1. No Long Waiting Time
This is the most obvious one. Some buyers are not willing or may not be able to wait 4 to 5 years before moving in. A resale transaction can be completed in just between 4 to 6 months.
2. The BTO/SBF Attempt Is Frustrating
The BTO and SBF applications, which can be done online, are actually quite hassle free much thanks to HDB. However, many couples have lamented that they have been unsuccessful with their BTO and/or SBF applications and find it agonizing just waiting for the next launch, waiting for the application results, waiting to find out if they will even be invited to select a flat.
Remember, not everyone is lucky the first time and the whole attempt may take years and be emotionally draining. That is why some chose the resale route – apply for loan, finalize budget and start house hunting.
3. Take Advantage of Grants
The Proximity Housing Grant was introduced to further help families purchasing resale flats to live near or live in with their parents or married child. Families may get up to $20,000 and singles up to $10,000 (parents live in as occupiers).
This is a great boost for buyers on top of the other grants available such as Family Grant (aka First Timer Grant) up to $30,000 and Additional Housing Grant up to $40,000 for lower to middle income applicants.
4. Resale Flats Are Bigger
“The kitchen is tiny!”
This is a popular remark on BTO units. An older type HDB 5-rm flat typically is around 121sqm while a BTO 5-rm is around 110sqm (including the air-con ledge!). Some of my buyers also prefer the open, spacious layout of the older HDB models rather than the boxy, “condo layout” BTOs.
5. Renovated flats
Some of the buyers I serve have been fortunate enough to hit “jackpot” and found homes that were fully renovated and are very well maintained. The sellers even offered to leave behind good furniture, LCD TV and refrigerator.
A BTO unit is usually bare (although premium types may offer flooring etc.) and the owners will have to renovate the flat before it is suitable for living.
6. Location and Matured Estates
Matured estates are in convenient and widely familiar locations. People are also attracted to live in these areas because they want to be near their parents.
7. More Amenities, Supermarkets, MRT and Schools
Older towns have established infrastructure as well as road and public transport connectivity.
For example,
It is only recently that Punggol has a shopping centre and it will still be another few years before the library is ready.
Bukit Panjang did not have an MRT station up until this year with the completion of the Downtown Line.
8. More Choices of Quite New Flats
Previously those that wished for younger flats had to depend heavily on BTO launches.
These days several clusters of just 5 years BTO flats are up for sale in the resale market. This is a popular choice as such properties are likely to be in good condition, incorporate modern design and landscaping, have a short ownership history and a much longer lease balance.
9. No Cash Over Valuation (COV), Lower Prices
When the resale market was extremely hot during 2012, buyers had to fork out large sums of cash for COV. Many ran away from the resale market and applied for BTO. Today, flat prices have dropped and stabilised and COV is generally unheard of.
It is now a buyers’ market and some flat sellers are even dangling low prices and/or low cash deposit in a bid to get somebody to buy their property.
Risdian Isbintara
is an experienced real estate salesperson with a proven track record of over 7 years in the industry.
He is a Senior Marketing Director who has won multiple awards in ERA Realty Network Pte Ltd (CEA No. R027089C, Estate Agency: L3002382K).
For your housing matters, phone or Whatsapp
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