{"id":109224,"date":"2019-07-22T12:35:41","date_gmt":"2019-07-22T05:35:41","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/why-did-these-young-homeowners-buy-an-older-flat\/"},"modified":"2019-07-22T13:04:29","modified_gmt":"2019-07-22T06:04:29","slug":"why-did-these-young-homeowners-buy-an-older-flat","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/why-did-these-young-homeowners-buy-an-older-flat\/","title":{"rendered":"Why did these young homeowners buy an older flat?"},"content":{"rendered":"


\nMany of the young homeowners who chose to acquire ageing flats\u2013 or those they might outlive \u2013 pointed to location as the main reason for their decision.
\nThis is according to a report on Today Online. \u201cThe number of years left on the lease is not the number one priority. It is something worth thinking about, but there are other important aspects as well,\u201d said Neesha Shaik, who will be 92 years old when her flat\u2019s 64-year lease runs out.
\nWhile the 28-year-old homemaker is aware of the risks which come with acquiring older flats, she noted that being close to her in-laws outweigh the risks.
\n\u201cYou can\u2019t put a price on being near parents. When you have kids, there is ease of going from one place to one another. Little things like sharing food, visiting each other,\u201d she said, while adding that their three-room flat is also close to amenities and the train station.
\nAside from being near his parents, their flat\u2019s proximity to good schools was also another reason why Victor Loh and his wife decided to buy a three-room resale flat in Marine Parade. The flat has a remaining lease of 56 years.
\nAnd given the attractive location of their units, some of these homeowners are still hoping that their estate would be chosen for Selective En bloc Redevelopment Scheme (Sers).
\n\u201cEven if there were limited en bloc considerations, we felt that we\u2019re in a better position than many others further away than the city,\u201d said Eugene Wong, who bought a house near River Valley.
\nOther practical factor cited by these resale homeowners is the longer waiting time for Build-to-Order flats.
\nMeanwhile, none of the homeowners interviewed by Today Online are concerned on whether they would be left without a house in their old age, saying they plan to move to another home in the future.
\nAlthough some still hope of being able to sell their flats without losing too much money, others have come to accept of the predicament they are in.
\n\u201cThere is concern that we may have to sell below purchase price. It is what it is. There is really nothing much we can do, if the impetus to sell is greater than the cost of purchase,\u201d said Eugene Wong, who purchased his house for around $400,000.
\nHDB data showed that two percent of Singaporeans live in a house with a lease that will expire before the owner turns 95 years old. In 2018, nearly one in 10 buyers purchased a resale flat with lease that will end before they turn 95.
\nLooking to buy a new condo but not sure where to start? Get insight on the best locations for your new home with our\u00a0AreaInsider\u00a0Guides.
\nFiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email\u00a0fiona@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Why did these young homeowners buy an older flat?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Many of the young homeowners who chose to acquire ageing flats\u2013 or those they might...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-109224","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-spG","jetpack-related-posts":[{"id":99118,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/no-plans-to-buy-back-unsold-flats-due-to-ethnic-integration-policy\/","url_meta":{"origin":109224,"position":0},"title":"No plans to buy back unsold flats due to Ethnic Integration Policy","date":"October 4, 2018","format":false,"excerpt":"\r The policy was introduced in 1989 and ensures there is a balanced mix of ethnic groups in HDB estates. The government has no plans to buy back flats from homeowners who claim they are unable to sell their units due to the Ethnic Integration Policy (EIP), said National Development\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":96393,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lease-buyback-scheme-to-be-extended-to-all-hdb-flats\/","url_meta":{"origin":109224,"position":1},"title":"Lease buyback scheme to be extended to all HDB flats","date":"August 21, 2018","format":false,"excerpt":"\r Elderly owners of large Housing and Development Board (HDB) flats can look forward to monetising their flat by selling part of their remaining lease to the government. \u00a0This comes as the Lease Buyback Scheme (LBS) will now be extended to all HDB flats, including five-room and bigger units, to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":100674,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/falling-hdb-resale-prices-a-thorny-issue-for-singapore-government\/","url_meta":{"origin":109224,"position":2},"title":"Falling HDB resale prices a thorny issue for Singapore government","date":"October 30, 2018","format":false,"excerpt":"\r HDB resale prices could slide by up to 2.0% this year. There could be severe political ramifications if the Singapore government fails to adequately address the downtrend in the prices of HDB resale flats and the loss of their value as the lease dwindles, reported Bloomberg recently. \u201cThe government\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":96333,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pm-lee-sheds-more-light-on-99-year-leases-for-hdb-flats\/","url_meta":{"origin":109224,"position":3},"title":"PM Lee sheds more light on 99-year leases for HDB flats","date":"August 20, 2018","format":false,"excerpt":"\r PM Lee noted that Singapore would run out of land for new public housing if the government sold HDB flats on a freehold tenure. With over 80 percent of the population living in Housing and Development Board (HDB) flats and the recent questions on the flats\u2019 depreciating value, Prime\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":96520,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/vers-announced-early-to-alleviate-worries-over-hdb-lease-expiry\/","url_meta":{"origin":109224,"position":4},"title":"VERS announced early to alleviate worries over HDB lease expiry","date":"August 23, 2018","format":false,"excerpt":"\r More time is needed to fine-tune the details of the newly-announced Voluntary Early Redevelopment Scheme (VERS) for HDB flats such as the price to be offered by the government and whether all public housing will qualify for it, National Development Minister Lawrence Wong told Channel NewsAsia on Tuesday (21\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":122114,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-bto-flats-sold-within-a-year-of-reaching-mop-doubles-from-2016-to-2020\/","url_meta":{"origin":109224,"position":5},"title":"More BTO flats sold within a year of reaching MOP, doubles from 2016 to 2020","date":"September 21, 2021","format":false,"excerpt":"\r 13.4% of\u00a0BTO flats which reached their MOP were sold within a year, up from 6.5% in 2016. 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