Annual Income.

[Spicky]

I always wonder what is a comfortable annual income for a person to own a condo and a car (not full cash, monthly loan repayments for both) to support in Singapore..

 

What's your take?

[Thaiyotakamli]

Min 8k after cpf if u young about 30.... But less saving unless wifey got work too

Also must see the condo n the car la.. If condo at D9 or sentosa min 20k after cpf will be adequate as condo installment alone will be 6k and car if about 2-3k... Thats about half liao...

Edited January 25, 2012 by Thaiyotakamli

[Porche]

depends on what you want? my ex subordinate, husband and wife combined pay only $6K one car, one kid and one condo while the rest of the office even boss only stay in EM.

[Vid]

  On 1/25/2012 at 4:55 PM, Porche said:

depends on what you want? my ex subordinate, husband and wife combined pay only $6K one car, one kid and one condo while the rest of the office even boss only stay in EM.

 

$6k but got kid, got car, got condo? How to survive?

[Mllcg]

  On 1/25/2012 at 5:12 PM, Vid said:

$6k but got kid, got car, got condo? How to survive?

 

maybe its 6k after putting into CPF?

[Porche]

6k is before CPF.....his ego catches up with him when his rich BIL get a condo unit from his parents as a wedding gift, he no want to lose face. sell his 5 room HDB to catch up. everything is plan as best scenario..

[Vid]

  On 1/25/2012 at 5:27 PM, Porche said:

6k is before CPF.....his ego catches up with him when his rich BIL get a condo unit from his parents as a wedding gift, he no want to lose face. sell his 5 room HDB to catch up. everything is plan as best scenario..

 

So his wife also rich lah. Then no problem loh

[Longg8]

  On 1/25/2012 at 4:50 PM, Thaiyotakamli said:

Min 8k after cpf if u young about 30.... But less saving unless wifey got work too

Also must see the condo n the car la.. If condo at D9 or sentosa min 20k after cpf will be adequate as condo installment alone will be 6k and car if about 2-3k... Thats about half liao...

 

 

8*12 = 96k.

 

i earn about that amount per annual. below 30. single and i CANNOT AFFORD a condo at current prices. I drive a bread and butter used car which cost below 40k (still paying instalment). I eat at hawker or home cooked food. Live at HDB.

 

your estimation is wrong, very wrong......

Edited January 25, 2012 by Longg8

[Jeronlee]

most financial experts would advice 30% of monthly income. for a $1M condo ($800K loan) and $100K car ($80K loan), monthly instalment is $2.7k over 30 years and $1k over 7 years respectively. based on monthly loan repayment of $3.7k, the min household income should be $12K or $144K per annum IMO.

 

there's a good reason why HDB income ceiling is $10K and $12K for DBSS & EC. some smart scholars probably concluded that household income <$10K, buy HDB, $10K-$12K buy DBSS/EC, >$12K go pte condo

 

of cos, pre-requisite is you must have saved up for the 20% downpayment for both the property and the car.

Edited January 25, 2012 by Jeronlee

[Thaiyotakamli]

  On 1/25/2012 at 6:17 PM, Longg8 said:

8*12 = 96k.

 

i earn about that amount per annual. below 30. single and i CANNOT AFFORD a condo at current prices. I drive a bread and butter used car which cost below 40k (still paying instalment). I eat at hawker or home cooked food. Live at HDB.

 

your estimation is wrong, very wrong......

Urs after cpf? Moreover ur question is on whether 8k salary enough to pay monthly installment... Not affordability, in the first place u should save up thats y most ppl bought condo after 30 yrs old.. U havent reach that age la, save up first Dont compare ur salary with current price, current price too high, wait price to correct abit then go for neighbourhood condo like 800-900k n sell ur hdb... U living alone or had to support family? Thats also an important question... If u live alone than should be no prob n if got wife n working will be better... I tell u after 30, at ur current age is to save up for the dp first..

Edited January 25, 2012 by Thaiyotakamli

[Kiadaw]

Until now, I cannot understand the appeal of Condo. Usually, its not even bigger than HDB. Is it the security, the facilities like Gym & bbq pits, the swimming pool, or what?

 

I never once dream of owning a condo since young. I always wanted a house with a nice garden, but the size of my dream house does get smaller as I grow up. I always tell people & they laugh. "Stop dreaming".

 

But man, the price of Condo is really quite steep these days. My aunt brought a Condo for his Son, & it cost 500K about 5 years ago, & I thought that was expensive! And some of my ex-colleagues was asking me buy one to live or invest.

[Unitek]

Owning a house with nice garden is every S'porean dream. You see, people always like what is hard to get.

Be it HDB, Condo or Landed, i always believe it is the content and quality of living rather than the size of your house or car that matter.

 

Coming to TS's question about annual income to comfortably support a house and car. i think for current market, you probably need a combine income of $7-10k to support a 1mil condo and 150k car.

 

 

 

  On 1/25/2012 at 8:11 PM, Kiadaw said:

Until now, I cannot understand the appeal of Condo. Usually, its not even bigger than HDB. Is it the security, the facilities like Gym & bbq pits, the swimming pool, or what?

 

I never once dream of owning a condo since young. I always wanted a house with a nice garden, but the size of my dream house does get smaller as I grow up. I always tell people & they laugh. "Stop dreaming".

 

But man, the price of Condo is really quite steep these days. My aunt brought a Condo for his Son, & it cost 500K about 5 years ago, & I thought that was expensive! And some of my ex-colleagues was asking me buy one to live or invest.

 

[Khimwoon]

a person earning 10k monthly with plenty of commitment may not be as cash rich as another earning 5k.

 

look at my case. husband and wife earn combine 9k but our saving almost near to zero. no car. just a simple 4 room bto flat that paid by cpf.

 

friends and colleuages ask me how come i cant afford a car.

 

simple. because all our excess money spent on taking care of our sickly parents.

 

that life.

[Yattokame]

  On 1/26/2012 at 12:23 AM, Khimwoon said:

a person earning 10k monthly with plenty of commitment may not be as cash rich as another earning 5k.

 

look at my case. husband and wife earn combine 9k but our saving almost near to zero. no car. just a simple 4 room bto flat that paid by cpf.

 

friends and colleuages ask me how come i cant afford a car.

 

simple. because all our excess money spent on taking care of our sickly parents.

 

that life.

 

I have plenty of respect for you and your spouse, pal.

Edited January 26, 2012 by Yattokame

[Rainman]

  On 1/25/2012 at 4:39 PM, Spicky said:

I always wonder what is a comfortable annual income for a person to own a condo and a car (not full cash, monthly loan repayments for both) to support in Singapore..

 

What's your take?

 

If my estimation is correct, combined income of 15k is comfortable enough.

 

 

[Lala81]

  On 1/26/2012 at 12:14 AM, Unitek said:

Owning a house with nice garden is every S'porean dream. You see, people always like what is hard to get.

Be it HDB, Condo or Landed, i always believe it is the content and quality of living rather than the size of your house or car that matter.

 

Coming to TS's question about annual income to comfortably support a house and car. i think for current market, you probably need a combine income of $7-10k to support a 1mil condo and 150k car.

 

Wow optimistic ...

[Lala81]

  On 1/26/2012 at 12:23 AM, Khimwoon said:

a person earning 10k monthly with plenty of commitment may not be as cash rich as another earning 5k.

 

look at my case. husband and wife earn combine 9k but our saving almost near to zero. no car. just a simple 4 room bto flat that paid by cpf.

 

friends and colleuages ask me how come i cant afford a car.

 

simple. because all our excess money spent on taking care of our sickly parents.

 

that life.

 

People never take these assumptions into account. Family obligations should always come 1st

 

Kudos to u and your wife!

[Lala81]

  On 1/26/2012 at 12:35 AM, Rainman said:

If my estimation is correct, combined income of 15k is comfortable enough.

 

Being financially prudent, combined income should be 15-20k before even considering condo in current prices (can be lower if u have iron rice bowl or are very sure of your finances eg. parents deceased, no children planned, healthy lifestyle)

Also if u bought it during a trough in prices.