There are roughly 70,000 flats that are halfway through their lease and will face lease expiry in the next 50 years. Before you buy one of them, we'd like to remind you – as if you didn't already know – that buying a home is a major life decision and shouldn't be taken lightly. Consider everything before you pull the trigger. It is becoming easier for Singaporeans to buy old flats, and they are tempting. Thanks to the new CPF rules, you can now use the money in your CPF Ordinary Account (CPF OA) to buy a flat even if there's just 20 years on the lease (so long as the lease will last until the youngest buyer is 95 years old). That doesn't just impact the immediate affordability; it means there will still be some value in your 40-plus year old flat, should you try to resell it later. READ: Should you buy a BTO or resale HDB flat? What to consider if you’re a first-timer Of course, old flats are also more tempting, location-wise. New flats tend to be in less mature districts, and some of them (looking at you, Tengah) are so underdeveloped, National Geographic might pay… Read full this story
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Is it really that bad an idea to buy a 40-year-old resale HDB flat? have 385 words, post on www.channelnewsasia.com at September 29, 2019. This is cached page on Search. If you want remove this page, please contact us.