How much monthly income you will then consider buy condo?
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My colleage's monthly is $6000. He intends to buy a condo. He is married with two kids. Wife not working. Will you stay in condo if your salary were $6000?
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$600,000 the peanuts pay!!
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$6-7k should be able to sustain you.....just. almost like head abover waters.
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if he loses his source of income...how long will he last...
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Definitely peanuts! Must be >$25,000 monthly!
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HDB expensive enough.
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If I'm not mistaken, to qualify for a loan to purchase a condominium, the combine income have to be $8000 and above, since his wife is not working, there is still a shortfall. Unless he is paying full cash lor.....Originally posted by waterfalz:My colleage's monthly is $6000. He intends to buy a condo. He is married with two kids. Wife not working. Will you stay in condo if your salary were $6000? -
i can only afford a condo..........m.
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does he own a car? if he does... and decides to buy a condo... i can only say... good luck... wife better start working....Originally posted by waterfalz:My colleage's monthly is $6000. He intends to buy a condo. He is married with two kids. Wife not working. Will you stay in condo if your salary were $6000? -
How much monthly income you will then consider buy condo?
monthly $1... but annually 600k bonus... ie peanuts. -
maybe $8000 monthly salary and in the same job for at least five years (like that more stable than new jobs)Originally posted by waterfalz:My colleage's monthly is $6000. He intends to buy a condo. He is married with two kids. Wife not working. Will you stay in condo if your salary were $6000?
If parents support or susidise a bit , then maybe $6000 monthly salary lor. -
it depends how much saving you have.
assuming same pay:
1) if you buy HDB, and loan for 200K
2) if you buy condo and loan for 100k
point 2 situation will be better than point 1. -
about 7500-8000 per month is enuf 4 condo....depending on the quality and the luxery of the condo...the price will differ.....
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if a man or woman married with 2 kids still dare to ask parents to subsidize housing... *shakes head*Originally posted by Honeybunz:If parents support or susidise a bit , then maybe $6000 monthly salary lor. -
6000 only better to stay in hdb.
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it actually depends bah if the family always go gym and swimming then got condo also quite worth it bah + friving in hdb you pay the parkign fee already 90 per month le conde is jsut add anither 100? the price for buying itself ntothat much diff actually
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$6k is not enough with your family commitment. Unless you have a strong reserve. I rather be cash rich than asset rich.
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why want to live in condo?
hdb not enough?
got roof over head be happy liao la...so spent so much on unnecessary thing? -
HDB enough liao ma...condo for what. Want to show off, HDB also can, depend on how you furnish the inside. Some people HDB owners got very good sense of design and choice of furnishing, can really take you into 'another time or place' when you enter. Those facilities like tennis court, swimming pool, BBQ pits all these, restricted la. When you want to unwind, should go out from your home grounds and mix with more people from elsewhere, what for near the house? Coop up at house area for everything. Use public sports stadium lor.
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Is your $6K take home salary or before CPF deduction.Originally posted by waterfalz:My colleage's monthly is $6000. He intends to buy a condo. He is married with two kids. Wife not working. Will you stay in condo if your salary were $6000? -
a danger as wat happens if suddenly lose the job?
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Originally posted by dragg:6000 only better to stay in hdb.
I would agree with dragg, Shenanigan, Honeybunz and a few others who felt that it would be better if the man's earning $6K and above.Originally posted by Shenanigan:$6k is not enough with your family commitment. Unless you have a strong reserve. I rather be cash rich than asset rich.
Gazelle has a valid point too, is the $6K monthly income before CPF deduction? Employees still contribute to CPF at 20% so that will mean that for someone earning $6K, his monthly disposable income would only be $4,800, not quite enough to pay for a condo, living expenses, and other assorted bills. Not a very 'safe' threshold.
I wouldn't do it.
A few wise forumites here also asked, 'What if he loses his job?' In this volatile job market, you really no longer have an iron rice bowl. Even a job with the civil service is no longer a sure 'guarantee'. If you live in an HDB flat, and you end up unemployed, at least, you can approach the govt for some sort of assistance so you can keep the roof over your head. You don't have such a safety net if you live in condos. -
Other things to consider is how much your colleague and his wife have in their CPF OA, and what is the value of your existing property. The maximum CPF contribution right now is $4.5k and that ceiling will eventually come down to $4K I think, therefore the monthly contribution to your OA account will only be around $1K per month.
Please also note that there has been some adjustment on the CPF medisave account recently. Any surplus in your MS will now flow into the SA instead of OA.
Alternatively, your colleague can also consider buying an EC, which usually cost around 450K for a decent size 3 bed rooms unit.
On top of servicing your loan, I think it will be advisable to put aside 30% of that $6K as saving for children education, and your own retirement funds etc.
If your colleague is consider upgrading to a condo because of the recent 90% loan and 5% cash payment, I think he better think twice. -
To be save, it is always advisable to keep some reserve in your CPF OA account. For example if your month installment is 1.5K per month, then try to keep at least 20 to 30K balance in your OA account. If you lose your job, at least you know that you will have at least 1 year to find a new job, or in worst case, 1 year to look for a buyer for your property.Originally posted by ha8n:a danger as wat happens if suddenly lose the job? -
Nope cos i got bills to pay, kids to raise, taxes to pay etc... In the end, you need to be earning more than S$25,000... Probably S$30,000. To illustrate, before 21st century, do you know that if you are earning S$50,000, your taxes will be S$20,000? I'm not joking man... In singapore, the more you earn the more you have to pay taxes... If not, why do you think the man in the top held numerous posts ranging from corporate board to assistant director... This is to increase their income which tends to outweigh their taxes paid..Originally posted by waterfalz:My colleage's monthly is $6000. He intends to buy a condo. He is married with two kids. Wife not working. Will you stay in condo if your salary were $6000?
For me, S$30,000 a month would enable or allow me to pay for my monthly condo installment in time, dine in style, travel overseas to further destination, for example Hawaii, pay my bills promptly, sponsoring my kids' education from primary to degree level and daily expenses, paying for my wife's cosmetics etc.. Haha... Well-thought out plan isn't it... Well, suppose i have this income.. If not, it would always be a dream that i can only dream of... Haha...