Finding our Perfect First Home

House-hunting is a pain.

Several issues to consider, and some of these issues are inter-linked and inter-dependent.

* Note: The authors have released an update to this article. Click here to view the article.


1) Investment, First Home or Dream Home?

• Investment: There is great intention to sell of the house after a period of time to earn some money.
• First Home: Intended as a mid-term housing arrangement (7 - 10 years) as there is intention to move to a dream home.
• Dream Home: Couple can envision themselves still living in the home 20 years down the road.

Our choice: First Home

2) Resale, BTO, DBSS/EC ?
Pro Resale:

• Minimal waiting time to TOP
• Benefit from govt's grant (although some might dispute that the BTO flats are subsidized)
• You can survey the estate and flat orientation to make a more informed decision
• Tend to be in a more convenient location (near MRT or main roads)
• The older flats are much bigger (think Jumbo, Mansionette)

 Pro BTO:

• Price is much much cheaper ($280K vs $400K for a 4-room flat in Woodlands)
• New flat
• You can use the flat to buy a car, so as to compensate for the inconvenient location.
• Good for investment.

Pro DBSS/EC:

• Your combined income falls between $8,000 to $10,000 and you are not eligible for a HDB flat.
• Condo-like facilities (for EC)
• Good for investment (you can sell off as a normal condo to Singaporeans after 5 years, foreigners after 10)

Our choice: Resale

Miss Practical wants a very convenient location (i.e. minimal walking) and Mr I-Want-To-Be-An-Owner refuses to pay rent while we wait for the BTO/DBSS/EC to be built.

3) Which Location?
Mr Woodlands-Is-Not-Ulu is currently residing in Woodlands. As such, we are entitled to an additional $10K grant from the government if we stay within 2km of his current estate. Additional convenience includes free babysitting, meals, etc.

Miss VivoCity-Is-My-Heartland-Mall will miss bus 57 which brings her to work in 20 minutes.

Anyway, since this will only be a first home, there is intention to move to a less ulu location in the future :)


4) How Big/Small?
For info, the current size of most of today's HDB flats (10 years and below) are as such:

• 4-room: 90-92sqm
• 5-room: 110-114sqm

To put things into perspective, according to my friend who recently booked a room in Pan Pacific, a normal hotel room (for 2 pax) is 42sqm. Either the hotel room is huge or the flat is really small. 

Our choice: 5-room

We decided that we're probably gonna have kids in that flat so we might as well get the extra space.

5) When to buy?
If you are buying a BTO, you can apply under the fiance/fiancee scheme. You would only need to produce your marriage certificate 3 months after you collect your keys.

If you are buying resale, HDB states that you need to produce your marriage certificate by the 2nd appointment (approx 3 months from the time you place a deposit). However, I have heard that you can appeal for an extension as long as you have the receipt of your wedding banquet or letter from church/JP regarding the pre-set ROM date.

Our choice: Appeal

Since we have set on our ROM date (05 Nov 2011, duh!), we'll try our best to appeal for an extension. Will keep you updated!

* Note: The authors have released an update to this article. Click here to view the article.