Hi yalls, 24M here, will graduate uni next year. TLDR, I wanna know what y’all think of someone getting a BTO/resale flat with his single mother. Reasons: we do not own a flat, and we currently live in a 1-bedroom rental flat.
I do plan to get married in the future, but I’m not currently dating, and at the rate that I’m going I’m probably going to be single for a while, ‘cos I’m just constantly doing internships and studying so I don’t actively meet anyone.
So, my parents divorced when I was 1yo, and never really had much contact with my father. Due to certain reasons, my mom lost the matrimonial home and we’ve been staying in a rental, 1-bedroom HDB for a few years now. (I have an elder sister but she has married out so she’s kinda out of the picture)
I have thought of renting a place when I graduate but I don’t feel good about spending close to 1000 a month on rent, but yet I can’t seem to be satisfied with sleeping in the living room for the next few years. And hence I’ve thought about this. (My earning potential is around 5k-6k/mth as a fresh grad, and hence the downpayment amt isn’t really a concern as long as I have 1 or 2 years.)
But then this does still raise a few concerns, right? For the ladies, would you be okay with settling down with someone like me, knowing well that you won’t be able to do the conventional BTO, or maybe even the fact that you might have to live with your mother-in-law? If anyone else had been in a similar situation, would appreciate it if you could share ur pov! Thanks.
Her are what netizens think:
- if she is eligible, register only herself as the owner and you as the occupier. Dont “waste” the first timer status by being an co-owner. However it would mean you cannot use your CPF to help pay for the flat. in any case, when you do get married, you get yourself out of the ownership and loan repayment for your own place. and, one mountain cannot house 2 tigers. also, when 2 elephants fight, the grass suffers.
- 1) Your earning potential is not 5-6K as a grad. You need to reduce this figure to 3-5K, it’s modest.
2) No one wants to live with their in-laws if they have a choice. Even if they get along well, it’s just not comfortable to be all under one roof.
3) When you do find the one, you both can still get a flat cos you have two chances to buy HDB, or your mum can buy a flat and list you as an occupier and you help pay the mortgage. Then it doesn’t mess up the number of times you can buy and also first time buyer has many advantages and discounts, don’t waste it on co-signing with your mum. Just let her buy the flat, put under her name and you help to pay.
- Suppose you buy a 3room bto, you are looking at 250k. The downpayment is 25k, subtracted from your cpf. Grant would put you around 50k. You need to pay the remaining out of cpf. Without sufficient cpf, you borrow the whole amount, you are looking at 175k. That is $795 for 25years. Meaning you won’t have sufficient retirement fund. Work for a few more years first. Reduce that loan amount.