How much monthly income you will then consider buy condo?
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That I think is quite impossible. The main attraction of singapore for foreign talents is the tax rate and that is one of our weapon to attract FDI.Originally posted by organization:To illustrate, before 21st century, do you know that if you are earning S$50,000, your taxes will be S$20,000? -
40% tax?? hmmm duno remember what is our highest personal tax rate already... but dun think so high... but it's higher than coporate tax rate if i am not wrongOriginally posted by Gazelle:That I think is quite impossible. The main attraction of singapore for foreign talents is the tax rate and that is one of our weapon to attract FDI.
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The highest tax bracket for residents making 320K/yr and above is only 22% and it will be reduced to 21% in 06. For average singaporean making 40K or 80K it should be around 9 and 15% respectively.Originally posted by I-like-flings(m):40% tax?? hmmm duno remember what is our highest personal tax rate already... but dun think so high... but it's higher than coporate tax rate if i am not wrong -
Doesn't it also depends on the location of the condo?
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On the first 20k-0Originally posted by I-like-flings(m):40% tax?? hmmm duno remember what is our highest personal tax rate already... but dun think so high... but it's higher than coporate tax rate if i am not wrong
On the first 30k-6%
On the first 40k-9%
On the first 80k-15%
On the first 160k-19%
On the first 320k-22% -
1 bedroom condo @ Novena... over $400K....
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so so soOriginally posted by Gazelle:The highest tax bracket for residents making 320K/yr and above is only 22% and it will be reduced to 21% in 06. For average singaporean making 40K or 80K it should be around 9 and 15% respectively.
my bad... then what the corporate tax in sg now? 20% already? -
wat i mean is , before 21st century, if u are earning S$50,000 per month, your taxes will be S$20,000.Originally posted by organization:To illustrate, before 21st century, do you know that if you are earning S$50,000, your taxes will be S$20,000?
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my another suggestion is to rent it. I'm paying for my 2 bedroom apartment at ECP around SGD1300. got swimming pool, tennis court, squash. and close to the beach.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 no job, move to HDB.
anyway, HDB/condo are 99 yrs lease. -
action speaks louder than words...Originally posted by CoolMyth:Definitely peanuts! Must be >$25,000 monthly!
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who needs a condo? my cave is cozy enough.
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Buy condo for wat, so small, stuffy. Wanna hao lian ah... Got money keep inside pocket is the wise choice instead of buy all these useless property with not much makt value in spore
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Do u still need to pay for the management fee on top of this $1300?Originally posted by Glen999:my another suggestion is to rent it. I'm paying for my 2 bedroom apartment at ECP around SGD1300. got swimming pool, tennis court, squash. and close to the beach.
if no job, move to HDB.
anyway, HDB/condo are 99 yrs lease.
anyway, In the long run, renting a condo is not worth it right? think you will be better spending the $1300 paying for the loans of a bigger HDB flat -
The disadvantage of renting: -Originally posted by Glen999:my another suggestion is to rent it. I'm paying for my 2 bedroom apartment at ECP around SGD1300. got swimming pool, tennis court, squash. and close to the beach.
if no job, move to HDB.
anyway, HDB/condo are 99 yrs lease.
a) You dont get to use your CPF money
b) You cant renovate your place or buy bulky furniture
c) You cant take advantage of the 30/40K grant from government
d) Rental is 100% expense with zero returns
e) Your landlord might decide to sell the place or increase the rental
f) Cant take advantage of the low interest rate
g) Over time property will be more expensive to buy
h) You cant be renting forever.
HDB is leasehold, Condo can be 999 and Freehold.
Renting only make sense if you are working in Singapore on contract terms, or you are in between buying and selling a property, or the economy is in recession and property prices are falling.
If you can afford it, it is always better to buy. -
CPF money got interest 4%. all my money for unit trust went negative.Originally posted by Gazelle:The disadvantage of renting: -
a) You dont get to use your CPF money
b) You cant renovate your place or buy bulky furniture
c) You cant take advantage of the 30/40K grant from government
d) Rental is 100% expense with zero returns
e) Your landlord might decide to sell the place or increase the rental
f) Cant take advantage of the low interest rate
g) Over time property will be more expensive to buy
h) You cant be renting forever.
HDB is leasehold, Condo can be 999 and Freehold.
Renting only make sense if you are working in Singapore on contract terms, or you are in between buying and selling a property, or the economy is in recession and property prices are falling.
If you can afford it, it is always better to buy.
SGD1300 is fully furnished and it includes management fee.
for your point 'D', who bought a condo/HDB in 1998-2002 and can sell with profit? so, asset appreciation doesn't work. (like my landlord, he lost around 300-400K on my unit and the condo is getting older - (99 lease))
And i will stuck my 200K+ for my house.
if i hate this place, i just move.
if oppurtunity comes, i can even move out of singapore. -
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?
few things to note though..
1) age of owner -> how old is ur colleague? if he is still young, say ard 35+, n he knows he has many more years to work + ceteris paribus, itz worth considering...
2) stability of job -> if the job market of ur colleague's industry is not a volatile one, say teaching, again, itz worth considering + ceteris paribus...
3) amt of loan to take -> after selling his current hse n paying off mortgage, downpayment, how much does he need to loan from bank? if he needs to obtain a loan of say ard <$200k, itz again worth considering
watever the case, itz not how much u make at the end of the day, i feel... the more impt thing is to make some prudent calculations, think whether u will deplete ur savings rapidly, n decide whether u can finance ur loan comfortably... -
CPF OA account only give you 2.5%.Originally posted by Glen999:CPF money got interest 4%. all my money for unit trust went negative.
SGD1300 is fully furnished and it includes management fee.
for your point 'D', who bought a condo/HDB in 1998-2002 and can sell with profit? so, asset appreciation doesn't work. (like my landlord, he lost around 300-400K on my unit and the condo is getting older - (99 lease))
And i will stuck my 200K+ for my house.
if i hate this place, i just move.
if oppurtunity comes, i can even move out of singapore.
If I have purchased a property in 98 to 02, why do I need to sell NOW? I can always sell it 10 years later when the property price recover. If you are intending to stay in that property, I dont think it is necessary to even think about selling it.
Like I said before, it only make sense to rent if property prices are in the down trend. Right now it is not the case. -
monthly income like peanuts???
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$6000 salary not enough to buy condo. esp as he has 2 young kids & 1 wife (not working) to support.
After deducting CPF, he won't have enough to pay his bills which incl. maintenance fee.
If he loses his job, then he will be in trouble.
Safer if family income is at least $8K- $10K -
i think with the property market prices being very competive, why not consider buying a landed property? you put in 100-200k more for bigger space, and freehold status. you can walk up to your gardern n clench the soil in your hand and say its my soil. haha. after 5-10years sell the place and make money.
some ppl prefer to have cash asset, but cash if you dont invest somewhere and you keep in the bank it will not grow.
just my humble opinion -
you are like the people in 1990... "why should I sell NOW" at 1997.. then the price went down afterwards... then they all are hopping that the price will go up.Originally posted by Gazelle:CPF OA account only give you 2.5%.
If I have purchased a property in 98 to 02, why do I need to sell NOW? I can always sell it 10 years later when the property price recover. If you are intending to stay in that property, I dont think it is necessary to even think about selling it.
Like I said before, it only make sense to rent if property prices are in the down trend. Right now it is not the case.
My friend bought at HDB at Pasir Ris in 2000. Now, he found a job at TUAS. so, die liao... as he purchased the HDB and he will lose a lot of money if he sells now.
As for me, I rented condo at WEST coast when i worked at Tuas.
then rented at ECP when my work shifted to east. -
you are like the people in 1990... "why should I sell NOW" at 1997.. then the price went down afterwards... then they all are hopping that the price will go up.
((I am like the people in the 90s? I think you are missing my point here. In the 90s people are greedy qne lookint for gain. What I am saying is that if my current property has negative value, why should I choose to sell now?))
My friend bought at HDB at Pasir Ris in 2000. Now, he found a job at TUAS. so, die liao... as he purchased the HDB and he will lose a lot of money if he sells now.
((Why do you need to sell, all you need is to wake up earlier in the morning and reach home later at night. singapore is not really that big of a place and I dont see there is any reason why you should sell you house just because of your job.Have you heard of such thing as a CAR?))
As for me, I rented condo at WEST coast when i worked at Tuas.
then rented at ECP when my work shifted to east.
((The most likely reason why you are insisting on renting is because you are still single, you cannot afford to buy one, and you want to enjoy the condo lifestyle)) -
Living in condo is a sign of wealth and image? I have a fren who told me he chose a condo over HDB cuz he wants his kids to live in a better environment cuz condo is surrounded by walls fences guarded by security guards. His argument is he dun wan his kids to mix ard with HDB kids running ard under the void deck which he scared of bad influence. Woa kaoz such logic can appear in reality to justify purchase of a condo!!!
Living in HDB kids is considered inferior quality to living in condo kids?
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mind revealing how much was the rental for your condo in the west? u had the whole apartment to yourself?Originally posted by Glen999:As for me, I rented condo at WEST coast when i worked at Tuas.
then rented at ECP when my work shifted to east.