02-01-2013, 05:25 PM
Hi, I'm new to the forum and would like to seek 3rd party objective views on the following issue :
1. I inherited a freehold terrace house from my grandparents and have been living in same house all my life.
2. I have also raised my 3 kids in this house since they were born (still schooling) and we are all very happy living here. I have no other property and have no other major debts.
3. My grandparents have since passed on and my head was turned when I found out my neighbor is selling his place for $2.5M.
4. As I've never thought of selling, I've not been keeping in touch with property prices.
5. Assuming if I can get $2.5M for my place, I may consider selling as I was thinking of cashing in and downgrade to a condo or private apartment and perhaps pick up a second property when prices come down in next downturn.
6. I'm currently working but feeling very burnt out so having a simpler job and passive income is very attractive.
Pros of Selling
1. Exchanging one for 2 properties and hopefully get some passive income and retiring earlier. I'm 50 this year
Cons of Selling
1. Sentimental about selling what was given to me
2. House is in a nice neighborhood and with the general crowding in Singapore, this may be a big miss unless I find another nice neighborhood
Appreciate all 3rd party views as I'm now undecided about next steps. Thanks in advance !
1. I inherited a freehold terrace house from my grandparents and have been living in same house all my life.
2. I have also raised my 3 kids in this house since they were born (still schooling) and we are all very happy living here. I have no other property and have no other major debts.
3. My grandparents have since passed on and my head was turned when I found out my neighbor is selling his place for $2.5M.
4. As I've never thought of selling, I've not been keeping in touch with property prices.
5. Assuming if I can get $2.5M for my place, I may consider selling as I was thinking of cashing in and downgrade to a condo or private apartment and perhaps pick up a second property when prices come down in next downturn.
6. I'm currently working but feeling very burnt out so having a simpler job and passive income is very attractive.
Pros of Selling
1. Exchanging one for 2 properties and hopefully get some passive income and retiring earlier. I'm 50 this year
Cons of Selling
1. Sentimental about selling what was given to me
2. House is in a nice neighborhood and with the general crowding in Singapore, this may be a big miss unless I find another nice neighborhood
Appreciate all 3rd party views as I'm now undecided about next steps. Thanks in advance !