Today marks the day we have saved enough to get one SGD2M property. A significant milestone for the Wong family.
Due to inflation, properties prices that we are looking at, are increasing. A 800 sqft bedroom in Novena will cost easily up to 2.2m here. So the property we are looking at may not be own stay. And with the rental market we are looking at in the area, return is not as attractive.
Having said, committing to a 2m property will be a huge commitment for the family for the next 30 years. I will be paying mortgage until 70 years old. Will have to think about it.
It will put the family in a tremendous amount of stress. For 2m property, monthly Mortgage will be around 10k per month. With both our cpf all deducted. We will still need to fork out around 6k per month.
To include A108 Australia mortgage that we currently have, it will be easily around 8 to 9k per month.
Think twice.
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