 f)
you are competing with other en blocers, supply is tight because of
competition... prices are much higher than you expected because the
economy is now booming.
(2 casinos. Who would have thought?)
...Wasn't booming when you sold it, first and second CSC quoted same
reserve price, but that's another storey... oops story!
So the much dreaded reality. You went
en bloc. It was supposed to be a windfall. The word "en bloc" after
all brought a thrill to your spine. But prices are higher
everywhere! You promised yourself a good or better quality of
lifestyle for leaving Clementi Park. To cover the cost of the new
home, if you want an equivalent lifestyle - you find you HAVE to
take a mortgage. (Ask any sadder, wiser Kitty who’s been en bloced).
Now the word en bloc brings a shudder to your soul!
e) Meanwhile. it's now been almost three years
and your estate has not been well maintained because - why spend
money on a place that's gone en bloc? - So your environment is
depressing; precious home is now gnarled and grungy. You could not
renovate because you are waiting, waiting for settlement.
f) the old loan not so bad but now the amount of money you can
borrow is of a lesser quantum and lower duration because the bank
takes into account you are no spring chicken. Remember those old
mortgage nightmares when you were newlyweds? they're baaaacccck!
Monthly repayments higher (older you, shorter
payback period) and the interest rates are higher too (double
ouch). Windfall? Better call it SHORTFALL!!
…. Continued in next section…
|
|