You are 35, single and currently living with family. Whilst you enjoy the many perks of living with Mom and Dad, you feel that perhaps it’s time to fly the coop and embark on the next stage of your life – to be a proud home owner. Besides, there’s nothing better than waking up in your own home, and having all the freedom and privacy you’ve always craved.
A survey conducted by the National Youth Council revealed that over 70% of the country’s youths aspire to own their own homes. It is also forecasted that by 2030, over 40% of Singaporeans will be living alone.
So, if you are single Singaporean aged 35, here are some interesting facts on purchasing that dream home; particularly around financing options:
- You are eligible to purchase a new 2-room HDB unit OR a resale flat from a mature estate. Refer to the Single Singapore Citizen Scheme
- You are entitled to various schemes aimed at providing you with financing options (loans, grants)
- You can also opt to purchase a unit with friends under the Joint Singles Scheme.
Let’s do a quick rundown on how much it can cost to purchase your own HDB unit:
- Market Value (2 bedroom flat) – $80,000
- First time buyer Top Up - $15,000 ( waived upon marriage)
- Total: $95,000
However, as a first time buyer, you are eligible for a grant up to $20,000. Which means you would only need to pay $75,000.
There are many perks in owning your own property. However, you must also note that if you already own a private property, you are not entitled to grants nor are you able to purchase under the Single Singapore Citizen Scheme.
So. Are you Ready to Be a Home Owner? Claim Your Space!
For housing and property related matters, please contact Risdian Isbintara, an award-winning realtor for a consultation.
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