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Things you should consider when buying an older HDB resale flat
Singaporeans are increasingly choosing to forgo the BTO scheme, and purchase an older resale flat instead. The pros of resale flats are obvious: amongst other things, you have greater flexibility in terms of location, and you don’t need to endure the painfully long three to five year wait associated with BTO flats. But there are also several factors that homebuyers should take into consideration before deciding to purchase an older HDB resale flat. Read on for more!
Buyers who pay high prices for old flats face reality check
Last year, Ms Siah Yuet Whey bought a Housing Board flat that is older than she is.
She is 28 years old. It is 44.
This means that she will most likely outlive its lease – which runs out in 55 years. She will be 83 then.
That did not stop her and her husband, 31, from paying more than $700,000 for the three-room unit in Jalan Ma’mor, in Whampoa.
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Leasehold property: What happens when 99 years runs out?
Land in Singapore is held under three main leasehold types: freehold, 999-year and 99-year leases.
For properties built on freehold land, the land belongs to the leasehold owner indefinitely so there’s no need to worry about the lease running out (save for the dreaded government acquisition of course). This extends, to a certain extent, to 999-year leasehold properties as well, since 999 years is certainly long enough to house many generations with ease.
HDB 99 year lease expiry: Potential time bomb for home ownership?
About 82 per cent of Singaporeans live in HDB flats. Many of them also see their flat as more than a home – some Singaporeans assume that their flat will provide for their retirement. The idea is that, when they get older and need less space, they can sell their flat (which would have appreciated in value), and buy a smaller one. Coupled with their CPF, it should see them through their twilight years. But is this really a safe assumption with all HDBs having just a 99 year lease?
What happens to prices of old leasehold condos?
Since the Singapore government has ceased to offer freehold land parcels under its Government Land Sales (GLS) Programme, and with most residential properties occupying 99-year leasehold sites, it would be interesting to observe the price performance of leasehold properties as their tenures run out.
Leasehold property with limited lease – why do people still buy them?
buying a leasehold property with a limited lease may lead to you having issues with bank loans. This means big cash outlays are often part and parcel of buying, say, a 60 or 70-year-old property. Despite this being a huge dampener, why do some people still want to buy old terraced houses or condo units? I believe it all boils down to a matter of investment.
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Things to consider before buying creaky old properties
A few months ago, we mentioned the benefits of buying newly launched properties. Now however, we’re going to look at the flip side of it. Buying old properties and “doing them up” is an old practice employed by investors, but it takes some experience to deal with potential downsides. Here’s what you need to look out for:
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5 super important things to check when buying a property over 20 years old
In Singapore, most properties only have a 99-year lease. But that doesn’t diminish demand for old houses – in fact, some people are even more interested in them. You could say old houses in Singapore are like cheese: they get finer with age, and also tend to smell like them. Here’s what you need to look for if the house is 20 years or older, besides a really good air freshener:
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Concerns when buying old houses
Before purchasing older residential units, prospective buyers are advised to consider the potential downsides of such properties.
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Why investors are looking to purchase creaky, old properties
With the number of new, low priced (because of the market slump) properties in Singapore, you might be wondering why some people still choose creaky old properties. Well the reasons are many, from wanting to make money off a potential en bloc, to being the lead character in a horror movie. Here, we elaborate on the strategies of a particular school of thought: that you should always hunt for value and buy old properties, not new.
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Property: Consider this when buying an old HDB flat
Minister for National Development Lawrence Wong cautioned last month that the vast majority of flats will be returned to HDB when their leases run out. Flat buyers would best not think of the 99-year lease as a clock that can be reset, The Straits Times’ Wong Siew Ying wrote in a commentary.
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Buying an old HDB flat? Here are some things to consider
Data shows that buyers don’t mind old HDB flats, paying similar prices for units whether they are 25 or 50 years old.
But beware a potential sharp fall when flats cross 64, with less than 35 years of lease remaining. That’s when financing restrictions kick in.
Singaporeans Buying Old, Trendy Hipster Flats, Are You Screwing Yourself?
Time can be a funny thing. It is tragic when a career is abruptly cut short at the age of 27 (think Jimi Hendrix, Janis Joplin, Kurt Cobain, Amy Winehouse) or when your career lasts so long that you go way past your heyday and people start calling for your retirement (think Arsène Wenger and one too many WWE Superstars).
Even here in Singapore, despite being a very young nation, time does gets to us. We were recently reminded of it when Minister Lawrence Wong pointed out that buying units in older HDB flats was a risk because not every flat will benefit from the Selective En bloc Redevelopment Scheme, better known as SERS.
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CPF Board – Property with Less Than 60 Years Lease Calculator
This calculator helps you to determine your eligibility and the maximum amount of CPF that you can use to buy a property with remaining lease of less than 60 years, but at least 30 years.
Please note that the calculator is applicable if the date of purchase is on or after 1 July 2013 for HDB flats, and from 19 July 2005 for private properties.
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What to look for when buying old or resale condos
A note on properties with 30 years or less remaining on the lease
There is no bank loan available for these properties, and you cannot use your CPF monies to buy them. If you’re dead set on purchasing these old houses, there are two main ways to avoid paying for everything in cash.
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Older freehold apartments below $1,000 psf are value-for-money buys
Amid the upturn in the residential market this year, prices of older freehold condos and apartments are still looking quite attractive.
According to property agents, most of the buyers today are owner-occupiers, who prefer older properties, as they tend to be larger and have more practical layouts.
From the URA caveats lodged this year, it seems that several buyers may have uncovered some of these gems, with some of the units transacted at prices either lower than or comparable to many of the 99-year leasehold projects launched recently.
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Things to consider before buying creaky old properties
A few months ago, we mentioned the benefits of buying newly launched properties. Now however, we’re going to look at the flip side of it. Buying old properties and “doing them up” is an old practice employed by investors, but it takes some experience to deal with potential downsides. Here’s what you need to look out for:
Read more…
6 Key Considerations When Buying into an Older Development
So you are on a budget and desire a home with an interior living space that is much larger than what new condominium projects can offer these days. Your current option, other than moving to Iskandar, is to look at apartments in an older development.
By “older”, the wife and I are talking about developments that are at least 10 years old. For those that really crave space, this is not so much a “choice” rather than a “requirement”. There are few options, for example, for a 3-bedroom apartments of at least 1,600sqft that was built after 2004 (as far as we know anyway). And if you only want to consider those that come with no bay windows and planter boxes, you would probably have to go further back than 10 years!
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