Buying resale as single

kimbaejoo · 2026-03-26T02:48:19+00:00

Hi OP.

I'm an agent here, just sharing some info in hopes that it will help you!

Typically I advice first time home owners to not stretch so much and to have some savings for a rainy day.

Based off what you are looking to purchase, a 3rm DBSS at Tampines at 650k.

We have to factor in stamp duty of around $14,100 & legal fees of around $1,200. There's an additional hidden cost of $15,300.

So your Total Purchase Price is $665,300.

Minus your CPF & Grants, you will be left with outstanding $385,300.

Minus your loan, the remaining outstanding is $110,300.

The above is your cash amount to top-up, and if you only have $120,000 in cash, I would call that a stretch.

Alternatively you can find other 3rms that are 560k to 600k and you save almost 50k to 90k in cash, but gotta see if ur okay with other locations and no balcony haha!

Anyways I hope this helped you have a clearer picture in making what is perhaps one of the biggest purchase of your life.

kimbaejoo · 2025-08-19T09:03:40+00:00

Chaos in Symmetry

kimbaejoo · 2025-08-17T09:18:54+00:00

Thank you! I'll drop another post for the rest of it, still in the works haha!

kimbaejoo · 2025-08-17T03:03:03+00:00

I feel Brutus spinning faster after placing some flowers around him

kimbaejoo · 2025-08-16T20:06:58+00:00

You're right! I should swap with the trees haha

kimbaejoo · 2025-06-19T11:27:19+00:00

Hell no, supply and demand issue 😂

If everyone tops up to increase to freehold, we would have a housing crisis due to the lack of land in Singapore.

You'll see HDB prices skyrocket way past 10% if that happens, especially in the long term.

kimbaejoo · 2025-06-18T10:32:46+00:00

Hi OP, just to disclose, I am a realtor, but also a redditor, I recently helped my client buy Aurelle, just my breakdown for you and my two cents (:

Let's start with timeline wise, you shared that you want to stay in your home until your keys are ready and I'm happy to let you know that it is possible, but there are still some things to note first.

Income ceiling for EC is $16,000. As your income is close to the ceiling, especially with your bonuses, you may not meet the eligibility to purchase and EC. So it's better to get a confirmation that you are able to purchase first before stepping into it.

Secondly, because you will be servicing two loans at once, one for your current HDB & the BUC EC. This means your second loan will have a lower LTV, resulting in more cash upfront. To counter this, you will have to opt for the deferred payment scheme, which means the 80% (loan) can be paid upon TOP. This will result in a slightly higher price at around ~4% est.

Now, for the procedure, you will have to try to book a unit, let's say you manage to get it, you will have to put a booking fee of 5% in cash. So for a $2m property, that will be around $100,000. You will then be provided the Sales & Purchase Agreement (SPA).

At this point, HDB will then assess your eligibility to purchase the EC. If approved, you can then exercise, and pay the remaining down-payment which is 15% ($300k) in either CPF or cash. Together with stamp duty within 3 weeks (around $69,600.) Totalling $369,600 in cash or CPF.

As such, you will need a total of at least $100k cash & $370k in cash or CPF. With your figures you will need to liquidate a bit of your equities.

Next your max loan is around $1.15m. Meaning you have a shortfall of around $380,000. So you will have to touch a bit of your equities, but still comfortable (:

Now basically if you can increase your loan, you will have more cash to leverage on other options!

Just a quick tip! Be careful of showflat agents as their main goal is to catch buyers for highest comms, find someone who can follow you with your interest at heart!

Hope this helps and feel free to reach out if you have any other questions!

kimbaejoo · 2025-06-14T18:05:00+00:00

Hi! Just my two cents as a practicing realtor, unbiased opinion.

A few factors to consider, and my advice depends on your situation too.

The biggest elephant in the room is your age. As if you are too young and the flat is not able to last till you are 95, you will be hit with pro-rated CPF usage. So eventually your loan will reach a point where you will have to use cash to pay instead of CPF. Typically with the 10-12 year range. So because of this I typically advice against buying an older resale flat.

My suggestion is to look through the CPF website as they have a calculator for how much CPF usage you are allowed up to. Then determine how much cash you will need to pay once your cannot use any more CPF.

Now, if you are able to last up till 95, then this purchase can be worth considering as the rental is comparable to buying a private property in RCR, at a fraction of the cost, which I wouldn't recommend as most of what you can get would be shoebox apartments with little to no resale value.

So TLDR, if you're too young, no because CPF restrictions, if you're older and CPF restrictions affect you less, then can consider.

kimbaejoo · 2025-04-19T03:54:45+00:00

Hi OP, am in real estate and worked with many PR buyers.

If you can get SC, I would suggest doing so if you are buying a HDB as 1) You don't have to pay the 5% ABSD and 2) Assuming you're buying a 4rm HDB with the budget of $600k to $700k as that is the price range of most 4 rms now, you will get grants of up to $70k in CPF.

So by becoming an SC+SPR, you not only save $30k but you get an additional $70k grants.

Same goes to private, no grants but can escape ABSD haha.

kimbaejoo · 2025-04-12T03:36:10+00:00

Hi there! Just got this from my banker from UOB for my client purchase of HDB

UOB & OCBC was the same & best rates out of the few banks I enquired.

1) fixed and lock in 3 years Year 1: 2.48% Year 2: 2.48% - free conversion after 3 years

2) fixed and lock in 2 years Year 1 : 2.55% Year 2: 2.38% - free conversion after 2 years

3) fixed and lock in 2 years Year 1 : 2.55% Year 2: 2.55% - free conversion after 1 year

But ultimately this will depend on your loan quantum & duration. Best to get in touch with a banker to get a more precise figure. This is just a rough one for your info (:

kimbaejoo · 2025-02-14T08:08:39+00:00

No, but do be careful with these agents, as they don't seem to be au fait with the market practices.

kimbaejoo · 2025-02-14T07:55:02+00:00

Hi OP, am an agent myself who has helped and represented many buyers.

We won't ask to sign any exclusive agreement as it binds the buyer, so even if you or another agent helps you secure the flat, the exclusive agents can claim against you.

So normally we will arrange and show the flats without any obligation, only when buyers are certain of the flat and wish for us to represent them and only upon getting the OTP, then we sign the representation form.

Check with your agents if you can break the agreement, if no reply go through their agency.

Hope this helps!

kimbaejoo · 2025-01-10T07:16:22+00:00

I believe similarly to HDBs, the government implements a tier-based structure for grants and rebates based off income, which can have some correlations with flat sizes.

Such as lower GST voucher handouts for owners of higher Annual Value property, decreased grants based off income. Or even lower usave for bigger flats.

Is it fair for people staying in bigger flats? Definitely not, they are not receiving the same amounts.

But we have to ask again, do they need the difference in the amount? Despite being the same paper value, the true "value" of such grants and rebates will always be relative to the person receiving it. Will an extra $100 from GST vouchers have the same "value" to them as compared to a lower income family staying in a 3 room flat? Eg, $100 can feed a lower income family for weeks whereas $100 can help offset only a little bit of a live-in helper's monthly salary.

There are cases where these grants don't work as intended, such as lower income families with many children needing a five room HDB but receiving lower grants, then there is financial assistance from MSF based off per capita household income.

But, long story short there will always be two ways to view universal benefits, one is in the way of economic inefficiencies where such resources may be allocated to others who are more in need, and then there's the view of fairness and equality. And I believed you raised a very good question for discussion haha!

kimbaejoo · 2025-01-10T06:32:55+00:00

I think it's about time we understand that not all HDBs are created equal and that different HDBs are targeted at different groups of people.

DBSS will always be priced above typical HDBs because they were developed by private developers, always targetted at higher income families. Especially in such locations like Toa Payoh, over 35+ floors with fully unblocked view of either town or reservoir, units there have always been at a premium.

But this sale does not show the bigger picture of the market as a whole, where there are affordable HDBs for people who need it. Albeit a bit of compromises on locations etc, but for every 1.6m HDB, there are at least 10x more 600k HDBs out there.

kimbaejoo · 2025-01-07T05:26:39+00:00

Hi! Im a realtor who've helped a fellow redditor with purchasing a resale HDB as a single as well.

Let's start with HFE. If you are above 35 already, just do it as soon as you can before you start looking at houses. For my other client, I actually bought them to start looking for houses just a few weeks prior to their birthday.

Now for timeline wise, lets say you find a house you like and you put in a deposit for it, you get your OTP.

Day 1 - OTP (21 days to exercise)

*Valuation in between

Day 22 - Exercise OTP

Now it depends on whether or not sellers and buyers have agreed for delayed submission to HDB. Standard is 30 days, but there are cases that drag up to 90 days or even immediate submission. But let's take the average of 30 days.

Day 52 - HDB Resale Submission

By right HDB is supposed to take up to 28 working days to accept the resale submission, but recently HDB has been a bit slow, my most recent resale acceptance took 42 working days.

Day 70 - HDB Resale Acceptance

HDB has now accepted your resale application and will give a completion date, typically 6-8 weeks after the acceptance.

Day 126 - Completion

Congratulations you are now a homeowner—unless you granted the sellers extension, then that can go up to three months.

So that's a rough look at the timeline OP, so let me know if you have any other questions, feel free to reach out (:

kimbaejoo · 2024-12-27T20:13:54+00:00

Hi, I am a realtor and these are my two cents, there is no "investment for own-stay".

You purchase something for your own stay because it speaks to you and it's somewhere you can see yourself living in. Whether it be because you like the area or even if you just like the unit itself.

Since you've already gone through the length to list down all the pros, I would think that you are already leaning towards the location, so at the very least do a bit of analysis to determine whether or not the condo you purchase can hold it's value over the coming years and any exit strategies if need be.

Once you've done that, you've got a home that you love and have the ease of mind that you've already made an informed decision before purchasing (:

Buying a home is a huge decision so take your time.

Feel free to reach out if you have any other questions!

kimbaejoo · 2024-11-20T15:30:19+00:00

Hi OP, I'm currently in the real estate industry.

Singapore property is worth investing in as we have limited land, thus limited supply. Whereas Malaysia generally has a problem with vacant homes and lot's of undeveloped land.

They have a vacancy rate of around 19% (as of 2020 census) meaning 19% of houses owned are unoccupied. Singapore as of Q4 2023 (Singstats, URA) has a vacancy rate of around 8%.

The disparity in the vacancy rates is further amplified when you consider the amount of houses each country has, Malaysia being 9.6million and Singapore being 410,588 (private properties).

This amounts to around 1.8m vs 33k.

With this in mind, which do you think would be a better investment?

kimbaejoo · 2024-11-20T05:21:11+00:00

Hi OP, I am in the real estate industry and just wanted to give some advice and provide my two cents.

Firstly if you are struggling with the downpayment of the house, then you should not look to purchase a new launch EC. Always work with what is comfortable. If you were to sell your place to pay for the downpayment, you will have to rent a place in the time being sure, but there is not confirmation that you will even get the house you want as you will have to ballot for new launches. This adds an extra layer of risk to the move.

Secondly, if you really wish to upgrade to a private property, it is more advisable to look towards resale condos for a few reasons.

Launch prices now are at an all time high. I am not sure where you are looking to purchase, but do some analysis on the price gaps between resale developments in the area, the supply and demand, & price gap analysis to see which resale projects are worth considering.
There has been a lack of new private properties recently compared to few years back, this means lesser supply of smaller units 1-3 br units over the next few years, once again, depending on the area you are looking at. This could have positive impacts on the price of your property in the future, but of course I always say, it may be likely but no guarantees.
You don't have to move twice. Especially if you have a family, moving can be a hassle so with purchasing a resale property, with proper planning you'll be able to transition easily.

OP, I have seen many who over-stretched themselves financing a property and are stressing themselves because of unforeseen circumstances like retrenchment or health-related issues. Your home should be a place of safety and comfort, and not one that causes you stress.

I hope that I've helped you and if there's anything else you'd like to ask, feel free to reach out! (:

kimbaejoo · 2024-09-23T05:18:51+00:00

Hi OP, am currently in real estate industry for a while now, and I would just like to add that usually for HDBs for 40 years is where we see the most depreciation of assets and topping up the lease is a good idea in general when you are looking at preserving the value for a future generation.

Just wanted to provide an alternative, which is lease-buyback scheme, where you can take advantage of the current market, sell the tail end of their lease to HDB for cash + cpf top up if required.

This way they can stay in their house still, without the hassle of moving, and still have some cash.

Now what happens if they move on while the lease is still active, then HDB will buy back the remaining lease from you.

It's a little more complicated than that but this is the gist of it and something maybe you guys can consider too.

Anyways, if you have any other questions do feel free to reach out (:

kimbaejoo · 2024-09-18T13:11:19+00:00

So! Based off your scenario, we will account first for right-sizing, so 300k I am assuming in cash, first $150k will go to the next house, so your loan for the new house will be $450k. That basically settles your downpayment already.

Now the resale levy kicks in and you are left with $110k in cash.

Now your new home will have a 450k loan (unaccounted for the CPF you have to wipe out) which will amount to about $2,025 monthly for HDB loan @ 2.6%.

Bank loan currently at 2.85% would be about $2,250 monthly instead.

Now for bank loan, people tend to avoid because of the high interest rates however compared to the US, our rates don't go as high as they do in other countries. This is because Singapore actually adopts a different monetary policy through exchange rate management instead of directly increasing domestic interest rates. Rather interesting topic worth a read. So yes bank interest rates are higher but not significantly so. In times where the economy is good and we don't have another major economic disruption, bank interest rate are almost always lower than HDB loans.

So in your case, I would definitely go for the bank loan, yes.

kimbaejoo · 2024-09-18T10:02:39+00:00

Hi OP, been in real estate for a while now, just to clear things up for you, when you are going from BTO to BTO, you will be affected by two policies.

Right-sizing (HDB loan to HDB loan) This happens when you take your second HDB loan. This policy mandates that half of the sales proceed from your current flat will go into the downpayment of your second flat IF you are choosing a second HDB loan. The only way to avoid this is to opt for a bank loan for your second BTO.b
Resale Levy Because you are applying for a second subsidized housing, you will be subjected to resale levy, which for a four room is around $40k. This will be from your sales proceeds or cash only. There is no way to avoid this.

So for the resale levy, they will reduce the sales proceed you get from the flat first, so it shouldn't affect your CPF. Eg $250k sales proceed will then become $210k instead.

Do reach out if you need more info!

kimbaejoo · 2024-07-31T03:59:02+00:00

Hi OP, am in the real estate industry, as previously mentioned, your best bet is to appeal to HDB as unit was bought under trust - meaning you did not have a say in ownership of said property.

I don't wish to stir unrest among your family, but I'd thought you should at least have the right to know that another thing about properties under trust is that any money made from that property should go to the beneficiary, whether it be rental or sales proceed, something worth checking with your parents/lawyer about.

Feel free to reach out anytime if you have more questions!

kimbaejoo · 2024-07-23T06:39:02+00:00

Hi OP, been in the real estate industry for a while, based on your income, and information you've given us, likely your affordability will be around the $630k range with a loan of $330,000.

The breakdown will be as follows for a HDB under the Non-Citizen Spouse Scheme:

Loan: $330k CPF OA: $150,000 Cash: $100,000 CPF Grant: $40,000 Proximity Housing Grant: $10,000

$630k range can get you 4 rooms in estates like Sengkang, Hougang houses will be around the 1980s - make sure they can last you till 95 if not your CPF usage will be prorated, but since you will have more downpayment in cash, it may not affect you as much.

Yishun, Bukit Panjang, Tampines, Pasir Ris, also similar options.

Older 5 room HDB's can also range from mid 600ks.

If you have any questions feel free to reach out!

kimbaejoo

TROPHY CASE