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I am thinking of selling my 5rm flat which I think will fetch around 520k. Currently, I still own HDB around 200k. If I sell my flat, I will get back around 200k in cash and cpf return to OA acct of 100k. Can I upgrade to a 2rm new EC which I think is around 600k. Will it be too finanically tight for us to pay for the monthly installation? Problem is a new EC will takes at least 4yrs to complete. Thus, if i sell my hse where to stay? We will not have the $$ to pay the 5% downpayment for the EC if we do not sell our current hse first. Thus, any advice will be appreciated?
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1 Answer

Geryl Lim
Replied
Dear sir/madam,

You have done the basic sums already, but still lack an important consideration in terms of financial planning. It is advisable to seek the opinion of a banker to assess your situation financially before understanding if this plan is feasible or not. Some families upgraded but compromises their family lifestyle over the surge in monthly instalment needed to maintain the purchase therefore is that worthwhile to do so? For your case, it would be a trade down in terms of living space from 5rm flat to a 2 bedrooms apartment, apart from the facilities that is available in the EC.

Plan well in terms of financial before you over commit.

Regards,

Geryl LIM
Senior District Manager/Real Estate Consultant
CEA Reg R014783H
Mobile: +65-81577565  /+65-92787772
Email: geryl7772@gmail.com
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