To Sell or to stay in a 99yrs old property?

With rising costs and increased learning needs, financing our children's education is no longer a simple walk in the park. Discuss with other parents about how they are managing their finances to cope with their expenses.

To Sell or to stay in a 99yrs old property?

Postby loner » Thu Jul 15, 2010 6:43 pm

I'm in a dilemma: should I lock in to the high property price now and sell my property which is 20+yrs old or should I stay put cos' its a great place to stay... :? Hubby feels its a good chance not to be miss and I agree we need the cash for our kids' future needs but I'm reluctant to move... :cry: Any suggestion??

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Re: To Sell or to stay in a 99yrs old property?

Postby cantbearit2 » Thu Jul 15, 2010 11:11 pm

Hi,

IMHO Unless you are downgrading your property, it is not worth selling your property.

Reason being, the property market is still on the high side. Imagine selling your property at high price and buying another bigger (or should I say more expensive) property will land you in a bigger debt (cos bigger loan fr bank).

However, if you are selling away your pte property and buying HDB flat, this option can be explored (depending on your outstanding loan, CPF utilised, cash available).

There is however another option which rarely people wish to consider (will explain why later). That is to sell away your existing property and buy another property with other friends or relatives. The whole idea is to ensure all CPF, savings available from all parties can fully pay off the next property you intend to purchase. This will ensure savings in interest (trust me, interest makes up a huge chunk of the loan).

However you have to ensure that your friends or relatives who is sharing with you does not need to stay in the property and there is always a danger of getting into dispute as to the best time to re-sell this shared property.

Sorry for the long reply. Just my two cents worth. :wink:

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Postby verykiasu2010 » Fri Jul 16, 2010 12:45 am

it is always an issue of sell high buy high the next one; and sell low buy low the next one

each one's maths is different and station in life is different too

99 yrs property already 20+ years old ? how much more upside can you get? and how much will lose in a down turn ? and how long it takes to climb back ?

for example, The Parc Oasis, Park Vista, etc, has it gone back to its peak price after all these years ? meanwhile newer ones are better and are sprouting up every where

NEVER be sentimental with any property, unless you have loads of cash to keep some property as a trophy and trade in other properties and live in some of them

EVEN IF the value does not drop, and with minimal upside (old 99 yrs left 70+ yrs), isn't it better to unlock the value and put it in some newer unit to let the capital appreciate in value ? That way you may have more cash for your kids later on
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Postby verykiasu2010 » Fri Jul 16, 2010 12:51 am

private apartments / condos are easier to replace than a landed one house
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Postby Lynn2 » Fri Jul 16, 2010 7:46 am

Hello

May I side track?

I have a 99 years condo and has been renting for the last ten years.

Have always wanting to sell.My so called friend has been helping to renting since day one and I have asked her to sell since then.

The most recent case is I asked her to sell but she told us not able as the unit is tenated and tenant is always not around.Does that mean she cannot do her job and bring client to view and sell the unit?wonder how other agent is able to sell the unit with tenancy?

I did not sign any exclusive with her but everything is just based on friendship.She will turn aggressive when I asked her why the unit is not moving at all...

Can someone plse adv?thanks

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Postby Lynn2 » Fri Jul 16, 2010 7:51 am

I have many friends who actually sell away their landed property now, and buy a masionette hdb now.The rational is, they will wait for the property to come down again, and buy a bigger landed property.

Hubby is very tempted to do the same thing.But, for me, I am not an opportunist.Can some one convince me that selling away landed and buy hdb flat is a wise choice?

Wonder, with the property down in future (if), with the money, is it possible to get a place that one likes?

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Postby Funz » Fri Jul 16, 2010 9:30 am

Frankly speaking, it is not a buyers market now. Even HDBs are going at very high prices. Yes, you may make a tidy sum on the sale of your pte apt and will have some leftovers when you downgrade to a HDB.

But when the market is down, you will find that you are making losses on your HDB and may find it not worth it to sell the HDB. Do not forget to factor in stamp duties, lawyers fees and agents commissions.

Unless you really make enough to buy a HDB and still have enough to be put aside to pay up for a 2nd property with minimal loan when the market eases, maybe worth considering.

The other alternative is to sell and rent a HDB for a year or 2 in a bid that the property market will ease.

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Postby verykiasu2010 » Fri Jul 16, 2010 9:35 am

Lynn2 wrote:I have many friends who actually sell away their landed property now, and buy a masionette hdb now.The rational is, they will wait for the property to come down again, and buy a bigger landed property.

Hubby is very tempted to do the same thing.But, for me, I am not an opportunist.Can some one convince me that selling away landed and buy hdb flat is a wise choice?

Wonder, with the property down in future (if), with the money, is it possible to get a place that one likes?


as i pointed out before your post, landed unit is hard to replace : location, location, location, and the larger environment, unlike apartment which is easier eg even in the same stack, there are many floors, and in an area where condo is allowed, there are alternative development


sell landed and swop to HDB is very tempting because lots of cash unlocked......buy it is always sell high buy high, and who knows, may be sell high but have to buy higher ? unless you have extra properties to trade around
Last edited by verykiasu2010 on Fri Jul 16, 2010 9:36 am, edited 1 time in total.
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Postby LKVM » Fri Jul 16, 2010 9:35 am

verykiasu2010 wrote:for example, The Parc Oasis, Park Vista, etc, has it gone back to its peak price after all these years ? meanwhile newer ones are better and are sprouting up every where


just wondering why did u choose these 2 condos??? also do u wanna say these condos have oredi reached their limit? or u saying even though they r old still better than others in that area?

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Postby verykiasu2010 » Fri Jul 16, 2010 9:38 am

LKVM wrote:just wondering why did u choose these 2 condos??? also do u wanna say these condos have oredi reached their limit? or u saying even though they r old still better than others in that area?



because in those days, a queueing number was worth S$5k and i threw away the invite....so S$5k :moneyflies:

i do think the newer 99-yrs are better than the old ones

so even if, IF, their prices have returned to its peak, it means newer ones are priced similarly. hence for the same psf, why get the old one ? newer one with longer lease always worth more

hence the older ones will never catch up in pricing with the new ones. not so for 999 yrs or FH, where location will add a huge value to it
Last edited by verykiasu2010 on Fri Jul 16, 2010 9:42 am, edited 2 times in total.
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