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Choosing HDB flats for single house owner
At 35 years old, many would have settled down and expanding family in their hearty home. How about a single at 35 years old? In Singapore, if you’ve just celebrate your 35th year birthday, you can rejoice now. Because you are now eligible to buy a Housing Development Board (HDB) flat in any part of Singapore whether it is a HDB flat in Toa Payoh or a studio in Tiong Bahru. What are you waiting for? Time to BTO or look for one now! But before that, let’s look at the type of HDB flats for a solo-dweller like you.
First thing first, let’s run through a quick eligibility check according to HDB’s regulations, for solos.
- Citizenship: Singaporean or Singapore Permanent Residence (PR)
- Age: Above 35 years old
- Status: single or divorced individual
- Income ceiling: up to $6,000
If you have meet all the above, you’re just few steps closer to owning HDB flats.
Which type of HDB flats can singles buy?
You have two choices to decide when it comes to HDB flats – a two room BTO flat or a resale HDB flat. It is known that Singapore’s Build to Order (BTO) flats are cheaper than any HDB flats, which is priced approximately S$90,000 to S$135,000 for a 2-room BTO flat as compared to resale HDB flats with price ranging from S$270,000 to S$350,000, depending on locations. The nearer the flat’s location to Central Business District (CBD), the higher the price. For example, Toa Payoh, Queenstown, Chinatown, River Valley and others.
Two-room BTO flats are known for ‘hard to get’. Based on last statistics, the balloting exercise for 2-room is counted seven applicants for a unit. What makes this two-room BTO flats (1 bedroom and 1 living room) attractive? Apart from being brand-new apartment, you can renovate to your dream home that suit your needs. Most of the 2-room units, has a sliding partition in lieu of a solid wall, making it like an open floor plan concept. This makes your house space efficient and agile for you to fully utilise the space in your 2-room BTO flat. However, the waiting time for your ballot to be successfully drawn. Then, for the unit to be ready could be a long wait as you will need to wait around 3 to 4 years for it to complete before moving in. Well, during interim, you can start hands on to design and plan your dream home. It’s even cost efficient when you have ample of time to shop for your new furniture.
If balloting and waiting for your BTO unit to be ready is a turn off for you. How about looking at the resale HDB flat? There are various types and plentiful of HDB flats for you to purchase immediately, provided you can afford it. Affordability could hold you back from buying as the resale HDB flats are costly in Singapore. Although the cooling measures regulated by Singapore government has helped to lower the property price but you will still be expecting to pay around S$270,000 to $360,000 for a three-room HDB flat resale unit. Do research on the remaining lease of your desired resale HDB unit because if it’s less than 60 years left, you will be limited in how long can you use your CPF to pay your mortgage. This is scene is common in matured estates like Toa Payoh, Queenstown, and others. Once your mortgage matures, you will need to reach out for cash from your pocket to pay more. After purchased your very own HDB flat, you will need to allocate an amount of budget to carry out some renovation work as it could be old or shabby. Perhaps some touch up to make your unit livelier. There’s an anecdotal suggests that you will need to set a renovation budget of S$30,000 for 3-room flat, S$40,000 for 4-room flat and S$50,000 for a 5-room flat.
Now, that you’re probably thinking that a resale HDB flat is more costly than the brand-new BTO flats. Here comes the lucrative part, the resale 3-room HDB flat could be a gain advantage in terms of income generator. You can rent out your extra rooms to generate some passive income to cover your loans or other financial commitments. Unlike BTO flats, you’re required to reside in your unit up till five years, also as known as Minimum Occupancy Period (MOP) before you sublet, rent or resale.
In conclusion, both BTO and resale HDB units have their distinctive advantage or disadvantages. There are also other factors that affect your decision making for your own dream home like lifestyle, neighbourhood, location, facilities and amenities and others. Be mindful with your financial capabilities and affordability, you wouldn’t want to be burden by this financial commitment.
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