Getting married in 2024. Looking for a resale instead of BTO as we are not willing to wait for the conpletion of BTO. Any advise?

My fiancee has been working for almost a year whereas i just started my FT job last month while waiting for my enlistment date. Initially we were planning to apply for a BTO but our main concern is where will we be staying after we get married in 2024 while waiting for the completion of BTO which will take 3-4 years. I live in a 3 room flat with my mom, her friend and my sister and space constraint is an issue. As for my fiancee, her parents do not agree of having me to move in with them as she has a sister who is religious and wears a hijab and privacy issues will occur. Renting a room/house will cost $$ and both of us are not earning that high (>$2k and <$3k). My fiancee cpf OA is not that high or low and i am starting to receive CPF contributions since I am working. Will buying Resale flat be feasible?

Discussion (2)

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Caleb Seah Hua Xiang

10 Jan 2023

I think you should not rush into marriage so soon.

If you go into resale, you'll start paying home loan soon. Most probably will be your wife CPF paying it as you would still be in army in 2024. So will be stressful for you and her.

Instead i'll advocate to:

Start getting a BTO first.

Plan to get married nearer to the time you get your keys.

By then you'll have a full time job after ORD which will have sufficient savings.

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Ace

27 Dec 2022

Maybe you can consider sale of balance - as they take about 3 mths or so? Though might be difficult to get but worth a try.
Best is still to get BTO/SBF as you are growing your income.
If resale you might need to consider a flat that is more affordable - i.e. smaller in size (2 room/3 room) so the loan will not be a burden to your finances. Will be at disadvantage (small house, lesser lease, space less for growing family)/limited choices. You can start looking at the property websites - to see the resale flat you and your to-be spouse can afford so you have an idea. Resale flat also takes time - from application, house viewing/searching, getting keys, renovation...

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