Couple Shares How They Managed To Buy RM3.98 Million Condo At Age 26 Without Parents' Help
The hardest part for them was paying the 25% downpayment for the house.
By Aqasha Nalani — 13 Apr 2023, 01:43 PM — Updated over 1 year ago
A Singaporean couple recently shared how they managed to buy a SGD1.2 million (RM3.98 million) condominium unit
According to their post on Lemon8, a new content-sharing app under TikTok's parent company, ByteDance, the couple was not sponsored by their parents when they purchased the two-bedroom unit.
They also wrote that it took them three long years to properly plan out and execute their plan, as it was not an easy task.
They mentioned that the toughest part for them was paying the 25% downpayment, which came up to SGD300,000 (RM995,477)
"The toughest part was the downpayment of 25%, not to mention there was still the buyer's stamp duty (BSD)," they wrote.
For the couple, the monthly mortgage payment of SGD4,000 (RM13,273) was not as difficult because they are both working and are able to pay it with their Central Provident Fund (CPF) savings.
They went on to say that they took out 50% of their CPF savings, saved SGD2,000 (RM6,636) a month for three years, and took out a loan of SGD100,000 (RM331,825) to pay for all the expenses.
As for the reason why they chose to buy a condominium unit instead of a build-to-order (BTO) flat, they said that they were not willing to wait another five years to get the flat
They also explained that a condo is much more appealing compared to the equally high prices of resale flats.
Aside from that, they said that it would be difficult for them to resell the resale flat when they choose to upgrade their home one day.
"We [were] looking at the Bishan area, as it is more convenient for both of us. The housing price [in] this area is around SGD1 million (RM3,318,257)," they wrote in the caption of their post.
In a separate post, the couple gave a few tips for those who are interested in owning their first home
Their first tip was to keep the renovations for your first home to a minimum.
"We chose a unit that is well maintained, so it looks decent even with minimal renovation. This saves us from the hassle of renovation," they explained.
Next, the couple said that it is important to be disciplined when it comes to saving up, and they suggested keeping at least SGD2,000 (RM6,636) in savings for emergency uses.
Lastly, they also recommend finding a second source of income, adding that they took more classes at work and started creating content online.
