I have a monthly salary of $3,900 only and $55k cash savings, no debt. Can I afford a studio condo as a single? What is the cheapest condo I can buy in 6 months’ time? - Seedly
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Anonymous

Asked 2w ago

I have a monthly salary of $3,900 only and $55k cash savings, no debt. Can I afford a studio condo as a single? What is the cheapest condo I can buy in 6 months’ time?

Any advice?

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I have 2 rules when it comes to knowing how much real estate you can afford.

1) Not more than 30% of your income paid monthly as mortgage.

2) Not more than 5 - 7 X Annual Income for the value of your home.

So that's about 320k mortgage at 1.8% 30-year tenure which would be just below 30% of your income if you follow rule one or at max a 327k home if you follow rule two.

There are no condos in Singapore at this price. So I would instead recommend to buy resale if you can, or rent until your income increases.

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