Sunday, January 27, 2019

Big loss of value for old HDB flat

Dear Mr Tan,

I have an old 3 room HDB. I put it on the market for several months. Finally there was a miserable offer of only $270K for my 45 yrs old HDB flat at prime location and high storey.

However I cannot accept as I would make a lost of $30K! Buyer not willing to up the offer despite liking my house as they claimed worthless for old flats!

Versus a year ago my neighbour next door sold at $330K without much renovation, it is a difference of $60K!

According to agent the value has dropped from $322k to $$257K!

HDB and Mr Lawrence Wong did not bother to reply my email since Apr 2018.

What should I do for such circumstances?

Really at a lost as my CPF is depreciating not enough to pay for 2 HDB soon. I need to get a new flat closer to my workplace, to reduce the long travel time.

Thank a for your precious time.

Have you considered keeping the flat and rent it out for? You can rent another flat closer to your workplace.

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