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Hi I am a PR and I would like to ask an opinion

Currently I own 5I flat in Punggol for which current value is 580 – 620 K.

I bought HDB flat ~2.5 years back for 440 K (including COV)

I am in a dilemma and not able to decide between (1) buy a condo after selling HDB 2) Rent out HDB and rent a condo (top up ~ 1000 SGD / month for condo from the HDB rental) .

I am not able to understand the factors to be considered and decide which option is best. With buying a new condo the cost is anywhere between 1M – 1.2 M, with 80 % loan have to fork out which option could be the best for next 2-3 years
Appreciate response / feedback
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2 Answers

Mike Lim
Replied
Afternoon Manoj,

Work on this few things:

1) How much CPF do you have at hand, (before and after sales of your current HDB unit)?
2) How much can the bank loan to you?
3) How much cash do you have at hand to pay for the deposit and differences?
4) Why would you prefer renting out your HDB unit, rent a condo and pay the difference when you can purchase one and make it your asset?
5) Is your holding power for the purchase only around 2 to 3 years and what type of capital yield are you looking at?
6) With your ideal budget, which district, project and room size are you looking at?

Fulfilling your purpose is part of our duty and it can be achieved with planning and understanding.

Regards
Mike Lim
 96929209 
ERA Read More
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Geryl Lim
Replied
Hi Manoj,

Pardon me for saying this, but I guess you are likely in a dangerous position for your questions posted. As Mike has pointed out, the most important aspect for consideration is financial status. Should you be selling your HDB and purchasing a private condominium, will it be straining on your cashflow monthly? Personally I would not advise on renting out your HDB and renting a condo for your own stay as you'll be topping up to rent a condo and not owning the asset.

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