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Why do I choose to stay in a condo?

Wednesday, May 3, 2017

This is for readers who do not follow me in Facebook and for those who do not read comments in Facebook.

Reader:
By the way , there is nothing wrong to stay at condo also what ... ( AK also stays at condo ) , so long you can afford it , why not ? You work so hard , deserve to upgrade and enjoy also . Save tons of money and not using it also can't bring them with you one day . So , we don't have to keep comparing la . If I can afford GCB , I will go for it too ! Why not ? ๐Ÿ˜๐Ÿ˜


AK:
I would have bought BTO HDB flat if I had qualified. I like good quality subsidised housing from government. 99 years lease at a discounted price is OK for me.

I thought of buying a resale flat but:
1. I had to wait till I was 35.
2. I was reluctant to pay non-subsidised price for an old flat with about 70 years left to the lease.

In buying a condo, I chose to buy freehold and I chose to buy what was, at that time, the smallest format available. I didn't need a bigger unit.

I was lucky that the property price more than doubled from when I bought it. I decided to sell it because I thought it became too expensive for me to stay in. It felt extravagant.

I was also lucky that smaller format one bedroom condo became quite popular and I was even luckier to find one freehold option that offered great value for money a year after I sold my place. My current place is practically free of cost since the capital gain from selling my old place could pay for this in full.

Now, you know why I stay in a condo and why it is a small condo.

Related post:
More passive income than richer friends.

6 comments:

Kevin said...

Hi AK,

Just sharing this article and this statement caught my attention. "To his mind, he is not under consuming. Others are over consuming. Most of us have enough resources to live comfortably, yet we kill ourselves by driving a lotus, instead of an ordinary car."

Sounds pretty much like you. :P

http://i.imgur.com/HsSnfYH.jpg

AK71 said...

Hi Kevin,

I like this. LOL. ;p

sinkie over said...

I like small units. Small means less cleaning to do, less furniture to buy, less bills to pay. It fits in to my whole minimalist lifestyle.

of course, if one has children, then a bigger place is needed. But as an individual or a couple, small is gold.

RN

AK71 said...

Hi SO,

Staying in a smaller apartment makes me a more efficient user of space too and with space being so expensive in Singapore, it makes good sense to consume less of it. :)

MSAPersonalFinance said...

Hi AK71,

I know that you can afford to stay in condo. Even though there is no any outstanding for mortgage, you still have to pay high maintenance fee. Will BTO 2 rooms flat be cheaper option for single above 35? I know you need to wait for a period to buy BTO after disposal of private property.

AK71 said...

Hi MSA,

If I were younger and considering my first home, I would try to get a BTO 2 room flat. This option was not available when I was looking to buy.

Now, I would have to sell my current place and wait for 2.5 years before I can apply for a BTO 2 room flat. On top of that, there is a long queue for such flats.

A friend waited 2 years before he finally got to select his flat. Then, wait another 2 or 3 years before the flat is completed.

All in, I could end up waiting 8 or 9 years before I get to move in. I would be in my mid 50s already. Cham. :(

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