agents

I'm not entirely sure what it is with agents, but they seem to operate similarly.

Many of them ask you to let them be their 'sole agent' to view flats so that you won't need to go through the papers & go through the trouble of searching for the homes you want on a daily basis. Why they ask you to do this, is of course more for self-interest than real interest in your convenience. Why? Well, if you only use their services, it pretty much means that they will be able to find you a flat eventually & get the commission off you for it. If you had multiple agents show you flats, the agent knows that only one 'lucky' agent who shows you a flat you like would get the commission. (ie: showing you around would potentially waste his/her time)

However, when push comes to shove, I find that many of them don't deliver on what they promise (ie: give you the service you want), perhaps simply because they might be too busy to do so.

For example, I've realised that many agents don't want to bother with you till after you tell them that you've recieved your HLE. They can also be very nosey & will ask for you & your partner's income details, etc. You DON'T have to answer them if you don't want to. Just tell them that you are earning above/below the income bracket, & that YES you know all about the grants etc already. (Please read my previous posts if you need to know more)

Many of them also tell you that you HAVE to be married by a certain time in order to buy a resale flat, that you will HAVE to apply for your marriage cert by xx amount of time, etc. However, this is NOT necessarily true. I know of a few couples who have managed to seek an extention of 6-12 months from HDB in that regard, in order to have their love nest well feathered before they get married & so that both solemnisation & traditional wedding can happen on the same day. Of course, you must prove to HDB that you have the intention to marry & show them sufficient info in that regard. Request for an extension can apparantly be done on the 1st appointment date after you exercise the option to buy a flat.

Also, many agents I've met so far don't necessarily show you flats that you want to see. The bf & I have told many of the agents we've spoken to that we only want corner units which are either 4 or 5 room, in specific areas (we even gave them the block numbers). However, many of them after hearing our specs, still try to coerce us into seeing maisionettes, or multiple corridor units, which we don't want at all.

In addition to that, many of them don't give 'up to date' viewings for flats that are available on the market. (ie: the newspapers have adverts on available units that interests us, but the agents don't call you till a week or so later to arrange for a viewing of that particular flat) So my suggestion is this: if you want to work through an single agent, all fine & good, but keep a look out in the classifieds for units that interest you (it takes less that 5 mins to flip to the page & do a quick glance through)& make sure that you get your agent to bring you there. :)

money matters

Woah- A big kudos to HDB for being a fantastic resouce yet again!

Post HLE application, me & the bf were wondering what that meant in terms of monthly instalment etc if we maxed out our loan budget, and whaddayaknow, HDB already had it all figured out & placed on a silver (internet) platter!

First, they have the enquiry on the maximum loan amount that you would probably get in the HLE.

Then, they even have a monthly instalment calculator which would give you a gauge of how much it would cost on a monthly basis if you were to buy your flat for X amount.

And, even more fantastically, they have a financial plan, which gives a detailed breakdown on how much you would need to fork out depending on what type of hdb flat you buy!
For buying a new flatresale financial plan
For resale flats
For SERS flats
and lastly,
For design, build & sell scheme flats

So, if you choose the 'right' budget, you could potentially just use your combined CPF payments to pay off the monthly mortgage with absolutely no cash payment subtracted from your monthly paycheck!

Tres tres bien!

grant me a resale! (hle & hdb grants)

Well. As might be expected, we chose the resale route, and have been viewing a few hdbs around the estates we're interested in.

Here is some info on resale flats that we've gathered so far

HLE (Housing Loan Eligibility): The HLE is something that first time buyers who are eligible for the HDB grant apply for before they make an offer to buy a flat on the resale market. As I understand it from the agents, you need it before you put an offer down on a flat, as it gives the sellers more surety that you will be able to fund the purchase. The HLE will also tell you what the maximum amount of loan you & your partner will be granted from HDB. This comes in handy when deciding what type of flat you will be able to affort. You can click here to get a gauge on out what your maximum loan amount will be.

Application for the HLE is free, and lasts for 3 months. You can appply for it at the hdb website link here. It takes about 2 weeks to get your HLE approval.

HDB Grants:

There is actually a good amount of grants that come from HDB for first time hdb buyers who choose buy resale flats. There is the basic $30k for all first time buyers, an extra $10k if you live near your parents (within the same estate or within 2km if your parents live in private property) and an extra $20k if you live with your parents. Once you have bought your home, the grant money will be transferred to your CPF. You can then use the money to offset the purchase price of your home. Excellent aye??
Garmen give money, definitely must find out how much you can take. So please make sure you go through the link attached above & know how much your 'present' is going to be!

new flats vs. resale- the classic dilemma

New Flats:

There are basically 2 types of flats which you can buy 'fresh' from hdb. Those already built (aka ballot flats -hahaha yup I do note that I've made it sounds strange), and those that are built-to-order.

Flats that are currently available (ballot flats) are usually either in short supply, or in less desirable locations. The short supply has also meant that instead of a bi-monthly ballot for the sale of flats, applicants can now only apply bi-annually for these ballot flats. (ie: see whether you lucky la) This basically means that you will have to wait for those 2 magical times in a year where you can apply for your flat, and hope & pray that your stars are aligned. :p It's obviously not ideal, but for many couples, it's pretty much a 'bo pian' scenario if you want cheap(er) flats that those currently out in the market.

Build-to-order flats are basically hdb flats which have not been built yet, but will be ready in 3-5 years time. It is obviously not ideal in terms of timing (ie: you have to be married before you have a home together), but again, these flats would be cheaper than those currently in the market in the same area.


Resale Flats:

Resale flats are flats that are for sale in the open market. They allow for flexibility in terms of area to stay, etc. However, they are more costly as they are bought at market rates. In addition, many sellers are presently looking to sell their hdb property for amounts higher than they are valued at due to market demand forces. (E.g: 5 room HDB in Hougang valued by real estate valuers at $400k, but seller is asking for $430k) This 'extra' is commonly referred to as 'cash over valuation' or COV.

What this means is that the potential buyer will need to fork out that extra $30k in cash from his own pocket, as loan amounts from HDB or banks will only allow for mortgages for up to 90% of the valuation of the property. And no- in case you're wondering, you will not be able to use your CPF money to pay off that extra $30k. You can only use your CPF monies to offset the valuation amount of the house.

HDB has a nifty site where you can see the market statistics of resale flats around the area you're interested to live in. They carry average COV amounts per area as well as the selling price of hdbs in the area.

Again, a whole load of reading to do.. but well worth it! :)

first things first: eligibility & info from hdb

HDB is actually pretty good in that they have ALOT of info on whether or not new applicants/ soon-to-be-married couples are eligible for new flats.

Basically, to qualify for a new flat, hdb loan, or hdb grant, your gross monthly household income must not be more than SG$8000. It does NOT include your bonus, so breathe easy. :) Apparantly, additional commission etc can also be argued upon on a case by case basis.

Click on the link here to find out more about eligibility.

I strongly recommend anyone who decides to get a hdb flat to check out the hdb website (click on the link here) to find out about the flats available for sale, how to apply, financing (very important!) & other options available.

Happy reading guys!

preface

the journey really began with the bf on his knee, with an utterly endearing proposal. ;)

but enough mush for now-

like most other singaporean couples, we've chosen the hdb way. (of course lah- young couple where got $$ to buy private property right? heh)

so here's the chronicle of our journey- of the hdb kind.