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Hi Agents,

My MOP for my 4rm flat at Sengkang will be up on 1 August 2012 (have gotten the confirmation from HDB already).

I am planning to upgrade to a EM but have many doubts on the below.

1) When should I start marketing my unit?
2) When should I engage an agent?
3) Should I buy or sell first?
4) When should I start viewing for my next house?
5) Do I need to do contra?
6) Should I go for HDB loan or bank loan for the next house? Current flat is HDB loan and is fully paid up.

I am hoping some gurus here will be advise to advise me.

Thanks.
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1 Answer

Geryl Lim
Replied
Hi Lynn,

May I know the reason in your upgrading to EM, since HDB has stopped the building of EMs sometime back and most units available in the market are considerable in the property age.

It will be too early to decide if you should sell or buy 1st, nevertheless, it is important to understand the area which you are interested to purchase in to understand the prices and COV. If you decide to take up 2nd HDB loan for this purchase, you will be required to utilise 50% of your cash proceeds to finance your purchase. Taking up a bank loan will allow you to use your sales proceeds in other areas, perhaps you may think of doing up the whole place and the proceeds will come in useful.

In the decision making process, you will need to ascertain the amount of funds you have in your CPF and cash wise to decide if the sale of your unit needs to be cleared 1st to generate the funds for the purchasing unit.

Not a straightforward answer anyone can provide I believe.

If you require any assistance, do give me a call.

Regards,
Geryl LIM
Real Estate Consultant
CEA Reg R014783H
Mobile: +65-81577565 
Email: lim.geryl@yahoo.com.sg Read More
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  • EK
    Replied
    Hi Geryl,

    It's more on wanting to experience a double storey lifestyle.

    Also as HDB have stopped building EM, it might be worth to invest into one unit?

    I guess will have to do up a detailed financial plan before deciding to go for hdb loan or bank loan.

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