Hi,
You are indeed very wise to plan for this at such early age.
There are various talks and discussions over when is the best time to starts planning.
The conclusion is always to starts as early as possible. Renting is merely for temporary solution, but not helping to owning at all.
Monthly rental can be use to offset mortgage which eventually leading to owning.
In general, there are 2 situations over property acquisition.
(1) Married: 2 people to share the load, starts with something smaller.
(2) Single: Finance alone, starts something with higher returns.
In Singapore in particular encourage young generation to starts family at the earliest possible time is to provide subsidize to kick starts their property acquisition.
Thus if you are married to a Singapore Citizen (SC) or Permanent Resident (PR), then you are eligible for BTO/SBF (Build-To-Order/Sales-of-Balance-Flat).
With HDB loan up to 90% to increase chance of owning a property as early as possible.
The only disadvantage is BTO/SBF does not appreciate as much as in 90's & 00's. Thus it is merely to assist to kick-start, the next phase (upgrade) has to depend on individual capability.
However, it is still assist in fighting against inflation, another words, not losing by deposit money in the bank.
Whereas, in private property, it is still enjoying capital appreciation and lesser restrictions.
The only difficulty is to be able to fork out the 1st payemnt; 20% (downpayment) +3% (Buyer stamp duty).
(a) Minimum cash is 5% of the property value
(b) 15% can be cash or CPF.
(c) 3% Buyer Stamp duty can be cash or CPF.
Once you overcome this obstacle, you are on your way to owning multiple properties before or when you reach 40 years old.
You shall be able to see at least 2 cycles of property trend to make wise decision in your future.
Hope the above answer to your main concerns, but if there are more queries, please feel free to contact me at
90110636 , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.
Best regards
Ling CK
90110636 ling.ck7@gmail.com
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