When it comes to owning real estate in Singapore, having a home address is still considered a status symbol. Some even see it as a means of accumulating wealth. However, when it comes to North Gaia EC owning your first home, such as an HDB Build-to-Order (BTO) apartment, resale apartment, condominium, or land parcel, it depends heavily on several factors, such as eligibility and land funding. increase. Thomas Tan, COO of ERA Singapore’s agency business. He spoke on ERAx EdgeProp: Does it make sense to update now for the future? November 1st webinar HDB BTO apartments are a good choice for young couples who are just getting started, especially if they are saving very little money. HDB can offer loans with a loan-to-value ratio of up to 90%. He adds that the remaining 10% comes from the Central Provident Fund (CPF) account. However, in the case of a BTO apartment, according to Tan, the couple will have to wait up to five years to receive the key to their new home for the construction period. Before Covid19, which takes longer to wait for a BTO apartment, couples usually received the key to the new BTO apartment within three years of the successful completion of the new home application. However, during the ongoing pandemic, State Development Secretary Desmond Lee told Congress on October 5 that the North Gaia Floor Plan average waiting time for BTO housing in progress is about four to five years. This is due to the strict construction conditions and the tall building. Couples who don’t want to wait have the option to buy an HDB resale apartment, executive condo (EC), or private property. According to Tan, resale housing is an affordable option for young couples who want to get their own home quickly, but “recently, construction delays continue to drive demand for resale drives. You may need to work on [higher] cash on valuation (COV). HDB “. Markt “. EC is suitable for couples who want to shop personally but may not yet have enough savings. These apartment types prefer new homes but do not want to buy resale apartments or too many Also suitable for couples who want to be equipment. Also, the price of EC is relatively cheap compared to private condominiums. Finally, couples who have the means to buy private property and do not want to be bound by the minimum usage period (MOP) set by the HDB can consider such an apartment as their first apartment. Tan also said that North Gaia Price purchasing private units can raise barriers to entry, but with less restrictions, due to the cost. Key Modernization Considerations There are three things that real estate owners need to keep in mind when modernizing their homes. Financing is at the top of the list: When selling their HDB apartments, couples must ask themselves if their existing cash and CPF savings can afford private property. “[Factors also need to be considered] Emergency funding for refurbishment, loss of income, etc.,” Tan said. If couples prefer to buy EC for a second privilege, they must also take into account longer wait times. But the EC “will eventually be a good foothold for owning private property [after being privatized 10 years later],” says Tan. Finally, another consideration for upgraders is location. For example, climbers can have children attending school, so it’s important to be close to the facility, he adds. Postponed during Covid19 During the Covid19 pandemic, where working at home became the new standard, Tan sees more real estate owners moving to the suburbs. He adds that the shift may also be due to the North Gaia Showflat aging of the population. Tan says there is also increasing demand for larger units this year, such as two-key condominiums and country houses. The Dual Key Mansion is becoming more popular among buyers as it is considered a single unit and does not require additional buyer stamp duty (ABSD). Many homebuyers who make such purchases are core, three-generation families. According to Tan, the larger units reflect the homeowner’s desire to live together as a unit while enjoying their privacy. He also said that the upward trend was due to food restrictions imposed in September, under which only up to two fully vaccinated people could eat out. “People are now choosing to live together because of food restrictions, so people on a big budget prefer to buy a home to live nearby or together,” he adds. Finally, another change caused by the pandemic is the increase in demand for new properties due to higher construction and refurbishment costs. Is it a good time to upgrade? Now that Singapore’s real estate market is hot and more real estate prices are rising for condominiums and country houses, is it time to sell and upgrade HDBs? Yes, says Eugene Lim, ERA Executive. The HDB resale price index is catching up with the private housing index, so the time to renew is better than ever. In the short term, Lim North Gaia Yishun predicts that North Gaia Showflat HDB resale prices will “continue to rise” in terms of transactions and prices due to the longer waiting times for BTO apartments.
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