THE SITUATION BACK THEN
At 31 years old and getting married in 2017, my then girlfriend (now wife) wanted a place of our own within a year. Having been always prudent, we were looking at HDB resale flat in Ang Mo Kio. Being a matured estate, the lease remaining for the HDB there are between 50- 70 years.
After doing a thorough calculation where we realised we are able to afford and have rainy day savings to cover our mortgage based on 3% interest for 3 years, we bought an Executive Condo in Choa Chu Kang instead.
WHAT’S NEXT FOR ME?
- If we decided to take it slow in life, I can sell my EC and moved into a resale flat (fully paid perhaps) and have cash reserves.
- We could potentially decouple to invest in 2 properties without the ABSD while keeping this EC.
- We could sell to upgrade accordingly knowing that we would have a potentially good profit to build on.
- We could potentially acquire a term loan at mortgage interest rate to leverage and build our wealth on or simply to support our family in time of needs.