A Singaporean’s property journey

“Do you want to buy a HDB flat?”

There are many creative ways to propose to your girlfriend, but how many of us chose to broach the topic of “marriage” with the simple (but not so innocent) question above?

Follow the real estate journey of a Singaporean man in every life stage:

The Newbie (25 – 29)

At this stage, many young Singaporeans have hung up their party hats and are ready to settle down. They will apply for a Build-to-Order (BTO) flat with their partner or fiancée. This is the usual tactic used to chope their future wife (engagement rings are so passé).

There are some who will buy a HDB resale flat from the open market.

Most Singaporeans in this age group have just started their careers and HDB is the best option.

The Career-driven (30-55)

As Singaporeans advance in their careers, they will sell the HDB flat and upgrade to a bigger HDB flat or even a private property.

For those with higher income, they may choose to keep both the HDB flat and the private property. They will stay in one and rent out the other.

Additionally, this is the stage where they will proactively upgrade the quality of the properties they have. Savvy couples work with consultants to give them an overview advice.

Upgrading the quality of the property you hold does not necessarily equate to buying a property that is more expensive.

It means unlocking money in a property that is not growing in value or declining in value (accrued interest) and putting it into another property/asset with a much better potential to appreciate in value.

The Retiree (Above 55)

Once they sell off their existing property/properties, they would downsize to a smaller HDB flat. The balance sales proceeds will be added to their retirement fund.

Unfortunately, some Singaporeans only realise that they cannot execute their plan at the point when they are about to put their property up for sale. That there is not enough left after the CPF accrued interest is paid or that their property has declined in value.

They will only receive the monthly payout from the Retirement Sum Scheme.

Retirement planning is for everyone

At whichever stage you are now, you need to start planning. One should not expect the anyone to help. We should try our best to take care of ourself first. Once we start planning, we are one step closer to your goal.

What stage are you currently in? Is anyone guiding you to do the correct things for the stage you are in?

Work with someone whom you can trust, who understand your aspirations and, more importantly, has the competency. Feel free to speak to contact me. Together we will achieve your aspirations.