Is Resale HDB better for you?

When it comes to searching for a Dream Home in Singapore for young couples or First-Timer, the question of whether “Should I buy Resale HDB or Built-to-Order (BTO)” will always be a number 1 question that pop up their mind.

To better help them to explore the options or make clearer decision below are the checklist which can be used as reference.

1. Your Eligibility

2. Your Concern

3. Your Choices

4. Your Future Plan

1. Your Eligibility

To check more : https://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/resale/eligibility-

a) At least 1 Singaporean or with 1 Singapore Permanent Resident.

b) At Least 21 years old

c) Your Combined monthly gross income more than $14,000, only can consider Resale HDB or Executive Condominium (EC) < $16,000.

d) First Timer Applicant

https://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/resale/first-timers-applicants-scheme

e) Citizen Top up Grant if eligible https://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/new/citizen-top-up

2. Your Concerns

Once you have checked on your eligibility, you should relook into your area of concerns which could be property location, Property Type, property prices, age of the property, any renovation required.

a) What is the Property Type? - 3 Room / 4 Room / 5 Room / Executive Apartments

b) What is the maximum Property Price budget?

c) Do you like the house layout?

d) Will you be able to use 100% of your CPF considering the property age?

e) Is it property near your workplace or parent’s place?

f) Where is the nearest MRT station or Bus Stop?

g) Will you prefer a well-renovated or Original Condition?

h) If Original condition, what will be the renovation cost?

3. Your Choices

After you list down and address all your concerns, it is time to make your choice. I believe at this point it is definitely not an easy task or ‘straight-forward’ answer for some of us when it comes to “Decision Making” or “Making a Right Choice”. A few good piece of advice will be make a list of pro and cons of the choice and whichever column has the most points win. If because due to lack of knowledge or information, which hinder the decision-making process you can always approach a Real Estate Professional for more discussion or advice.

4. Your Future Plan

What will be future property market value? What will be your future plan after you bought your 1st property? For most couples, most begin their property portfolio with buying their HDB first and move on to buy a 2nd property or more after they stay for more than 5 years. In today’s market, buyers will incur ABSD (Additional Buyer Stamp Duty) when they buy the 2nd property or more.

However, we can help you to achieve your goal through our Property Wealth Planner and to find out more Click here