{"id":67076,"date":"2017-09-21T16:00:45","date_gmt":"2017-09-21T09:00:45","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/concerns-when-buying-old-houses\/"},"modified":"2017-09-21T16:03:13","modified_gmt":"2017-09-21T09:03:13","slug":"concerns-when-buying-old-houses","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/concerns-when-buying-old-houses\/","title":{"rendered":"Concerns when buying old houses"},"content":{"rendered":"


\nBuyers cannot use their CPF savings to purchase houses with less than 30 years left on the lease.
\nBefore purchasing older residential units, prospective buyers are advised to consider the potential downsides of such properties.
\n 1) Financing issues
\nFor properties with shorter remaining leases, buyers may need to fork out more money from their own pocket as banks may provide a lower mortgage quantum or loan-to-value. You are also not allowed to use your Central Provident Fund (CPF) savings when buying HDB flats and private homes with a tenure of less than 30 years.
\nTo be able to use it, the buyer\u2019s age plus the remaining lease should be equal to at least 80 years. Also, the maximum amount that can be used from the Ordinary Account is capped based on the buyer\u2019s age and the property\u2019s remaining tenure. \u0087
\n2) Cracks and repairs
\nOver time, a home\u2019s walls and floors may suffer from cracks, but among the most serious issues are damages to the foundation and support beams.
\nGiven that the cost of repairing such important structures can cost tens of thousands of dollars or more, it\u2019s advisable to check for these damages before committing to buy a property. Preferably, engage an expert or an engineer. If you still want to purchase despite the existence of such defects, consider negotiating for a lower price to offset the repair costs. \u0087
\n3) Outdated features
\nProperties built many years ago may come with obsolete electrical wiring and corroded plumbing, which can cause fires and water leaks respectively. Hence, it\u2019s advisable to check for these problems and get a quote on how much it would cost to update these features and ensure they conform with existing safety regulations. \u0087
\n4) Pest problems
\nAn old house may have unwanted guests like rats and termites. The former is a health hazard, while the latter destroys furniture and wooden structures of a property. Before signing the purchase agreement, check for the tell-tale signs of pests. If the infestation is serious, you will need to hire an exterminator.
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\nThis article was first published in the print version PropertyGuru News & Views. Download PDFs of full print issues or read more stories now!<\/p>\n


\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Concerns when buying old houses<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Buyers cannot use their CPF savings to purchase houses with less than 30 years left...<\/p>\n","protected":false},"author":1,"featured_media":67077,"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-67076","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/09\/footer_011.gif?fit=710%2C9&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-hrS","jetpack-related-posts":[{"id":106993,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-rules-on-cpf-usage-how-will-this-affect-homebuyers\/","url_meta":{"origin":67076,"position":0},"title":"New Rules On CPF Usage \u2013 How Will This Affect Homebuyers?\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0","date":"May 10, 2019","format":false,"excerpt":"\r Singaporeans will now have more flexibility in using their Central Provident Fund (CPF) when purchasing older properties. From Friday (May 10), home buyers will be able to draw more from their CPF to buy ageing flats, provided that the property\u2019s remaining lease covers the youngest buyer until the age\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":111443,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/seniors-receive-average-lbs-proceeds-of-177000\/","url_meta":{"origin":67076,"position":1},"title":"Seniors receive average LBS proceeds of $177,000","date":"October 8, 2019","format":false,"excerpt":"\r The Ministry of National Development noted that most seniors \u2013 after taking up the Lease Buyback Scheme \u2013 have enough CPF RA savings \u201cto benefit from a lifelong income stream of about $1,000 per month on a household basis under CPF LIFE\u201d. With the Lease Buyback Scheme (LBS) enhanced\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":46811,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/2-room-flexi-flats-see-encouraging-response\/","url_meta":{"origin":67076,"position":2},"title":"2-room Flexi flats see encouraging response","date":"March 6, 2017","format":false,"excerpt":"\r Many elderly buyers have booked 2-room Flexi flats as they offer shorter leases. The Housing and Development Board (HDB) on Sunday (5 March) said that the 2-Room Flexi Scheme has received \u201cvery encouraging\u201d response, with 87 percent of the 6,070 units offered in four sales exercises already booked, reported\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":107077,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-cpf-rules-give-hope-to-owners-of-older-hdb-flats\/","url_meta":{"origin":67076,"position":3},"title":"New CPF Rules Give Hope To Owners Of Older HDB Flats","date":"May 13, 2019","format":false,"excerpt":"\r With the new rules, Singaporeans will now have more flexibility in using their Central Provident Fund (CPF) when purchasing older properties. The introduction of\u00a0new rules on the use of Central Provident Fund (CPF) savings as well as Housing and Development Board (HDB) loan restrictions when acquiring a flat has\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":67076,"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":96393,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lease-buyback-scheme-to-be-extended-to-all-hdb-flats\/","url_meta":{"origin":67076,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/67076"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=67076"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/67076\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/67077"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=67076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=67076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=67076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}