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⚠️Not property or financial advice // Just sharing how we do life as a young-ish married couple in Singapore
👉🏼My husband and I are BOTH listed as owners for our HDB flat
These days I find it pretty common for couples to only use 1 name for their home purchase, so the other spouse can have their name free to purchase (mostly) a private property as their investment property and avoid ABSD
I'm here to share what I think could be an advantage if you decide NOT to leave one name free:
01 - Higher loan quantum
With 2 owners means 2 assessable incomes if both are working adults at the point of assessment. This means you qualify for a larger loan and have more options in your property purchase.
This doesn't mean the couple should buy the most expensive unit they can afford, but rather have a larger pool of units they are eligible for which may make the property search easier.
02 - Investment is not subjected to property market & country's property measures
The property market doesn't have a
Renting it out for investment will not mean a steady stream of predictable rental yield/profits either. Not to mention managing tenants & the property as landlord✋🏼
It sounds good on paper to have an investment property, but the process and upkeep of it may not be as glamorous!
03 - One person pays for mortgage, Other person's income is free to invest or put in high yield savings account
We merely made use of the higher loan quantum from 2 incomes to buy a resale flat young and made sure one person's income could comfortably afford the monthly mortgage.
This leaves us with disposable income that we are free to manage/invest - not locked in anywhere. I think not locking ourselves in is important for people like us who are risk-averse!
BONUS - Use 1st home as leverage to lower mortgage for 2nd home purchase
Balloting for a BTO or buying a relatively newer Resale flat can help the home to increase in value while MOP is fulfilled. With the profits earned, it will be split between reno & downpayment for the next home, which can lower our monthly mortgage and help us be debt-free earlier!
*Husband & I have 0 loans except for our mortgage!
#financialplanning #financesg #sghome #Couple #marriedlife #home #homeowner #hdb #hdbbto