how much i need to earn in order to buy 700K condo?
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anyone is good at financial planning? how much do i have to earn and cash in bank a/c in order to buy 700K condo?
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err, 700K loh
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u shd buy toto faithfully until u tio 1st prize
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Probably you will be paying close to 1 million or more if you are taking a 30 year mortgage loan from the bank.
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Let's say you have a partner, and your combined monthly income adds up to >$6K, and taking a home loan for 35 years, with a floating rate tax of 5%. Should be no problem lar. But then 700k condo sounds like 99 year lease, worth it meh?
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u a person is asking this question....that means he/ she is not ready
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700k condo for 99 year lease? Are you sure? Singapore is ex but not so ex...Originally posted by ditzy:Let's say you have a partner, and your combined monthly income adds up to >$6K, and taking a home loan for 35 years, with a floating rate tax of 5%. Should be no problem lar. But then 700k condo sounds like 99 year lease, worth it meh? -
as much as u can..the more the better...
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700k condo for 99 yr lease is ok right..Originally posted by oxford mushroom:700k condo for 99 year lease? Are you sure? Singapore is ex but not so ex...
i know costa del so (ECP) sold normal 3 bedroom for 1 million (lease hold)... -
Marry a multi-billionaire man.
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really con -
do- the hell
of u -
Imagine a taking a loan with a floating rate of 2.39% that jumps to 7% in just one year. Major Ouch.
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Rob the bank!
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They still looking for a CEO for NKF? Give me half a peanut a month enough already...
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shade very good in housing type of stuff
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Here's a few choices for you:
1) You earn $700K and pay up the condo in cash. No further worries about mortgage loan etc. This is the simplest way!
2) You need min 10% (i.e. $70K) cash + CPF and you can borrow up to 90% bank. Or you can consider borrowing 80% loan with a slightly lower interest rates if you have 20% cash + CPF.
Note: Bank rates are going up. Expect 3.75% upwards on average for 1st year fixed rates. Variable rates loan will give you slightly lower rates.
Say you are in your 20s, bank can loan you up to (70 - your age) years or max 35 years.
To be comfortable, your household income should be at least $5K and above (provided you continue with a typical Singaporean lifetyle of eating at Hawker centres, using public transport, don't anyhow splurge) to pay back the mortgage loan.
If you are the type that goes to restaurant for meals, drive mercedes/roll royce, wear and use expensive everything, I sugg, your household income needs to be at least $10K and above to be at least slightly comfortable.
If all else fails, you can always rent out your $700K condo and get the rent to pay for the mortgage.
Note: You still have property tax (4% or 10%/year of the annual value of your property depending if its yr 1st or your subsequent property)) , maintainance fees ($250 to $350/mth on average), stamp duty to pay as well.
I've lots of $700K condo on hand. If you want to buy any, PM me. -
Wah... Real Estate agent in action... But anyway really good advise... Setting my goal to earn at least 10K a month.. But mind if I ask... how much does a freehold condo cost averagely? Let's say in the centre and the out skirt?Originally posted by Homebody:Here's a few choices for you:
1) You earn $700K and pay up the condo in cash. No further worries about mortgage loan etc. This is the simplest way!
2) You need min 10% (i.e. $70K) cash + CPF and you can borrow up to 90% bank. Or you can consider borrowing 80% loan with a slightly lower interest rates if you have 20% cash + CPF.
Note: Bank rates are going up. Expect 3.75% upwards on average for 1st year fixed rates. Variable rates loan will give you slightly lower rates.
Say you are in your 20s, bank can loan you up to (70 - your age) years or max 35 years.
To be comfortable, your household income should be at least $5K and above (provided you continue with a typical Singaporean lifetyle of eating at Hawker centres, using public transport, don't anyhow splurge) to pay back the mortgage loan.
If you are the type that goes to restaurant for meals, drive mercedes/roll royce, wear and use expensive everything, I sugg, your household income needs to be at least $10K and above to be at least slightly comfortable.
If all else fails, you can always rent out your $700K condo and get the rent to pay for the mortgage.
Note: You still have property tax (4% or 10%/year of the annual value of your property depending if its yr 1st or your subsequent property)) , maintainance fees ($250 to $350/mth on average), stamp duty to pay as well.
I've lots of $700K condo on hand. If you want to buy any, PM me. -
2) You need min 10% (i.e. $70K) cash + CPF
Condo down payment can be paid using CPF? CPF allow the use of funds to buy non-HDB flat? Can it be all CPF for down payment? -
Good discussion.
I would suggest for ppl who are just starting out a family to go for HDB as it will be less 'siong' on their finances.
However, if die die must stay in condo, Perhaps go for those that are situated at the outskirt and cost less than 500k.
As for household income, a monthly avg of 7k is my take.
The 7k will allows u to live comfortably in the condo + own a car to bring you ard. -
The 7k will allows u to live comfortably in the condo + own a car to bring you ard.
Unlike the condos built in the 70's or 80's nowadays condo are built very near to public transport like MRT or bus interchanges. Gone are the days where condos are supposedly to be built far away from bus stops or MRT. So when you say you live in condo you MUST have a car else how are you going to move to and fro between where you live to where you work or study?
It seem that notion or idea are outdated. Condos are built more closer to public transport and for some they even provide free shuttle bus service to the nearest shopping mall and bus interchanges.
However to get a condo and not to feed a car is quite wasteful cuz a parking lot will be allocated to all units so if you dun have a car may wanna consider sell it to other residents who own > 1 car
Am I rite in the above assumption?
Btw I live in HDB if you are curious to know. -
700K condo is usually 99 year, bout 25 floors high, 3 roooms,sub-urban, based on $600/sq feet
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Depends on floor area and location. Freehold on outskirts can go as low as $550 psf (e.g. Stellar) which is a very good price. But the area is very small.Originally posted by banzie:Wah... Real Estate agent in action... But anyway really good advise... Setting my goal to earn at least 10K a month.. But mind if I ask... how much does a freehold condo cost averagely? Let's say in the centre and the out skirt?
Others say at Holland area can get about $600 psf for old project (about 10 yrs or so)
Have you read about Cairnhill Crest (freehold), average about $2k psf or higher.
Depends on what you can afford -
Originally posted by sohguanh:
hmm, im really not sure if you can "sell" your parking lots like that.. if able to do so.. wouldnt it be a rather low-lying affair only between the seller and buyer?
[b]The 7k will allows u to live comfortably in the condo + own a car to bring you ard.
Unlike the condos built in the 70's or 80's nowadays condo are built very near to public transport like MRT or bus interchanges. Gone are the days where condos are supposedly to be built far away from bus stops or MRT. So when you say you live in condo you MUST have a car else how are you going to move to and fro between where you live to where you work or study?
It seem that notion or idea are outdated. Condos are built more closer to public transport and for some they even provide free shuttle bus service to the nearest shopping mall and bus interchanges.
However to get a condo and not to feed a car is quite wasteful cuz a parking lot will be allocated to all units so if you dun have a car may wanna consider sell it to other residents who own > 1 car
Am I rite in the above assumption?
Btw I live in HDB if you are curious to know.[/b] -
Originally posted by sohguanh:
Private properties you need MIN 5% cash, 5% CPF. If you don't have CPF, then 10% cash min.
[b]2) You need min 10% (i.e. $70K) cash + CPF
Condo down payment can be paid using CPF? CPF allow the use of funds to buy non-HDB flat? Can it be all CPF for down payment?[/b]
You CANNOT use all CPF to pay down payment. you need MIN 5% CASH. -
hmm, im really not sure if you can "sell" your parking lots like that.. if able to do so.. wouldnt it be a rather low-lying affair only between the seller and buyer?
Indeed it is. For ppl who wan to earn extra money that is the way to go if not how to feed every month maintenance fees rite? Maybe they can charge secretly for ppl who wanna use the swimming pool and gym also, How to sneak them into the condo is a skill. Usually condo allow some cards to be made for access via the back door rite? Go figure
As always, do everything but don't get caught