 Never
mind that the new property you bought is further out, higher
maintenance fee, the new bedroom is not enough room to swing your
hello Kitty , and the living room – well, you can see your
neighbour’s kids’s 11 tutors and hear the violin lessons …
Sigh for memories of good ole spacious Clementi Park !
g) After en bloc you had to make mortgage payments to your bank
account over the past two or three years, so another hit on the
"premium" because of the mortgage interest
that you had not factored in and now you know the secret no one told
you – only in en bloc do you sign blanket option (CSA), pay for the
privilege (admin fee) and then … wait two to three years to see your
money. Ha! Ha! En bloc Kitty - blur like sotong!!
h) if you are past or approaching 60, the only way to get a bank
loan is to co-borrow with your adult
children, thus affecting their chances of getting a loan for their
own housing. Or worse, you are turned down for any and all loans and
have to downsize to a HDB... or rent... never mind, can live with
Lucy Huang in en bloc refugee camp!
i) oh dear, you find out that you cannot buy a property before the
legal matters are settled, so once they are, you have to clear out
in x months. Stress!! Because you only get your money at the last
minute. Here's why: Will the bank give you a bridging loan based on
your en bloc? No. Reason? “Not sure it will go through because of
STB (Strata Title Board) objections”. Will you be able to get a
second loan while holding down the first one? “Unlikely”. Will you
get a bridging loan (even with higher interest rate?) “Er… what
collateral do you have? Only the Clementi Park en bloced property?
Forget it! No!”
En bloc is not like a normal sale
- where you can get your money in three months. In an enbloc, you
can only BE SURE of getting your money way, way down the line. The
risk as many en blocers have found, well outweigh the benefits. If
you are staying in your home, rather than investing, beware. Because
such is the magic and wonder of the en bloc, a really good way to be
forced to START ALL OVER AGAIN after
golden years of being financially secure, comfortable and able to
breathe... but sign up for en bloc and that's all in the past!
- Memories!
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