Change to Re-Offer of Balance Flat (ROF)
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In May this year I would have completed the 5 years Minimum Occupation Period (MOP), which means I can apply for a new flat from HDB.
Now me, wife and baby staying in a old 2-room flat at Queenstown, really old and rundown, getting worse with each passing year. Renovate also like waste of money because eventually we will move out.
So when I saw this news at first a bit happy because they will implement after my flat meet MOP which is just nice, but after reading details then realise that only 120 flats will be offered, very strange move because if you see the SBF or ROF exercises, so many leftover flats, why don't they just offer it all for people to book anytime.
Anyway by the time should be able to book BTO so hope can MOP before the May BTO.
Just did a calculation, if sell my current flat at $200,000, total loss is about $90,000 after paying outstanding loan, levy and return to CPF. Bought it at $250,000, this flat 50+ years, I think can sell $200,000 already not bad.
Well at least one good thing is about $55,000 will go back to CPF account, then with current savings in CPF, can use it to pay for new flat, hopefully no need to take loan but I think impossible, probably still have to take loan but maybe 10 years can pay finish. I think have to aim for less than $200,000 new flat, more than that have to take more than 10 years loan.
In May this year I would have completed the 5 years Minimum Occupation Period (MOP), which means I can apply for a new flat from HDB.
Now me, wife and baby staying in a old 2-room flat at Queenstown, really old and rundown, getting worse with each passing year. Renovate also like waste of money because eventually we will move out.
So when I saw this news at first a bit happy because they will implement after my flat meet MOP which is just nice, but after reading details then realise that only 120 flats will be offered, very strange move because if you see the SBF or ROF exercises, so many leftover flats, why don't they just offer it all for people to book anytime.
Anyway by the time should be able to book BTO so hope can MOP before the May BTO.
Just did a calculation, if sell my current flat at $200,000, total loss is about $90,000 after paying outstanding loan, levy and return to CPF. Bought it at $250,000, this flat 50+ years, I think can sell $200,000 already not bad.
Well at least one good thing is about $55,000 will go back to CPF account, then with current savings in CPF, can use it to pay for new flat, hopefully no need to take loan but I think impossible, probably still have to take loan but maybe 10 years can pay finish. I think have to aim for less than $200,000 new flat, more than that have to take more than 10 years loan.
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