8/23/2010

Singaporeans must not sell their HDB flats

This is a serious call. Never, never sell your HDB flat! Yes it will appreciate in value at the way things are moving. But that is not the main concern. Many Singaporeans think that they could reap a handsome profit by selling their flats, maybe a couple of hundred thousand which could buy them the new car, the holidays, that new wardrobe or to splash around for a while with the new found wealth. This call may come too late for some who had already done that and live to regret it. The problem is that once the flat is sold, even with the same money untouched, will not be able to buy another similar. The price would have run away. And how could those who splurged on their profits and ended up with lesser money in their CPF afford another similar flat? The only people that may think of selling for a quick profit are those that already have alternative accommodation and have no need to buy another flat. On the other hand, those whose incomes are increasing substantially may want to sell and upgrade, assuming they could afford better housing. Once again, those who are thinking of a quick profit to feel rich for a while, better not try. There is no turning back and you will only be worst off than before. That's how some ended up living in the parks and beaches.

6 comments:

Wally Buffet said...

Hehe,

Excellent advice.

Don't be like me.

Ended up with only a tent at Changi Point.

Chua Chin Leng aka redbean said...

Heard that some young professionals are migrating because they cannot buy a decent place to live in unless they are prepared to take a heavy mortgage.

This is how we encourage our young to live in debt, heavy debt.

Wally Buffet said...

No wonder I see young people growing old before my very eyes. Old from pressure of work, old from the heavy debt burden.

Behind the laughter and the gaiety you see in restaurants and shopping malls, there is a big dark cloud hanging over every head.

The specialist outpatient clinics in hospitals are packed. There is a long waiting list at the IMH. So many people are jumping off onto MRT tracks that you'll think this is a new sport.

"Blimey!" as the pommie would say.

Give me back the good ole days when there wasn't so much foreign trash around, HDB apartments were sold for a song and little childrens' laughter were innocent, genuine and happy. Now, they have to go for piano lessons, ballet lessons, violin lessons, tuition, tuition and more tuition.

What a f@#ked up place.

Anonymous said...

Living in debt?

It's modern slavery.

From now it's going to be generation after generation of slaves, without the stark realisation.

Chua Chin Leng aka redbean said...

The fuckers still did not realise, or refuse to know that every $100k increase in property prices is more than 10 years of income for nothing to the hardlanders.

Hey, working for additional 10 years for free, as good as no income!

Slaving for the small little flats.

Matilah_Singapura said...

IMO if you can keep it, keep it.

Although there is a lot wrong with the politicised HDB/ CPF mechanism, getting an HDB is the only sure way of making "your" (??) CPF work for you -- before you die or retire to a forced small-fry "annuity".

However, what would the world be without all those delightful "short-term" thinkers who just don't have the will power to resist that wonderful human emotion of "quick and instant profits/ benefits"?

Without short term thinking the world would be a boring place. Short term thinking leads to: addictions (money making opportunity), gambling (business opportunity), credit-to-buy-now-pay-later (infinite opportunity)...and so on.

Please give the short-term thinkers of the world consideration and respect: without them none of the long-term thinkers would "win".