Should You Keep Your Resale HDB Flat When Buying a Private Property? 5 Key Factors to Consider
TLDR In Singapore, owning both an HDB flat and a private property has become complicated due to factors like Additional...
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TLDR
Searching for a forever home should balance heart and practicality. Avoid homes with stairs, high cabinets, big kitchens, and complex fixtures that become hard to maintain as you age. Be cautious of properties with past en-bloc bids, opt for homes with built-in safety features, and consider long-term accessibility over quick convenience. Leasehold properties can be as good as freehold for those not planning to leave a legacy. Strata-titled landed properties offer shared maintenance and amenities. Avoid co-owning with children to prevent potential conflicts. Evaluate your unique situation before buying or selling, and seek strategic real estate advice.
Embarking on the search for a forever home is an experience, often considered the ultimate achievement in a fulfilling life. Allow yourself to be moved by your heart’s desires, for this is the one investment where emotion should take precedence over logic. Yet, fear not, as you can still approach the process sensibly by selecting properties that not only tug at your heartstrings but also cater to your practical needs.
1. Avoid These Maintenance Nightmares
As the years pass and you find yourself living without the help of a domestic helper or family members, the mere thought of maintaining your property may fill you with dread. Certain property features can prove to be not just difficult, but downright treacherous in your golden years. Let’s take a closer look at the most common culprits:
Firstly, there’s the issue of stairs. While they may seem like a simple means of moving between floors now, the reality is that as you age, even a gentle incline can become a daunting challenge. So those flights of stairs that you once took for granted could end up being your downfall.
Next on the list are those pesky high cabinets. The ones with a gap between the top and the ceiling that seems to collect dust and grime like a magnet. Keeping them clean requires a ladder, which is not exactly a senior-friendly tool.
And don’t even get me started on big kitchens. Sure, they may look impressive and offer plenty of space for cooking up a storm, but let’s be real – they also mean a lot more scrubbing and contorting to reach every nook and cranny. Opting for a smaller kitchen or pantry may just save you from unnecessary strain and exhaustion.
For those lucky enough to own a landed property, the added bonus of a rooftop for BBQs and gatherings can quickly turn into a burden when it comes to maintenance. The vast, exposed space is not only hard to clean but also involves navigating treacherous stairs.
Moving inside, ceiling fans and elaborate light fixtures like chandeliers may seem like a luxurious touch to your home, but for the elderly, they are a nightmare. Even the most fit and able-bodied homeowners struggle to climb a ladder and properly clean these items. Keep it simple with floor fans and basic ceiling lights for the sake of your future self.
And let’s not forget about floor tiles, especially the small ones with grouting in between. As you age, getting down on your hands and knees to scrub between each tile becomes a formidable task. Save yourself the hassle and opt for larger tiles with less grouting, or better yet, switch to low-maintenance flooring options.
In short, when it comes to choosing property features, think long-term and consider the potential challenges they may pose in your golden years. After all, a little foresight now could save you a lot of trouble later on.
2. Uncover Past En-Bloc Bids
Younger owners may rejoice at the prospect of en-bloc sales, but for those in their golden years, it’s a colossal pain in the behind. Settled comfortably in their homes, the thought of being uprooted and forced to seek a new abode is a harsh reality. As if that wasn’t enough, financial complexities may arise for those over 65, as loans become unattainable and sale proceeds take time to materialize.
The physical and emotional strain of moving is enough to make anyone break a sweat, and the cherry on top is that their new home may not match the lavish lifestyle they once enjoyed. Take, for instance, the unfortunate retirees of Gillman Heights en-bloc, who were left reeling from a raw deal.
It’s a word of caution for our esteemed seniors; beware of properties with a history of en-bloc sales. While this may not be a concern for HDB flats or freehold landed homes, older condos, apartments, and cluster housing should be approached with caution. After all, nobody wants to be on the losing end of an en-bloc sale.
3. Find Homes with Built-In Safety Features
As we age, it’s important to ensure our surroundings cater to our changing needs. This may involve adding practical features such as grab bars, non-slip floors, and lowered light switches. Luckily, HDB offers the Enhancement for Active Seniors (EASE) program, which provides subsidized installations for these improvements under the Home Improvement Scheme. Seeking out a flat that already includes these modifications can save you money in the long run.
If you’re looking at private properties, it’s worth considering those that have already been equipped with senior-friendly amenities, or those where previous owners have installed conveniences like chair-lifts. However, if you have your eye on a landed property, be sure to consult with contractors as not all homes may have the capacity for lifts, even if you’re willing to foot the bill.
But it’s not just about the home itself; the surrounding neighborhood can also greatly impact your safety and comfort. For example, an estate with a swimming pool featuring beach-like access or minimal steps can provide easier accessibility. And don’t forget to consider the accessibility of nearby amenities as well. Crossing busy roads to get to shops and services may prove to be a hindrance in the long run. Choose a location that promotes ease and convenience for your golden years.
4. Today’s Amenities, Tomorrow’s Disamenities: The Changing Value of Features
As one embarks on the exciting journey of property ownership, there is a crucial element that must be taken into consideration: the proximity of esteemed educational institutions. This may hold great significance for younger homeowners, but as the years pass and the weight of experience accumulates, its importance may dwindle for the elderly.
Of course, there are exceptions to this rule. Grandparents who are fortunate enough to have their grandchildren attending the same school may find joy in living nearby, but for the majority of older homeowners, it may simply result in higher expenses. In fact, being in too close proximity to a prestigious school may even prove to be a burden, with the constant influx of traffic during school hours and the potential for noise pollution if one is located too close.
Similarly, the location of hospitals is also subject to change in importance as one ages. Younger homeowners may shun the idea of living near a hospital due to the disruptive sounds of ambulance sirens at night. However, as the years pass and health becomes a priority, the convenience of having a healthcare facility close by may prove to be a valuable asset. In fact, some older individuals have even come to appreciate the convenience of having food courts and convenience stores within walking distance in hospitals.
It is imperative to look beyond the present when considering surrounding amenities. What may seem like a crucial factor now may not hold the same weight in the future. For example, living in close proximity to a country club may seem desirable now, but as one enters their golden years and their days of swimming, bowling, and golfing fade, its importance may diminish. Therefore, it is essential to envision the longevity of these amenities before making a decision on property location.
5. Prioritize Lasting Access Over Quick Convenience
One of the biggest mistakes homebuyers make when searching for their forever home is fixating on the current proximity of loved ones. It’s easy to get caught up in the convenience of having your children or closest friends just a stone’s throw away, perhaps just two bus stops or a short drive down the road. But what about the future? What if those loved ones decide to move elsewhere?
This common fear is often overlooked, and it’s crucial to consider the long-term accessibility of your chosen abode. Instead of prioritizing short-term convenience, opt for a property that is easily accessible in the long run. It may mean being a bit further from family and friends, but it’s a small sacrifice to ensure ease of access for years to come.
Imagine being nestled in the heart of a landed enclave, where your loved ones’ potential move could mean a 30-minute bus ride followed by a 1.5-kilometre walk just to reach your doorstep. By choosing a home near a bus or MRT station, you eliminate this inconvenience and make it easier for your loved ones to visit, no matter the distance. Don’t let the fear of future distance deter you from finding your perfect forever home.
6. Leasehold Can Be Just as Good
It’s no secret that Singaporeans have a deep-rooted desire to own a freehold property, especially if it’s their dream forever home. Yet, let’s be realistic here: as long as the lease stretches beyond your own lifetime, the only real motive for purchasing a freehold is for the sake of leaving a legacy. But before you go rushing off to sign that hefty deal, take a moment to ponder if your children truly need to inherit a property.
In all likelihood, by the time you reach the ripe age of 60, your offspring will have already secured their own humble abodes (after all, we boast an impressive 90 per cent home ownership rate). So instead of spending a pretty penny on a freehold, perhaps it’s wiser to leave behind other valuable assets, such as cold hard cash.
And trust us, that cash sum will be much more substantial if you don’t fork out an additional 15 to 20 per cent for freehold status. Of course, this is a crucial conversation to have with your trusted financial planner or beloved family members. But please, don’t wait until it’s too late to realize that you don’t actually need to splurge on a freehold. Have the conversation before making that costly decision.
7. Why Strata-Titled Landed Properties Are Perfect for Your Golden Years
For those with a keen eye for landed homes, there is a strong inclination towards freehold properties that grant you true ownership and the freedom to customize as you please. However, before you sign the dotted line, let us shed some light on the perks of considering strata-titled landed housing, such as charming cluster homes, as you gracefully age.
Firstly, the burden of maintaining the outward appearance of your property can be alleviated with strata-titled homes. As the years go by, maintaining a pristine façade on your own can be a hefty expense and physically taxing. With strata-titled properties, this responsibility is shared among the residents, freeing you from such worries.
Furthermore, the communal amenities offered in these residences can be a valuable asset in your golden years. As family reunions become more cherished occasions, having access to shared facilities like a pool, gym, or function room can bring loved ones together and create cherished memories. As they say, the more, the merrier.
Last but not least, the added bonus of round-the-clock security in strata-titled homes cannot be overlooked. As you age, having a watchful eye keeping guard can provide a sense of safety and peace of mind. We have heard heartwarming stories of security guards being the guardian angels for dementia patients, preventing them from wandering off alone.
In conclusion, while freehold landed properties may seem alluring at first glance, it is worth considering the convenience and benefits that come with strata-titled landed housing as you grow older. After all, home is where the heart is, and with the right choice, it can also be the place where you age gracefully and happily surrounded by loved ones.
Secure Your Forever Home: Keep Full Ownership Without Co-Owning with Your Kids
Although we’ve stressed this point in countless previous articles, its significance and prevalence cannot be ignored, leading us to reiterate it once more: Refrain from selling your property and gifting the funds to your children in order to collectively reside in a single-family home.
This decision can have dire consequences if not approached with caution. Imagine the nightmare of irreconcilable differences arising and having no easy “undo” button for this arrangement. Furthermore, if the property is solely in your children’s possession, you could easily find yourself being evicted from what you believed to be your forever home.
However, if you simply cannot resist the idea of living with your beloved offspring, take matters into your own hands. Secure the means to purchase your own property and have an escape plan in case things go awry. After all, a true home should never be dependent on the goodwill of others.
Should You Buy, Sell or Wait?
If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?
It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.
I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.
I can help you by:
- Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
- Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.
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