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|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?
|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|
|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.
Location: Chicago, Illinois
|I guess option 3 is good enough in your case. On the other hand, I came to learn that a lot of people want to own their own home, instead of being forever under the thumb of somebody else who wants their palm oiled at least once a month. But what about owning your own city where you can collect the rent and designate yourself mayor and perhaps even impose taxes? There are many communities for sale all over the world, and some are going for well under $1 million. You can visit this site here for more info: Get more info with our own websites! |