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Getting a New HDB BTO Flat

After some BTO (Build-To-Order) bids for a new HDB flat and donating roughly some $40 to HDB. I have finally secured my new flat!!!

It is a huge stone to carry around for the past few months as me and my wife are facing housing problems. We tried to look for resale flats but it comes with hefty cash upfront if we are getting one.

A normal low storey 4-room flat could easily cost around $300k with flat owners asking for COV (cash-over-valuation) of $30k. OMG! How to afford that!

We calculated that if we were to get a flat in the resale market, we would need to fork out a lot of cash:

COV: ~$30k

Renovation+Furnishing: ~$50k (the flats we viewed are really not in a good shape, thus need complete makeover, lol)

Wedding banquet + misc cost: ~$10k (it varies after factoring the ang baos)

Rough total: $90k!

We can actually get loans such as renovation loans to tide us over but we have decided to use whatever we have rather then getting into housing debt. Its hard to save that amount of money back!

To minimize the cash output, we decide to focus on the new flats rather than throwing money into the mad resale market!

Advantage of new flats over resale ones is that there is no need for COV and lesser renovation and furnishing cost (probably only half of it!). Hey, they are new ones! :P

The cons is the waiting period of 3-4 years. But I guess we could wait it out and save money for the new flat during this period.

Cost of BTO:

BTO administrative fee: $40 ($10/bid, think I bidded 4x already)

Option fee: $2000 (mine is 4 room)

Downpayment: $25k (getting hdb loan needs only 10% of the purchase price, using cpf, not yet paid)

Other cost: More to come!

*Tips* Get 0.5% CashBack by using Standard Chartered’s XtraSaver Account Debit Card for Nets payment and 2% CashBack on MasterCard transactions.

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