It does appear that selling may be a better idea, but it also depends on your monthly commitments, if you feel you still can manage the mortgage and your family expenses comfortably. Do you feel is there potential upside & developmen plans within the vicinity to sell at a higher price next time for your condo? If not it may be the right time to sell. Thanks and hope to have more details to discuss further.
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I believe that the outlook of the real estate market trend may not be in alignment towards your initial objective for this property as an investment. The easy way out is to sell this property to exit the market and look for alternatives, but like you have said, the upcoming supply makes selling difficult too unless there is an attractive unique selling point to your property. As a 10 years old property, you may still be looking at decent cash proceeds from the sale should you decide on selling low.
How about re-looking into your current real estate portfolios? Is there any other alternatives like liquidating other real estate assets which could yield better returns while you move into this property?
Our team has been assisting our clients to look into such options and clients have been satisfied with such services. Hope you are able to benefit too.
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Probably you can share more information with me so I can advise you further.
I will assume your property is a leasehold property as I dont think there's any freehold project there.
1) Are you subject to seller's stamp duty?
2) Is the unit fully paid?
3) Is the rental able to cover the maintenance fees or monthly mortgage repayments?
a) if the unit is fully paid and rental able to cover your expenses, you might want to consider holding on to it. Since it will be passive income with no financial burden. But the chances of getting it sold at a reasonable price in the midst of high supply of new units will diminish over time.
2) If your rental cant cover your expenses, it will be best to sell it fast and transfer the funds to other profitable options.
Hope my opinions aid in your decision making.
If you need any assistance or advice in your property sale, feel free to contact me. Cheers!
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
Property Avenue Pte Ltd
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