BTO or resale flat?

By Eunice Woo / MyNiceHome | August 28, 2019 8:55 AM SGT
So, the big question has been popped. The next big question is: Should you get a Build-To-Order (BTO) or resale HDB flat for your first home?
Well, the answer depends on the following factors:
  • 1. Your budget
  • 2. Urgency of your housing need
  • 3. Your preferred location, if any

What is your budget?

If you have a tight budget, you should consider BTO flats which are heavily subsidised. The subsidy means that BTO flats are priced below market value. What’s more, there are various housing grants in place to help Singaporeans own their homes. Eligible first-timer families could receive up to $80,000 of grants for BTOs, or up to $90,000 for a resale flat.
Tip: Get an estimate of the monthly HDB/bank loan repayments, based on loan amount, loan tenure and interest rate.

Do you need a new home urgently?

If you need a new home quickly, a resale flat may be your answer. You can buy a resale flat anytime, without having to wait for the BTO sales launches.
A resale flat transaction could take as little as 8 weeks, assuming all necessary documents are submitted promptly via the HDB Resale Portal. The waiting time for a BTO flat is generally about 3 to 4 years from flat application to key collection.
Tip: You can check the transacted prices of resale flats that you’re eyeing on the HDB InfoWEB.

How particular are you about the location?

Be prepared to have to pay more for a resale flat if you prefer...