At a glance...
Choosing your ideal HDB flat may come with multiple questions — from location to how may rooms you want. These questions are common with first time property buyers, but don’t be overwhelmed by the myriad of questions that arise.
Check out this guide, where we will answer one of your many questions — how many rooms do you really need?
When looking for a new HDB, you would ideally want to find the perfect balance between price and space. According to HDB’s website, here are some average prices for resale HDBs:
|Rooms||Floor Space (sqm)||Average Resale Price|
It is common for younger couples to opt for a 4-room or 5-room flat. This is as 3-room flats are typically a lot smaller.
When thinking about how many rooms to get, do take note of your current earnings and what kind of flat you can afford.
If you are considering getting a BTO, you can also take a look at what type of housing loans you are eligible for. HDB’s website also provides you with a budget calculator to help you calculate what loans you can receive.
Always ensure that you have adequate savings, in case of an emergency.
First time applicants are also eligible for the Special CPF Housing Grant, when applying for a 3 or 4-room BTO flat. This grant can help you to offset the down payment of the flat. Do note that the amount of grant you can receive will depend on your income bracket.
Things to Consider Before Purchasing a Flat
If you are considering a resale flat, you should note that older BTOs tend to have 10% more floor space on average than newer BTO flats. Getting a newer BTO with more rooms can mean having roughly the same floor space as older BTOs with less rooms.
Also keep in mind that if you intend to live in this flat with kids in the future, you will need to allocate extra space for them too. If you intend to upgrade your house in the future, there are also steps you will need to take to do so.
For BTO flats, there is a Minimum Occupancy Period of 5 years, where you will not be allowed to sell your flat or buy any new properties. This should also be considered when looking for a flat. Selling your flat to buy another BTO will also result in you having to pay a resale levy. Thus, careful planning and considerations are necessary when buying your first property.
Finally, you will need to consider your lifestyle when buying a flat. Consider how the way you live will impact how much space you need. Some thoughts would be whether you will need an extra room for an office or a spare room for your family.
Before purchasing a flat, you will need to distinguish between your needs and wants. An example of a would be needing an office room if you work from home, rather than a walk-in wardrobe. Have your ‘needs’ be key factors in your decision-making process.
Purchasing your first HDB flat is a big decision that may impact your life in the future. Thus, it is important that you take adequate time to research on what type of flat works best for you.
If you have found a flat that suits you, your next step would be finding a home loan.