Why I chose to buy an Executive Condominium instead of a BTO or resale flat
(Written on behalf of 99.co reader, Dawn Tan)
It may exist the norm for local couples to apply for a Build-to-Club (BTO) flat before the wedding proposal, but I've never been a risk-taker.
There have been and so many stories of BTO breakups so I wanted to exist actress, actress sure earlier buying a home.
READ: Should yous purchase a BTO or resale HDB flat? What to consider if you're a first-timer
When my then-fiance proposed at the showtime of November 2016, and the application for Bidadari opened just weeks afterwards, it felt like the stars aligned.
THE BTO REJECTION(S)
Bidadari is not just near both our parents' places, it'southward also an up-and-coming estate with plenty of amenities including an MRT. And as we were not belongings the wedding ceremony ceremony anytime shortly, the four- to five-year expect was not a trouble.
Our hopes were dampened when we received a queue position that exceeded the flat supply. Though we had expected information technology, every bit Bidadari projects were always oversubscribed, it was still disappointing, specially because the look for updates was painful, to say the least. I logged onto the HDB website every 24-hour interval to check on the diminishing racial quota and available units.
READ: The Singaporean who bought an abased hostel and turned it into a walk-up flat for Southward$1M
Nosotros then applied for Sale of Remainder Flats in Kallang/Whampoa. These are unbooked flats from previous BTO launches. Unfortunately, our balloted queue position "far exceeded the flat supply" again. This toll usa almost a year'southward worth of time.
HUNTING FOR RESALE FLATS
Disappointed but determined to secure a expert home, we started looking for resale HDB flats. We liked that older flats were bigger and had access to total amenities. Convenience is key. We also consulted a property agent whom nosotros trust.
With a budget of S$600,000 to South$700,000, we searched for v-room or maisonette units in either Serangoon or Toa Payoh. However, we avoided flats that were more xxx years one-time as nosotros were concerned most the issues that might come with sometime HDB blocks.
After a few weeks of intense searching and Googling, we finally institute i to visit: A five-room flat in Serangoon that was going for S$550,000. However, it still simply didn't experience right. We estimated that renovation for an old unit could cost us around S$100,000 – non including furniture and appliances. That was not how we wanted to spend our difficult-earned money.
THE INTRODUCTION TO EXECUTIVE CONDOMINIUMS
At first, Executive Condominiums (EC) were not within our consideration as they are more expensive than HDB flats. Even so, due to our diminishing options, our agent shared the pros of ownership an EC – particularly, its potential return-on-investment after it privatises.
Because ECs are sold at a lower cost compared to privatised condominiums, we would have significant potential earnings after an EC privatisation; prices are ofttimes inflated to match that of privatised condominiums on the market.
My hubby and I agreed that we would be buying the apartment for own-stay, and possibly start a family unit here, and then waiting five to 10 years earlier it privatised was reasonable. And condominiums within our budget were oftentimes too small in size – ane-bedders or studio apartments. We realised that some of the ECs around our preferred neighbourhoods were however inside our upkeep.
After working out a budget and consulting loan experts on how to maximise our CPF monies without forking out cash, all nosotros had to do was shop for a unit of measurement.
We eventually settled for a unit in The Benchmark at Yishun, for which we paid Southward$688,000. Yeah, it's not exactly within walking altitude of the MRT. But information technology was TOP-ing (Temporary Occupation Permit) just in time for our wedding, the price and size were right and everything worked out perfectly. Hundred Palms at Yio Chu Kang was on our list too, only its steep prices would take stretched u.s.a. sparse.
NO REGRETS
Nosotros would have been happy to live in any of the holding types – all we wanted was a place to phone call our own. But when we drive by the Bidadari project and see that it'southward still edifice, we are thankful nosotros chose to purchase an EC.
As ECs come up with wardrobes and fully-equipped kitchens and bathrooms, we only spent Due south$30,000 on renovations. This includes boosted storage for shoes and even a customised bed. The greenbacks menstruation would accept been much tighter if we had gotten a resale apartment.
Recent EC project launches have as well proved that EC prices are on a sharp ascent; what nosotros paid for was then much more affordable than what is available now.
Our domicile-buying journey was not every bit straightforward as others', merely nosotros learnt a lot almost the property market. If yous received a "bad" queue number for your BTO application, you might want to consider an EC instead. We're glad we did!
This story first appeared on 99.co.
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