance from the HDB rental or some from the condo to help fund the condo you've been staying.

    So continue to do so and work part time if you want to or do whatever that makes you felt fulfilling (voluntairy work, teach someone something you know best but they donno, just like Seedly) since your property mechanism are more or less self-funding and you still have CFP retirement $ for retirement.

    Thus enjoy life now with what you have, enjoy the time with your love ones and so on :)

    Comments (2)
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    • 03 Oct 2018
    • HC Tang
      Welcome Mr. Teo, just my humble opinion. :)
      03 Oct 2018
  • Serene Toh
    Serene Toh
    Level 5. Genius
    Answered on 03 Oct 2018

    Need more info:

    Do you have any Cash, or equity that can help lessen your loan?

    Any emergency funds?

    Are you planning to retire after 55?

    Can the rental income cover your expenses plus all mortgage?

    Any insurance to cover incidents?

    From the Question you posted, it sounds like you are just asking if you should sell 1 of your property. Basically you just need to assess if you can afford it.

    Comments (2)
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    • Teo See Hwa
      Do you have any Cash, or equity that can help lessen your loan? Any emergency funds? Yes Are you planning to retire after 55? already retire Can the rental income cover your expenses plus all mortgage? not all Any insurance to cover incidents? only HDB not much
      03 Oct 2018
    • Serene Toh
      I agree with Tang. The important thing about retirement is not to stress about it. But most importantly, instead of asking people what you should do, you need to assess your position and consider what you want instead (after working so hard you deserve it). After you know what you really want, the surrounding noise will be cancelled out and the more feasible options will present themselves to you.
      04 Oct 2018