Selling the house
And so the decision to move had been made. Now we were left with the big decision of what to do with our 5-year-old HDB flat. It was our matrimonial home and we had settled in so comfortably. Do we leave it vacant? Yeah right! Like we could afford doing that. So the more sensible question was whether we should use it as our cash cow and rent it out or whether we should just sell it?
A close friend, (probably family-like those from the Fast and Furious series) of ours who was a realtor was tasked to advise us on what to do with our apartment. After several days of calculations, he eventually threw us a possibility we had not considered. He suggested that we sold our apartment and used the proceeds to invest in a condominium. Long story short, it actually worked out as we received a decent offer for our apartment and managed to secure a condominium (that was yet to be built) along Upper Thomson Road. Mind you it was a helluva-lot calculations that needed to be done as we had to make sure that we could afford to pay the progressive payments while we were in Australia. As we did not have jobs secured, we had to ensure that our CPF (some sort of government enforced savings) could pay for the condominium till it was built.
The calculations tallied and ahead we went with the sale of the house.
A close friend, (probably family-like those from the Fast and Furious series) of ours who was a realtor was tasked to advise us on what to do with our apartment. After several days of calculations, he eventually threw us a possibility we had not considered. He suggested that we sold our apartment and used the proceeds to invest in a condominium. Long story short, it actually worked out as we received a decent offer for our apartment and managed to secure a condominium (that was yet to be built) along Upper Thomson Road. Mind you it was a helluva-lot calculations that needed to be done as we had to make sure that we could afford to pay the progressive payments while we were in Australia. As we did not have jobs secured, we had to ensure that our CPF (some sort of government enforced savings) could pay for the condominium till it was built.
The calculations tallied and ahead we went with the sale of the house.
by doing so, u will get some problems w tax in the future in oz as u cannot proof u have stay in the condo. u need to do some hmwk on this
ReplyDeleteThank you for the heads up. Yeah I am aware of the possible ramifications tax wise. So in time to come, I will have to manage this carefully like you said.
ReplyDelete