To sell or not to sell our pty

[MMM]

DesertWind:

I also told my husband to be prepared next time when we retire to downgrade to public housing. This seems to be the \"best\" way of surviving old age in Singapore!


What you think?
:celebrate:

Hi DesertWind,

I understand where you are coming from. Eg. when it comes to government's hong pao, my parents are now getting less as compared to when they were staying in a 3 room HDB flat.

However, I am the only child. My father has stopped working and frankly they don't have much savings type. So when we sold their flat, 40% of the $ went into their retirement funds and the remainder went into the current house renovation and and payment. Their HDB was in a very good location and they stayed there since I was a 2 yrs old. But with the upgrading, my mum was getting rather discontented with the place due to fengsui reasons. But there was no chance for them to upgrade because my father don't have much CPF. With HDB, it's also not possible for us to buy a flat with them since we've our own property. Private seems to be a viable route as that allows my hubby and me to be added and we can take a loan from the bank. This to me was also a investment opportunity given that I am the only child.

We were rather lucky/ blessed as at the point of entry, the market was still low. At that point, I was banking on casino potential. That was back in 2007 when we paid $500k+ for their 3 bedroom apartment in the central east and the price has almost doubled. We like its location and it is also within 1km to a popular school. Going in at a low entry point and with low interest rate meant that I've been trying to refinance and pay off the bank loan aggressively. I still have 12 yrs to go and I will pay off the place fully.

I always joke with hubby that maybe when we are old, we will move to my parents' place. It's very convenient and relatively small compared to our house so easy for us to manage.

But for us, the worst case scenario is that, should anything happen (I told my mum before), we can always dispose their house and they can move in with us or to other rental property. That will be total cash back to us. This is the worst case scenario but of course, I am hoping to pay off the house in 12 yrs time and potentially pass it on to one of our 3 kids. That is a dream after reading another thread on how housing will be so expensive for our kids in the future. But that means we've to work hard.

[DesertWind]

financial_guru:

You may want to see this link to see what the ex-NTUC income CEO says about medical treatment in old age:

http://tankinlian.com/admin/file.aspx?id=447

Hi financial_guru,

Thanks for this article again! I agree with Mr Tan Kin Lian and his first 3 points of his recommendation. The fourth point is a bit hard to stomach although he is direct & right in a certain way.

I summarize my understanding his recommendations:
1. Get treatment in B2 or C ward in a public hospital. Even with means testing, medical costs are controlled.

(My view: Totally agree! But it is much better to have subsidy as well on top of the means-testing. Make the medishield and medisave last longer to benefit more in the family. I have experienced SGH emergency ward and intensive care unit with my own father and must agree the doctors are fabulous and nurses and services really professional!)

2. Get family doctor's advice. It is unlikely they will recommend wasteful medical resources to get treatment....

(My view: This one I want to relate my conversation with my FIL who had a heart-bypass done by a private heart specialist at Gleneagles when he was much younger. Now he is still taking heart medication bought from M'sia cheaper and seeing his doctor now and then. He is now staying very near to Khoo Teck Puat hospital (I would much prefer them to name it Yishun General Hospital!) which is a public hospital and I was relating about my dad's stay at SGH and how convenient it would be to be near the KTP hospital. He said his heart specialist was telling him that being a new hospital, the KTP medical services may not be as good hence it is better to stick to the more established hospital or, if I am not mistaken, to stick to private doctor at private hospital! I was too horrified to say anything hence kept quiet. Of course it makes sense to stick to your doctor who know you best but at what price..)

3. No need to go private specialists or hospital. If the public sector cannot cure, unlikely the private sector can!

(My view: From various testimony/opinions I have heard, SGH is very good and have most of the top doctors in their specialty here. If SGH cannot find a cure, perhaps private may not be able to as well....)

4. For those with \"uncurable\" disease, to consider the costs burden on the children instead of insisting on treatment.

(My view: This one a bit difficult for me to stomach because if we encourage such cases, most old and suffering may just want to end their lives in consideration of their family! )

[DesertWind]

MMM:

Hi DesertWind,


I understand where you are coming from. Eg. when it comes to government's hong pao, my parents are now getting less as compared to when they were staying in a 3 room HDB flat.

I always joke with hubby that maybe when we are old, we will move to my parents' place. It's very convenient and relatively small compared to our house so easy for us to manage.

Hi MMM,

Thanks for your explanation!
Wah, I think the 3-room HDB was already very old lah hence your family needed to do what needed to be done! My parents stayed in a 3-room HDB too until some years back got en-bloc to a new 4-room flat. Otherwise, it would be very run-down as well!

Yes, we just have to go along and see. Because I also cannot imagine to control medical costs, in the future, everybody got to down-grade to public housing. Does not really make sense. The answer is surely like what financial-guru says, make sure we all have GOOD HEALTH, health insurance, medishield, medisave to guard the medical costs!
:celebrate:

[financial_guru]

DesertWind:

4. For those with \"uncurable\" disease, to consider the costs burden on the children instead of insisting on treatment.

(My view: This one a bit difficult for me to stomach because if we encourage such cases, most old and suffering may just want to end their lives in consideration of their family! )

I agree..v cold blooded...but sometimes for families with little financial resources, no choice
The old have to 'sacrifice' for the good of the later generation.

[DesertWind]

MMM:

We were rather lucky/ blessed as at the point of entry, the market was still low. At that point, I was banking on casino potential. That was back in 2007 when we paid $500k+ for their 3 bedroom apartment in the central east and the price has almost doubled. We like its location and it is also within 1km to a popular school. Going in at a low entry point and with low interest rate meant that I've been trying to refinance and pay off the bank loan aggressively. I still have 12 yrs to go and I will pay off the place fully.

Hi Hi,

Wow, your timing is good indeed! For me, I would be very tempted to sell the private apartment, get the profits (get rid of the loan too) and then buy a HDB 4-room at an equally great location for the old folks! But I am just being very kaypoh and seeing the dollars signs in front of me.... heh...heh...don't mind!

[starlight1968sg]

DesertWind:

Hi financial_guru,...

Mr TKL is \"well known\" for his pt 4, if you have been following his blog. I can't swallow it too BUT he has a valid point too.
Medical bills are spiralling out of control but we will all fall sick one day or eventually.
HOW ???

[financial_guru]

starlight1968sg:

Mr TKL is \"well known\" for his pt 4, if you have been following his blog. I can't swallow it too BUT he has a valid point too.
Medical bills are spiralling out of control but we will all fall sick one day or eventually.
HOW ???

Pray v hard we'll never come to this stage!

[2000 modern daddy]

property is meant for long term stay and investment. one shd not sell it bec price is good. (what is good? no one knows)… if u sell now at so call high price, u will have to buy a replacement (say flat) at a high price too… what is the diff?


guess u have to look into ur priorities now. is the bk loan too much of a burden? how does it affect the kids w change of environment?

[Tania]

My neighbour just sold his unit and it triggers our tot again on selling our apt. After selling off our apt shld i buy a HDB and use the spare cash for investment or buy private apt at far far away places like upper bt timah. Any advise??


Any cheap and good buy apt???

Would u buy a 4 room or 5 room HDB?

[Funz]

DH and I are mulling over this now. To sell or not to sell.


We have been getting a lot of calls from property agents lately and the offer prices are :shock:. When we bought this property we never imagined that it's value will go up so much.

DH has always dreamed of owning and living in a landed property. Problem is landed property around our current area is really very ex. If we move out of this area, kids will have to travel a bit more to get to school.

We may not sell now, but I think this will not be our last home. I am just wondering, if we really do sell and buy, does it make sense to buy a strata landed since I prefer a place that is managed with facilities, so that maintenance and upkeep will be easier. What are the long term implications living in a strata landed vs a landed?