If there’s a single defining feature of the 2022/23 property markets, it’s an increasing low supply and historical highs across the board. This has led many to wonder if it is still the right time to make their big step: to sell their flat and fund a condo purchase. But remember that, even if you sell your flat for record...
If there’s a single defining feature of the 2022/23 property markets, it’s an increasing low supply and historical highs across the board. This has led many to wonder if it is still the right time to make their big step: to sell their flat and fund a condo purchase. But remember that, even if you sell your flat for record highs, you may end up buying condos priced the same way.
If you’re going to upgrade to a private property, bear in mind that the savings fund for these six months has to grow accordingly. If you can’t meet the requirement, 2023 is likely to be a volatile year, and not one in which you should be taking chances. For example, a loan for $1 million for 25 years is considered to have a monthly repayment of around $5,278, even if the actual interest rate on your package is lower.You may find that, under the new interest rate floor, your income is insufficient to qualify for the desired loan amount. This usually means making a big down payment, and again paying more cash.
Note that we have no perpetual fixed-rate home loans in Singapore – all our fixed-rate loan packages only remain that way for a limited period before reverting to a variable rate.As an example of what can happen when you buy at a peak, check out our investigation into Urban Vista.
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