HDB Flat (Buy First or Sell First)

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HDB Flat (Buy First or Sell First)

Postby titank » Mon Sep 20, 2010 7:12 am

Hi All,

Would like to seek some views on HDB flat buying & selling. Currently we have a HDB flat & thought of getting another younger unit. My questions are as follow:

(i) Sell current property & then start searching?
(ii) Buy current property & then sell later?
(iii) Buy & sell at the same time, doing parallel move?

For (i) & (ii) I guess also having pressure. Either pressure to search the next property or pressure to sell current property.
:!:

titank
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Postby Brenda10 » Mon Sep 20, 2010 8:13 am

It depends on the situation. If now to the nearer future is the "Buyer market", then is better to sell first before commit to another unit.
Just my 2 cents thought

Brenda10
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Postby osakachan » Mon Sep 20, 2010 8:57 am

Depending on how high your current unit can fetch... and how lucky you are ;-)

for my case, my hdb value is no good... even when now is seller market, i still can't sell to cover my cost (principal + interest), so i will choose to do it parallel.

osakachan
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Postby Hifive » Mon Sep 20, 2010 9:03 am

Hi titank

Due to the new HDB policy, I think one has to sit down and consider:

1) the financial aspect - whether any outstanding loan from the current flat, bank loan or HLE application for the new flat, check CPF balances to ensure sufficient amt for the downpayment, etc.
2) timing of taking possession of the new flat and handing over the current flat

Just my thoughts, hope these little information help!
Last edited by Hifive on Mon Sep 20, 2010 9:16 am, edited 1 time in total.

Hifive
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Postby hquek » Mon Sep 20, 2010 9:15 am

hi titank,

I think you have to consider first of all the reasons for selling. Is it in a not so ideal location/facing/etc? If everything is good and wonderful and age is the only factor, you may want to rethink. Buying a resale unit really depends on your luck.

If you let go first and cannot find an ideal unit, will you :stupid: ?

For aging units, govt will usually have plans - upgrade/enbloc; some pp actually go for old old units in the hopes of enbloc. (that said, the place I'm staying at is 30 y/o; I'm not sure if I should hope for enbloc or stay till I drop).

hquek
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Postby Daddy D » Mon Sep 20, 2010 9:37 am

If u need the $$ from selling your current flat, to help finance your new flat... I think more or less u have no choice but to sell 1st... else u might get stuck with 2 properties to finance.

And u have to sell off your current flat within 6 mths after buying new flat right? So give u less bargaining power then.

Or arrange for some temporary housing, then u will can take your time to sell your current flat and to choose your new flat.

Daddy D
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Postby LKVM » Mon Sep 20, 2010 10:24 am

According to new rules if ur current house is not fully paid then u will get only 70% loan(I think I got that rulling correct?)...
So you need to sell 1st also if u dont sell HDB r u buying private? if u wanna buy private its treasure to have HDB... also if u buying another HDB then u cannot buy unless u sell 1st

LKVM
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Postby titank » Mon Sep 20, 2010 12:43 pm

Now the problem is that I have saw my ideal unit but not yet action.
Also my existing property I not yet done any valuation loh & into marketing.

Guess buy 1st sell later or the other way round still having pressure.

titank
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Postby Daddy D » Mon Sep 20, 2010 1:02 pm

titank wrote:Now the problem is that I have saw my ideal unit but not yet action.
Also my existing property I not yet done any valuation loh & into marketing.

Guess buy 1st sell later or the other way round still having pressure.


Just dun get caught in their web of new policies... I bet most HDB officers dunno what's going on as well... later they just trial and error... and u become their guinea pig! :)

Daddy D
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Postby toddles » Mon Sep 20, 2010 1:40 pm

titank wrote:Now the problem is that I have saw my ideal unit but not yet action.
Also my existing property I not yet done any valuation loh & into marketing.

Guess buy 1st sell later or the other way round still having pressure.


I'm guessing your ideal unit is a private apt?

if you can, you should hold on to yr hdb and buy yr private apt as a second ppty....

toddles
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