Congratulations on getting your another half 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’ll 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, it will only come when you decide where you’re going to stay or what type of matrimonial home to get?. That discussion alone might end your marriage even before it begins, especially if he/she hoping to save money by staying near his parents.
But couples in Singapore today find themselves in interesting situation. With the effect of property cooling measures over the past two years showing up, there’s actually no better time to buy your HDB flat.
Why? Because both resale flats as well as new Build-To-Order flats are almost equally affordable. We’ll explain why you newlyweds should choose a resale flat.
Why choose a resale flat over a Build-To-Order (BTO) flat?
In the past, this question made little sense. The inflated Cash-Over-Valuation or COV that used to come with a resale flat overshadowed all the advantages a resale flat has over a Build-To-Order or BTO flat. COV could inflate the price of a resale flat by $100,000 or more. The worst part for buyers? You could only pay this amount in cash.
A year ago, it was reported that median COVs had dropped to zero for the first time in eight years. This means that resale flats are once again comparable in price to BTO flats.
Here are five other reasons why a resale flat is preferable:
- You get the keys to the flat immediately without waiting for years
- Renovations for your flat may already have been done
- Neighbourhood amenities are already in operation
- Extra grant money if you buy a property near to your parents
- You are still eligible for a HDB loan or a bank loan
Are you planning to get a resale flat or a BTO flat? Or have others question to ask? Do contact Ina Sultan, your registered agent who is professional in HDB Real Estate.
Contact her @ 91784459