House

The topic of house. It is the bane of my life now.

Being single, 35 years old would be the age when I could get a place of my own at a cheaper cost ie. public housing. At 36 years old, I have finally muster up the courage to explore getting a place of my own. After all, this would definitely be the biggest ticket item that I would ever get to buy. But this journey has been nothing but scary and rocky for me. This is especially so when I am not comfortable with numbers and investment etc.

West Coast Road, which is my address for my entire life will be changed in 6 years or less. It will be going through an en bloc process where the government will take back the land where our apartment resides. The entire residents of the affected areas are given two choices (Clementi area or West Coast area) to relocate. The en bloc process would include having the current residence being valuated, residents would be given financial review/assessment in terms of financing for the new residence at the new area. The relevant government agency has also been feeding us with the necessary information and arranging for face to face consultations to all affected residents.

Needless to say, my parents are keen on the West Coast area as it would be nearer to where we are currently staying. Also, it would be SGD100,000 cheaper at the West Coast area if we are comparing the cost of a three room flat (2 bed rooms, 1 living room) in the Clementi area to one at the West Coast area.

My woe begins as my parents are too old to get a loan. My parents are over 65 years old. We have to upgrade to a 4 room flat instead of our current three room flat (the new configuration of the new house for my brother and I to continue our room sharing even if we wish to). My brother has been non committal towards financing for the new place. To me,  it would be silly if my parents spend their cash on the house. Cash should be used for any emergencies and for tours etc. It should be used for anything but towards paying for the house. My dad first approached me to pay, however, he has been flip flopping his decisions.

Oh wells, having read through my literature on finances now. Despite being dumb with number, I am confident to say. I am determined to pay off any housing debts be it my own place or for my parents' place by 45 years old. I have no wish to be a slave to a house. I am not keen to shoulder the financial burden. It's too much to spend years paying for interest to the principles of the house loan.