These questions will help you decide whether you’re ready for a larger home or one that lies in a more desirable location. If you answer yes to most of the questions, it implies that you may be ready to move.

1) Have you built substantial equity in your current HDB flat/home?
Have a look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly "interest", but if you’ve owned your home for 5 or more years, you may have significant, unrealised gains.

2) Has your income or financial situation improved?
If you are making more money, you may be able to afford higher mortgage payments and cover the costs of moving.

3) Have you outgrown your neighbourhood?
The neighbourhood you pick for your first home might not be the same neighborhood you want to settle in for good. For example, you may realise that you do like to be closer to your job or live in a better location, near to better school.

4) Are there reasons why you cannot remodel or add on?
Sometimes you can create a bigger home by adding a new room or building up. But if your property is not large enough, or if you’re simply not interested in remodeling, then moving to a bigger home may be your best option.

5) Are you comfortable moving in the current housing market?
If your market is hot, your flat/home may sell quickly and at an attractive dollar, but the flat/home you buy will also be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new flat/home.

6) Are interest rates attractive?
A low rate not only helps you buy a larger home, but also makes it easier to find a buyer.