What to Look Out Before Buying 3 Room Resale Flat
For young couples thinking about buying their first home, is a tough choices. The typical Singaporean norm of applying for a 3 room resale flat Singapore and temporarily living together with parents or in-laws may no longer work as well.
Thinking of buying a 3 room flat, but not sure what to look out for? Here are the tips to consider when looking at potential or cheapest 3 room resale flat – location, lease and layout.
One of the advantages of purchasing a 3 room flat is the variety of HDB flats available on the open market. How then do you choose the location that suits you best?
For a start, it might be useful to think about what is important to you and your lifestyle. If you love being close to nature, you might want to look for a flat located near a park, for instance. If you have school-going kids, you may need to check out nearby schools. If living near your parents or in-laws is important, consider looking at resale flats near them. For this, you may also want to check if your potential home would qualify you for a Proximity Housing Grant.
Transport options are also important to consider. While living near an interchange, main road or major transport node would bring convenience, fringe neighbourhoods provide respite from the hustle and bustle.
2. Lease Length
Unlike BTO flats, resale flats sold on the open market come with varied leases. This is important to consider since the length of lease remaining on the flat would impact the amount of CPF money you can tap on to finance your flat purchase. It can also impact the Enhanced Housing Grant amount you can enjoy (if eligible). Both the CPF usage limit and the grant amount will be pro-rated based on the extent the remaining lease of the flat can cover the youngest buyer up to the age of 95.
Don’t worry if that sounds like too much math for you – the budget calculator on the 3 room hdb resale flat for sale portal is a great resource to consider when purchasing a cheapest 3 room resale flat.
Finally, a 3 room flat come in a variety of layouts, so it can be daunting to evaluate all the options. Again, ask yourself – what fits your lifestyle? If you’re a family with kids, you may prefer a bigger flat, but if you’re a senior looking for a comfortable place to retire, consider cosy spaces that are easier to maintain.
For more 3 room hdb resale flat for sale details, Interior Times is here to help.
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