{"id":8922,"date":"2017-01-23T09:36:09","date_gmt":"2017-01-23T01:36:09","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=8922"},"modified":"2022-10-13T11:55:14","modified_gmt":"2022-10-13T03:55:14","slug":"downgrade-condo-hdb-flat","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/downgrade-condo-hdb-flat\/","title":{"rendered":"99.co guides: What to know when you downgrade from condo to HDB"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p><span style=\"font-weight: 400;\">For most Singaporeans, HDB flats are usually the first step into the property market in their journey towards the more exclusive and coveted <\/span><i><span style=\"font-weight: 400;\">private property<\/span><\/i><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are, however, a rising number of people who are taking the opposite route and opting instead to ditch their condos for HDB flats \u2013 a process referred to as \u2018downgrading\u2019. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Why do some people choose to downgrade from condo to HDB, and what are the implications of doing so?<\/span><\/p>\n<figure id=\"attachment_8923\" aria-describedby=\"caption-attachment-8923\" style=\"width: 800px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-8923\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2017\/01\/downgrade-condo-HDB.jpg\" alt=\"There are several reasons why some homeowners downgrade from condo to HDB\" width=\"800\" height=\"533\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2017\/01\/downgrade-condo-HDB.jpg 849w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2017\/01\/downgrade-condo-HDB-600x400.jpg 600w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2017\/01\/downgrade-condo-HDB-440x294.jpg 440w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><figcaption id=\"caption-attachment-8923\" class=\"wp-caption-text\">There are several reasons why some homeowners downgrade from condo to HDB<\/figcaption><\/figure>\n<h3><b>Why do people downgrade from condo to HDB?<\/b><\/h3>\n<p>&nbsp;<\/p>\n<ul>\n<li><b>High Upkeep Costs of Private Property<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Condominiums have high upkeep costs. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the cost of general maintenance for condominiums is shared between residents of the development, it can still get rather expensive considering the<\/span><a href=\"https:\/\/www.99.co\/singapore\/insider\/sinking-fund-maintenance-fund-and-service-charge\/\"><span style=\"font-weight: 400;\"> miscellaneous fees<\/span><\/a><span style=\"font-weight: 400;\"> that need to be paid.. If the <\/span><a href=\"https:\/\/www.99.co\/singapore\/insider\/property-amenities-overhyped\/\"><span style=\"font-weight: 400;\">homeowner doesn\u2019t end up using the facilities<\/span><\/a><span style=\"font-weight: 400;\">, it\u2019s just a complete waste of resources that could be put to other uses that more directly benefit him or her. <\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li><b>Investment Opportunity<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Some condo owners may see downgrading to a HDB as a good opportunity to free up cash for other types of investments. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">While it\u2019s still debatable whether or not your residence is an asset (<\/span><a href=\"https:\/\/www.blueleaf.com\/articles\/house-asset-or-expense\/\"><span style=\"font-weight: 400;\">there are many who argue it\u2019s not<\/span><\/a><span style=\"font-weight: 400;\">), it\u2019s undeniable that buying a home eats up a lot of otherwise expendable income that you might have. That\u2019s why some homeowners choose to downgrade to free up resources that would otherwise have been locked up, and invest them in financial products that bring in actual returns in the meantime.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is, in essence, a less risky alternative to <\/span><a href=\"https:\/\/www.99.co\/singapore\/insider\/mortgage-refinancing\/\"><span style=\"font-weight: 400;\">refinancing one\u2019s mortgage<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p>Others may downgrade from condo to HDB flats in better areas than their current home as they see better appreciation of the property in the long term. For example, properties that are well connected via public transport and close to amenities such as shopping centres and grocery stores generally have a far higher sales price and rental yield. Once the 5-year minimum occupation period is up on the flats, homeowners will be in a good position to reap financial gains from renting out or selling their flat.<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li><b>Looking to Upsize or Downsize<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Depending on the stage of life that the homeowner is in, they may be looking to upsize or downsize from their current home. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">For the younger homeowner, selling a pricey but small condominium and moving into a larger HDB flat might be the right move for an expanding family, whereas older homeowners may be looking to downsize to a smaller, HDB flat once their children have moved out. <\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li><b>Extra Cushion for Retirement<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Homeowners who are close to retirement may choose to downgrade from condo to HDB flats to help pad their retirement accounts. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If they haven\u2019t finished paying off their home loans, downgrading from a condo to HDB means paying a lower mortgage each month. Assuming the retired couple is relying solely on their savings with no other source of income, it\u2019s definitely a smart move to lower monthly liabilities as far as possible. \u00a0<\/span><\/p>\n<h3><b>What to consider when you downgrade from condo to HDB<\/b><\/h3>\n<p>&nbsp;<\/p>\n<ul>\n<li><b>You Might Have a Wait Ahead of You<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Pursuant to HDB regulations, you\u2019ll need to wait a <\/span><i><span style=\"font-weight: 400;\">minimum<\/span><\/i> <i><span style=\"font-weight: 400;\">of 30 months<\/span><\/i><span style=\"font-weight: 400;\"> from the date of the sale of your private property if you want to: <\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">buy a BTO\/SBF flat;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">EC from the Developer; <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">apply for CPF Housing Grants; and\/or<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">take an HDB Loan.<\/span><\/li>\n<\/ol>\n<p>Look into purchasing a resale flat which is not subsidised and that is financed using a bank loan instead if you\u2019re not keen on such a long wait.<\/p>\n<p>In fact, you\u2019ll be able to purchase your resale flat even before selling your home as you\u2019ll have 6 months from the date you take ownership of your resale flat to dispose of your private property.<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li><b>Consider Paying Off Any Existing Bank Loan You Have<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you\u2019ve still got an outstanding loan out on your private property, we advise discharging it before applying for a new loan for your flat. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This will help avoid any unnecessary restrictions on your eventual loan amount due to the following regulations which were implemented by the Government to regulate borrowing: <\/span><\/p>\n<p><b>Loan-to-Value Ratio<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Under the new regulations, the maximum loan amount you can get will be affected by the number of outstanding loans you have \u2013 for example, having 1 outstanding loan means you\u2019ll only qualify for a loan of between 30 to 50 percent of the purchase price (this may be less depending on the tenure of the property and the borrower\u2019s age). <\/span><\/p>\n<p><span style=\"font-weight: 400;\">You\u2019ll also be required to put a down payment of at least 25 percent of the purchase price <\/span><i><span style=\"font-weight: 400;\">in cash<\/span><\/i><span style=\"font-weight: 400;\">!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Check out our <\/span><a href=\"https:\/\/www.99.co\/singapore\/insider\/terms-applying-home-loan\/?utm_content=bufferc6ce7&amp;utm_medium=social&amp;utm_source=facebook.com&amp;utm_campaign=buffer\"><span style=\"font-weight: 400;\">table on the maximum loan-to-value ratios and required down payments<\/span><\/a><span style=\"font-weight: 400;\"> to learn more about Loan-to-Value Ratios. <\/span><\/p>\n<p><b>Total Debt Servicing Ratio and Mortgage Servicing Ratio<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The Total Debt Servicing Ratio (<\/span><b>TDSR<\/b><span style=\"font-weight: 400;\">) and Mortgaging Servicing Ratio (<\/span><b>MSR<\/b><span style=\"font-weight: 400;\">) regulations will also apply to your home loan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">TDSR and MSR were introduced to control the amount that borrowers could loan, to prevent them from over-extending themselves and being unable to afford their monthly obligations. <\/span><\/p>\n<p>Under current TDSR regulations, a person may only use a maximum of 55 percent of their monthly earnings to pay off any loan obligations they have, including home loans.<\/p>\n<p><span style=\"font-weight: 400;\">Under the MSR regulations, a borrower may only use up to 30 percent of their monthly earnings to service a loan. This applies to borrowers buying HDB flats, and applies in addition to the existing TDSR restriction.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For a clearer illustration of how TDSR and MSR work, check out our article on housing term loans <\/span><a href=\"https:\/\/www.99.co\/singapore\/insider\/terms-applying-home-loan\/\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li><b>Make Sure You Qualify Under HDB\u2019s Eligibility Requirements<\/b><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>HDB has a lot of eligibility requirements in place in respect of its flats.<\/p>\n<p><a href=\"http:\/\/www.hdb.gov.sg\/cs\/infoweb\/residential\/buying-a-flat\/new\/eligibility\/check-your-eligibility\"><span style=\"font-weight: 400;\">Make sure that you qualify<\/span><\/a><span style=\"font-weight: 400;\"> for the type of flat that you\u2019re looking to buy before you start selling your home to prevent unnecessary waste of time, effort and money. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the market for a new home? Check out <\/span><a href=\"https:\/\/www.99.co\/\"><span style=\"font-weight: 400;\">99.co<\/span><\/a><span style=\"font-weight: 400;\"> &#8211; we\u2019ve got thousands of listings to help you find the home that\u2019s just right for you.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The antithesis of the Singapore property dream &#8211; Why do some choose to downgrade from condo to HDB, and are there implications when doing so?<\/p>\n","protected":false},"author":31,"featured_media":54611,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"no","_lmt_disable":"no","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53601,53631,53632,53589,57131],"tags":[],"persona":[57126],"class_list":{"2":"type-post","13":"entry","14":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>99.co guides: What to know when you downgrade from condo to HDB<\/title>\n<meta name=\"description\" content=\"The antithesis of the Singapore property dream - Why do some choose to downgrade from condo to HDB, and are there implications when doing so?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.99.co\/singapore\/insider\/downgrade-condo-hdb-flat\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"99.co guides: What to know when you downgrade from condo to HDB\" \/>\n<meta property=\"og:description\" content=\"The antithesis of the Singapore property dream - Why do some choose to downgrade from condo to HDB, and are there implications when doing so?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.99.co\/singapore\/insider\/downgrade-condo-hdb-flat\/\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/99dotco\/\" \/>\n<meta property=\"article:published_time\" content=\"2017-01-23T01:36:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-13T03:55:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2022\/07\/downgrade-condo-HDB.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"849\" \/>\n\t<meta property=\"og:image:height\" content=\"566\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Zareen B.\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@99dotco\" \/>\n<meta name=\"twitter:site\" content=\"@99dotco\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Zareen B.\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/downgrade-condo-hdb-flat\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/downgrade-condo-hdb-flat\/\"},\"author\":{\"name\":\"Zareen B.\",\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/#\/schema\/person\/23d57467875ff9a55c59c9d177d66334\"},\"headline\":\"99.co guides: What to know when you downgrade from condo to HDB\",\"datePublished\":\"2017-01-23T01:36:09+00:00\",\"dateModified\":\"2022-10-13T03:55:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/downgrade-condo-hdb-flat\/\"},\"wordCount\":1054,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/downgrade-condo-hdb-flat\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2022\/07\/downgrade-condo-HDB.jpg\",\"articleSection\":[\"Condo\",\"HDB\",\"HDB Stories &amp; 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