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Hi Ben,

Thank you for writing in here for opinions. You will first need to establish your available funds for use when it comes to downgrading to a smaller flat from your current flat, given that you are above 55, therefore you will be required to set aside the applicable Basic Retirement Sum (BRS) in your CPF accounts to provide you with a monthly income to support a basic standard of living during retirement.

Purchasing of a BTO 2rm flexi flat is also a confirmed deal as it will depends on the ballot as well as your allocated chances. As such it will be quite difficult for anyone to provide any form of accurate opinion in terms of your longer term plans.

As to whether you should look into selling your current flat first or buying the next flat first, I reckon that these processes can take place simultaneously, since there will be undue stress if you purchase first but fail to get a buyer who makes any acceptable offers thereafter, or unable to secure a place to purchase after selling.

By doing both simultaneously, you are able to relate better to ground conditions of what are the units options available to you while you listen to potential offers. Managing the timeline is not as complicated if a professional realtor is engaged for these transactions.

Hope the above helps and if they do, kindly click on the Upvote button for this reply.

If there is anything else which I can assist further, feel free to get in touch with me.

I have been in the real estate business since 2009, with more than 13 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

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Hi Ben,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead. By the way, it would all depends on your available funds like CPF OA as well as cash on hand. If it is not sufficient to purchase the next flat, then it is better that we sell first before buying the next.

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

Hi Ben,

Both sale & purchase can be done concurrently, but if you have temporary accommodation and wish to maximize the sale price outcomes, it may be ideal to do the sale first.

If you just wish to move only once, it is also possible to plan in such a way where you can extend your stay for a 2 to 3 month period after completion while you renovate the next property.

I have helped various seniors to transit smoothly to their next place and would be happy to assist further.

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

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
ERA Diamond Achiever

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-- HDB Toa Payoh 5-RM Sellers of Million-Dollar HDB, Mr. & Mrs Leong

We were fortunate to have met Ivan Ng. He was thorough in going through what the complicated home-selling process required of us and more so in understanding what we would like to achieve from the sale of our unit. His responsiveness and assurance, was a trait that we really appreciate. We managed to secure a sale that exceeded our expectation with Ivan’s advises. The offered price for our unit was a record set for the flats in the neighborhood. This was definitely supported by the fact that Ivan’s listing of our unit was detailed and stood out from other listings. Because of this, we also engaged Ivan's service to help us search and buy our new resale home. After some searches and viewings, we managed to secure one at a reasonable price with his help. With Ivan’s cheery and positive demeanour, selling our unit to procuring a new one, was a smooth journey for us.

-- HDB Executive Maisonette Sellers, Mr & Mrs Yeo --

Before contacting Ivan Ng, our Property Realtor, we were quite apprehensive about our Contra-deal ( concurrent resale & purchase of HDB flats) as at that time the outlook of the resale property market was quite sluggish & pessimistic. But surprisingly our property realtor, Ivan , was able to put us at ease with his professional competence, astute work experience & friendly nature . He was able to consummate our contra-deal within one month of our HDB application. Now we are convinced by his promise that (in Ivan's own words) ... "A contra-deal is where the sale & purchase transactions are done concurrently and completed on the same day. This results in a seamless transition of the funds from your sale proceeds and CPF proceeds towards your purchase price." More importantly Ivan has also managed to clinch a good deal for our contra-deal. We'll certainly recommend him to our kins & friends.

-- HDB Yishun BTO 5-RM Sellers, Private Property Upgraders Mr. & Mrs. Koh --

I would like to express my appreciation to Ivan Ng for his excellent work. Ivan is a dedicated, client-focused, patient and sincere agent. Throughout the whole process of selling and looking for our next property, he has always acted very professionally that makes my wife and I feel at ease and assured. Read More

Hi Ben,

I have assisted many of my clients in the same situation before. I will usually plan for them based on their individual situation. If you have sufficient funds to purchase the 3 room resale flat, I would suggest you to purchase first so that you will have ample time to renovate the resale flat and slowly move over.

However, if you need the funds from your current plan to finance the purchase, then I will plan the sale and purchase concurrently so that you will not need an interim place to stay during the transition and also be able to minimise your cash outlay.

Please feel free to contact me so that I can understand your situation and helped you work out the sums first before recommending the best way to move forward.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com
SEAA Salespersons Achievement Platinum Award 2020

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“I would like to recommend Nick Tan from SRI. Before we engaged Nick, we were working with another agent from a very popular property agency in February 2017. We decided to terminate the contract after 5 weeks of zero viewings and no paper advertisements. Basically he was just waiting for phone calls. We engaged Nick on 20th April and by 10th of May, our unit was sold off. Why Nick? 1. He has good marketing strategies 2. He always kept us posted on what he did (communications!) 3. He made sure we understand the current market situation but he will consistently reassure us that the unit can be sold off 4. He is not greedy and trusting 5. He walks the talk”
Peter & Wendy (Property Seller)

I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
Weilun & Benita (Property Seller)

“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)

“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations. We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House)

“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties Read More

Hi
I am well versed in HDB and have assisted various elderly clients like yourself in their downgrading plans. In order to assist you further, I will need more information in regards to your profile and financial circumstances. Do contact me at 93375051  for a free and non obligatory consultation on this.

Regards
Taufik Hussein
Marketing Director
ERA Realty Network Pte Ltd
CEA Reg No: R061607B
Contact No: 93375051  Read More

Hi Ben,

Congratulations on meeting the MOP for your second subsidised flat! You will be earning your second "pot of gold"!

As to whether do you sell your current 4RM flat first, or to buy your next 3RM flat first, you will need to calculate to see if you need the sale proceeds for your next purchase.

Should you be able to purchase the 3RM flat without the sale proceeds from your 4RM flat, you may wish to purchase the 3RM flat first, then sell your 4RM flat within 6 months thereafter.

However, if you need the sale proceed from your 4RM flat for your next purchase, you will need to complete the sale first. You can also have the option to do contra if you're not taking a bank loan (for your current flat, and your next flat).

You may also wish to plan your Sale and Purchase Timeline properly, so as to avoid the hassle of having to shift house more than once during this transition. As Timeline planning can be complex, it is advisable for you to appoint one trusted agent to handle both your Sale and Purchase.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property 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

Hi Ben, I am Brendan!

You do not have to sell your current flat first.
Generally, for sale and purchase transactions, i will recommend my clients to do it concurrently to eliminate the hassle of moving twice.

However, you may wish to start viewing for suitable 3 room resale flat soon to identify which area is your preferred choice for your next home. Once a suitable unit is available, we can plan for the purchase. And once you had reached MOP, start to market your unit.

As for the choice and value of your future 3 room flat, we can do a detailed calculation to give you a clear picture and confidence for your next home purchase.

I will like to share with you more, pls contact me at 9754 5207  or wa.me/6597545207.

Thank you!
Brendan Bay, ERA Read More