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Hi experts. Im looking to buy a new home. But I will be making 100k lost. Value of house $406k total outstanding is $220k both our cpf+accrued amount to abt $280k now. Should we still consider to move? Objective of moving: stayed in current house 10years already, bigger family, new environment. What is a wiser choice for my situation?
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9 Answers

Hi Hera,

It depends on where you are shifting to and whether it makes financial sense and whether the finances are comfortable to justify the move. May I know if you are looking to purchase another resale hdb or may consider upgrading to EC?

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
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Hi Hera,

How you think determines how you buy or sell. Is your existing home to small for your big family. Do you have to do repairs and replacements for your existing home.

You may text 9620 0827  for an open discussion. A client of ours said that she has made a lost because she did not meet her desired price. We corrected her, given the scenario she had over a $100K in sales proceed could hardly defined as lost.

Regards

Gavin Read More
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Hi Queen, if your cash on hand is low and budget is very limited, then it is not a wise choice to sell. Selling the existing and moving to a new property should be a joyous affair and not a financial draining process to partake.

Regards
Aaron
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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Hi,

You don't need to top up the cpf if you sell the property at market value. However, any option money (for example: option and exercise fee) receive from buyer in cash will need to be refunded back to the cpf accounts.

Based on your objective, it seem to be more of want to move and not need to move. You need to weigh the pros and cons of moving. Is the current unit too small for the family and you need to get a bigger flat?

Is it an urgent need to move? Need to change environment?

If it not, then perhap you can think of monitoring the market and see how it goes.

Thanks

Alan Sng
PropNex Read More
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Dear sir/madam,

HDB used to be the first pot of gold made in our parents or even grand parents generation, however, in current context, we have encountered many clients in similar situation as yours. Will the situation be better in HDB value? The Straits Times report today indicated that HDB prices continue to slide with fewer transactions in month of September (https://www.facebook.com/325451854772940/posts/425792728072185?sfns=mo) and what are the chances that it will continue to slide moving ahead. Considering to move or not will greatly depends on your objectives on top of financial plans, as my fellow professionals have indicated, as long as you are selling the current place at or above valuation, there is no need to top up any CPF shortfall, with the option fees paid in cash by your buyer to be returned to CPF only.

It will be good to evaluate your situation in private along with your family to understand the situation better and work out the financial plans in the different scenarios for better decision making process.

We are offering our clients a complimentary 45 minutes first consultation without obligations (Absolutely FREE!). Visit http://bit.ly/FOC1stConsult to schedule your FREE session today!

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Hi Ms Queen,

It is advisable to cut loss early because since the sale is already in the negative territory, the longer you drag, the situation may worsen because of the compounding effects of the accrual interests. Take it as a reset to your real estate portfolio and buy a project with upside potential so that you will not be making a loss again in the future.

I have assisted many clients who are in a similar situation as yourself to sell off their place and purchase a new place with greater upside potential. Please feel free to contact me so that I can understand your situation better and provide you with further assistance.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com

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Susana (Buyer) Read More
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Hi Ms Queen Hera;

Based on what you have just highlighted, it would be wiser to take action now, rather then making more lost in the future. Take this opportunity to restructure your portfolio and get something that can help you make back the lost .. I have many clients that are in the same situation like yours, they have successfully dispose of their current property and now happily living in their new home that are already appreciating in paper value.. Do contact me for non-obligation discussion to understand more on what are your available options.. Thanks

Rgds;
Lyna Song
 96238442 
Associate Group Director
Propnex Realty Pte Ltd
lynasong@hotmail.com Read More
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Robbie Chen Chee Howe
Hi Queen,

This is not uncommon, and I can understand your current situation. We term this as a "negative sale", where you do not get back any Cash proceeds should you sell off your current HDB flat.

I think it is best if we could arrange for a meet-up, for me to better understand and then discuss on the available options for you and your family going forward.

I am experienced and well-versed in both private and HDB resale transactions. I will be able to assist you in your housing plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
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OHMYHOME PTE LTD
Greetings from Ohmyhome!.

We are able to assist you on this matter.

For more information, kindly contact us at 68869009  or WhatsApp us at 97551009  .

Richmond Chia
Senior Advisor
Ohmyhome Pte Ltd Read More
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