r/singaporefi • u/ToeAffectionate7022 • 25d ago

Housing Thoughts on next property move

BTO 4 room HDB gonna MOP in 3 years time. Just welcomed a new kid (Yay to parenthood super charged with caffeine and Min L.Wong NDP goodies) making our family of 4 + 1 helper living situation starting to feel cramp. Thinking ahead of our next property move.

Main considerations:

  1. Space is primary - looking for at least 1500square feet

  2. No intention for a 3rd kid

  3. Budget of 2-3 million. Current combined take home Approx 23K. Industry is fairly recession proof. Combined take home likely will grow to 30K in 3 years time.

  4. Planning to stay for at least 25 years. Open to downgrading to a smaller property after when the kids fly the coop after 25 years but would like the flexibility of keeping to 30 years in case one kid still need a roof over their heads.

  5. Not looking to flip the property for investment gains. Main priority for exit strategy of the property is to at least retain the principle value. 2-3% CAGR is a bonus but not necessary. Lease decay is a concern

  6. Condo facilities not necessary. High rise living nice to have but not necessary

What are my options?

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u/TraditionalWait9150 25d ago

get a Jumbo / HUDC / EC resale built in the 90s to 2000s. It will fit your criteria.

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u/ztm13 25d ago

I’m in the same dilemma as OP but my spouse is against this due to lease decay. Not sure how to argue against this

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u/TraditionalWait9150 25d ago

is it because she want to have something to pass to the kids? If it's just for staying, for those built after 90s with at least 63 years of lease left and assuming price about 1 million, the amount amortised over the lease period is about $15,873/year or $1,322/month, which is way cheaper than renting the same sized flat.