Financial Freedom SG

Read this article on WSJ, “Are Distressed Homes Worth It” and remembered my own apartment search here in Singapore. It was both challenging and ultimately fruitful as the flat we bought is being sold for around $200,000 more.

The photograph here on the left shows the type of environment I am living at now and it is a quiet and nice place to stay away from the hustle and bustle of the city.

The fact that people are coming out to buy properties which were foreclosed as illustrated by the WSJ article is yet another sign that the housing market is on the mend.

For the buyers, it is a relatively good buy despite the hassles, problems and inconvenience you face trying to bid for the property.

Here in Singapore, I just read an article talking about release of balance flats by the HDB which you may want to check out. It includes a mix of new flats in prime areas like Queenstown, CBD area like the Duxton project etc and old flats which were probably repossessed or if it was a rental flat, the tenet decided not to continue.

I spent quite a bit of time today looking at the website to see if there are any flats worth taking a closer look at.

In contrast to people who are upgrading, I am looking to downgrading to a smaller flat, and pocketing the difference between the prices for either investment purposes or to repay the mortgage loan in full. For me, if I have the equivalent of the housing loan in investments, it is the same as having the apartment fully paid up for. And I can do more with the investments in an emergency, but if I pay off the flat and need the money, I will have to sell it off.

I don’t mind relatives or friends thinking about why I downgraded my flat, as long as I have money for investment, and in the bank account.

If it succeeds, this will mean that my wife and me will take a major step towards financial freedom.

Wish me luck? :)