| Home > Let's Buzz > IM$avvy Managing Life Events > Buying a House |
|
| ||||||
|
| |||
| |||
| rogue |
| ||
| Regular Posts: 60 | I have already made up my mind but it would be good to get some second opinions. I have an existing resale flat which I bought 6 years ago when prices were much lower with the help of a CPF Housing Grant. Now that prices are crazy, I was wondering if it might be a good idea to sell my place and cash in on the proceeds? I have three options - 1. Sell and buy another resale - it would tantamount to selling high and buying high. COVs are ridiculous! But the cash proceeds I can get out of the sale would be able to cover it plus get about an extra $50-80K cash. 2. Apply for a BTO - assume I get on the list but the unit will be available few years later. Found out that BTOs are priced based on market less, so I wonder if the price I will pay is actually worth it, although it has an excellent location. But in 4 years' time, will I be able to sell my current place for a good value plus the $45K resale levy I have to return to HDB. 3. Don't sell, don't buy, just renovate - there's nothing wrong with my current place, I love it actually just need a little touching up. Going with option 1 and 2 will wipe out our entire cash savings to put up the 20% downpayment in cash/CPF. Which do you think is the best option? | ||
| Boomz |
| ||
| New User Posts: 1 | Oh dear, fundamentally, you have to ask yourself, what is the reason for letting go of your existing place and getting a new one? If it is to encash the property, I would suggest that this is not the right time. Property prices are sky high! In all the 3 scenarios you painted, which serves your purpose? Keeping your HDB is a good option. I know of a top executive who believes in keeping his first HDB! He bought a private property for stay but kept his HDB for rental. | ||
| Son Of Light |
| ||
| Veteran Posts: 172 Location: Yishun | Don't get BTO, BTO is a stupid idea, it's a waste of $$$ and time. It will be better for you to stay in ur current place. And wait for the next financial crisis to buy a new house. Which should be just 5 or 6 yrs from now. | ||
| sophie008 |
| ||
| New User Posts: 1 Location: Chicago, Illinois | I guess option 3 is good enough in your case. | ||
|
|















