Asked on 11 Mar 2019
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.
Hi! I happen to stay near the Boon Keng region so I would say convenience is something that is worth paying for, especially if you value staying in city-fringe regions. It is on the expensive side for a BTO so make sure you are able to afford paying off the monthly instalments comfortably after lessing out monthly expenses. Boon Keng BTOs tend to be high-rise and estimated completion typically takes 4 to 5 years rather than the 2-3 years of accelerated completion that you see in non-mature estates, so I think that gives you and your partner sufficient time to save up for renovation and work out for finances.
That being said, I must say it is relatively tough to get a good ballot queue number due to high subscription rates for the area. So it really comes down to some luck to be able to get a decent queue number.
All the best!
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!