How much is enough for retirement in Singapore?

[janet88]

the couple who wanted to get my present unit was offered this unit for $388K in 1997…unfortunately they split and downpayment was forfeited. when i bought in 1998, it dropped quite a bit. my neighbour who bought the 5 room paid $400+K and even the recess area outside. they are staying put.

[starlight1968sg]

I see more seniors relying on wheelchairs

[ammonite]

ST, i think it is due to the subsidies for mobility aids, enabling more seniors and those with mobility issues to get out of the house.


Plus ageing population of course.

[lee_yl]

Cloud Cloud:

Nebbermind:

[quote=\"Cloud Cloud\"]I know of friends who bought resale during the peak around 1996. Today, even if they sell their unit, will not be able to recover much cash. Besides location, timing is also important.

Was it really that high? New 5-rms were no more than $200k then, right?

They bought at around $300k. With accrued interest and levy, not much cash to recover.[/quote]Surprised to hear that. How can it be that someone who bought a resale flat in 1996 could still be losing money / not making profit?

[forestcadee]

Yes, it’s true. One of my friend bought a resale at around $350k in 1997 and they had finished the loan in 10 years time. They are thinking to sell their flat lately and found out that with the accrued interest, they are not able to make any profit, instead they have to top up another $70k into their CPF account. Initially they thought that they just need to return back the principal loan with the accrued interest accumulated based on that 10 years. To their surprise, the accrued interest is calculated till whenever you own the property.

[Nebbermind]

lee_yl:

Surprised to hear that. How can it be that someone who bought a resale flat in 1996 could still be losing money / not making profit?

I believe she meant no cash coz most of the profit still stuck in cpf

[sharonkhoo]

ammonite:

Your daughters are in their late teens. You don’t need to wait 20 years! Can happen even within the next five years.

It seems that young people only get married around the late 20s now. Rarely under about 27. And not sure what they can afford at that age, anyway. So selling the flat to one of them should be at least 10 yrs down the road, I would think. And they may not get married - and will stay with us for ages!

[ngl2010]

Is it possible to renovate 5-room flat into something like dual-key condo? So, if we rent out the studio, we won’t see the tenant at all.

[starlight1968sg]

ngl2010:

Is it possible to renovate 5-room flat into something like dual-key condo? So, if we rent out the studio, we won't see the tenant at all.

Do you mean a 5 room hdb flat or a condo unit which has 5 bedrooms?
I doubt can do much with a 5 room hdb flat.

[janet88]

with the purchase of a brand new flat, we won’t have to worry about the lease if we plan to downgrade. hopefully that area will have more amenities coming up as time goes by. so if son likes the flat, he can buy over while hubby and i get a 3 room unit in the same estate.