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  Adrian Lim

• Nov. 18, 2019

How to build your wealth PRODUCTIVELY

Yesterday, I met up with David and his wife, Sheryl over lunch. They shared with me about their intention to buy EC. They are 38 years old with combined income of $9,00, own a 5 room flat along Upper Serangoon Cres. They have 2 kids of 5 years and 12 year old respectively. 

Like many HDB homeowners, they have been always dreamt of upgrading to condominium to build their wealth. 

But what they didn't aware that they have to pay resales levy of $50,000 in cash to upgrade to an Exe Condo, can only take up maximum loan of $565,000 , which means that they don't have many choice of units. 

Moreover, they have to wait for about 4 years for the EC to be built and they do not have a place to stay because they need the CPF and cash to pay for the down payment of the EC. 

After explaining to them of the above concerns, I propose to them to upgrade to a New Pte Condo, which is within 1.5 km of their eldest son's primary school. Amazingly, the New condo price is almost same as EC's price, which means that they will be in very good position to make good profit after 3 years if they choose to sell it away. Most importantly, they no need to come out any money from their saving, and their reserve fund can last for next 20 years ! 

Looking forward to put this plan into action !