Buying an HDB flat is a major milestone for many Singaporeans. Whether it's your first home or fourth, finding the right place requires careful planning and research.
From location to finances, what are some things you should be considering when embarking on this journey?
In Dinner Talks, colleagues at different stages of their home ownership journey discuss what they look for when setting up their home sweet home. Ready to start your home ownership journey? Visit https://homes.hdb.gov.sg/
From location to finances, what are some things you should be considering when embarking on this journey?
In Dinner Talks, colleagues at different stages of their home ownership journey discuss what they look for when setting up their home sweet home. Ready to start your home ownership journey? Visit https://homes.hdb.gov.sg/
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LifestyleTranscript
00:00 Hi!
00:02 Wow!
00:04 Welcome!
00:06 This one...
00:07 Hi!
00:08 Start eating...
00:11 Okay...
00:12 These are my colleagues, Ahmad and Lisa.
00:18 Hi, I'm Gwen.
00:19 And this is my wife, the one who cooks, Nurijah.
00:23 Nurijah, hello!
00:25 I finally get to meet you. Ahmad always talks about you.
00:27 It's really nice to meet together and have dinner together.
00:30 Yes, of course.
00:32 I heard that you're going to move to an HDB flat soon, right?
00:36 Yes, that's right.
00:38 We just finished renovating our house,
00:39 and we will be moving in sometime next month.
00:42 Oh, congrats!
00:43 My boyfriend and I were actually talking about buying an HDB flat sometime soon,
00:47 but it seems so scary.
00:48 We don't really know where to start.
00:49 I totally get it.
00:50 When Daryl and I first decided that we wanted to take our relationship to the next level,
00:55 we were very overwhelmed by all the resources that we found online
00:59 about buying a flat.
01:01 So, I think the best way is to start planning your finances.
01:04 They have a budget calculator on their HDB flat portal.
01:07 It was very useful.
01:08 All you have to do is to input your details,
01:11 like savings, monthly income, as well as financial commitments,
01:16 and you'll get an estimate for your overall housing budget and also housing loan.
01:20 Can you share the links later?
01:22 We'll send it to our son.
01:24 He wants to buy a flat soon.
01:25 I hope he doesn't think we are stressing him.
01:28 Talking about finances, did you all get the grant?
01:32 Wait, you can get grants from HDB?
01:34 Yes, of course.
01:35 So, for BTO first-timers like us,
01:38 we can get up to $80,000 worth of grants.
01:41 -That's quite a lot. -Correct.
01:43 With this grant, my friend who bought the BTO
01:45 doesn't have to pay any cash for their monthly mortgage.
01:49 Their CPF contribution is good enough to pay off their instalment.
01:54 What about resale flats?
01:56 Resale flats can get even more, up to $190,000 worth of grants.
02:01 I guess my boyfriend and I should start working out our finances then.
02:05 I must start first.
02:14 Lisa, it seems like you're taking your flat buying research very seriously.
02:20 Yes, my boyfriend and I have been talking about this for quite some time.
02:24 We are choosing between the BTO or the resale flat.
02:26 On one hand, BTO is priced more affordably,
02:30 but we have to wait for quite a few years before we can get our keys.
02:33 On the other hand, we'll be able to move in quicker with the resale flat
02:37 and have more locations to choose from.
02:40 But even after the grants, I think it will still cost more than a BTO flat.
02:44 Yes, that's true.
02:45 But I think there are no right or wrong answers to this.
02:48 It ultimately depends on your budget and your priorities.
02:51 I will tell you, at the end of the day,
02:54 it's hard to find a flat that meets everything on your wish list.
02:58 So, the first thing is what is really important for you.
03:03 Like, Daryl and Gwen, what were your considerations when you were buying a flat?
03:08 Location was our biggest priority.
03:11 We've both lived in the East for the longest time,
03:13 so we're both Easties, and we wanted to live near our parents.
03:17 HDB launched a BTO project in Tampines,
03:19 it sounded like the perfect fit for us.
03:21 Also, because we were considering to maybe start a family in the future,
03:24 so we checked out the prices for the 5-room flat.
03:26 And then, it worked within our budget, so we applied for it.
03:30 It really worked out for you guys.
03:32 While we were waiting for our HDB flat to be completed,
03:34 it actually gave us more time to save up for our renovation.
03:38 We can't wait to move to Tampines though.
03:40 There are a lot of amenities nearby.
03:42 There are schools, and a lot of options for us and our kids in the future.
03:46 That sounds so exciting for you guys.
03:48 But wait, Ahmad and Ruijah, didn't you guys used to live in Tampines?
03:51 Yeah.
03:53 You know, we bought this flat in Woodlands a few years back.
03:58 A lot of people asked, "Why did you move?
04:00 Since Woodlands is further away from the city than Tampines, right?"
04:04 But, since our flat is near to the town centre,
04:07 everything is at our doorstep.
04:09 If you want to go anywhere, MRT is just here.
04:13 That's really convenient.
04:15 Plus, the flat in Woodlands is more affordable.
04:18 We used the proceeds from selling our flat in Tampines
04:22 to buy and renovate our flat in Woodlands.
04:25 There's quite a bit of money remaining, so the sum of money
04:29 we planned as part of our retirement savings.
04:33 Like for holidays.
04:35 I guess it relates back to what you've mentioned earlier,
04:38 about priorities.
04:40 If we want a better location with more amenities,
04:42 or if that's closer to the city,
04:45 then we have to fork out a bit more.
04:46 But if we are a bit budget-constrained,
04:48 then we have to ask what we are willing to compromise.
04:51 Exactly. Keep your mind open to options that meet your budget and needs.
04:56 Actually, Daryl and Gwen,
05:01 how long did you wait for your BTO flat?
05:03 Because we heard from our friends,
05:05 their children's waiting time for BTO flats is quite long.
05:09 So, we are worried for our son.
05:10 For us, because of the pandemic, we had to wait longer than expected.
05:16 And I guess that can't be helped.
05:18 But most of our friends who got BTO flats at the same time as us,
05:23 have also collected their keys already.
05:24 During our key collection, the HDB officer also told us
05:27 that the remaining BTO flats affected by the pandemic
05:30 should be completed by 2025.
05:33 I also heard that the waiting times for new launches
05:36 would be pre-pandemic times like that.
05:39 So, I think about three to four years.
05:41 With so many BTO flats already being built,
05:44 do you think there will still be BTO flats left
05:46 by the time I apply with my boyfriend?
05:48 I don't think you have to worry about that at all.
05:51 I heard that HDB is aiming to come out with 100,000 flats
05:56 from 2021 to 2025.
05:59 That's like 20,000 flats annually.
06:02 I guess there's plenty for you and your boyfriend.
06:04 I think they will be making new BTO flats in the East at Pei Siok,
06:09 and also in Tan Mee Hock at the Central Area.
06:12 Further in the future, there will also be projects
06:15 like the Great Southern Waterfront, as well as Mount Pleasant.
06:20 Wow, I didn't know there are still so many plans for BTO flats in the future.
06:24 I better start doing more research with my boyfriend then.
06:27 Hey, your son is going to apply for BTO flats soon, right?
06:30 Who knows, maybe we'll become neighbours?
06:32 Yeah!
06:33 Of course!
06:35 The small world.
06:37 Cheers!
06:39 Cheers!
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