{"id":62502,"date":"2022-12-15T11:48:39","date_gmt":"2022-12-15T03:48:39","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=62502"},"modified":"2023-03-09T22:58:00","modified_gmt":"2023-03-09T14:58:00","slug":"mistakes-avoid-downgrading-private-property-hdb-flat","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/mistakes-avoid-downgrading-private-property-hdb-flat\/","title":{"rendered":"3 mistakes to avoid when downgrading from private property to HDB flat"},"content":{"rendered":"
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There are various reasons why homeowners want to downgrade and right-size<\/a> from private property (executive condominium<\/a>, condo<\/a> or landed<\/a>) to an HDB flat. It can be because they are empty nesters and no longer need a big space or no longer use the condo facilities<\/a>. After all, there\u2019s no point in paying S$300 per month for condo maintenance fee<\/a> if you haven’t been using the facilities all these years.<\/p>\n

On top of that, there are benefits of downgrading. For instance, Singaporeans living in a house with an annual value<\/a> of S$21,000 and below will be eligible for GST vouchers. (In general, the median annual values of private properties are above S$21,000).<\/p>\n

Aside from the reasons and perks of downgrading private property to an HDB flat, moving houses can be stressful. For a smoother process, here are some mistakes to avoid.<\/p>\n

1. Not arranging for a temporary accommodation<\/h2>\n

Before the September 2022 cooling measures<\/a>, this was more applicable if you were aiming to buy directly from HDB.<\/p>\n

This is because you\u2019ll need to dispose of your local private property and overseas property (if you have any) before you can qualify for these:<\/p>\n