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1. Location
- CCR, RCR, OCR
- Nearer to city?
- Consider 2-3 bus stops from MRT

2. Size & layout
- 600-800 sqft
- Studio, 1-Br, 1B1S, 2-Br

3. Your purpose
- Long stay vs investment
- At least till 35
- Give up BTO dream & Housing Grants

4. Your CPF and Cash Savings
Initial commitment for $1.2M 2-bedder
- 25% Downpayment = $300K (At least $60K must be cash)
- BSD = $33K
- Lean Renovation + Appliances + Other fees = $27K
Total $120K Cash + $240K CPF or Cash = $360K

Mortgage for 30 years tenure for remaining $900K, 30 years tenure at 3.75% p.a.
= $4168 per month

At max CPF salary ceiling $6800 from 1 Jan 2024 onwards
23% * 6800 = $1,564 CPF OA
Remaining = 4168-1564 = $2604
Rent out 1 bedroom at $1600 per month, cash outlay = $1004
Add monthly maintenance fees $400
= 1004 + 400 = $1404 Cash outlay

Total monthly commitments
$1564 CPF + $1404 Cash = $2968 (round up to $3000)
- Assuming continual rental income (tenant or landlord market?)
- Mortgage should not take up more than 33% of monthly pay
- Gross Salary $9000 to afford a $1.2M, 2-br condo in OCR (Aug 2023)
- Excluding the $360K Cash/CPF for the initial commitment

#Sponsoredby #Webull

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