In this episode, I will share with you my personal experience of buying our current home, where we have been staying for the last 13 years.
Although I have to disclose something very personal, this is far more convincing than just telling you what you should do or shouldn’t do when buying a home for your family. It is also a good chance to let you see whether I walk the talk for my home purchase.
I am going to tell you in this video:
1. Why we were buying
2. How we bought our home
3. Why it was worth buying
4. How to minimize running costs
5. Why we paid it off early
6. How I define the best home for a family
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Dear Property Soul
Thank you for sharing your personal experience with us. I am staying in a HDB unit, balance lease of 70 years.
Agreed that both FH and LH property will appreciate when the property is doing well.
However LH property may see decline maybe with a balance of 40 years and below. (correct me if i am wrong)
There may come a time that we need to relocate due to various reason (eg move closer to children home or downgrade to smaller unit after children get married or move to a new environment for retirement or other reason).
The pool of buyers may also reduced as they do not want to face the same issue when they need to sell in future. With lesser balance lease, it may affect the selling price. Probably at that time, the selling price cannot cover the cost of a 2 or 3-room HDB unit.
seeking for your opinion and ideas.
Thank you in advance
I don’t comment on the HDB market. HDB expiring lease matter is best to be addressed by the government. For private homes, I always go for leasehold because of lower quantum and faster break-even point (compared with renting). If your home is paid off within a short period of time, the interest and money saved over the years will allow you to have many housing options in the future. By the way, there are buyers in the market looking for landed houses with 20 to 30 years left in the lease. They are retirees who enjoy gardening in their golden years. The price appreciation of such houses over the years is comparable if not better than FH houses in the market.
Maybe everyone is focused on HDB expiring lease but the difference is that the family will buy more units of HDB and there are less people per HDB. Many families stay in the neighboring block or same block. We stay closer as a family being nearby