Me and the fiance has been looking for a home for a few months now.
To be honest, we are in a hurry to secure a place.
Its 7 months away to the wedding and we are not even dreaming about buying furniture or start choosing on renovation.
Singapore is great, systematically.
But sometimes, it is too systematic for comfort.
Today, if your combined income is $8k, to buy house, there are 2 options, using the government's housing loan.
Buy a resale flat or purchase a brand new flat which are usually Built-To-Order (BTO).
Resale flats are bigger.
Though not much bigger, I love the structure, knowing that my children will have sufficient space to run around without breaking mummy's vases.
So ok, they are probably 10 to 15sqm bigger, they cost more in the market and not forgetting that home owners will be able to ask for cash money to help pay for their estate's agent administration fee and commission.
Couple of years back, it was as low as $5k
Today, it sky-rocket, slit-throat, on an average of $40k.
It puts me off that when we enquire from agents, the first thing they mention is the cash value home owners will ask for.
Some would not even reply.
If you can afford it, you view.
If not, stop wasting everyone's time to even try and negotiate.
The advantage of buying a resale flat is that I will have a place to stay in when I am married.
A place called home.
But trust me, none of them are making it easy for me.
Plus, I will need to think of renovating the house.
So the other option is BTO.
For BTO to commence the start of development, it needs to reach an 80% application from members of the public.
Then you give the developers another 5 more years to built the flats on bare land.
Yes, a stunning 5 yrs.
Five and a half till the time you get your key.
People ask me if I have purchased a flat, knowing that the wedding date is drawing near.
I joked,"No.. I wonder if we are expected to stay by the streets."
5 years.
I will probably have a kid or two or three or even 4.
Then I pray I have tons and tons of money to buy a Bungalow.
5 years later when the flat is ready, I dropped out from the application, at a minimal lost.
So seriously, where is the logic?
I cannot plan 5 years ahead to get married.
(Thank god I didn't)
But seriously, if you plan to get married 5 yrs later, please go and apply for a house now.
Then the house will be ready just in time.
:)
I thought I will do the goverment a favour by giving birth to many (smart, if we are lucky) children in time.
They need a roof over their head.
And in time, I need some privacy to make babies.
Understand my dilemma?
p/s: I saw this artist impression of new flats with lofts which got me so freaking excited.
Me and the fiance will definitely make our way down to HDB soon and see what they have to offer.
The above will be ready in 2015.
What if I reach a combined income of $8001?
I will not have enough cash to pay an upfront for a condo and I will not be able to obtain a govenrment loan.
Bank loans are a killer.
Do you understand my frustration now?
