Using CPF Funds to Finance Your HDB Flat or Private Property in Singapore: A Comprehensive Guide
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When thinking about staircases, light switch locations, selling our home, and similar topics, many plan for retirement, assuming these issues are less relevant to younger people. However, life can be unpredictable; health problems might require these changes sooner than expected. This was the case for KL, who was diagnosed with cancer in his late forties. Here’s how this affected his home ownership:
When landed living turns into more of a burden than a privilege.
KL prefers to keep much about himself private, as he can likely be identified through certain details in this narrative. However, it’s safe to say that he navigated life with minimal physical issues aside from asthma, and he does not smoke or drink. He had anticipated remaining fairly fit and active well into his seventies.
When he inherited the family home, which had been passed down from his maternal grandparents to his parents, he did not foresee any problems with the stairs in the three-storey house. KL describes this residence as follows:
“Located somewhere in the Eunos area, quite distant from the MRT. We had three levels: the ground floor included the living room, dining room, and kitchen. The second floor featured a TV room and two bedrooms, while the master bedroom and family room were situated on the third floor. We also had access to the roof, which was flat, allowing us to engage in rooftop gardening.”
However, a few years ago, KL was diagnosed with a type of cancer that significantly hindered his ability to walk. Even traversing a short distance—from the living room to the kitchen—became painful and time-consuming. He frequently needed to stop to use grab bars and carefully plan his path. Ascending the stairs to his bedroom became nearly impossible.
Early efforts to renovate in order to adapt
KL initially expressed reluctance to sell the house and sought advice from various support organisations and contractors:
“The fundamental safety modifications were straightforward enough. We installed grab bars, anti-slip mats for the toilets, and similar items. I converted the master bedroom into my office, which was fortunate since my company permits me to work from home because of my condition. Getting up is more challenging for me, so we had to lower the light switches, relocate some power outlets, and do some rewiring.”
KL mentions that shortly thereafter, they decided to make similar adjustments to the light switches throughout the house. This change also proved beneficial for KL’s mother, who found it easier to reach the switches.
However, the larger expenses arose when they explored the possibility of stairlifts:
“An elevator was definitely beyond our budget, and we wanted to avoid all the noise from hammering and drilling; at this point, my house was my office. We considered stairlifts, but even then, my wife wasn’t entirely convinced we should remain here.”
The concern stemmed from the fact that KL’s wife did not work from home, while KL’s elderly mother struggled with her hearing. Even with a stairlift and safety features in place, the reality was that KL would often be at home alone with just their domestic helper.
Moreover, KL’s boss – who has a family member battling cancer – highlighted an aspect that couldn’t be altered: the house’s location.
“When my boss visited one New Year, he noted how secluded the house is. He asked whether the neighbours were sociable, to which I had to admit I didn’t even know their last names. We mostly kept to ourselves.”
While their domestic helper lived with them, there were times when she was at the market or had her day off; during those times, KL would be home alone with his mother.
Despite investing a significant amount in renovations, KL came to the conclusion that there were too many factors making it impractical to continue holding onto the property. Approximately three years after the various updates, KL remarked that “money started to talk.”
KL has a daughter who is married and resides in Australia, making it unlikely for her to need the house. Additionally, KL’s mother also finds the spacious home unmanageable, and the accumulating maintenance expenses – along with property taxes – contribute to unnecessary financial burdens.
The final nudge may have come when KL reviewed his finances and realised that selling the house and downsizing was a wise decision, especially considering potential future medical expenses.
“At that moment, everything clicked, and I finally broke free from my hesitation,” KL reflects. “It’s difficult to part with something that feels like a family legacy, but don’t cling to it at the expense of the family itself.”
From landed to condo living
KL believes that the sale of his home reinforces his faith in the value of freehold landed properties in Singapore. His property agent received inquiries within two days of the listing being posted, and they received several offers in just a week. Although KL prefers not to reveal the exact figure, he mentions it fell within the anticipated range, taking into account a unit across the street that had set a price when it sold four months ago.
The buyers even allowed them an extra month to vacate, and KL’s agent successfully located a condo unit for them to rent. This unit is located near the Eunos MRT station, and although it is considerably smaller (around 900 sq.ft.), it meets the needs of the four of them.
Rather than viewing it as constraining, KL shares: “I genuinely enjoy it. You tend to appreciate larger spaces if you’re healthy and can move about freely. When you’re in my situation, you come to value having essential items within reach and visible in case any issues arise.”
KL is currently on the lookout for new properties, which he describes as likely being a resale condo, as he prefers not to rent for an extended period. Moreover, rental units lack features like grab bars and lowered light switches that he intends to install in his own home.
“I’ll probably seek something with a pleasant balcony view since I spend so much time indoors and sometimes feel a bit confined. Additionally, it would be nostalgic to have a space for gardening like the old rooftop garden we once had. I’d also like it to be in a community that’s more vibrant, especially now that I go out less often; it would be nice to have people to interact with when I step outside.”
KL notes that one of the greatest advantages he has discovered since relocating to his rental condo is the opportunity to socialise in the evenings; there, he can connect with others who take their pets for walks or bring their children for playdates.
A piece of advice when choosing your home
KL shares that his experiences have taught him to avoid being presumptuous and not to become too “settled” in one property:
“Life is unpredictable, so try not to become too attached and refrain from insisting that you’ll never move. Even beyond health issues, factors like SERS and en-bloc sales can arise, so always keep in mind that change is possible. If it comes down to financial or health considerations, don’t prolong your discomfort simply due to inertia.”
For more insights from homeowners in Singapore, follow me here. If you wish to reach out for a more detailed consultation, you can do so here.
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.
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