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Thread: 1st time Home buyer....

  1. #1
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    Default 1st time Home buyer....

    is it better for a first-time home buyer to get their first home direct from HDB, or resale is more 'worth it' in terms of per square foot?

    please advise....thanks!

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    Default Re: 1st time Home buyer....

    getting married with angel?

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    Default Re: 1st time Home buyer....

    buy from HDB is always a must at least once in a lifetime

  4. #4

    Default Re: 1st time Home buyer....

    Quote Originally Posted by Stereobox View Post
    is it better for a first-time home buyer to get their first home direct from HDB, or resale is more 'worth it' in terms of per square foot?
    please advise....thanks!

    Bear in mind, new flats are much smaller than resale flat even though they are both same 4-rm flats.

    Actually new flats not so much cheaper....for eg. New flats(40storey high) at toa payoh facing the central cost 320K+ for 4-rm flat.

    Unless

    You choose those unwanted lots from Sengkang, puggol, jurong west or boon lay.
    These flats are left empty and generally much much cheaper.

    It all depends on the location, housing space, and no. of years of loans you take.



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    Default Re: 1st time Home buyer....

    Quote Originally Posted by Stereobox View Post
    is it better for a first-time home buyer to get their first home direct from HDB, or resale is more 'worth it' in terms of per square foot?

    please advise....thanks!
    Actually it really depends on what u want. I bought a resale because I need to be near my mother in law and at the same time, it is bigger than the newer flats. But the first objective is impt to me. Really depends on what u want. Really.

  6. #6

    Default Re: 1st time Home buyer....

    As first timers, if you buy resale flat instead of a direct one from HDB, you will still be able to get a grant of $30,000, or $40,000 if you are near to your parents...

    that grant will make it as good as getting a discounted flat direct from HDB

    so it really depends on your own preference on location, design, layout etc..

    but now also not many choice for brand new hdb flats.. and their size can be much smaller

  7. #7
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    Default Re: 1st time Home buyer....

    Quote Originally Posted by Hanleong View Post
    As first timers, if you buy resale flat instead of a direct one from HDB, you will still be able to get a grant of $30,000, or $40,000 if you are near to your parents...

    that grant will make it as good as getting a discounted flat direct from HDB

    so it really depends on your own preference on location, design, layout etc..

    but now also not many choice for brand new hdb flats.. and their size can be much smaller
    The grant comes at a price, there is a resale levy component that you need to take into consideration when making a buying decision

  8. #8
    Senior Member dominator's Avatar
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    Default Re: 1st time Home buyer....

    Quote Originally Posted by Deceased View Post
    Bear in mind, new flats are much smaller than resale flat even though they are both same 4-rm flats.

    Actually new flats not so much cheaper....for eg. New flats(40storey high) at toa payoh facing the central cost 320K+ for 4-rm flat.

    Unless

    You choose those unwanted lots from Sengkang, puggol, jurong west or boon lay.
    These flats are left empty and generally much much cheaper.

    It all depends on the location, housing space, and no. of years of loans you take.


    Right most new flat smaller than resale flat.
    Please elaborate what you means by unwanted lots at Sengkang, punggol and those at west side? Are you sure there are available 4rm new flat in these area for sale?

    The toa payoh 40th floor flat is well worth every cents for me! I get breath taking view of my surrounding and how many people in SG can have it?
    If you ever know, thos redhill area flats? Why not say those flats cost up to 400K?
    Cleanse your thoughts, not by the foods you eat.

  9. #9
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    Default Re: 1st time Home buyer....

    For those who is just starting out ie just got married....it is good to get a HDB directly. The grant is attractive and u get a brand new home. Location may be tricky if u want a place near your folks.

    The downside is the new place is smaller in size. If you have to do your own area cleaning the size is a blessing. Getting a maid is not a 100% solution even if you have a bigger size HDB resale flat.

    For resale flat u may have to renovate. If u r lucky u might get a place u want and just need to paint.

    I got my first HDB flat, a resale one, lucky just need to paint and whats more that place was just a temporary one. Then the next is where I am living now, an EC ( Economy Condo), thanks to ga ment grants and marketing efforts.

    This is my just my gen POV

  10. #10
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    Default Re: 1st time Home buyer....

    I think buy new flat direct from HDB got income ceiling critieria, buy from resale market there is no income ceiling criteria.

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    Default Re: 1st time Home buyer....

    thx for the info so far guys!

    one more question...if our first house is a resale, assuming when we decide to sell it and get one from HDB....are we still still considered 'first-time' buyers and eligible for grants?

    correct me if i'm wrong....as far as i know, the main difference between direct from HDB and resale is the former is brand new and much much cheaper, the latter has more freedom of choice but more ex?

    and Happy New Year 2007~!

  12. #12

    Default Re: 1st time Home buyer....

    Hi Stereobox

    I just got a resale 5-room at Woodlands. Just to share with you my experience.

    Getting a resale or new flat is really up to you because I would believe location is the prime consideration in getting a HDB place, and also how much you are willing to spend to buy a unit. If I am not wrong, the resale at Marine Parade are the most expensive

    I do noticed that the new HDB flats are smaller compared to the older ones. So size is also something you need to ponder over seriously.

    Then there is the time that you want your flat. For instance, do you have to wait a few years to get your desired brand new flat? I got my resale flat 3-4 months after signing the 'Option to Purchase'.

    Also, there is, as Astin pointed out, an income ceiling. I think you are eligible for a grant if you and your spouse combined income does not exceed $8000. If you are buying as a single, your income cannot exceed $3000 if you wish to get a grant.

    Hope this helps.

  13. #13
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    Default Re: 1st time Home buyer....

    thx for sharing, fiddler~ will pm you shortly

    are all HDB apartments leasehold? in other words, if i get a resale apartment, i will only have left that many years to own it before i give it up?

  14. #14

    Default Re: 1st time Home buyer....

    Quote Originally Posted by Stereobox View Post
    thx for sharing, fiddler~ will pm you shortly

    are all HDB apartments leasehold? in other words, if i get a resale apartment, i will only have left that many years to own it before i give it up?
    I have replied to you.

    Yes.. HDB are all leashold, I believe.

  15. #15

    Default Re: 1st time Home buyer....

    Most if not all 1st time buyers fall into the trap of buying cheap...

    The most important consideration should be "location," second is "location," and thirdly is "location."

    If you plan to have kids within 5yrs, location to parents
    If your work is more important, location to office.
    If you social life is important, location to these places.

    You really have to add the time and transport cost of moving between them.; with public/taxis/personal car.

    With all the above decided, than find the cheapest financing alternative; between private thru banks, or HDB thru banks/HDB.

    I have friends who go cheap, ends up in SengKang! Far from parents, friends, and work; spends a lot of time and $$$ on transport. Eventually gets a car (another mistake). Finally gives up car and SengKang and moved to Tiong Bahru to be closer to both parents, both office, less transportation, more time for the young couple, more time for family and friends, and their social life got so much better!!

    And happier.

  16. #16

    Default Re: 1st time Home buyer....

    I agree with Caspere, location is very important.

    You may want to consider buying a resale unit announced under SERS (enbloc) also.
    http://www.hdb.gov.sg/fi10/fi10220p....S?OpenDocument

    More details about available SERS sites:
    http://www.hdb.gov.sg/fi10/fi10220p....-SERS)Overview

    hope this helps =)

  17. #17
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    Default Re: 1st time Home buyer....

    Quote Originally Posted by Caspere View Post
    Most if not all 1st time buyers fall into the trap of buying cheap...

    The most important consideration should be "location," second is "location," and thirdly is "location."

    If you plan to have kids within 5yrs, location to parents
    If your work is more important, location to office.
    If you social life is important, location to these places.

    You really have to add the time and transport cost of moving between them.; with public/taxis/personal car.

    With all the above decided, than find the cheapest financing alternative; between private thru banks, or HDB thru banks/HDB.

    I have friends who go cheap, ends up in SengKang! Far from parents, friends, and work; spends a lot of time and $$$ on transport. Eventually gets a car (another mistake). Finally gives up car and SengKang and moved to Tiong Bahru to be closer to both parents, both office, less transportation, more time for the young couple, more time for family and friends, and their social life got so much better!!

    And happier.
    Super good advice. Fully agree with the advice given. I bought a flat near my mother in law but not yet near enough. In the end, stay there most of the time. Flat left empty.

  18. #18
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    Default Re: 1st time Home buyer....

    I bought new... reason... it's the Pinnacle Where are you going to find a 48th floor view of both keppel wharfs and the city, as well as prime location for only 377k

  19. #19

    Default Re: 1st time Home buyer....

    Quote Originally Posted by Caspere View Post
    Most if not all 1st time buyers fall into the trap of buying cheap...

    The most important consideration should be "location," second is "location," and thirdly is "location."
    Exactly, I moved from hougang to owen road(near novena).
    So much nearer to city and town area.

    Cut down my travelling time to work and to town area.
    Give up the thought of buying a car...since taking cabs to city or workplace so much nearer and cheaper.

    The demand of people buying resale flats in prime areas are much higher than far far away HDB flats.


  20. #20

    Default Re: 1st time Home buyer....

    Quote Originally Posted by dominator View Post
    Right most new flat smaller than resale flat.
    Please elaborate what you means by unwanted lots at Sengkang, punggol and those at west side? Are you sure there are available 4rm new flat in these area for sale?
    Unwanted lots meaning as less buyers.
    In fact, check with your property friends.

    Everyone is saying the same thing.
    Sengkang, punggol, boon lay took 6 months to 1 yr to sell a flat.
    Some even lower their asking fees also find it hard to sell off.

    Boon lay have alot of new 4-rms or 5 rms empty flats....
    But the occupancy are still very low... my cousin stay there...and sometimes he claims
    he owns the whole floor...

    Scary.

    To check whether they are still available....pls logon to HDB website.


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