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Bidding for resale HDB flat

Last reply was ago
by Shufen89

Hi guys, how much more above valuation would u be willing to pay for a well-renovated resale flat?

We had encountered a resale flat that we liked very much, but it was quoted more than 60k above the latest transaction. According to the owner, their reno has cost more than 100k, although it was over 10 years ago. The layout was modified in a way that we liked a lot, which means that we will not have to reconfigure the walls, apart from minor carpentry works as they are kinda old. We had looked at some of the other listed units around the neighbourhood and consulted with several IDs, most of which quoted us between 70-100k for a wholesale reno. As we do recognise that there is some value to the existing reno, espeicially so as it was done much to our liking, we are considering if it would be worth to pay so much above market rate.

Would love to hear your thoughts and any advice!

by minionsgang

Personally I won't pay the "value" for the reno, unless it is absolutely my taste and fits my functionally. One of the good thing about HDB is as owners we get to reno it to our liking. For 60K its quite a lot. Would rather go for a new one with functionals built to my needs

by Pakoball

Hi TS, I would say that if you are ok with reno, and that it is in good and acceptable condition, might want to consider to go ahead la. Considering that a lot of reno right now is being delayed like crazy. Getting a already reno HDB means you can move in right away once the deal is once. If you reno yourself, resale need to hack and rebuild everything, can take anywhere between 6 to 9 months minimum

by Rethebecca

Based on the current demand for homes in sg, I have seen private condo listed for 750k last year, being sold at 850k this year. Personally I would be willing to pay up for 50k for decently renovated home to be able to move in quicker.

Bidding for resale HDB flat

Updated on 23 August 2021