HDB flats are for long-term occupation.
However, if you have plans to sell your HDB flat, it will be subjected to a pro-rated CPF usage if the lease is less than 60 years. As such, it will limit your pool of buyers. Also, generally, freshly MOP-ed HDB flats are in demand rather than those with a lease of less than 60 years.
When you buy a Built-To-Order (BTO) flat, you will have to pay a resale levy of $45,000.
Hope this answers your question.
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If its within your affordability, you should consider it since you mentioned your existing flat is not young anymore.
Hope my sharing helps in aiding in your enquiry. May I know how can I value add further in your property needs?
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It is definitely a wise move to move to a new BTO or a newer resale flat because in 5 to 10 years time, the depreciation of your flat will be exponential as there will be more CPF usage restrictions for potential buyers.
Please feel free to contact me so that I can show you the HDB depreciation chart and also run through some figures with you if you intend to make the move!
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Testimonial from Satisfied Clients
“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”
Peter & Wendy (Property Seller)
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.
Weilun & Benita (Property Seller)
“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)
“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations. We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House)
“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
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It is one of the option you may consider, provided you're still eligible to apply for a BTO.
Do take note that if your current flat is a subsidised flat, you will be classed as a "second timer". This means that your chance of getting a BTO is very very slim, as only a small percentage of the new flats will be alloted to second timers. In the event that you are successful in your ballot, you will also be liable to pay a resale levy upon the sale of your current HDB flat.
If you're concerned on the decaying lease of your flat, there are some options which you may consider. As for which option is most suited for you, we will have to look deeper into your family profile. Do contact me for further discussion.
I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.
Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305. I will be happy to assess and share with you the possibilities for you in the current market.
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