If you own a property in Singapore, upgrading to EC before selling your HDB becomes crucial. In today’s time, it is considered one of the most popular trends when anyone reassess their current lifestyle, assess about property investments and owns the desire to avail better quality of living for self and loved ones.
HDB upgrade to EC becomes crucial for those who want to upgrade their property before selling their HDB. Similarly like condominiums, ECs are best designed, constructed and sold by private developers and generally comes with a comprehensive suite of condominium facilities and actually indistinguishable from private condominiums in terms of design and physical outlook.
HDB MOP is a rule that restricts you from selling or renting out the entire flat during the first five years of moving in. The good thing take place during the MOP is that you are not allowed to buy another private property.
The HDB MOP helps to prevent homeowners from flicking their newly-purchased flat for a profit immediately. This prevents the lottery effect from taking hold, specifically for main location HDB flats. Generally, HDB MOP starts from the day you collect your keys. But its duration depends on how you purchased your flat, the flat type and the date you applied for the flat.
Though for most HDB upgraders, upgrading from an HDB to a condo or an executive condominium (EC) is the goal but it’s vital to check if the profit earned from selling your HDB flat is enough for you to upgrade without any hassle. Also, you can find options after HDB mop.
Most of the property owners in Singapore prefer to sell their HDB flat after MOP so that can get more. We can understand it in a way that when it comes to first homes, many Singaporean get for BTO (Built-to-order) flats and for a good reason to make a decent profit once they sell it after the five-year MOP.
BTO flats can be sold directly by HDB at a government-subsidised price but after the Mop, Singapore property owners become liable to sell their property on the open market at a price that is significantly higher. Such investment strategy has been great success that HDB BTO flats for best locations are continuously oversubscribed.
Certain things that property owners are not allowed listing their flat on the open market for sale during HDB MOB. Also, you can’t rent out your whole flat either. But you can rent out individual room except your bedroom.
HDB’s MOP rule states that property owner in Singapore cannot sell or rent out their entire HDB flats for five years after collecting their flats keys. Usually HDB MOP is five years for most flats, except for Prime Location Public Housing (PLH) flats and flats bought under the Fresh Start Housing Scheme.
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