Curious how much it takes to own a $5m home?

Think BIG, imagine the impossible...

What if you start earning SUBSTANTIALLY more.

What if someone from "Crazy rich asians" offered to buy up your business.

What if you struck TOTO?

Why can't these happen?

This is a peculiar blog.

I preach financial prudence till the cows come home and I must admit, it is often uninspiring.

This my friend is for both you and I to imagine wildly =)

PS: I did not buy anything, do not bother PM me on it.

What if you struck TOTO?

Imagine this!!! You catch TOTO first price and you win $1.5m!!!

Then your spouse says "Can we buy a $5m house?"

Hi, I'm Josh Tan

I have 2 exclusive videos on investing that help ANYONE invest better instantly!

I'd send them to you. Click below!

Your reply should be, ok let's sell this house and get $1m from it to upgrade! 

Then your total funds become $2.5m.

To make the scenario a reality,

Your combined household income still needs to be at least $24k/mth or close to $300k per year.

Why?

Because such a mortgage is already $11.4k/m (at 2% interest rate).

Hmm... dream big first. It doesn't hurt.

If you do not ever buy TOTO

And the only way to afford the $5m home is to upgrade and earn enough.

How much income is needed?


In this scenario below, you need a few things (while avoiding loans that could reduce your borrowing ratios)

1) $1.8m net assets (maybe sell your existing home and save really hard along the years)

2) Have a combined income of $30k/m. Yes $30,000/month

Are these figures accurate?

ABSOLUTELY YES: 

Propertyguru's calculator puts you through MAS's stress test for affordability.

The TDSR restricts the mortgage loan size you can take.

The various down-payments to make are taken into account.

For example, your stamp duty will already be close to $150k.


Has anyone done it?

OBVIOUSLY YES: Look at the amount of luxury homes in Orchard and all the landed estates.

The $5m house, is it too big a dream?

Being a starry-eyed dreamer isn’t about giving up. 

Dreaming often and dreaming big actually provides us with a platform for growth and success.

This post by wanderlustworker says it all.

Click here to read their post on 11 reasons why you should dream big! 


Click below to like and share this post with anyone thinking of a big dream home!

Last updated on November 15th, 2018 at 05:14 pm

Josh Tan Jian Liang (CHFC) Principal Author

REVIEWS: https://www.josh-tan/wall-of-reviews. COMPANY: Promiseland Independent Pte Ltd. EXPERIENCE: 11years.