Housing Dilemma

[Hardware4455]

Hello folks here...

Asking a few serious questions hopefully to get some useful inputs here

I am a single child, married for a couple of years and have a 3 years old child.

Currently staying in my parent's 4 room flat with my wife/child and the space is getting squeezy.
I would say they live in harmony and my wife actually prefer to stay with my parents instead of moving out on our own.

Now we have 2 choice for our future housing.

1) New BTO 3gen flat, got a good queue number and if nothing goes wrong. June is the selection appointment.
Cost about 420k to 470k, Quite pricey considering it is not a mature estate.

2) Newly MOP flats, 3 room which cost nearly 400k. Looking at this option just because my parents do not need to dispose off their existing flat but resale flats is on a high side and if renovation is required more $$$ need to be spent

I am more inclined to option 1, my parents will have to sell their current flat and move in to us for option 2 the existing flat can be kept.
I was thinking for them to sell the flat, gather the funds so they will have a healthy sum of retirement funds as both my CPF/HLE combined is more than enough to finance the new flat. With a space of 120SQM with 4 bedrooms and 3 toilets. It should be sufficient for years to come

Time is not really an issue as my child is still young. Should be able to wait at least 3-5 years.

Anything to look out for my plans? Any inputs is welcomed!

 

[abcde83]

option 3. ask ur neighbor beside if they want to sell their house.
knock off the wall and get a jumbo flat.

 

[Broadwalk]

Hello folks here...

Asking a few serious questions hopefully to get some useful inputs here

I am a single child, married for a couple of years and have a 3 years old child.

Currently staying in my parent's 4 room flat with my wife/child and the space is getting squeezy.
I would say they live in harmony and my wife actually prefer to stay with my parents instead of moving out on our own.

Now we have 2 choice for our future housing.

1) New BTO 3gen flat, got a good queue number and if nothing goes wrong. June is the selection appointment.
Cost about 420k to 470k, Quite pricey considering it is not a mature estate.

2) Newly MOP flats, 3 room which cost nearly 400k. Looking at this option just because my parents do not need to dispose off their existing flat but resale flats is on a high side and if renovation is required more $$$ need to be spent

I am more inclined to option 1, my parents will have to sell their current flat and move in to us for option 2 the existing flat can be kept.
I was thinking for them to sell the flat, gather the funds so they will have a healthy sum of retirement funds as both my CPF/HLE combined is more than enough to finance the new flat. With a space of 120SQM with 4 bedrooms and 3 toilets. It should be sufficient for years to come

Time is not really an issue as my child is still young. Should be able to wait at least 3-5 years.

Anything to look out for my plans? Any inputs is welcomed!

If you young and still can afford, try go for big spacious flat or condo. Space is important.

Unlike me I have to squeeze with 3 tenants and my parents, I spend most of my time at corridor instead.

 

[Pokémon]

2) Newly MOP flats, 3 room which cost nearly 400k. Looking at this option just because my parents do not need to dispose off their existing flat but resale flats is on a high side and if renovation is required more $$$ need to be spent

No plans for another child or two? Accidents can happen, and what if there are more to come?

 

[scanner007]

Hello folks here...

Asking a few serious questions hopefully to get some useful inputs here

I am a single child, married for a couple of years and have a 3 years old child.

Currently staying in my parent's 4 room flat with my wife/child and the space is getting squeezy.
I would say they live in harmony and my wife actually prefer to stay with my parents instead of moving out on our own.

Now we have 2 choice for our future housing.

1) New BTO 3gen flat, got a good queue number and if nothing goes wrong. June is the selection appointment.
Cost about 420k to 470k, Quite pricey considering it is not a mature estate.

2) Newly MOP flats, 3 room which cost nearly 400k. Looking at this option just because my parents do not need to dispose off their existing flat but resale flats is on a high side and if renovation is required more $$$ need to be spent

I am more inclined to option 1, my parents will have to sell their current flat and move in to us for option 2 the existing flat can be kept.
I was thinking for them to sell the flat, gather the funds so they will have a healthy sum of retirement funds as both my CPF/HLE combined is more than enough to finance the new flat. With a space of 120SQM with 4 bedrooms and 3 toilets. It should be sufficient for years to come

Time is not really an issue as my child is still young. Should be able to wait at least 3-5 years.

Anything to look out for my plans? Any inputs is welcomed!

Why not let your parents rent out their flat so that there is continuous passive income for their retirement (also to lighten your burden) than selling their flat and gain 1 time capital gain, unless you are confident that you can find an investment vehicle to ensure the yealy gain is higher than inflation.

For the 2 options, I will leave it to the brothers to share their ideas.

My 2 cents

 

[Hardware4455]

No plans for another child or two? Accidents can happen, and what if there are more to come?

This is also 1 of the reason for a 3gen

 

[Hardware4455]

Why not let your parents rent out their flat so that there is continuous passive income for their retirement (also to lighten your burden) than selling their flat and gain 1 time capital gain, unless you are confident that you can find an investment vehicle to ensure the yealy gain is higher than inflation.

For the 2 options, I will leave it to the brothers to share their ideas.

My 2 cents

Cannot. HDB cannot allow them to keep their flat if we purchase a 3gen flat. Within 6 months need to dispose off the existing flat

 

[scanner007]

Cannot. HDB cannot allow them to keep their flat if we purchase a 3gen flat. Within 6 months need to dispose off the existing flat

OIC. Sorry, I missed out the 3gen part.

Have you quantified both options in term of monetary term in mid to long term?
So that you have a clearer pic on $$.

Of course, there are something which cannot be quantified by money, its the quality of life and lifestyle.
Which is more important to you?

 

[Hardware4455]

OIC. Sorry, I missed out the 3gen part.

Have you quantified both options in term of monetary term in mid to long term?
So that you have a clearer pic on $$.

Of course, there are something which cannot be quantified by money, its the quality of life and lifestyle.
Which is more important to you?

Np, I would say for a resale 3room as it cost little bit lower and has more grants. upper 300k vs 400k+ for a 3gen BTO
Financially its less burden but I would say its insignificant or maybe even neglectable.

As for quality of life/lifestyle, a new "green" district in Tengah, if nothing goes wrong it should be a nicer place than where I am staying now (CCK area). Have some high expectations for this new green district

 

[scanner007]

Np, I would say for a resale 3room as it cost little bit lower and has more grants. upper 300k vs 400k+ for a 3gen BTO
Financially its less burden but I would say its insignificant or maybe even neglectable.

As for quality of life/lifestyle, a new "green" district in Tengah, if nothing goes wrong it should be a nicer place than where I am staying now (CCK area). Have some high expectations for this new green district

Ah, Tengah. The new estate which is next to Bukit Batok. If you decide to get at Tengah, do consider to take the unit that face greenery, at high floor plus nearby MRT station. Perfect!
Your resale value will be much higher, likely premium.

Some write up on Tengah at stackedhomes write up

 

[Pokémon]

Ah, Tengah. The new estate which is next to Bukit Batok. If you decide to get at Tengah, do consider to take the unit that face greenery, at high floor plus nearby MRT station. Perfect!

I thought anything you see green there, would become concreate a few years later...?

 

[SBC]

Gaga hoot if can afford. Few years later can take profit liao

 

[scanner007]

I thought anything you see green there, would become concreate a few years later...?

Not true. One have to study the URA planning. Some area you can enjoy as long as it is there.
Took a look at the URA planning, there are some parks and bigger one around the estate.
There are green views if you choose the right units and of course must have good number to chop first. LOL

 

[Braun8]

Hello folks here...

Asking a few serious questions hopefully to get some useful inputs here

I am a single child, married for a couple of years and have a 3 years old child.

Currently staying in my parent's 4 room flat with my wife/child and the space is getting squeezy.
I would say they live in harmony and my wife actually prefer to stay with my parents instead of moving out on our own.

Now we have 2 choice for our future housing.

1) New BTO 3gen flat, got a good queue number and if nothing goes wrong. June is the selection appointment.
Cost about 420k to 470k, Quite pricey considering it is not a mature estate.

2) Newly MOP flats, 3 room which cost nearly 400k. Looking at this option just because my parents do not need to dispose off their existing flat but resale flats is on a high side and if renovation is required more $$$ need to be spent

I am more inclined to option 1, my parents will have to sell their current flat and move in to us for option 2 the existing flat can be kept.
I was thinking for them to sell the flat, gather the funds so they will have a healthy sum of retirement funds as both my CPF/HLE combined is more than enough to finance the new flat. With a space of 120SQM with 4 bedrooms and 3 toilets. It should be sufficient for years to come

Time is not really an issue as my child is still young. Should be able to wait at least 3-5 years.

Anything to look out for my plans? Any inputs is welcomed!

If I'm in your shoes, I would choose the new BTO 3gen flat option. New and big comfortable size unit for the whole family with the full 99yr lease, your parents can sell their flat for their retirement fund and you can all stay together.

Considering the size, the BTO 3gen flat is cheap especially compared with a newly mop resale 5rm flat. Nowadays even newly mop 4rm resale flats cost more than the BTO 3gen flats. 3rm flat is very small and more suitable for singles and couples without kids, I wouldn't recommend it for couples with a kid.

But the negative of the BTO 3gen flat is that it could be difficult to resell, you will be buying it for long term stay.

 

[holasingapura]

Advise to buy a 5-room flat which has sufficient space to accommodate your parents.

Parents should rent out their 4-room flat for income, which provides them with continuous rental income. Only sell if they are confident of achieving more than 3% returns on the funds. They don't look old, not wise to cash out so early.

TS can also consider staying near parents instead of with parents? Best to ask wife why she prefers to stay with your parents.

 

[Hardware4455]

Advise to buy a 5-room flat which has sufficient space to accommodate your parents.

Parents should rent out their 4-room flat for income, which provides them with continuous rental income. Only sell if they are confident of achieving more than 3% returns on the funds. They don't look old, not wise to cash out so early.

TS can also consider staying near parents instead of with parents? Best to ask wife why she prefers to stay with your parents.

My personal preference to get either a new or newly MOP resale. New MOP 5rooms is out of my touch now. Tight burden for the next 25 years for sure assuming it cost 600k+ now

 

[Hardware4455]

Ah, Tengah. The new estate which is next to Bukit Batok. If you decide to get at Tengah, do consider to take the unit that face greenery, at high floor plus nearby MRT station. Perfect!
Your resale value will be much higher, likely premium.

Some write up on Tengah at stackedhomes write

Thanks for this link for read up

 

[Skarne_Gaeru_Nishral]

Np, I would say for a resale 3room as it cost little bit lower and has more grants. upper 300k vs 400k+ for a 3gen BTO
Financially its less burden but I would say its insignificant or maybe even neglectable.

As for quality of life/lifestyle, a new "green" district in Tengah, if nothing goes wrong it should be a nicer place than where I am staying now (CCK area). Have some high expectations for this new green district

you can check out 99. highlighted some pros and cons, but more pros I think:

https://www.99.co/singapore/insider/hdb-may-2021-bto-in-depth-review-tengah/

 

[䏣炆玧示老太]

of course get a new 3gen flat biggest lar
your parents' HDB can sell off for profit mah

 

[8zaoyu]

Np, I would say for a resale 3room as it cost little bit lower and has more grants. upper 300k vs 400k+ for a 3gen BTO
Financially its less burden but I would say its insignificant or maybe even neglectable.

As for quality of life/lifestyle, a new "green" district in Tengah, if nothing goes wrong it should be a nicer place than where I am staying now (CCK area). Have some high expectations for this new green district

You chosed the 3 - gen type with that 3 toilets instead of a normal 5 rm with just 2 toilets? Since you have a queue no. already, ask HDB officer assigned to you already for advice on whether can choose a 5 rm if any before your selection end date. If you do not mind the 2nd and 3 level given up floors, best. Last time, my kiddo got this choice. Becos that time, no one wanted the low floors, dunno about now as young couples are more desperate. Best to work with your HDB officer. Best wishes.