What you get · Step 4 of 4

  1. 1Diagnose
  2. 2Written plan
  3. 3Sell and buy
  4. 4Aftercare

← Back to What you get · You are on the last step

Getting the keys is the middle of the story, not the end. The next ten to twenty years are shaped by how your building is run, what the home earns or costs you, and when you decide to move again.

1. The MCST: check it every year

The management corporation decides your maintenance fees, your special levies and a good part of your resale value. After you move in, read the AGM minutes and the audited accounts each year. Look at the sinking fund balance against the major works coming up, such as repainting, lift modernisation and roof or waterproofing repairs. If you bought a new unit, use the defects liability period, usually 12 months, to report every defect in writing.

MCST Red Flags Checklist: ten checks on a building's finances and governance. I drew it from over ten years running condo estates.

2. The rental: know your real number

If you rent the home out, compare the rent with what the home costs you to hold, after vacancy, agent fees, maintenance and tax. Read the tenancy agreement clauses that are easy to miss, and review the rent when the lease renews. If you are the tenant, the same checks tell you whether the rent is fair.

3. Your next move: decide with the dates in front of you

Whether you hold, rent out, upgrade or downsize, the timing rules decide what a move costs. Check Seller's Stamp Duty and ABSD for your own situation before you list, and ask what the numbers look like after both. If you are unlocking equity instead of selling, compare the cost of borrowing against the sale.

A simple yearly check

  1. At the AGM. Read the accounts and the sinking fund position.
  2. Once a year. Compare your rent or your holding cost with the market.
  3. Before any decision to sell, rent out or move. Run the stamp duty and net proceeds numbers first.

Already moved, or about to?

Message me before the next AGM or the next move. I will go through the building and the numbers with you.

WhatsApp JamesOr start a Decision Review

What you get · Step 4 of 4

  1. 1Diagnose
  2. 2Written plan
  3. 3Sell and buy
  4. 4Aftercare

← Back to What you get · You are on the last step

This page is for informational and educational purposes only. It does not constitute financial, investment, or legal advice. Property investments involve risk. Past performance is not indicative of future results. Readers should seek independent advice from licensed professionals before making any property or financial decision. James Ong is a licensed real estate salesperson (CEA Reg No. R008385F) with PropNex Realty Pte Ltd and is not a licensed financial adviser.

James Ong | CEA Reg No. R008385F | PropNex Realty Pte Ltd