4 Factors To Consider Before Proposing With BTO
The Singaporean version of romantic moment with life’s milestone
achievements is not “Will you marry me?”, it is related to property. Here it
goes, “Want to apply for BTO together?” Surprising eh. That’s because the
growing appetite for house ownership amongst Singaporeans that triggered them
to propose this way. Let’s do some calculation on time, with an average of
waiting time from three years to four years for the completion of a BTO or
Build-To-Order flat, the balloting for one prior to an actual marriage proposal
has long been the norms for couples here. Recently, Singapore government has
rolled out new initiatives like the Sale Balance of Flats (SBF). This allows
Singaporeans to have more options when getting certain BTO flats which includes
shorter waiting time, that’s if after you have check your loan affordability
with the loan calculator.
However, based on our recent poll survey, about 67% of our respondents
highlighted that couples should only apply for BTO after their proposal.
Unless, romance is still the main consideration for couples to contemplate on
marriage these days. While most girls would love a romantic marriage proposal
but marriage itself is a lifelong commitment. Lifelong commitment and house ownership
together remains an important milestone that requires early and strategic
planning imperative. However, here are some of the important considerations.
1. Resale flats
vs BTO
The internal debate that we are always contemplating on, resale flats or
BTO flats. Although buying a resale flat looks like an attractive proposition
for majority. Potential buyers are now spoilt for choices especially when it is
situated in different locations, they are no longer subject to waiting time or
time constraint. One of the best things about buying a BTO is the possibility
of obtaining HDB grants that can probably help you save up to tens of thousands
of dollars. While the grant amounts varied depending on your eligibility but we
advise that to review the list of grants that are available in the market so
you can carefully maximise your goodies and benefits.
2. Mature vs
Non-mature town
Like what Donald Trump always says, “Location, Location, Location”. It
is known that properties that are located in the central or located in matured
as they provide convenience to accessibility and flexibility to their desired
places. The recent BTO exercise for February 2019, those flats in
Kallang/Whampoa are expected to be very well received with highly
oversubscribed. Reason behind is the location of the flats where they are
well-located in the city fringe and they are very near MRT stations. On the
other hand, there are also projects situated in the non-mature areas and they
are usually more affordable compared to those in matured areas. On the
downside, those locations are usually less accessible and logically, you will
need to pay more slightly on the cab fares if you do not own car.
3. Price
This is one of the major factor for decision making when purchasing a
home. Realistically, houses located in mature estates possess higher prices and
more expensive compared to the non-mature estates. If you observe the flat’s
prices offered in February’s BTO exercise, you will notice that the starting
price of a three bedder flat (3-room) in Kallang/Whampoa could actually costs
more than double of the similar sized flat’s costs in Jurong West. You can
click here
to see the BTO prices in February. With the difference of approximately $50,000
to $100,000, you should consider if the convenience and location is what you
are looking for.
4. Eligibility
and schemes
Before applying for BTO, pretty sure both you and your future spouse
will need to check your eligibility individually to make sure that you will be
able to apply for schemes and grants based on your condition. For example, if
both of you are under engagement status (fiance/fiancee), there’s a scheme for
engagement status. However, both of you must agree to solemnize your marriage
within three (3) months of collecting your keys to your flat - this situation
may be in awkward situation if both of you are not in a rush to get married.
You could also apply for joint singles scheme where you and your partner are
under these statuses like unmarried, divorced or widowed. This scheme will
allow you to apply jointly as co-applicants and new 2-room flat in non-mature
estates. You can check here
for the different schemes.
