While the term “asset progression” is used loosely these days, one thing should be clear: there’s a huge difference between planning to sell and upgrade (e.g., moving from a flat to a condo), versus actually wanting to own multiple properties. Wanting to own a second home is a bigger aspiration, that will require deeper pockets and more in-depth planning. In light of that, here are the key considerations to have even when buying your first home:
What should you consider if you want to own a second home later?
Apart from your personal finances (more on this below), the following are important details: Starting with a flat, versus an EC or condoJoint tenancy versus tenancy-in-common Deciding on the primary residence Financing issues
1. Starting with a flat, versus an EC or condo One key concern is that you cannot “decouple” if you own...