Given your budget constraints and plans to sell after the Minimum Occupation Period (MOP) to purchase a Build-To-Order (BTO) flat, here are some considerations and suggestions:
Loan Amount: While the maximum loan amount of $360,000 may seem low, it's important to work within your means to avoid financial strain. With a downpayment of around $142,000, you'll need to find a 4-room HDB resale flat within your budget.
Finding a 4-Room Flat within Budget: It's possible to find a 4-room flat within your budget of $502,000 (loan + downpayment) without Cash Over Valuation (COV), but it may require some flexibility in your search criteria. Consider exploring slightly less popular areas or older estates where prices might be more affordable.
Lease Length: Opting for a flat with a shorter remaining lease (less than 70 years) may reduce the purchase price, but it could also affect the resale value in the future. Be mindful of this trade-off and consider the potential impact on your future selling price.
Resale Potential: Selling a flat with less than 70 years remaining lease after the MOP or after 10 years may pose challenges, as the lease depreciation could result in a negative sale or lower resale value. It's essential to carefully assess the resale potential and market conditions before making a purchase decision.
Consulting a Property Agent: Working with a property agent can help you navigate the market, identify suitable listings, and negotiate offers within your budget. They can also provide valuable insights and advice based on their knowledge of the local property landscape.
Grants and Eligibility: Double-check the grants you're eligible for, such as the CPF Housing Grant, to maximize your downpayment and reduce the loan amount. This can help alleviate some of the financial pressure and widen your options in the housing market.
Future Plans for BTO Purchase: Keep in mind the eligibility requirements for purchasing a BTO flat, including restrictions based on your existing property and income. Plan your purchase timeline and financial goals accordingly to ensure a smooth transition from the resale flat to a BTO in the future.
Overall, finding a suitable 4-room HDB resale flat within your budget and future plans is possible with careful consideration, research, and assistance from a property agent. Evaluate the trade-offs between lease length, resale potential, and affordability to make an informed decision that aligns with your goals.
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