9 Answers


In this case it is better to have some progress on the sale of the condo first (at least viewings done, and potentially an offer received) before you start actively looking for the next hdb property. This achieves two things, you have some buffer time to find a good price outcome offer for your condo, and secondly, hdb units generally transact faster than private property nowadays and if you find an unit you like and commit but have yet to sell or start marketing the condo, it could be more stressful to sell since there is a 6 month timeline to sell and may be forced to accept a less than ideal offer, which may become disadvantageous to you in terms of getting a good offer for your unit. Furthermore some HDB sellers are also looking to upgrade concurrently, when they become aware that you have yet to sell the condo, they may prioritize other offers with a faster timeline because they may not have the luxury of time to wait for us to sell the condo.

However you can start to apply the HFE first as it takes time to process and has a validity of 9 months.

I have done similar cases and worked with seniors before and will be happy to share the best approach. Hope the above clarifies. I am well-versed with HDB and private property transactions, having helped more than 100 homeowners transit smoothly with their housing plans. Please reach out to me at 97432395  for a more in-depth discussion :)

May I have more info on your requirements so as to make better recommendations? Thanks and looking forward to chat more

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For your parents' case, my strategy will be:

Market the Current Unit & Shop Concurrently: Begin by putting your current condo unit on the market while simultaneously exploring potential options for your next home. This dual approach ensures you have a clear understanding of your selling potential and what properties are available within your desired criteria.
The optimal approach begins with issuing an Option to Purchase (OTP) for the current unit. Once the buyer exercises the OTP, proceed to secure next unit by paying the option fee for its OTP. Read More
Tan Pei Cheng (Pei)
I would be glad to assist you.
Feel free to contact me at wa.me/6597100155 .
Hope to hear from you soon.
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Dear sir/mdm,

In terms of fund transition, there is no need to purchase first and then sell, as we can always plan some buffer time to settle the sale, and then look into the purchase concurrently. Where required, we can always request for extension stay from the sale such that transiting over to the HDB will be a breeze and there is no involvement of any bridging loan in between. I have done multiple such transactions before and I believe we can assist.

I have been in the real estate business since 2009, with more than 14 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.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

We are offering our clients a complimentary first consultation without obligations (Absolutely FREE!). Schedule for your FREE session today!

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Hi Sir/Mdm,

I have assisted my clients who are in the same situation as your parents who are downsizing from a private property to a HDB flat but may have limited cash flow due to their age. In this case, as long as we time the sale and purchase together, we will be able to make use of the sale proceeds of the condo to finance the purchase and in most situations, my clients would not need to take a loan at all because the sale proceeds is sufficient to fully cover the cost of the HDB flat.

Please feel free to contact me so that I can give you an overview of the process and explain to you the considerations that we will need to take note of.

Nick Tan
(M) +65 96 44 48 54
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“I would like to recommend Nick Tan from SRI. Before we engaged Nick, we were working with another agent from a very popular property agency in February 2017. We decided to terminate the contract after 5 weeks of zero viewings and no paper advertisements. Basically, he was just waiting for phone calls. We engaged Nick on 20th April and by 10th of May, our unit was sold off. Why Nick? 1. He has good marketing strategies 2. He always kept us posted on what he did (communications!) 3. He made sure we understand the current market situation but he will consistently reassure us that the unit can be sold off 4. He is not greedy and trusting 5. He walks the talk”
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I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
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I would be most glad to assist you further and pls feel free to let me know if you need any assistance. Have a good day ahead. By the way, in this case, your parent should do the selling first and next the purchase and for a start, I would advice them to apply for the HFE right away.

Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
Restrictions and Considerations:

Age Advantage: Since your parents are both above 55, they can buy a resale HDB flat (4-room or smaller) immediately after selling their condo. This eliminates the usual 15-month waiting period.
Cash Flow: Limited cash flow might make buying an HDB flat before selling the condo challenging. Here are two approaches to consider:
Option 1: Sell Condo First (Recommended)

Sell the Condo: Focus on finding a buyer for the condo. This will free up capital for the HDB flat purchase and potential renovation costs.
Bridge Loan (Optional): If a small gap exists between condo proceeds and the HDB flat price, a short-term bridge loan can be an option. However, bridge loans typically have higher interest rates, so minimizing this gap is ideal.
CPF Usage: Your parents can utilize their CPF savings for the HDB down payment and monthly mortgage payments (if applicable).
HDB Loan (Optional): If CPF funds are insufficient, they might consider an HDB loan for the remaining amount. However, loan eligibility depends on their age and income.
Option 2: Buy HDB Flat First (Less Recommended)

HDB Loan Eligibility Check: Before selling the condo, explore HDB loan eligibility for your parents. This will determine the maximum loan amount they can qualify for.
HDB Flat Selection: Based on the loan eligibility and their budget, they can choose a suitable 4-room resale HDB flat.
Down Payment and Monthly Payments: They might need to use some cash savings or bridge loan for the down payment and initial monthly installments until the condo sale is completed.

Selling the condo first (Option 1) is generally the safer approach. Having the condo sale proceeds readily available provides more flexibility and reduces the financial burden of two property holdings simultaneously.

Additional Tips:

Engage a Property Agent: A good property agent can help with selling the condo and finding a suitable HDB flat within their budget.
Financial Planning: It's wise to consult a financial advisor to assess their overall financial situation and ensure the HDB flat purchase is manageable within their cash flow.
By carefully considering these steps and seeking professional advice, your parents can make an informed decision about selling their condo and buying a 4-room HDB flat.
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Hello there,
Im serving my clients with the exact situation as your parents. They are also looking to right size from condo to HDB. My strategy is always to offload the condo before diving into purchasing a HDB. This way the sale proceeds can be utilise to pay for the HDB. Of course in the midst of sale, they can browse available HDB flats first to prep their expectations. Time line planning important so it’s recommended you get an agent to represent you. Hope this helps! If you need my assistance for sale and purchase, do WhatsApp me 9189 0029  for more.

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