Do you live in Singapore and want to buy new house Singapore? Are you a Singaporean who has a lot of access to HDB grants? If you are in the aforementioned situation, you are most likely considering purchasing BTO vs resale Singapore flats. And I understand how difficult it can be to make decisions like these.
Ordinary Singaporeans are always debating whether to buy BTO or resale Singapore government public houses. This is especially true when these locals are newly married or have recently started a family.
There are a few factors to consider when deciding whether to buy a BTO or a resale flat. Let us look at the most important factors:
Probably the most difficult criterion for Singaporeans who have made a good career and are marrying later in life. A BTO flat currently has a monthly income limit of $14,000. If you and your spouse earn more than this, you will be ineligible for a BTO flat and must instead buy a resale flat.
You must be at least 21 years old at the time of application. Applicants under the age of 21 but over the age of 18 can apply for a BTO under the Fiancé/Fiancée Scheme with written consent from their parents or guardians.
If you own other residential properties, either locally or abroad, or if you have sold them within the last 30 months, you will be ineligible to apply for a new BTO flat. Furthermore, applicants must have previously purchased only one HDB, DBSS (Design, Build and Sell Scheme), or EC. This is due to Singaporeans' eligibility for only two government-subsidized flats.
The average wait time for a BTO flat is 4.1 years, ranging from 2.4 to 5.3 years. In contrast, because a resale flat has already been built, there is no waiting period.
https://www.gov.sg/article/keeping-our-build-to-order-programme-on-track
Applying through a Sales of Balance flat (SBF) or Re-Offer of Balance flat (ROF) exercise can shorten your wait time for BTO flats. Units made available during an SBF or ROF launch were previously offered BTO flats that are now available for selection again because 1) the homeowners who selected the flats chose to give it up, or 2) these flats were never selected by applicants in the previous exercise. Open Booking flats are also an option, but when they become available, they are usually snapped up quickly.
Some future homeowners, particularly those who apply under the Fiancé/Fiancée scheme, may be content to wait for their keys because they have yet to marry. Others who are married with children may be less willing to wait.
Another factor to consider is the cost of the HDB flat type. In general, BTO are less expensive than resale flats. However, price comparisons can vary depending on location and attributes.
As a result, a BTO flat in Bukit Merah, which is closer to the heart of Singapore, may be more expensive than a resale flat in Hougang. So, in order to buy new house Singapore, there must be considerations to factor in.