It’s all very well buying a second property to help fund your retirement, but if you deplete your savings in the process and leave yourself without enough cash to meet expenses, you could be forced to sell the property – a fate that befell one couple here recently.The property was rented out, but the income was not enough to live on and they had to sell it in 2023 to reap much-needed cash. It was during the sale process that they discovered a relative had staked a claim on the $1.
They had also bought a private apartment with the hope of earning rental income, and continued to live in their Housing Board flat. But soaring interest rates meant most of the rental income went into servicing the mortgage, so there was not much left over for their own expenses. If you buy a private home, you will not receive any government subsidy to help you defray property-related costs. This means you have to meet maintenance fees that can be up to a couple of thousand dollars a quarter.
If your purpose in buying another property is to fund your retirement, you should first consider the benefits offered by CPF Life, which offers a better and “cheaper” option to get lifelong income.
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