Should we upgrade to condo from HDB with combined 8K salary?

Hi all, looking for some advice here (and not just my agent).

I’m staying with my single mother who’s retiring in 5 years time. I just started a new job and we’re looking at selling away our HDB. (I have no cpf before that)

According to the agent, now is the best time to sell off the HDB. (Which is fully paid for already)

Their suggestion was to
1. Upgrade to condo
2. Downgrade HDB

Of course they made it sound so easy with option 1, to move to a secluded area of Singapore and earn the capital appreciation.

Spoke to some friends and they disagreed quoting that I should BTO instead and not take up this hefty loan as I’ll be a co owner. Plus ABSD in the future if I want to have my own private property. (This was not highlighted by the agent to me)

What are some of your suggestions here? I would like a second opinion so agents feel free to give me some suggestions and tips.

Thank you!

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Caleb Seah Hua Xiang

01 May 2021

Would need to know more of your background before i can give advise?

1) Are you single or married?

2) Your age?

3) Is the HDB co-own together with your mum or it's with your spouse? or just your mum alone.

4) 8k is it with your mum or with your spouse? (Cause combined with who? )

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S.Tan

29 Apr 2021

Definitely BTO instead. By purchasing a condo/ hdb under your name, you will be giving up the multiple subsidies you can get from BTO as a first time home buyer.

If there is a good opportunity to sell, perhaps the home can be under your mom’s name only.

Hope this helps.

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