During his speech at the National Day Rally 2018, our Prime Minister announced the new VERS (Voluntary Early Redevelopment Scheme) which allows HDB owners to sell their flats en bloc to the government before the lease expires.
Since I am not doing my podcasts here to garner election votes, we can go straight to the point to unveil all the beautiful misunderstandings of HDB flats in this episode. Do take note that what I am going to say may not be what you like to hear. Because the naked truth is often disturbing and unpleasant.
Below are the six thoughts I have covered in the video:
1. Resale flats are only worth what buyers are willing to pay.
2. An HDB flat can be a depreciating liability, not an asset.
3. Understand the real meaning of “buying a home” in Singapore.
4. Buy HDB or not is completely your choice.
5. You can’t have your cake and eat it too.
6. You are responsible for your own financial planning.
You can now watch the podcast below. If you want to read the script, turn on the “cc” button – the leftmost button at the bottom right hand corner.
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With these new policies , what are the implications on the prices of older Hdb flats ? Thank you.
Now the public is assured that the value of old HDB flats won’t go down to zero because of HIP and VERS. Prices should at least be stablized.
Many agents I met were just untruthful. When they want to sell you a property, they say ‘very easy to rent at 3,000’. When you correct them that recent transaction showed as Low as 2000, they say’ oh so you know the market well’
When you cannot find tenant, they say ‘the market is so bad now, maybe you try 1,500, better than leave empty’
When you show them calculations to show that with all the absd, maintence, taxes etc, yield could be lower than fd rate of 1,6%, with hassle of finding tenant and maintains fixture, rental cannot cover, they say , ‘that’s why some investors sell all their residential and switch to commercial’, ‘holding power during tough times is essential,think long term, prices will up and up,’
Like loti prata, flip here flop there, no consistent story line just to make a quick buck.
Agree with you that there are too many property agents who are not up to standard, regardless of exams and licensing. Not sure whether it is the agencies’ company culture or their training. Why can’t they just tell the truth, share both pros and cons and let the customers make their own decision? It can at least win them trust and respect. Like in some western counties, they are known as property consultants, not agents or middlemen.
There was this agent from a TOP three largest agency who lied to his potential buyer on Sunday that the submission of cheque cut off was Monday 5 p.m. arrangements had to be made in the mad rush.
All agents and all the other agencies were told and informed their potential buyers that the cut off is Wednesday.
When confronted, he admitted he lied, but ‘what the difference’. The potential buyer was so unhappy with the agents dishonesty that he ditched this agent.
I don’t think there is any cutoff day. This is just for the property agents and their agencies. Any time buyers make up their mind to buy, they can give the cheque at any time that suits their convenience.