‘I’m still paying for it’—Singaporean says wife’s wish to upgrade to condo has delayed retirement plans

SINGAPORE: A Singaporean who thought he had finally escaped the grind after becoming debt-free says fulfilling his wife’s desire to upgrade from an HDB flat to a condominium has left him facing years of additional work instead of an earlier retirement.

In a post published on the Singapore Uncensored Facebook page, the man shared that he once believed that becoming debt-free was “the ultimate goal in life” and looked forward to enjoying a more relaxed future after years of paying off loans.

“I thought that once you got to that point, you could just relax and enjoy the rest of your life in peace,” he wrote.

According to the man, he and his wife finally reached that milestone after years of financial discipline and making their last debt payment. While he was eager to enjoy the financial freedom they had achieved, his wife had different plans.

“She wanted to upgrade our HDB to a condo,” he said, adding that he was initially puzzled by the idea.

His wife argued that a condominium would be a better investment and could appreciate in value over time. She also believed it would provide a better living environment and offer greater convenience due to its location.

Although he understood her reasoning, the prospect of taking on another large financial commitment left him uneasy. “I was scared to take on more debt, even if it was a good investment,” he wrote.

Eventually, he agreed to the upgrade. The couple purchased a condominium, which he described as costing “a mountain of cash.”

Years later, he said the property had indeed appreciated in value, but the financial burden remained significant. “Now that a few years have passed, I am still paying for it,” he wrote.

While acknowledging that the condominium’s value had risen, he lamented that the decision had extended his retirement timeline by several years. He said:

“Although one needs to make money for a better life, life is so short, I don’t want to sacrifice so much,” he said, adding that ageing had changed his perspective on money and time. When you’re old, you don’t have the same level of energy to play.”

The post concluded with the writer questioning whether the trade-off was worthwhile.

“You want to work till you die or spend money when you’re old AF,” he wrote.

The post quickly attracted comments from readers, many of whom debated whether owner-occupied property should be viewed as an investment at all.

One commenter argued that a primary residence should not be regarded as an investment unless it is eventually sold and replaced with a cheaper home.

“Your primary residence will never be an investment. It’s a liability. It only becomes an investment if you plan to sell it and buy a cheaper place to live, which is def not what is happening here,” the commenter wrote.

Others suggested that the writer had fallen into a common Singaporean mindset that prioritises property appreciation over financial freedom.

“Haha. She fell into the Singaporean trap,” one commenter said.

The commenter added that homeowners who focus solely on property gains may eventually have to sell and downgrade during retirement anyway.

“I did the math and then I decided. Cash is so much more powerful. And retiring at 55 with the cash flow that can further continue to grow is the best appreciation.”

Several commenters stressed that property is only one of many possible investment options.

“Real estate is not the only investment vehicle. Do your research diligently,” one person wrote.

The commenter also warned that homeowners could face significant difficulties if their financial circumstances changed unexpectedly.

“What if you lose your job or health? You will be stuck with a mortgage you cannot pay.”

Concerns about employment security featured prominently throughout the discussion, with several commenters linking mortgage risks to growing fears about job displacement.

One commenter argued, “If only one spouse is working to pay down the mortgage, that spouse should have the final say.”

The same commenter also cautioned that rapid technological changes could affect future employment prospects.

“Don’t forget AI is a job security worry, and there’s no guarantee selling the condo will not result in financial loss.”

Not everyone disagreed with the couple’s decision, however.

One commenter noted that upgrading to a condominium could be a reasonable strategy for households with stable incomes and excess cash that would otherwise remain uninvested.

“Assuming income is stable (some jobs are), it’s not a terrible idea. It does appreciate in value with time,” the commenter said.

The commenter added that the eventual appreciation could provide a larger retirement nest egg if the owners later chose to downsize.

The same commenter pointed out that investors have a range of options available, including “bonds, stocks, money market, property, annuity,” each with its own advantages and disadvantages.

Another commenter echoed concerns about employment risks, saying the greatest danger associated with a large mortgage is the possibility of losing a job.

“The biggest risk, in my opinion, is losing your job. If one or both of you lose your job, then the repayment is a big problem.”

The commenter added that “there is no job security anymore with AI rampaging.”