upgrade from hdb to condo without cash savings
*This is a real case study. Therefore, I need to use dummy name to protect my client privacy.
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In 2021, Mr & Mrs Tan* owned a 4 room HDB flat in Woodlands. When their flat reached 5 years MOP (Minimum Occupation Period), they started to see their neighbors moving out one by one, renovations started one after one another. Many property agents start knocking on their door every week. Mr Tan met a few agents to discuss his plan. Some agents think that his expected sale price was a bit high for a mid floor unit. He didn't wish to sell below his expected price and decided to stay put.
One day I knocked on their door, and he invited me to go into their house. I listened to his thoughts and his family needs. His family members are growing, they need bigger living space and more bedrooms. He was looking for an Executive Apartment or Executive Maisonette. Their family dream is to live in a condo but they thought they couldn't afford it.
After a detailed financial calculation and realized they can actually afford a condo up to $1.3 million. He didn't know that with their combined income they can consider owning a million dollar condo.
Using my SMART Analysis, we did a comparison on HDB vs Condo, analyzed the market price trend, leveraged on the low interest rate, analyzed on risk, and explored capital appreciation opportunities.
Once we confirmed the asset progression plan, they gave me the exclusive rights to market their house on the first day we met. On the same day, I started marketing their house, conducting viewing, and negotiations. We managed to secure an offer within a week, the offer price was higher than Mr Tan's expected sale price. Followed by timeline planning, shortlisting condo units to view and negotiations.
Eventually, they moved to a 4 bedder condo happily without using their cash savings. They still have a $100k cash fund to keep. Their family dream finally came true.
This is the greatest satisfaction in my real estate career. Being able to help my client to see their blind spot, and make their condo dream come true. If you are in the same situation like Mr & Mrs Tan, feel free to make appointment with Mei Foong 8938 7686