Asked by Anonymous
I'm asking this for my parents. They are now currently staying with me. Their house is rented out. They are both in their 60s, both Singaporean. They own a 3rm HDB which now left with lease of 58 years. The estimated selling price is about $315k. The house was paid partially by HDB loan which is now fully paid off. CPF monies used is about $20k (P+I).
They are thinking of selling the flat and then either buy a BTO or a resale with longer remaining lease. They do not have much cash saving or much CPF savings. So the only way is to use the sale proceed to buy a new flat.
However, they are worry once they sold the flat, the monies goes into MSS and cannot be used for buying another flat. Can anyone please advise? What is the estimated sale proceed they can get and whether is their plan is feasible?
They are thinking of selling the flat and then either buy a BTO or a resale with longer remaining lease. They do not have much cash saving or much CPF savings. So the only way is to use the sale proceed to buy a new flat.
However, they are worry once they sold the flat, the monies goes into MSS and cannot be used for buying another flat. Can anyone please advise? What is the estimated sale proceed they can get and whether is their plan is feasible?
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