We emptied our bank accounts for our house 💸

Some might think that we’re crazy but after working out our finances, we think it will work out for us. Let me share our journey on why we ended up where we are!

🌆 we applied countless BTO/SBF but we never once got a queue number within the supply range and most of the time it's always unsuccessful. We eventually become ineligible for a new HDB application.

So what’s next?

Our options remaining were 1. Resales HDB, 2. Executive Condo, 3. Private or 4. Continue staying with our parents 🤪

Nonetheless, I still want a place of my own, and option 4 is just a “for-now” kinda solution.

🌳 at the beginning of 2023, we started exploring the option of EC and the only EC launched and was almost sold out is TENET at Tampines. Our only option was bounced out units where buyers eventually didn't sign the Sales and Purchase agreement after putting in a 5% option fee (because we were late into the game)

We went to see the show flat and Justin didn't like the location despite the upcoming new cross island line MRT station being near the EC.

We eventually did go for the ballot day for those bounced-out units only because it make sense in terms of the PSF. As unlucky as we are, our queue number didn't get called and we both walked out being thankful that our number didn't get picked; which I realized we didn't really want this project.

We were down to the last two options, resales HDB or Private.

☞ Resales HDB

There wasn't any newer HDB near both our places and given that we are going to pay a “premium” aka profits of these BTO/SBF owners, we wanted a location that make sense to us (along the purple line but not further than Hougang).

The reason why we wanted to be near our parents is because of the only proximity grant we can get from HDB. We eventually didn't pick this option because getting a resales HDB would mean that the house we will available in the next 3-6 months and we have yet to have plans about getting married (tho we have been together for 7+ years).

Now it's down to our last option of getting private property. Resales or New launch?

There were quite a few new launches when we started exploring this option (e.g. Grand Dunman, Lentor Hills Residences, The reserve residences, the MYST, Pinetree, Lake Garden).

We pick a location that we don't mind (and of course the estimated psf that we can afford). And booked an appointment with a tagger to view the Lentor Hills residences. Our Tagger walked us thru the entire project as well as the timeline we will be expecting to make payments. We then work out our finances and decided that this made sense for us in terms of the progressive payment timeline. We then put in our cheque for the ballot 🤞🏻

We had two options, either take the Property Agent priority (with no commission) or General queue with the commission. But then, as unlucky as we are again, our queue number was 567 out of almost 700 cheques collected. So then we decided that I will forgo my commission and get the priority to select a unit one day before launch day instead. Upon signing the S&P, we would have paid the downpayment of 20% and the last 5% will be payable upon foundation completion (est Q1 2023)

So here we are, with a property that will be ready in the next 3-5 years and two emptied bank accounts 🥹

Feel free to reach out if you want to know more about planning finances and what the timeline will be like when you purchase a new launch!! ☺️

#sgproperty #singaporeproperty #propertypurchase #condonewlaunch #myfirstproperty #homeliving #Adulting101