So are you also Single in Singapore?

Happy 35th Birthday, Single Singaporean!

CONGRATULATIONS!

So, it is that ultimate prize in having turned 35 years old in Singapore:

The ability to purchase your own HDB flat (i.e. public housing residential apartment.)

You now qualify under the Single Singapore Citizen Scheme.

However, bad news, no matter how much you try, you won't be able to move into your own abode today. No, not even get your own keys, today.

The closest you'd come to your dreams is to sign on the Option to Purchase (OTP) finally, today.

It'll take a few months of paperwork, First Appointment at HDB, Valuation (depends), 2nd Appointment etc. before you finally can put your name to your own address.

Why I started this blog?
I thought I would chronicle my journey, as I do note the lack of a plethora of information out there. Mainly it is a list of links to expedite your searches. But searching for things you need to understand, takes a lot of energy and initiative, is time consuming, and sometimes you're led on wild goose-chases, or misrepresented information, and in my experience, even on official pages or reports, apparently, as the conditions are often adapting to the housing situation.

The information I've represented apply in the period of JUNE 2016.

Who am I?
Like most of you, I am also a soon to be 35 year old, Singaporean, Single lady, looking to buy a re-sale flat. Choosing to be a DIY Buyer means extra hassles and leg work that I've to look into myself. I'm no authority on the information represented, but offer you a layman's perspective, adding more information and firmness as I walk through the process. I hope it helps you, and if not, the pictures entertain you.

Here are my hand[s]. (Don't ask me what it reads. I can't recall, and it is too faded.)

Here are my feet/legs. (With a holy bruise mark.)

Here is my face.

So now you know how Frankenstein looks like, let us begin with where you MUST start from:

http://www.hdb.gov.sg/cs/infoweb/residential

Get ready your SingPass password as otherwise, you'll be stuck that much longer. (Get it reset faster at a CC if you've forgotten it then waiting for it to be mailed to you.)

Currently, Singles can only qualify for the 2-room BTOs in Non-mature Estates (think Sembawang, Punggol, Sengkang etc.), but by the time I get my keys to that, I may even be married! So I've struck that out despite the HUGE cost savings. (P.S. We are NOT eligible for SBFs (Sale of Balance Flats), if and when they do happen too btw.)

Of course, location is often the primary consideration before much else. Thankfully, I'm not a city girl, but I like waterways or a school. And nature.

I'm looking at the Re-sale market as it allows me to look at the Mature Towns like Tampines, Bedok or even Toa Payoh, while still being able to consider towns like Punggol and Fernvale, which though young, are interestingly much more highly priced than the Mature Estates. And much smaller too.


New flats vs. Old Flats  (See this post for more information)
Newer houses also usually have a bomb shelter (which can't be modified or hacked), full-length i.e. bay/planter windows (note more sun means more heat entrapment.) If it has a real view, then this is not so bad, but the first house I saw, had Bay windows, that looked straight into the back of a rental black which was too near for privacy, so imagine tens of fifties of others having a front stage view of your living space.) and tiny kitchens (not an issue for me as I only do light cooking.)

Older flats tend to be much larger, and have toilets in the kitchen. Some have split toilet/shower units. Front doors may face main living area head on. Kitchens are bigger. They are spaced further from the next block too.


Location, location, location  (See this post for more information)
Next, think about the sort of facilities you'd like near your place. Blocks nearer to prime schools, central, MRT stations or upcoming LRT lines do tend to be pricier. Also, see if there are coffeeshops nearby unless you plan to cook your own meals. See if they offer a variety of food you would enjoy unless you have an alternative plan like tau-baoing near your workplace.

If I move in next to a Pizza haunt, I'll be ordering pizza all week!

Hopefully the local delights do not cost an arm and a leg like those at the Night Safari

I noticed that there are more self-service laundromats upcoming in HDB estates, and as I may not plan to have a washer/dryer (too expensive for single load washes), that helps too. Unlike the family crowd, being near a primary school shouldn't be a consideration, unless you plan on starting a family soon. However, as schools tend to be low level, it does guarantee you some privacy on the higher floors. Some flats are just built too close. Great for voyeurs and spies though, I guess.

If you're a sport buff, being close to a Sports Recreational Facility saves on commuting to the Gym. Consider it as close to Condominium facilities as you can get.

Oh yes, higher floors are more expensive than lower floors. I like the view, privacy and breeziness on higher levels. Saves on air-conditioning costs. But higher may still mean blocked views now with flats rising higher.

Financial Budgeting  (See this post for more information)
Now next, once you've thought about your location/s, think about your budget. Be reminded, you need to set aside money to pay for the resale application, stamp duty, legal fees, valuation fee, etc. (some can be paid using your CPF).

For Buyers, you need to set aside another 1% + GST if you are looking at engaging a property agent. (See this post for more information)

Also, think about an estimate of renovation costs (are you considering $30,000? $50,000? etc.) and moving in costs (new fixtures and furniture, new electricals, repainting and cleaning, moving company, etc.) If the flat has got some of these covered, it'll help to bring down overall cost. (See this post for more information)

Flats that indicate Move-In Ready, are really that. I've seen some which looked really cleaned, just needs the ritual moving-in cleaning. & one which I saw was fully furnished too! Including 2 sofas, wardrobes, beds, and a refrigerator that is taller than me! (See this post for more information)

Then, examine your financial ability. Check out how much loan you can apply for by applying for the HDB Loan Eligibility (HLE) or Bank Loan.

You can only use the money in your CPF Ordinary Account to pay for your 10% down-payment, the stamp duty and legal fees. You cannot use your Special Account, and of course not your Medisave account.

Take note: If you buy a flat younger than 60 years old, you will only be able to use a percentage of your CPF OA funds.

Check your savings in your banks. But make sure you leave behind the minimum sum and some balance, as costs always overrun into the buffer.

Now that you've worked out the purchase price range which you can afford, think about what size of flat you'd like to purchase.

Flat size (See this post and also this for more information)
Do take note that purchasing a 2-room flat means that you won't be able to rent out any room, till it reaches the 5-year Minimum Occupation Period (MOP).

For Singles, we can purchase re-sale 2-5 room HDB flats under the Single Singapore Citizen Scheme. No ceiling income yet. (For the history of the evolving pertinent schemes, see this post for more information)

This blog is not about buying BTO 2-room flats nor about Joint Single Scheme which you may qualify too.

You are eligible for a Singles Grant of $15,000 if you are a first timer Single who earns less than $6,000 a month (raised from $5,000 on 24 August 2015), and doesn't own other properties. (Gross monthly pay, an average of your past 3 months salary. Doesn't include bonuses, but fixed allowances counted, etc.) Again, this applies for 2-5-room flats only.

If you earn less than $2,500, you are eligible for the Additional Housing Grant which ranges from $2,500 to $20,000.

If you get a flat near your parent you get, ... nothing.

However, if you get them to apply with you, you get $10,000. But all that effort, so many years of residing with them, for so little? May as well fly solo and let them keep their place.

So, the references for these information can be referenced at greater detail here: http://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/resale/single-singapore-citizen-scheme-or-joint-singles-scheme

Enjoy this journey!

You can also refer to more concise guides at this post.