Location, affordability, wait times: Singaporeans discuss their biggest housing concerns, balancing their needs and wants

However, with so many factors to consider - price, location, waiting times and more - it can quickly become overwhelming for some of us.

For young homebuyers such as Bea, a Build-To-Order flat is usually the best option given their lower price points. For example, at the recent February 2024 BTO sales launch, prices of flats in non-mature estates ranged from $202,000 to $296,000 for a 3-room flat and $300,000 to $432,000 for a 4-room flat.

From the second half of this year, HDB will be doing away with the current mature and non-mature estates classification system. This will be replaced by a new classification system which differentiates BTO projects by locational attributes. Prime flats refer to flats in prime and central locations - these flats are currently being launched under HDB's Prime Location Public Housing model. Considering their high market value, Prime flats will be priced with the most subsidies of the three categories, to keep these flats affordable. Their sale conditions will also be the tightest, including a higher subsidy recovery on the resale price.

It was a trade-off that the couple was willing to make. Their current flat in Woodlands costs less than their old Tampines flat, and they were able to use the sale proceeds to cover their renovation costs and bolster their retirement savings.to get a better idea of the existing and upcoming amenities. These resources will help as you figure out how best to balance your wants and needs.

If you're planning to BTO soon, the good news is that around 19,600 BTO flats are set to launch this year. HDB has also delivered about 80 per cent of the projects delayed by Covid-19 as of end-December 2023, with the remaining flats slated for completion by next year.Want to move into your new home sooner? Consider applying for a Shorter Waiting Time flat! There will be 2,800 SWT flats available this year, all with waiting times of less than three years.If the thought of starting the paperwork for your flat application is making your head spin, you're not the only one.

Source: Real Estate Daily Report (realestatedailyreport.net)

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