Few people would have remembered, I blogged about $1M home goal few years ago. To be exact is 4 years ago as per link here. Happy or sad to some, depending on each people felt level, i got mine. If we include inflation over this period maybe in current dollar term would be 10% lesser in purchasing power. What this mean is Million Dollar home is just a matter of time.
The plan for this home will be for my family for the initial years as I am often based oversea.The reason I like about this property is due to the central location and amenities. I may not be able to get what I want from another project. The other reason is I felt as I blogged earlier in another article, is home has to get smaller for the same price. The cost of government is not going to go lowered and will need land income to support with time. So delaying any further will be asking for smaller home assuming everything else equal.
In the current market situation, property has been held artificially suppressed for more than 3 years already. Will this go on ? Yes, why not. Forever, hardly. Taking a look at the private property index, it has come down 10%, back to 2010 level. link. That's a 10 years chart replicated below.
There is still some room to go lower but not much I feel. But it could be another ride up and I would miss the rare opportunity to upgrade. We can't live forever and bring our property and money to the grave. We work hard so that we have better quality of life for ourselves or our love ones. If there is appreciation on the property, is bonus. If go lower, is occupied anyway for use.
Fortunately I have enough saving for the down payment and increase my portfolio as well. Prepared more than 6 years of cash funds too which I plan to have them mainly in SSB ( 100k limit ) and FD. Surely slight delay in purchasing helps me financially too. I foresee this will likely be my retirement home if i choose to return to Singapore, my Country, my Homeland, my Birthplace one day.
Cory
20170414
The plan for this home will be for my family for the initial years as I am often based oversea.The reason I like about this property is due to the central location and amenities. I may not be able to get what I want from another project. The other reason is I felt as I blogged earlier in another article, is home has to get smaller for the same price. The cost of government is not going to go lowered and will need land income to support with time. So delaying any further will be asking for smaller home assuming everything else equal.
In the current market situation, property has been held artificially suppressed for more than 3 years already. Will this go on ? Yes, why not. Forever, hardly. Taking a look at the private property index, it has come down 10%, back to 2010 level. link. That's a 10 years chart replicated below.
There is still some room to go lower but not much I feel. But it could be another ride up and I would miss the rare opportunity to upgrade. We can't live forever and bring our property and money to the grave. We work hard so that we have better quality of life for ourselves or our love ones. If there is appreciation on the property, is bonus. If go lower, is occupied anyway for use.
Fortunately I have enough saving for the down payment and increase my portfolio as well. Prepared more than 6 years of cash funds too which I plan to have them mainly in SSB ( 100k limit ) and FD. Surely slight delay in purchasing helps me financially too. I foresee this will likely be my retirement home if i choose to return to Singapore, my Country, my Homeland, my Birthplace one day.
Cory
20170414
Congratulations Cory! Another success story of how good planning and implementation led to a good outcome
ReplyDeleteI would say without proper planning, my bad luck will be worsen. Anything else is Bonus for me. :)
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