Asked by Anonymous
Combined est $8.8k basic income, no debt (except fully paid monthly credit card bills for benefits). Keen in May 2019 Boon Keng 4-room BTO assume $550k? for mid-level units (no way to 1st-4th floor). CPF sufficient to pay downpayment. Not near to parents. Advisable to get it? Any advice to young couples since the house will only be ready in at least 2-3 years’ time. I felt there’s enough time to save for renovation and staggered housing mortgage without stretching living expenses.
Is more about the price that you should be concerned about.
If you and your spouse can afford it then by all means go ahead to get it.
In terms of location wise, boon keng is definitely an attractive location as it is quite near to city and has many direct buses coming from city. MRT-wise, it is convenient as well as it goes to harbourfront, dhoby ghaut and outram.
I"m not a property guy, so I won't comment on the location.
But the rule of thumb for house affordability is between 5 to 7 times of your combined annual income.
You guys make 105k a year. So budget for house should be between 525k to 735k.
This is so you don't stretch too thin on mortgage payments. All the best!