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I think this question should be posted to your 1 or 2 good friends. How well versed are they in real estate or financial market to make the suggestion?

Essentially, as you turn 55, you will need to set aside funds in your CPF account to the retirement account and this amount will not be able to be utilised for purchasing a property. If you have already set aside this sum in your CPF account and have excess funds for your home purchase, then there is no rush.

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.

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Hi Rexara,

I'm not sure their motivation in suggesting to buy after 55 years old, in fact this is the age milestone most buyers would avoid because CPF usage for housing will be restricted due to a need to set aside CPF OA to meet mandatory retirement sum for retirement needs. This may limit your options for purchase. Further the loan tenure will also shorten resulting in a limited loan attainable for your potential purchase price you can go for. This is why sometimes its not always wise to wait to purchase in a rising price environment. The barriers to entry gets higher with age.

Further are you currently renting at the moment? That is also additional cost you have to factor in as well by not purchasing.

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
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Hi Rexara,
In a rising market, it would be a mistake to sell a property and not buy. What your friends are suggesting is valid in a downtrend market. So, you got to ask yourself, is it uptrend or downtrend now?

The economy is just about to pick up, after Covid. The interest rates are high but the market is still strong. As you can see, though the number of units sold have dropped, the market prices are still holding steady. Even with the latest round of tax increases it is still very much up. Ask yourself, what if the prices keep going up? Will you be satisfied to purchase in a even higher market?

Talk to real estate professionals, bankers etc. Do not just listen to friends or family. They are not going to assist you financially if the uptrend continues. You should seek professional help and make an informed decision. Contact me if you need any further assistance. There are always bargains in any market!
Cheers!

Elan Govan
MABA (Lancaster)
 90170747 
jayelan@gmail.com
www.goodpropertiesguide.com Read More