Asking yourself whether you are able to purchase a house in Singapore is like requesting that man panicking at the traffic police road block whether he’d enjoy another beverage.
Let’s confront it—the standard rules that individuals in other states use to determine if home ownership is feasible do’t apply to us. There isn’t any way the typical Singaporean will have the capacity to generate 30% of the property cost in cash, okay?
Everybody’s scenario differs if they’re apparently bringing in the exact same wages. Does’t mean you should do the same simply because Mrs Chong’s son could manage to purchase a luxury condominium at 28. Here are three major questions to ask yourself before you sign up for a very long time of mortgage repayments, although you might have enough cash for the downpayment now.
Do you foresee your income staying stable in the long run?
Yay, but it’s significant to also realise that merely because you do’t see that cash does your mortgage is meant by ’t is becoming reimbursed free of charge!
Unless you forsee yourself receiving a steady income that can grow at least as rapidly as inflation does, do’t attempt to be smart and purchase property and remaining in the exact same line of work you can just just manage.
If you’re at some stage you at the moment, in the prime of your life, also will become potentially dispensable and old. Finding a job that pays the same sum to you when you’re 20 or 10 years old is going to be way more difficult than it’s now.
Naturally, all this actually relates to your ability to pay off your mortgage, so ensuring that you simply get the home loan that is right is very important.
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