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Thread: Can we afford a 6 bedrooms terrace/condo?

  1. #1
    Join Date
    Dec 2008
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    12

    Default Can we afford a 6 bedrooms terrace/condo?

    Hi, seeking all gurus here for some advice.

    My brothers and myself are planning to sell our existing 2 x 5-rooms HDB flats and sharing to buy a 3-storey terrace house/condo together so that we can live together.

    Our 2 current 5-rooms HDB flats could fetch market value of around S$800k (about $400k for each) and our total income is around S$15-S$18k per month.

    Based on the value of our exisiting 5-rooms HDB and our total income, do you think we can afford a 3-storey terrace house/condo? We are looking at least a 6-rooms terrace/condo. What budget for the terrace house/condo should we target? Any recommendation on price via target location?

    Thank you all!

  2. #2
    Join Date
    May 2009
    Posts
    130

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    Quote Originally Posted by mooomooo
    Hi, seeking all gurus here for some advice.

    My brothers and myself are planning to sell our existing 2 x 5-rooms HDB flats and sharing to buy a 3-storey terrace house/condo together so that we can live together.

    Our 2 current 5-rooms HDB flats could fetch market value of around S$800k (about $400k for each) and our total income is around S$15-S$18k per month.

    Based on the value of our exisiting 5-rooms HDB and our total income, do you think we can afford a 3-storey terrace house/condo? We are looking at least a 6-rooms terrace/condo. What budget for the terrace house/condo shuld we target? Any recommendation on price via target location?

    Thank you all!
    sure you can afford one... it just depends on where...

    a friend recently (a year ago) bought a corner terrace at east coast area... 2.1 million with 8 bedrooms... nice and big...

    the right person to ask woudl be yoru banker. check with them, how much loan can the both of you take (bearing in mind that you cannot use your CPF) then you can work out a budget.

  3. #3
    Join Date
    Nov 2008
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    164

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    Quote Originally Posted by pweesng
    sure you can afford one... it just depends on where...
    Haha... I like your answer. But when TS ask such questions, I will say that he cannot afford. Because he has not done his sum and to sell their HDBs will mean that no other backup plan.

    It is not easy to live together especially if both of them are having their own family. They will understand this sentance when times come.

  4. #4
    Join Date
    May 2009
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    130

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    Quote Originally Posted by vin002
    Haha... I like your answer. But when TS ask such questions, I will say that he cannot afford. Because he has not done his sum and to sell their HDBs will mean that no other backup plan.

    It is not easy to live together especially if both of them are having their own family. They will understand this sentance when times come.

    Heh Heh.. i woudl agree with you on the second part... but that is not an equation on the question of affordability.

    my experience with a multiple owner property is that... it is a no no, unless one of the person has a clear majority, and the other person is merely riding along.

  5. #5
    Join Date
    Apr 2009
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    5,841

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    i m just wondrng who wud pay 800k for the jumbo flat which wud be setting the record for 2nd highest hdb after 890k meiling st ex apt.

  6. #6
    Join Date
    Feb 2009
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    5,837

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    Quote Originally Posted by pweesng
    Heh Heh.. i woudl agree with you on the second part... but that is not an equation on the question of affordability.

    my experience with a multiple owner property is that... it is a no no, unless one of the person has a clear majority, and the other person is merely riding along.
    why cant they use their CPF ?

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