It was the biggest and most exciting purchase of our lives – a condo unit in a newly-built condominium development. We were over the moon when we moved in, and felt on top of the world. Little did we know, we had bitten off more than we could chew.
My wife and I had been married for a few years and were doing well financially. We had been living in a HDB flat and were ready to take the plunge and move into a condo. We had saved up enough to afford a downpayment for the unit and were eager to take advantage of the low mortgage rates.
We thought it would be a smart financial move, and it was for a few months.
But soon enough, the bills began to pile up. We had underestimated the costs of maintaining a condo unit and were struggling to keep up with the monthly payments. To make matters worse, our mortgage payments had gone up significantly due to the strong property market.
We also forgot to calculate the money that the HDB will claw back from the grant we took years ago.
We had been planning to upgrade to a condo for some time, but we had gone ahead too soon. We had not saved up enough to cover all of the costs associated with a condo, and we were now feeling the pinch. We were behind on our payments, and we were starting to panic.
We tried to figure out ways to make ends meet, but it was becoming increasingly difficult. We had cut back on our spending and were trying to find ways to increase our income, but it just wasn’t enough. We even considered selling the condo, but we couldn’t find a buyer in time.
In the end, we were forced to take out a second loan in order to stay afloat. This loan was much more expensive than our first one, and it was putting even more pressure on our finances. We were now facing a mountain of debt, and it was becoming harder and harder to keep up with our payments.
It was a difficult time for us, and we were scared that we would lose our condo. We had worked so hard to get it, and the thought of losing it was heartbreaking. We were determined to make it through though, and we eventually managed to keep up with our payments.
Looking back, we can see that we should have waited a bit longer before upgrading our home. We should have saved up more so that we could have avoided taking out a second loan. We have also learned to be more mindful of our spending and budget better.
We are still in the condo, and we are determined to make the most of it. We are now more mindful of our spending and have figured out ways to save money. We are still struggling to keep up with our payments, but we are determined to make it work.