AskGuru Q&A Community

Morning Edw,

You are not the only upgrader with such issue. From your statement, I would assume that you require the monies from sales of HDB unit to settle your initial 5% cash and 15% CPF. You can try work something out with your buyer/s during point of sales. As for buying, it would be dependent on your requirement. Are you looking at fully renovated unit that's near MRT and ammenities?

Do feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
ERA Read More

Morning Edw,

You have to understand you cant have the perfection of this world. If you can only choose a few things from the bag, you have to give up the rest remained.

You have to understand downpayment cant be loaned from bank and have to come out from own pocket, if not will be personal finance from family, relatives, friends etc if you choose not to sell off your current flat even you desire to upgrade.

If this alternative cant be done, you have to sell it first and rent. During the period staying in your potential rental unit, then you can take your time to find your dream house.

Thus it's very simple, if no cash to pay downpayment: sell first then rent followed by purchase.

But if you are insisting of dont rent, dont sell first because you are afraid of finding your dream house, i will say that you are not ready to upgrade.

Take a bold move which you will be pleased with.

Feel free to contact me if you need any assistance.

Warmest Regards,
YT TAN
District Manager
R043025D
(M): 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W1): www.yttan.com
(W2): yttan.stproperty.com.sg/
ECG Property Pte Ltd Read More

Hi Edw,

1st thing, have you done some basic research on the price range of properties at your desired location if you do have choices? Secondly, when you mean downpayment, do you refer to the 20% downpayment or the up fron 5% required to offer for the unit you shortlist.

If the purchasing budget does not pose any issues in terms of choices available and you do not have issue with the 5% upfront, perhaps you may leave the remainder in the hands of the professionals to do the job for you.

There are many upgraders who have similar issues in terms of financial limitations, and perhaps speaking to the banker to understand your situation will be more helpful.

As of now, what I can help will be to update your on the existing price trend of 4 room HDB in your area for you to have a better understanding on how you can plan your finances around it.

If there is any opportunity for the above sharing session, do let me know as I am also a Tampines resident therefore arranging for an appointment with you will be pretty straightforward.

Regards,
Geryl LIM
Real Estate Consultant/District Manager
CEA Reg R0147783H
Mobile: +65-81577565 
Email: lim.geryl@yahoo.com.sg Read More