We all heard how hard it is to ballot and score a BTO dream house in Singapore. But what happens if you and your special other gets a number? Aside from celebrating getting past the first (but certainly not the last) hurdle of your dream home, what should new homeowners be prepared for?
Fear not, as we've prepared a #cheatsheet for the lost little sheeps out there.
1. Know your facts
Its not uncommon that these built-to-order flats are oversubscribed by 2 to 10 times than the actual amount of units available. Hit up HDB's website to note your chances of getting a flat. Why is this step important? It helps you with planning in advance, resource management and getting finances ready.
All couples go through a honeymoon period, but when it comes to statistics, apparently 1 in 10 couples has a no-show to collecting their keys, HDB reports. Its important to be sure that if you are moving in as a couple, that your relationship is solid enough to avoid any potential heartbreaks, literally and financially.
Lastly, to have a bird's eye view of what the neighborhood before moving in will save you a lot of trouble in going to malls to stock up on groceries when there could be one almost built when you move in. A quick look at BCA's website will prove helpful to any new homeowners.
2. Finances
I believe most Singaporeans can agree that buying their home is one of the biggest investments in their lifetime. Check our previous article here on the finances required for buying a house in 2021.
3. Know your unit
You'd think that people would go down to the showrooms to view before balloting for a room, you'd be gravely mistaken. Its important to take the time off work to visit the showrooms to see the units in person as opposed to a sales pamphlet. Some things to note include: Unit floor, Sun direction, Noise and unit types.
4. Outcome
One thing many people forget when rejecting their unit outcome is that there are repercussions doing so. Be sure to take note of the penalties involved, especially when balloting as a second-timer buyer.
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