Pasir Ris 8 seems to have kicked the proverbial hornet’s nest, with the developer raising prices on some units from $1,400 psf to around $2,000 psf. Now, we’re seeing a slew of text messages claiming that you’d “better buy now”, because developments X, Y, and Z are all about to follow suit. However, this is a dramatised misrepresentation of what’s.
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While the term “asset progression” is used loosely these days, one thing should be clear: there’s a huge difference between planning to sell and upgrade (e.g., moving from a flat to a condo), versus actually wanting to own multiple properties. Wanting to own a second home is a bigger aspiration, that will require deeper pockets and more in-depth planning. In.
Monthly loan repayments
Tenant acquisition costs
You should try to ensure you have three to six months of these recurring costs saved up, before starting to rent.
Finally, you should set aside cash for contingencies, in the event of:
Replacement of appliances
Major repairs
We will use, as our example, a 500 sq.ft. shoebox unit priced at $825,805. This is the average cost of a one-bedder, island-wide, as of 2020:
These units are the most common choice for first-time investors, due to the lower quantum.
Initial non-recurring costs
1. Down payment
We have a more detailed description in our guide. Just to summarise, however, the maximum bank loan is 75 per cent of the property price or value, whichever is lower. We will assume the price and value are the same for our shoebox unit, which would be the case if it’s a new launch unit.
Perhaps you’ve bought a property with a sibling or friend, instead of your spouse. Or maybe you have aspirations toward owning a second property later, under your spouse’s sole name. In these situations, it pays to be forward-looking: owning your property as tenants-in-common is sometimes the smarter choice. Here’s what you need to know about the two manners of holding:.