This was what I did in 2013. I saw the landed property prices has gone up so much and decided to take profit on my landed property. I sold my landed property, paid off the remaining mortgage and use the net proceeds to buy a 3 bedroom condo in a posh development, paid in full cash and I still got some spare cash to pay off my other personal loans, car loan and to buy a new car, also paid in full cash. Now I am totally debt free.
Our timing to sell our landed in 2013 was perfect upon hindsight. The latest I checked, prices of properties now in the vicinity of my previous landed property has dropped by 10% and I think it will continue to drop. Luckily our current condo's value did not drop as it is located near an
MRT station and a shopping mall.
Quote:
Originally Posted by Unregistered
Here is how many people can afford to buy a new car by flipping their BTO flat.
1. Bought their 4 room BTO flat in Punggol in 2009 for $250k
2. Sold their BTO flat after 5 years MOP in 2014 for $450k
3. Profit $200k cash
4. If their outstanding loan was $150k at the time of sale, their proceeds will be $300k
5. Use $50k cash from profit to pay for new car downpayment for a $100k car
6. Use the balance $250k (cash & CPF) for downpayment for another flat
So, thanks to the property market, many people can now buy new cars. So we can expect COE prices to continue rising. |