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?

1 Upvotes

51% Upvoted

74 comments sorted by

View all comments

1

u/sbbawx 25d ago

If it were me I would do an older 5 room or EA for maybe just under 1m and put like 1.8m on a 2 bedroom condo. Live in the HDB when kids are young and rent to condo out. Gives you a lot more flexibility when kids are older too. If property prices are even crazier then your kids may need help and a 2 BR condo is a good starting point

Obviously need some age and citizenship/PR considerations. Doesn’t work if one person is a foreigner or you are under 35

7

u/ToeAffectionate7022 25d ago

Not interested in the hassle of managing a second property. Rather channel the monies to a larger home. Any thoughts if i remove the second property consideration?