A tighter fiscal position, an ageing population, a tighter immigration policy, and sheer political uncertainty (who knows which party will be in government when your HDB lease nears its end) mean we can't assume that HDB flat prices will defy logic and remain high as the flats age into their third, fourth, fifth decades and beyond. Based on a Straits Times report dated Jan 30, 2020, in 2019 the sale of HDB flats less than 10 years old numbered 4,578, which was an increase of 33.4 per cent over the preceding year.. That applies to flats that are at least 64 years old. By registering, you agree to our T&C and Privacy Policy. What of the public policy perspective? Call +65 9875 5577. Please check the remaining lease of the flat that you are buying. For this age group, I recommend that you try for BTO HDB flats. It was also widely shared and discussed on social media. After going through the analysis and calculations, I sold my HDB flat and bought my first condominium and is currently planning my second purchase. When there is any potential buyers, we were texting to and from even though he was overseas and with his help, we are able to sell our hdb flat within one week with a reasonable price. Save Here's my take: HDB flats remain good buys. He listened to all my needs and concerns and addressed them accordingly. Majulah PAP! I will definitely recommend him to everyone who is buying/selling a property. I contacted him and we arranged to meet up. If you are in the resale market, a newer flat under 20 years old provides better chances of reselling it a decade later for some gain. There are about one million HDB flats. Less CPF can be used. #2: HDB flats with shorter leases depreciates faster and will be difficult to re-sell. Got to know Gary thru his website. The options in our database is limitless. For HDB flats/ private properties with leases of less than 60 years, the following rules apply: (1) No CPF can be used if the remaining lease of a property is less than 30 years. Are 5 year old HDB flats the best option? You buy one, live in it for five years, saving on rental. Mr Wong did a public service with his candid and necessary reminder. Both my husband and I are just earning middle range income and with the rapid price increase in the property market, we really don’t know how to pay the 20% downpayment. This i find very refreshing. At 69 years; With less than 30 years of lease remaining, CPF money cannot be used for down payment or to service the monthly mortgage. Among them, there will be owners who may have bought the new flats at a subsidised rate. The low point was in 2014 when only 1,021 units were sold. if flat too old, ah gong will juz enbloc, build u a brand new flat and give u a fresh 99-yr lease. But overall, as new flats continue to be built, older HDB flats might not seem so attractive. This puts their remaining lease at about 69 years or less remaining. Can the Lease Buyback Scheme be extended to cover more flat owners? (http://www.straitstimes. But a log-in is still required for our PDFs. Previously, buyers of HDB flats faced restrictions on the amount of HDB housing loan they could get to purchase flats with remaining leases of less than 60 years. If prices fall, such flats become more attractive as rental plays. This was a 33.4% increase compared to the 3,432 units sold in 2018. In 5-10 years, many mature estates will be affected as there are 2 main reasons: This is even if the flat has less than 60 years left on its lease. He got me something that was priced below what I was initially willing to pay. As many people have observed, owners of 40-year-old flats may find it harder to offload their homes to new buyers now, as people become more aware of the risks involved in taking on a home with a fading lease. More Are Selling Their BTO HDB Flats Upon Reaching MOP. Especially in case of Executive flats, HDB do not display median prices for Bishan and Queenstown (towns famous for $1 million HDB flats) because they do not have at least 20 transacted flats except in Q2-Q3 2008. This was the best thing that happened to me during my property searching journey. - Asking $920,000/- * Chinese Quota Full * Only Malay, Indian & Other Races Eligible Nearest MRT Station Both of the programmes aim to help HDB residential property retain its value through the years. 14 1 1 . Please check if you are affected especially if your flat is between 20 to 35 years old. Especially in case of Executive flats, HDB do not display median prices for Bishan and Queenstown (towns famous for $1 million HDB flats) because they do not have at least 20 transacted flats except in Q2-Q3 2008. You will still get the proverbial HDB windfall. 3 This is also covered in the Continuing Professional Development courses that we conduct. All rights reserved. Flats with lease more than 60 years (ie, newer flats less than 40 years old), can be bought with 100% CPF savings. We were proud to say that we have 100% trust in him and we value him as a friend and a professional agent. We got the deal done shortly after. The entire ground floor ceiling paint all peeling off. Before I meet Gary, I owns a HDB property in woodland and was trying very hard to save for my next property. Flats older than that will be highly unattractive and there will a large drop of potential buyers. For HDB flats/ private properties with leases of less than 60 years, the following rules apply: (1) No CPF can be used if the remaining lease of a property is less than 30 years. Following are current data taken from HDB resale website: Bank loan restrictions kick in then. Posted on 05.31.16 | Gary Seah | 6 Comments, A HDB property only has a lease of a maximum of 99 years. �, I came across Gary's Facebook posting & realized that 'he's has it all planned'. I will buy an old HDB flat only if I view it as a consumption item, which means living in it into my old age. He tries his best to meet our needs. SINGAPORE: Housing and Development Board (HDB) flats that are older than 30 years depreciate less than private non-landed housing, according to a study conducted by the National University of Singapore (NUS). Earlier this year, the Government announced that young couples can enjoy a higher resale grant of up to $50,000 if they are buying a resale HDB flat for the first time. Feb 13, 2019 #1 SINGAPORE: Housing and Development Board (HDB) flats that are older than 30 years depreciate less than private non-landed housing, according to a study … Find out more Buying a Short-lease 2-room Flexi Flat Our short-lease 2-room Flexi flats are meant for elderly residents, who can choose shorter leases ranging 15 to 45 years, in 5 year increments. His solution really met all my requirements. Just like an annual medical checkup, it is highly necessary for you to review your property portfolio and review the numbers from time to time. A leasehold implies that after 99 years, HDB can take back the flat at no cost. He home staged our house to ensure that the house is attractive enough to create good impression for the viewer. Looking to buy 5 Rooms HDB Flat in Sengkang? Supporting Pillars. Although I never engage his service but he still try his best to give advices. 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