Hi, I'm 34 years old, and this is my virgin posting with regards to buying of condos and flats.. I have a gameplan in mind, and I wish to gather some feedback on the feasibility of this idea. Im sure many have been doing this, just wanna consolidate feedback. Thanks! ------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Since I'm turning 35 soon, I wish to buy a resale 3 bedroom HDB near my mum's place under Single's scheme. Will I get the stay-near-parents housing grant? Based on a resale price of $450K in a mature estate, I can expect to mortgage at ~$1.5K/mth (1.2%@30Yrs). And I shall use cash, as I wish to compound my CPF. I will be saving in season carpark costs if I buy one in the same precinct. This flat will finish MOP in 2021. Before we officially ROM, She will buy a Studio, or a 2 bedroom Condo to her name, in the region of $400K. Total CPF + Cash outlay is S$105K. {[(400K * 0.27 ) - 5.4K (nett of 1st timer stamp duty)] +2.5K (legal fees)} She will offset her CPF, and I will top up the rest in cash. We can expect a mortgage of ~ $1.3K/mth (1.2%@25Yrs). We will use cash only and let CPF compound. This condo will TOP in 2018. After we ROM, her name will be married into my resale HDB. And we shall be co-owners under Husband-Wife scheme. After we ROM, there is no ABSD on her condo, since it was bought beforehand, and before we ROMed. So I save $28K. In short, by 2018, we can have 1 studio condo and a 3bedroom flat. Assuming we find rental @ 2.1K/mth. This shall contribute to existing mortage of 1.3K+1.5K = 2.8K/mth. Henceforth if we stay in the 3 bedroom with our kids, we spend $700 nett/month effectively on the 2 properties to our names. This shall continue and we will continue to accumulate enough cash, to refinance, and refinance, and refinance our assets. Until we are eligible to buy another private property under exisiting TDSR ruling ( which of course might change pending upcoming GE). So based on 850K in total, we have 1 HDB and 1 studio. and only need to pay 700/mth, not taking maintenance fees into consideration. ------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Thanks everyone for reading this. Thanks for the patience. WIll appreciate some insights. A newbie here. If too simplistic, I beg your pardon. Cheers. DS
