Wednesday, January 13, 2010

HDB Flat: To Sell Or Not To Sell

Received an email from our tenant this week, asking if he and his co-tenants can extend the rental agreement for another year or two because they love our place so much and are so comfortable there.

First thought:
How nice! Of course, stay on, by all means. Couldn't find a nicer bunch of strangers to look after our place.

Afterthought:
But what happens if we want to sell?

J starts school in 2012 and I would really feel more financially secure if we dispose of the flat and bring some of the money over for school fees ($10K a year) and the added expenses of having two school-going kids.

More random thoughts, stream-of-consciousness style:

Should we ask the tenants if they have any plans to buy a flat and if so, would they like to make us an offer?
That would solve the problem of paying an agent to find buyers and go through the sales process, AND remove the burden of maintenance and upkeep as the flat ages. At least, the latter would no longer be our problem!
But how do we get a good price when the market for EMs hasn't moved in our favour?
We're looking at $450K based on sales statistics.
Not a very encouraging figure considering what we paid for it.
But we have to move on at some point and accept the possibility of losing money on the transaction.
How do we move our remaining possessions here at minimum cost?
And where will we store them?
Who should I get to draft the sales contract?
What if things go wrong because I didn't use an agent and miss out on an administrative procedure or two?
When is the best time to sell - 2011? Does the whole family need to go back to Sg?

More questions than answers.

I know the answers will come at the right time.

I just wish the path were clear RIGHT NOW and that someone Wise, Trustworthy and with our best interests at heart (God) would tell us CLEARLY what is step 1, step 2 etc.

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