“I Just Sold My 2BR New Launch Condo, What Should Be My Next Move?”

“Buying a property is relatively easy when it comes to the down payment and monthly payments. But what really matters is whether you can sell it easily and at a good price in the future.” - Raymond Tiah

This is what my FB reader asked me when I met them at their parents' place.

They had been living with their parents since selling their HDB flat three years ago and had invested in a 2BR new launch condo.

Now that the three-year Seller Stamp Duty (SSD) period has ended, they decided to sell the condo and cash out the profit.

But they don’t know what to do next, as condo prices are high now

They were thinking about whether to:

• Invest in another new launch property and wait for another three years

• Buy a resale condo for their own living.

After reviewing their financial situation and needs, here are 3 key factors we considered:

1. Budget Constraint: Their budget was too low as they could only afford a 1+Study unit if they choose to buy a new launch condo.

2. Space Requirement: One of their main reasons for buying a property was the need for more space, as they have two children.

3. Future Selling Potential: They also wanted to find a property that would be easy to sell at a good price in 3-5 years time as they are planning to use property to grow their wealth.

Based on these considerations, we concluded that an Executive Condominium (EC) would be the best choice for them.

Here's why:

1. ECs are usually more affordable compared to private condos and they can easily afford a 3-4BR unit in their desired area.

2. ECs are usually larger compared to private condos and can comfortably accommodate their growing family.

3. Resale ECs are often easier to sell in the future because many people, especially family with kids, would buy them for their own living - as long we carefully do our research to choose a unit with a desirable layout and size.

I'm glad they took my advice, and now we're ready to begin their next journey towards building wealth.

If you're in a similar situation as my reader, here's my advice: Take a close look at your financial situation and your future goals.

These things will help you decide what to do next.