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Hi i am 60 yrs old. I will be selling my house and have cash in hand of 216k. I saw 2 a bedroom condo at 350k. Am i able to still buy the condo and the balance monthly will be paying cash. I am a full time taxi driver and my son and daughter every month gave me allowance. I have no problem at all in buying. I want to buy the condo as i feel it doesn't really need a renovation as some is well maintained. I will be staying with my wife and younger son. My other 2 children have their own property. I will still need a 2 bedroom.
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6 Answers

Hi,

From the info shared, the sale proceeds + funds on hand should be sufficient for a typical 2 bedder condo, but at 350k its unlikely in this current market. May I know which condo are you referring to? It would be ideal to do a detailed financial plan so to ensure a smooth transition.

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,
Ivan Ng ERA ASAP
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We are from the Pioneer Generation, already in our 70s, and have no experience selling HDB flat. As our new BTO is arriving, we considered selling our flat earlier.

We felt he was a patient agent who is willing to hear out our plans and concerns, and explain new HDB selling procedures clearly to us. He is also a hardworking agent who did Roadshows for weeks to create awareness for our unit, and we quickly found a buyer through this avenue.

We also appreciate that he made the extra effort to accompany us down to the Banks and Town Council to help us with the outstanding paperwork procedures, and ensure the sale go through smoothly. Throughout the process, we always felt assured and happy, as Ivan was always professional, accessible and saw things through till conclusion. Ivan will remain as a family friend and we will be glad to invite him over for coffee when our BTO is ready. Read More
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YT Tan (陈永达)
Good morning buyer,

Do take that if you will like to take up loan, your loan tenure will be max 4 or 5 years only because you are hitting retirement age of 65 years old.

In addition because you are taxi driver, bank might not be taking your full income for mortgage assessment.

But interesting, care to share which 2 bedders is selling at $350k in Singapore?

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GAN ENG JOO ONASSIS
Dear Buyer,

Re: Today’s SG Professional Choice- SGAgent.com & SGRealtor.com

Will recommend to consider 3 RM HDB flat instead based on your budget and age. 350K condo price range are rare ??

I am contactable at 92222389  or onassis@sgagent.com / sgrealtor.com

In all Areas of Singapore. Sale/Buy/Lease/Rent, Please call and/or drop me an email me. I’m always at your Services.

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Robbie Chen Chee Howe
Hi,

Before you proceed to sell your flat, please work out the sums first. Because, according to my years of experience, it is very highly unlikely you will find a 2-bedroom condo at your above stated price in Singapore at this juncture. $350,000 sounds more like the price of a 3RM HDB flat.

Should you need any further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
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Dear sir,

It is highly advisable for you to speak to a financial professional to work out the finances such that you can understand better what are the various commitments required as well as eligibility for home loan given that you are 60 years now. I only worry that you will be unable to obtain sufficient home loan for your purchase and end up selling your existing place for no value added reasons.

In addition, I have not come across any 2 bedrooms condo below $400k at the moment. The latest project in Tampines which has yet to launch is selling from $4XXk onwards.

Tenants can visit http://bit.ly/SGExpatRental (Official Rental Requirements - Singapore Expatriates) to indicate your rental requirements.

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Regards,

Geryl LIM
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Dear Sir,

I will need to help you confirm what is your eligible loan amount before I can advise you accordingly. You may want to apply the loan together with your wife and/or son to increase the loan amount and loan tenure if they are also working.

Unfortunately, there isn't any 2 bedroom condo that are going at 350k at the moment. Are you referring to a 3rm HDB flat instead?

Please feel free to contact me so that I can understand your situation and draft up a financial plan for you!

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
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Testimonial from Satisfied Clients (2015/2016)
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