Why Newlyweds Should Get A Resale Flat Over A BTO
Congratulations on getting her to say yes! The “fun” is just beginning. If you thought finding the right time, place and method of proposing was tough, imagine the stress you will both go through when you plan your wedding ceremony and fix a place for your wedding banquet. Yet, the biggest decision is yet to come, when you decide where you are going to live in.
Both resale flats as well as new Build-To-Order (BTO) flats are almost equally affordable, and we will explain why you newlyweds should choose a resale flat over a BTO.
Interior Designer: Le Interi
1. You Get The Keys To Your Dream Home Immediately
Of course, when we say “immediate”, we’re talking about a process of 6 to 8 weeks. Compared to the 3 to 4 years you have to wait for a BTO flat, however, it’s like getting it in the blink of an eye. Even booking a location for your wedding banquet requires more preparation time than getting your resale flat. It also means that you won’t be pressured into making any big decisions like buying a house too early in your relationship.
2. You May Potentially Save On Renovation
Since you are technically buying a second-hand HDB flat, chances are, you won’t need to do too many changes before you move in, unless the flat is in a poor condition. This is especially true if the previous owners have done extensive work on the house. Considering how much Singaporeans spend on renovations these days, that is a lot of savings! Not to mention, a bigger square feet at home!
Interior Designer: Fuse Concept
3. Neighbourhood Amenities Are Already In Operation
Instead of trying to imagine what it is like to live in a new town (think Punggol / Tampines), the neighbourhood amenities for the resale flat is already established. You know exactly what the traffic situation is like, the schools in your vicinity and whether the nearby places of worship will be relevant to your needs.
Why is this important? Because these amenities do affect the value of your property, and it is easier to guess how prices will rise in a BTO estate.
Interior Designer: Boon Siew D'sign
4. Extra Grant Money If You Live Near To Your parents
Did you know you are eligible to an extra grant money if you live near your parents? If your parents live in a HDB flat, buying a flat within the same town or within two kilometres from them qualifies you for the “Higher Tier” CPF Housing Grant. If your parents live in a private property, then you can contact HDB to check if your resale flat is within that two kilometre radius and therefore earn you the extra cash.
5. You Are Still Eligible For A HDB loan Or A Bank Loan
Pick between a HDB loan and a bank loan. If you are the kind where buying a $2 Singapore Sweeps ticket is the most gambling risk you will ever take in your life, go with the HDB loan. If you wish to have more control over the type of loan you get, consider a home loan from a bank. Compare home loan interest rates and pick a mortgage package that works for you.
Interior Designer: Space Define Interior
Are you planning to get a resale flat or a BTO flat? Why? Let us know your reasons below!
There are other ways to recreate that dream abode even if you live in a BTO. See tens of thousands interior inspirations for your new home on the Qanvast app, and get matched with Qanvast hand-picked trusted home professionals today! Download the free Qanvast app on the App Store and Google Play today to simplify your renovation journey.The article first appeared on Moneysmart, and the article was thereafter modified and reproduced with permission.