Are You A First Time Buyer Of A HDB Resale Flat In Singapore Or Just Looking To Upgrade? Find Out Some Key Things to Think through
Singapore is generally a wealthy country with so many things to write home about. Its GDP per capita stands at #3 to #5 even though it is the smallest island country in Southeast Asia. A 2018 World Happiness Report indicated that it is the ‘happiest country in South-east Asia’; thanks to the quality of life and its standards.
Unlike in many wealthy countries where materialistic goals take precedence family, community and generally a happy society are the most important units.
Should you consider establishing your roots in Singapore?
Moving from one country to another for whatever reason is a major decision in anyone’s life. It requires critical thinking and reconsiderations. Some of the factors, which play a significant role include the social-cultural environment, political and social environment, public services and transportation, health and sanitation and economic environment.
Singapore is an expensive country to live in. Nonetheless, there are so many things, which support the expense. Apart from being the best-planned city in the world, it boosts a stable political climate and despite its pragmatic and rational political culture, the country has attracted more than 9000 multi-national companies.
The country has such a competitive but open business environment. With a diversified economy, foreign investors are flocking its shores every day; thanks to a multi-cultural and unique lifestyle, which blends all cultures and people.
The most notable thing in Singapore the public housing
Besides being able to relocate to a new country, housing is equally a key determinant of the quality of life it will offer. Singapore offers two types; public Housing and Development Board (HDB) flats and private condominiums commonly known as landed property. However, things such as transportation, location, budget, amenities, and facilities determine the choice of housing.
Public housing accommodates about 80% of low to middle-class Singaporeans. Resale flat Singapore activities are somewhat very common. Instead of renting, HDB public housing is mostly “sold”. This has given homeownership to a majority of Singaporeans. The more than 10,000 HDB blocks in Singapore have between 10 to 40 storeys. But with 50 floors [email protected] is the most special and tallest public housing not only in Singapore but in the whole world.
HDB apartments are sold on the resale market price
Condominiums are stylish and high rise buildings with elegant exteriors and interiors. They also feature things like 24 hours security, covered car parks and many other social amenities like gym and swimming pools. A three-bedroom condo costs between S$7,000 and S$15,000 in rent. This is usually near the CBD while that outside goes for S$3,300 to S$5,000. The latter do not have luxury amenities even though they are so close to shopping malls and recreational facilities.
On the other hand, HDB has about 20 “New Towns” and several ‘’estates’’. The latter boosts vibrant and distinctive designs with linked walkways to bus stations, multi-story car parks, and residential blocks. Maisonettes are not common after being replaced by standard HDB flat sizes, which were also reduced to 4 – bedroomed houses in 2000.
HDB apartments have different resale market prices depending on their sizes. The price of a typical 100 sq. m apartment is from 400,000 SGD at island outskirts. However, in Queenstown, the price starts from 700,000 SGD.
Many Singaporeans have a preference for a resale flat instead of a new one. What do they look for when buying a resale?
Singaporeans and Permanent Residents have the opportunity of accessing grants, which have increased since 2019. A family grant and first-time buyers are about $50,000 while the Proximity Housing Grant is up to $30,000. The good news is that the prices of an HDB flat in the resale market are relatively stable.
However, being able to choose the right resale HBD flat is important. Read below some of the key factors to consider when choosing one: –
You perhaps don’t want to overstretch your expenses, hence it is important to look carefully into your budget. This is closely related to the reason for reselling the house to avoid future hassles connected to the house. And despite the availability of a grant, try as much to stick to your budget.
- Environment/ Specifications
The two are also related to budget because it determines what you can afford. Is the flat within a favorable environment? Some people are so passionate about exteriors such as exterior façade, landscaping and well – maintained designs. Does it meet personal preferences and specifications? Some people are comfortable living in a small flat, while others prefer 4-room and 5-room HDB flats.
- Amenities and the general condition of the flat
There are basic amenities applicable to everyone regardless of the size of their houses or the environment. However, you may want to be more specific to what is convenient for your lifestyle. We are talking about amenities such as a gym or other sporting amenities. Do you have pets, which require constant grooming?
Check out things such as water pressure, air-conditioning, ceilings and walls, cracks and leaks. Is it likely that you would require new fittings or some renovation after a couple of years of moving in?
- The ethic integration policy (EIP)
Are you within the ethnic quota of the neighborhood from where you intend to buy the flat? Don’t worry if your ethnicity is different from that of your co-owners. You can both agree to use the ethnic group of either owner, a provision within their NRIC. Remember also that, every first day of the month, the EIP and SPR quotas are updated.
The remaining time of the lease
Every flat in Singapore has a 99-year lease period. Nonetheless, the lease period could be shortened by the age of the flat. Thus, it is important to confirm and reconfirm the remaining lease of the flat through the use of the remaining lease of the flat. Is the flat worth the price presented to you?
Remember, buying a flat is one of the major decisions in life. It is a big-ticket purchase, hence the strong recommendation of carrying out a thorough evaluation. And while you may stand some of the drawbacks, it is important to be aware of them right from the onset.