Asked by Anonymous
Thanks forum for this this platform, question - my partner recently got PR and we re now trying to figure out what makes more sense for our first home . we are both turning 30 this year, so starting to feel like we shld have a proper plan instead of just renting n putting off the decision.
we're currently paying $1.8k in rent every month . my salary is around $6k while my partner earns about $3-4k, but we've only managed to save around $20-30k rougly in cash so far.
We are actually writhing all the options available out there before we take any decision
BTO -
we've been considering getting a BTO since it's more affordable , but the waiting time is what's putting us off. even if we get a decent queue number, there's still the construction period to think abt. on the other hand, a resale flat means we can move in much sooner, but the downpayment n other costs could wipe out most of our cpf n savings. if the cov is high, we might even need to take a loan to cover the difference.
RESALE -
part of me feels like buying resale now makes sense since we're already spending money on rent every month, but im also worried abt stretching ourselves too thin financially.
also, is it possible to buy a resale flat first n still apply for a bto later on? if that's an option, would the extra loan % interest n costs make it financially unwise? would appreciate hearing from anyone who's been in a similar situation n had to choose between waiting for a bto n buying resale earlier.
we're currently paying $1.8k in rent every month . my salary is around $6k while my partner earns about $3-4k, but we've only managed to save around $20-30k rougly in cash so far.
We are actually writhing all the options available out there before we take any decision
BTO -
we've been considering getting a BTO since it's more affordable , but the waiting time is what's putting us off. even if we get a decent queue number, there's still the construction period to think abt. on the other hand, a resale flat means we can move in much sooner, but the downpayment n other costs could wipe out most of our cpf n savings. if the cov is high, we might even need to take a loan to cover the difference.
RESALE -
part of me feels like buying resale now makes sense since we're already spending money on rent every month, but im also worried abt stretching ourselves too thin financially.
also, is it possible to buy a resale flat first n still apply for a bto later on? if that's an option, would the extra loan % interest n costs make it financially unwise? would appreciate hearing from anyone who's been in a similar situation n had to choose between waiting for a bto n buying resale earlier.
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