4 Factors To Consider Before Proposing With Bto

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4 Factors To Consider Before Proposing With BTO
The Singaporean version of romantic moment with life’s milestone achievements is not “Will you marry me?”, it is related to property. Here it goes, “Want to apply for BTO together?” Surprising eh. That’s because the growing appetite for house ownership amongst Singaporeans that triggered them to propose this way. Let’s do some calculation on time, with an average of waiting time from three years to four years for the completion of a BTO or Build-To-Order flat, the balloting for one prior to an actual marriage proposal has long been the norms for couples here. Recently, Singapore government has rolled out new initiatives like the Sale Balance of Flats (SBF). This allows Singaporeans to have more options when getting certain BTO flats which includes shorter waiting time, that’s if after you have check your loan affordability with the loan calculator.
However, based on our recent poll survey, about 67% of our respondents highlighted that couples should only apply for BTO after their proposal. Unless, romance is still the main consideration for couples to contemplate on marriage these days. While most girls would love a romantic marriage proposal but marriage itself is a lifelong commitment. Lifelong commitment and house ownership together remains an important milestone that requires early and strategic planning imperative. However, here are some of the important considerations.
1. Resale flats vs BTO
The internal debate that we are always contemplating on, resale flats or BTO flats. Although buying a resale flat looks like an attractive proposition for majority. Potential buyers are now spoilt for choices especially when it is situated in different locations, they are no longer subject to waiting time or time constraint. One of the best things about buying a BTO is the possibility of obtaining HDB grants that can probably help you save up to tens of thousands of dollars. While the grant amounts varied depending on your eligibility but we advise that to review the list of grants that are available in the market so you can carefully maximise your goodies and benefits.
2. Mature vs Non-mature town
Like what Donald Trump always says, “Location, Location, Location”. It is known that properties that are located in the central or located in matured as they provide convenience to accessibility and flexibility to their desired places. The recent BTO exercise for February 2019, those flats in Kallang/Whampoa are expected to be very well received with highly oversubscribed. Reason behind is the location of the flats where they are well-located in the city fringe and they are very near MRT stations. On the other hand, there are also projects situated in the non-mature areas and they are usually more affordable compared to those in matured areas. On the downside, those locations are usually less accessible and logically, you will need to pay more slightly on the cab fares if you do not own car.
3. Price
This is one of the major factor for decision making when purchasing a home. Realistically, houses located in mature estates possess higher prices and more expensive compared to the non-mature estates. If you observe the flat’s prices offered in February’s BTO exercise, you will notice that the starting price of a three bedder flat (3-room) in Kallang/Whampoa could actually costs more than double of the similar sized flat’s costs in Jurong West. You can click hereto see the BTO prices in February. With the difference of approximately $50,000 to $100,000, you should consider if the convenience and location is what you are looking for.
4. Eligibility and schemes
Before applying for BTO, pretty sure both you and your future spouse will need to check your eligibility individually to make sure that you will be able to apply for schemes and grants based on your condition. For example, if both of you are under engagement status (fiance/fiancee), there’s a scheme for engagement status. However, both of you must agree to solemnize your marriage within three (3) months of collecting your keys to your flat - this situation may be in awkward situation if both of you are not in a rush to get married. You could also apply for joint singles scheme where you and your partner are under these statuses like unmarried, divorced or widowed. This scheme will allow you to apply jointly as co-applicants and new 2-room flat in non-mature estates. You can check herefor the different schemes.

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