Sunday, May 20, 2018

Exchange an old flat for a new flat

Mr. X and his wife are in their early 30s. They do not have any children.

They bought a resale 3 room flat a few years ago. They are now able to sell the 33 year old flat for an estimated $250,000 but have to repay the government grant of $30,000, leaving a net proceed of $220,000. They expect to pay $210,000 when they buy a new 3 room HDB flat.

Would it be wise for Mr. X to exchange the old flat for a new flat?

Here is the answer…

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