How Much Combined Income?

[synapse 0]

hi

how much combined income would it take to comfortably afford a 2BR condo in the suburbs? above 8k?

[pantieileen 2]

hi

how much combined income would it take to comfortably afford a 2BR condo in the suburbs? above 8k?

What kind of lifestyle? 0,1,2 cars? No of dependents on this combined income? DINK? Definition of suburb? Jurong, Pasir Ris, Woodlands? East Coast, Clementi considered suburbs?

What kind of 2BR condo? new unit or old? coz price varies too

[synapse 0]

What kind of lifestyle? 0,1,2 cars? No of dependents on this combined income? DINK? Definition of suburb? Jurong, Pasir Ris, Woodlands? East Coast, Clementi considered suburbs?

What kind of 2BR condo? new unit or old? coz price varies too

1 car, no dependents, DINK =? maybe arouund hougang area.. what do you mean by kind (comes with full facilities?).. preferably new and fh

[bepgof 20]

It all depends on yr present/near future financial committments, comfort zone, lifestyle, values...etc, ask/calculatel yourself the following:

Apportion the following into monthly:

1. Children edu, present & future(each 80K when each reach 21yr)

2. Personal insurance/family insurance

3. Car instalment

4. Property/income tax

5. Monthly gas/water/electricity/telecom bills....

6. Other fix/variable monthly instalments

7. Personal fix saving*****

8. Present home instalment

9. Monthly personal expenses

10. Parent maintenance?

After minu above, if combined still have >30% of disposable**** (take home cash), u can start consider to look for one, but ask yourself following as well

11. Amount in CPF OA, enough to pay stamp duty(3%-5,400), 15% upfront,

12. Spare CASH amount in bank, enough for 5% downpayment, legal fee,etc

13. Amount of loan, Yr of refinance. Comfort zone for monthly instalment, cpf & cash, etc

14. Monthly maintenance fee for condo (say 4 shares, can come to $370 easily)

Hope above give your some light, I've done my calculations before I committed in 2005! when my combined income has slightly >8k monthly.

[pantieileen 2]

It all depends on yr present/near future financial committments, comfort zone, lifestyle, values...etc, ask/calculatel yourself the following:

Apportion the following into monthly:

1. Children edu, present & future(each 80K when each reach 21yr)

2. Personal insurance/family insurance

3. Car instalment

4. Property/income tax

5. Monthly gas/water/electricity/telecom bills....

6. Other fix/variable monthly instalments

7. Personal fix saving*****

8. Present home instalment

9. Monthly personal expenses

10. Parent maintenance?

After minu above, if combined still have >30% of disposable**** (take home cash), u can start consider to look for one, but ask yourself following as well

11. Amount in CPF OA, enough to pay stamp duty(3%-5,400), 15% upfront,

12. Spare CASH amount in bank, enough for 5% downpayment, legal fee,etc

13. Amount of loan, Yr of refinance. Comfort zone for monthly instalment, cpf & cash, etc

14. Monthly maintenance fee for condo (say 4 shares, can come to $370 easily)

Hope above give your some light, I've done my calculations before I committed in 2005! when my combined income has slightly >8k monthly.

Think also must factor in increase in loan interest rates over the next 2yr, doubt going to be low so monthly instalment will increase, correct?

[bepgof 20]

Quite right for those loans with "variable" interest. These are pegged to either prime, sibor or float rates. When business operation conditions are not in the financial institutions' favor, they'll and are legally right to increase the rate "without your prior approval". Sure they will send u letter informing sure. I kena one time before and now switched to fix rate for 2 yr, 3rd yr float.

[vowsh 1]

Quite right for those loans with "variable" interest. These are pegged to either prime, sibor or float rates. When business operation conditions are not in the financial institutions' favor, they'll and are legally right to increase the rate "without your prior approval". Sure they will send u letter informing sure. I kena one time before and now switched to fix rate for 2 yr, 3rd yr float.

Advisable to calculate interest based on worse case ..5%

[pantieileen 2]

Hey Synapse,

Were you formerly from Funkygrads forum?

[synapse 0]

Hey Synapse,

Were you formerly from Funkygrads forum?

hi pantieileen .. nope i wasnt

btw thanks bepgof for the input

[eiffel76 1]

if both cont working, i thk 8-10k combined income shd b able to make it. both cpf shd b able to settle 2k of instalments, so u shd stil hv 6 - 8k take home. i guess that shd b fine but mus b disciplined in continuing to work even tho very angry w boss hee

[pantieileen 2]

It all depends on yr present/near future financial committments, comfort zone, lifestyle, values...etc, ask/calculatel yourself the following:

Apportion the following into monthly:

1. Children edu, present & future(each 80K when each reach 21yr)

2. Personal insurance/family insurance

3. Car instalment

4. Property/income tax

5. Monthly gas/water/electricity/telecom bills

6. Other fix/variable monthly instalments

7. Personal fix saving*****

8. Present home instalment

9. Monthly personal expenses

10. Parent maintenance?

As a parasite, i can't help but wonder, how much would #5 cost?

Kind of doing my finances backwards, bought the place then start to wonder and get worried if we can even afford it.

[kardtoon 0]

As a parasite, i can't help but wonder, how much would #5 cost?

Kind of doing my finances backwards, bought the place then start to wonder and get worried if we can even afford it.

Kind of hard to estimate right? I have friends living in a landed house, 3 adults, one kid and monthly bill ranging from $90 to $150. I also know similar family spending about $250 to $350. So many variables on utilities bills.

[bepgof 20]

My porfolio as below: 2 children (1B-15yr/1G-13yr),wife, mom-in-law, hdb resale 5-rm

1. Boy-(135)+(5x30)+30(mobile), Girl-(20)+(5x30)+30(mobile),both have insurance plans each $250. Total 565+450=$1,115

2.Mine=120+(2100/12)=295, wife=135, total=$430. Medishield not counted.

3. $420 +(1200/12)=insurance, + (500/6)=road tax, fuel=300, cp=65 total =$968 , not including parking exp, maintenance, lience fees.

4. (9000x4%)/12 + 400(combined) = $430. Note: feel very boshiog paying this to gov.

5. $300

6. Nil, no sick, no buy bk, no holiday.....

7. Cannot disclose

8. $1820 (cpf alone, use no cash), within a month's time, intend to pay bank a lumpsum to remain 100k outstanding for 1 yr

9. $400(wife) + $600(mine) = $1000

10. $800 to in-law. She cooks.

Total(cash), monthly =1,115 +430+968+430+300+1000+800 = $5,078.

Money not enough! Raising children is expensive! Car is good but also expensive. Still got many items not included in the list. Having just "downgraded" from condo, if not kena need to pay $430 maintenance fee for nothing(cp)-hardly use facilities.

So, income 8K, take home=$6,400, it is enough to buy a 99-yr lease condo, say at 900K?? No insurance, no kids, no parents maintenance no wonder can have PETS !

Edited February 23, 2010 by bepgof

[eiffel76 1]

Kind of hard to estimate right? I have friends living in a landed house, 3 adults, one kid and monthly bill ranging from $90 to $150. I also know similar family spending about $250 to $350. So many variables on utilities bills.

err when i was staying w my parents n sister in a 4 room flat, our utilities is alr 300 per mth. my 2nd sis living in a landed utilities is 450 at least. $90 is almost unheard of.

[pantieileen 2]

Got brave today and check with my parents. Total monthly utilities = approx $1100-1200 for 4adults 3dogs includes the following :

Part time maid = $200 monthly

Starhub cable tv and broadband = approx $300 monthly actually it's $297 after GST

Water and Electricity bill = range from $350-$450 (3aircons on from 8pm to 8am)

Garbage disposal = my dad forgot

3cars

My neighbor 2doors away also intermediate has 6adults, 3toddlers, 1dog, according to my mom,

<$200 for water and electricity

no aircon, no cable TV, no part time maid or maid

3cars, 1 van

plant their own kangkong, bittergourd and shares with the neighbors, collect rainwater whenever it rains with commercial size containers those 1M blue type

** shouldn't have ask my parents = kana lecture!