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Dear sir and madam,

Have you worked out on the numbers for example, once you sold at $650k, what will be your sales proceeds like?

On top of that what are your available funds for use in terms of cash on hand after the sale (including the cash proceeds) as well as CPF funds available after all CPF monies from the current flat that are refunded to your CPF account including the accrued interest?

These numbers, including the amount you can loan and the number of years you can loan will matter alot when it come to your decision.

While lease decay is a genuine concern, I have to say that not all old houses cannot be sold. Unless you are looking only into the dollars and cents when it comes to value, then it is definitely the right time to before lease decay further and go into a newer property as much as possible. A consideration of private condo upgrade may also be wise given that condo tend to hold better value as compared to HDB, and you will enjoy a better lifestyle with facilities in the development.

The answer you are looking for will also depend on your family lifestyle. Do you have any children who may prefer the facilities that come with the private development?

Let us know how we can assist you further, perhaps in terms of priorities perhaps.

——

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.

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Hi, lease decay is a concern that most people have and your unit is likely to be affected by it as well. It is good to assume that the old flats will be returned to the government upon lease expiry. While older units are not impossible to sell, it will usually take a little more time and fetch a slightly lower price than what it can fetch now. All of the options stated by you are very good and possible to be taken into consideration, however the most important thing to check in this situation is what are your plans moving forward, what lifestyle are you looking at and what are the finances you are working wih. All of these will make one option more logical than the other.

Hi, hopefully you managed to get your doubt or query answered. If so, then congrats! Hopefully you are doing well now.

If you are currently or planning to find a property agent, I can assist.

If you are interested in prices of houses in your neighbourhood, you may visit this website to find out more or contact me.

https://www.era.com.sg/R064892F

If you are currently planning to go on a property journey selling/buying/renting/investing, I can be of assistance. Do feel free to reach out to me for more queries and assistance.

Landon Chew
97 39 60 40
landonchew@email.com Read More

Hi,

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, while decaying lease and loan is of utmost concern to you, you may consider of an upgrade to a condo or resale EC

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More

Hi,
You have clearly highlighted your various options. It all depends on you. Honestly, when you speak to different agents, they will give you their input. For me, I will ask you what you really want to do?

Lease decay for HDB results in slow appreciation over the years. Same with private condos. However, with HDB, you are at the mercy of HDB rules and regulations. With private properties, at least the land belongs to you for a said period ie, FH, 999 or LH99, where the owners have the option of going for enbloc, upgrading etc.

So, whatever agents say, it all depends on you, now and in the future.

Please contact me so that I can be of further assistance.
Cheers!

Elan Govan
MABA (Lancaster)
 90170747 
jayelan@gmail.com
www.goodpropertiesguide.com Read More

Hi, appreciate your sharing. I propose to meet up and share what your next 5 to 10 years plan. Whether to stay with children or stay by yourself.
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Cheers
Stewart-PropNex (Senior Associate Division Director) Read More

Hi Sir/Mdm,

This is the right time to consider these options because once you are above the age of 55 years old, there will be restrictions on your CPF usage and therefore you will need a higher cash outlay when doing the move.

As to whether a newer 5 room flat or a condo, my opinion is that it depends on your financial situation. If you are able to afford a condo, then it is a better option because you can benefit from the appreciation of the condo and downsize back to a HDB flat when both of you are older.

Please contact me privately so that I can assist you to assess your situation and advise you on which is the best approach moving forward.

Regards,
Nick Tan
(M) +65 96 44 48 54
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com

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During Nick’s presentation to us, he showed confidence and resourcefulness. He showed us his various methods of reaching out to potential buyers instead of just relying on Propertyguru. He also saw the potential of our home to sell at our projected price. Where other agents deem impossible to achieve, he did his analysis and deems it reasonable and achievable. Nick proves trustworthy. From time to time, Nick will update us on the progress and on any viewing. He will filter buyers who could not meet our asking price and provide update and advice on the offers. We are grateful that he helps us to negotiate for a good price for our home. In summary, Nick is dedicated, resourceful, trustworthy and willing to take challenges.
Sunny Ng (Seller) April 2024

Selling our house was a pretty stressful ordeal, as we have already committed to buying our new home and hence have a timeline to meet. Losing a substantial deposit and worse still, not getting our dream home caused many sleepless nights as we are nearing our deadline. I am very glad we have decided to switch to Nick and seek his help after the dismal performance of our first agent. Not only is Nick very patient in explaining things to us, time and time again he gives us reassurance to allay our worries. And he walked his talk.
With his help, we finally managed to sell our unit at a price within our expectations, before the deadline. Nick’s service is top notch – he is knowledgeable in his field, swift to respond, easy to communicate with and extremely accommodating.
Thank you very much once again Nick, for this smooth transaction!
Judy Rong (Seller) Dec 2023 Read More

Here are some options to consider based on your situation:

### Current Situation:
- You own a 5-room HDB flat built in 1984, valued at approximately $650,000.
- Concerns about lease decay and potential financing challenges when you reach retirement age.

### Options:

1. **Sell and Upgrade**:
- Sell your current flat and purchase a 5-room flat in a prime estate that is less than 15 years old.
- This option provides a longer lease (around 70 years) when you reach retirement, maintaining its value.

2. **Sell and Move to a Condo**:
- Sell your current flat and buy a 3-bedroom condo further from a prime area.
- This option may offer better amenities and a longer lease, but the value could be less than a flat in a prime location.

3. **Stay and Downgrade Later**:
- Continue living in your current flat and consider downgrading when you reach 65.
- However, this may lead to lower resale value due to the age of the property.

### Additional Considerations:
- **Lease Decay**: Be aware of how lease decay may impact your property’s value in the future.
- **Market Trends**: Research the current real estate market and future developments in your desired areas.

Evaluate each option carefully to find the best fit for your future needs and financial goals.
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Hi,

I would say 2 factors are push factors for the sale. First, as you rightly mention, is the lease decay and balance lease of your existing flat, which is already 59 years balance lease. Lease decay is not that pronounced of an issue now and buyers are able to still overlook this when making their offer, and also CPF and loan restrictions are not as restrictive since 59 + age of typical buyer still can last them until 90 to 95 years old. If you sell when balance lease is 40 - 50 years, there could be challenges to get a higher price than what you could be fetching now, which in history of HDB transactions is at an all-time high. The 2nd factor will be your age. As you near 55, there will be CPF restrictions on the available CPF you can use for the next house, which will make your next move more challenging as you need to put in more cash proceeds.

It is a good time to explore the sale now based on above 2 factors, to protect your wealth in property and also to secure your retirement in a way. Which next move makes the most sense will definite on lifestyle factors as well as funds available.

Just my 2 cents, and 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

Warm Regards,

Ivan Ng Realtor
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Good day to you,

Based on the options that you have provided, it appear that you require 3 bedrooms due to your family size. Decaying lease is definitely a major concern for most Singaporean but there are HDB units with less than 50 years lease still going at good closing price.
In respect to your concern, I would sell my current 5 room flat and purchase a younger 5 room flat. This would ensure that I do not stress myself with the higher mortgage repayment, for condo purchase.

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Mike Lim
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m52i@yahoo.com Read More