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Thursday, June 20, 2024
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YOUNG COUPLE WANTS TO GET A 35-YEAR LOAN & BUY A LANDED PROPERTY AS 1ST HOME

Is it advisable to get a landed property as the first property as a young couple? I (30) and my gf (29) are planning to get married soon.

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Our salaries are slightly above the BTO ceiling. Although we can try to appeal, we are considering to get a landed property as our home.

In particular, we are looking at those very old property and tear it down and rebuild a new house. It’d be really nice to have our own inputs into how the house would be designed into our dream house.

Both of us grew up in HDB flats sharing with many family members and we’d like to get a change of environment and get much more space.

We are thinking of getting a long loan like 30-35 years and slowly pay off as our income grow in future.

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I think just the downpayment alone would totally wipe out our savings + cpf but we see it as a long term investment. Is it worth it to get such a property considering our age/ income?

Netizens’ comments

  • just curious, if downpayment will wipe your savings + cpf, where will you get the money to tear down and rebuild the house? it would easily be another 200-300k just to refit the house, more to tear it down 
  • I personally think it’s a great idea if u can afford it. But don’t buy a leasehold landed that has not many years left, because it’s a depreciating asset.
    Get one that is either freehold or a young leasehold. Then as the years go the value of your house will also grow. These 2 years the value of landed property grew the most out of the differentproperty segments.
    But not sure if u calculated finances properly, because most landed properties are at least 2 mil. And if it’s 2mil, the downpayment required for that in CPF/cash is 500k..
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