Anonymous
Need advice on getting a resale flat after 4 unsuccessful BTO applications?
My bf and I have been unsuccessful in applying for our BTO for 4 times now. We didn't even get a queue number for a non-mature estate.
We've been renting for about a year and we're trying to decide if we should put our 'rent' money to a resale flat instead of waiting for a BTO (which will take 3-4 years). Assuming that there is no increase in rental, it will amount to 40K.
What should our decision be? Any advice?
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The important question to ask yourself now is: What Are Your Immediate Needs?
If your bf and you are looking for a matrimonial home to start a family, then getting a Resale flat will be advisable.
Like others have mentioned, BTO is more for couples who can wait while having a place to stay and save up. But this is not your case.
The current maximum grants for Resale flat is $120k and Lawrence Wong has recently announced there is upcoming benefits change next month. My opinion is there may be an increase in grant which will be good news for you.
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Kenneth Lou
20 Aug 2019
Co-founder at Seedly
More on the unsuccessful tries... maybe you can try to write in to your MP? Go to the meet the peopl...
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Hi OP,
Sorry to hear of your case.
The way I see it, if you are ready to foot the bill of a resale flat, it would be better for you to do so.
BTOs are more for couples who can afford to wait by staying in their parents' house and saving during the 3-4 years wait for the collection of keys of the BTO.
While BTO flat may be cheaper than the resale units by 20-60k, many will cost to do rennovation which will cost quite a bit. Furnishing said BTO would also be an expensive endeavour, requiring big-ticket items like aircon, wiring, ceiling fans, water heater etc.
In this manner, whatever "savings" you get from BTO can be easily wiped out by the cost of making it livable to your taste. Also, as you mentioned, you are currently renting a room together, which would add to the cost of "waiting".
On the other hand, resale flats are more for couples who want a place of their own, as the units are already rennovated, and in a "ready to move in" condition- the seller might even leave appliances and furniture behind, as the cost of relocating such used items may be too high and they would prefer to get new ones.
Resale also has a wider choice, and you can use the free market to browse around and negotiate for a better price!
In conclusion, you should ask yourself for a place of your own, you are okay to foot the bill for a resale flat right away, or would you prefer to wait and potentially, spend more on renovation and furnishing your BTO.
End of the day, all we want a place to call home!
Cheers,
Zen