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Anonymous
My resale flat is 48yo and the value has dropped $100k in 4yrs. Sell the flat to avoid further loss, or better to keep as a rental unit (I've moved to NZ)?
Downgraded to a 3-room resale flat in Whampoa Drive in 2017, thinking to sell it at some point after 5 year MOP and finances have improved. I was aware that the value would drop as the flat was down to 55 years remaining lease when I bought it, but am shocked to find the value has dropped almost $100k since 2017.
As I moved to NZ on May 2021, I've been renting out this flat since then after getting an MOP excemption from HDB (left 1 more year to MOP).
Since SERS is highly unlikely given that only 5% of HDB flats are considered, to avoid further loss should I sell the flat after the tenancy agreement ends and I keep it rent free for a year to meet MOP? Or am I better off keeping the flat as a rental property indefinitely at this point?
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- Do you forseen coming back to SG in the future? U need a house to stay.
- Most HDB will depreciate overtime. If you just going to buy another HDB, no point.
- If you buy a condo, monthly instalment will be very high. You will have negative cashflow.
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Hi! Could I understand when your tenancy ends? You should consider to rent the property up till the MOP instead of keeping it rent free.
Selling the HDB after the MOP might be an viable option, if you might be looking to "trade-up" for a higher yielding investment property (i.e. condominiums - which might also have capital appreciation)
Feel free to let me know if you have any other concerns!
Nik C.
ERA Realty Network Pte Ltd
Chat with me over WhatsApp @ wa.me/6586858778