Home Purchased Story with Ris
A big thank you to my long-time clients Cik and children and also to Wak for their support and loyalty since the early days of my real estate career. May you all always have the blessings of Allah SWT.
They’ve engaged my real estate services for various selling and buying property transactions from upsizing to downsizing and now one more move to a retirement-friendly home.
Downsizing to a smaller and cheaper property for retirement is a common choice for many people. It can offer various benefits, such as reducing living expenses, lower maintenance costs, and freeing up funds for other purposes. Here are some tips to consider as you plan for this transition:
Tips for downsizing to a smaller and cheaper property for retirement
🔺 1) Assess Your Needs:
Think about what you truly need in your retirement home. Consider factors like location, accessibility to amenities, proximity to family and friends, and the overall size of the property.
🔺 2) Sell or Rent Your Current Property:
If you own your current home, decide whether you want to sell it or rent it out. Selling the property can provide you with funds for the new home and potentially lower ongoing costs.
🔺 3) Declutter:
Downsizing often means having less space, so go through your belongings and declutter. Consider donating or selling items you no longer need or use. This will make the moving process easier and reduce the need for extra storage in your new property.
🔺 4) Accessibility and Safety:
Prioritize properties that are easily accessible and safe for your retirement years. Single-level homes or properties with few stairs are usually preferred for retirees.
🔺 5) Community and Amenities:
Look for a neighborhood or community that suits your lifestyle and preferences. Consider factors like proximity to medical facilities, recreational activities, social opportunities, and access to public transportation.
🔺 6) Embrace the Change:
Downsizing can be a significant life change, but it also presents an opportunity to start a new chapter in your life.
☺️ 👉 Remember, downsizing for retirement can be a positive step towards financial security and a more manageable lifestyle.
Thank you Z & J for engaging us. It’s been a pleasure.
Timing the sale of my client's HDB resale flat in accordance with the key collection date of their new BTO (Build-to-Order) flat can be a strategic decision that offers certain advantages. Here are a few reasons why it is important:
🔺 1. Avoiding Double Payments: By synchronising the sale of the HDB resale flat with the key collection date of the new BTO flat, my clients can avoid the financial burden of paying for two properties simultaneously.
🔺 2. Reducing Holding Costs: Owning a property involves various costs, such as mortgage payments, property taxes, and maintenance fees. By timing the sale of the HDB resale flat appropriately, your clients can minimize the duration for which they need to bear these holding costs, which can contribute to overall savings.
🔺 3. Capitalising on Property Gains: The property market is subject to fluctuations, and the timing of a property sale can significantly impact the potential capital gains. The 2021-2022 major price growth of the resale market has worked out in my client's favour.
🔺 4. Minimizing Temporary Housing Arrangements: Selling the HDB resale flat close to the key collection date of the new BTO flat allows for a smoother transition. My clients can avoid or at least minimise the length of temporary housing arrangements, such as staying with family or renting.
To effectively time the sale, it is essential to consider various factors, including the current property market conditions, the estimated construction timeline of the new BTO flat, and a client's specific financial situation.
Consulting with a real estate professional who specializes in HDB transactions can provide valuable insights and help you make informed decisions based on your unique circumstances
See you on next Home Purchase Story.
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