During the first three to four years, we attempted to submit BTO applications (in various places). We regret to inform you that we were unable to secure any of the ballot numbers or apartments of our choosing. When asked about her home-buying experience, the prospective buyer, who was 28 years old and had worked in real estate for the past year, provided the following response: The couple then explored the possibility of purchasing a resale HDB with the assistance of her husband (29), a government employee for the past six years. We intended to use a portion of the funds to upgrade in the future, but after visiting other HDB resale units and conducting research, we determined that there was little room for growth.
Prior to beginning their search for Singapore HDB resales, the couple had their sights set on a possible residence in the Clementi neighborhood.
Given that the apartment’s price was listed as being in the high S$8XX, XXX range, the couple’s dissatisfaction was understandable. Then, they discovered that the resale values had skyrocketed to never-before-seen heights.
This was also due to the fact that a large number of individuals turned to the secondary market as a result of the majority of BTO projects falling behind schedule. These delays unquestionably contributed to an increase in homebuyers’ demand for resale properties. After several years of difficulty obtaining a BTO queue number and becoming entangled in an accelerated resale demand bubble, the couple found themselves in a precarious position. Should they invest more money in purchasing a HDB or investigate alternative options?
After some consideration, they concluded that it would be possible to find a comparable private property for roughly the same price, give or take a few thousand dollars, as the HDB resale unit that they were considering purchasing.
They were spot on target.
In the end, their search for a condo in MacPherson’s Bartley Ridge was successful, and they chose one that met their requirements. The unit had two bedrooms, 721 square feet of space, and a price per square foot of approximately S$14X.
They had to wait so long to acquire a new home, but as soon as they received the keys in September 2021, they began making improvements. In order to save money, they spent the first 2.5 months of the project working with a contractor rather than an ID.
They had a turbulent experience with the HDB property market for four to five years; however, on December 31, 2021, as a result of their decision to go private, they were finally able to move into their new home.
“Just in time to participate in the New Year’s Eve celebrations!
Regarding suggestions and recommendations for prospective buyers of additional homes, particularly first-time buyers considering the BTO-resale-private route:
“Accurate financial estimates are of the utmost importance. Consumers frequently give capital gains a higher priority than other factors, such as the monthly cost of mortgages with high interest rates and the MCST. It is also essential to have a thorough understanding of the seller’s motivations for selling the home. Even if the majority of respondents cite upgrading as the primary reason for selling, it is crucial to obtain additional information from the seller’s agent (such as any flaws, hostile neighbors, or poor condo management, for example).
Are you at a crossroads between Resale, Private, and BTO? Make an appointment with us so we can show you Lentor Hills Residences, Tenet EC and The Reserve Residences to discuss the investment’s advantages and disadvantages with you.