07 Jun 2019
Our current HDB resale flat is 35 years old and we only moved in 2 years ago. How do we gauge when is a good time to start looking for the next property?
My wife and I moved in 2 years ago and we are worried that our resale flat will lose its value if we live here too long. When do we know if it’s a good time to start looking for a new property? We are both working professionals with a combined income of approximate $9000.
Thank you all in advance!
You would have lost a certain pool of buyers after your flat turns 40 years old. That's because buyers can't use their cpf for the flat after it is 70 years old. For flats that are in between 40-70 years old (meaning remaining lease of 60-30 years), buyer's age plus remaining lease must be at least 80 years for them to still be able to use cpf and/or take max loan. Or else they have to buy your flat using more cash. Unless your house is in a prime district and many people are willing to spend cash, I would say your flat loses value after 40 years.
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Now would be a good time. I generally advise against 30yo flats as there is usually no upside (unless mrt built just beside the hdb) and the only way is down. Usually stagnant value from 30 to 40, then start depreciating. Maybe take a look at URA website to see if there will be any favourable developments at your area.
As what Petrine mentioned, when a property remaining lease reaches 60 years and lower, the next buye...
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