The news sounds surreal in the face of a global pandemic – Singapore’s condo resale volume nearly doubled in July. While the coronavirus rampage continues to worsen across the world, it does not appear to have deterred homebuyers and investors here from picking up properties.
Upgrading from a HDB to Private Condominium is by no means a new method for accumulating wealth through real estate. With reasonable and affordable entry prices, HDB homeowners can upgrade to a mass market condo, even with little or zero dollar cash.
Why should homeowners upgrade?
The best way for homeowners to grow their wealth prudently is to leverage on their HDB flat to upgrade to a condo. HDB prices are growing at a measly 0.98% annually, but condos are growing at a much more generous 4.63% annually. As such, homeowners would be wise to ride on the capital gain of the private property market, to get much more returns than they would with a HDB.
As an added advantage, some property developers are lowering the prices of their residential projects significantly, with some discounts even up to 20% off. Upgraders should seize the opportunity and take advantage of the historical low mortgage interest rate.
Private homes are always in demand. With various foreign investors continuing to invest, private properties are forecasted to see an increase in prices in the years to come. For homebuyers looking to upgrade, now is the time to invest, to enjoy the best possible capital gains and returns over the long-term.
There is always a golden window of opportunity to buy an undervalued property. My name is Jen Tan, drop me a private message or give me a call at +65-90662926 & to discover more.