The Dream Approach
Backstory: Upon the MOP of their 4RM flat, Wan and Wani reached out to some agents but didn't get any return call because of a tricky situation their family was in. We could understand why - the situation meant not-so-straightforward sale or even a no-sale for the unit, needing to go back and forth with multiple stakeholders to resolve the situation.
Desires: First, we find out their why - they were a family of 6 going 7, considering to upgrade to a private property because they heard upgrading (or asset progression) was the way to plan for their retirement. But they weren't sure if it's a stretch financially for their family and it fits their family needs.
Resources: Immediately, we reviewed the financials including the tricky situation they were in and worked with multiple stakeholders and partners to ensure that there was a sound financial plan for the options we were going to introduce to them.
Explore: We firmly believe that there are many means to an end and there are hardly ever just one option for property owners, including Wan and Wani. We shared with them their private property options but also presented an option of upgrading to a bigger HDB flat whilst considering investing their cash proceeds into a long term retirement plan.
Assess: Together with Wan and Wani, we explained to them the pros and cons of each options. A private property move could be a step towards their retirement but on many fronts, they would be compromising the family's present needs given the size of the family. While a bigger HDB flat meant they can cater to the big family size, it meant that their retirement plans will not be invested in property asset, they have to make good use of their cash proceeds in other forms of investment for their retirement plans - as our financial knowledge extends beyond property, we shared with them their options.
The Move: After the family's discussion, they decided to choose the option of a bigger HDB flat, that accomodates the big family and a 6-digit cash proceeds to plan towards their retirement comfortably, with an option to upgrade to a private property when the family financials and family's needs changes.
Move With Ana © Savvy Collective