With HDB resale values climbing significantly in recent years, International Property Advisor’s Ku Swee Yong looks at whether it is an opportune time for elderly flat owners to consider cashing out their HDB nest eggs.
. By 2030 - that’s barely seven years away - one in four Singaporeans will be aged 65 and above.
There are several advantages to this scheme. The first is obvious - additional income. Elderly homeowners will receive an additional source of “monthly income” through the CPF Life payouts, which will greatly boost their retirement comfort. One limitation is flexibility. Once the sale of the lease is completed, owners will not be able to sell the flats in the resale market, rent out the whole unit, orSecond, since the scheme only allows for the sale of the “tail-end” lease, it is not as financially attractive to those who are looking to sell their property for its full market value.
It is especially feasible for retirees who are planning forward and who realise that they may have to tighten their belts in the near future, as they belong to the relatively large demographic segment of baby boomers who areFor these flat owners, there is no better timing to do a partial cash out on their nest egg as HDB resale values have climbed significantly in the last three years, as the value of the Lease Buyback Scheme should be higher now than it was before this price surge.
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