Which One To Choose
So, the big question has been popped. The next big question is: Should you get a Build-To-Order (BTO) or resale HDB flat for your first home?
Well, the answer depends on the following factors:
1. Your budget
2. Urgency of your housing need
3. Your preferred location, if any
What is your budget?
If you have a tight budget, you should consider BTO flats which are heavily subsidised. The subsidy means that BTO flats are priced below market value. What’s more, there are various housing grants in place to help Singaporeans own their homes.
Do you need a new home urgently?
If you need a new home quickly, a resale flat may be your answer. You can buy a resale flat anytime, without having to wait for the BTO sales launches.
A resale flat transaction could take as little as 8 weeks, assuming all necessary documents are submitted promptly via the HDB Resale Portal. The waiting time for a BTO flat is generally about 4 to 6 years from flat application to key collection.
How particular are you about the location?
Be prepared to have to pay more for a resale flat if you prefer to live in a mature estate. The good news is, you could receive a Proximity Housing Grant if you buy a resale flat within 4 km of your parents’ home; higher if you are staying with your parents.
If you are not particular about the location, you can also consider the flats under the Re-Offer of Balance Flats (ROF) exercise where the waiting time is likely to be shorter.
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