BTO

When buying a BTO flat, what do you look out for? Here are some tips for buying your first home, as told by what ShengBin and Qian Kun wished they knew when ...

Sometimes when we go to a neighbour’s house on a higher floor, the view is different,” she adds wistfully. The lower interest rates thanks to refinancing help the couple immediately save about $1,200 a year, though the savings are not immediately useable and instead help them grow their CPF funds. Missing out on a higher floor means that the couple could also lose out on a better profit margin if they eventually sell their home. The slight setback occurred during their engagement trip in June 2012 when they had to ballot for their preferred flat unit. Knowing that they did not qualify for any CPF grants yet, the pair applied for an HDB Concessionary Loan with astaggered downpaymentas a way to manage their finances. About five years after moving in, they began making plans to refinance their loan as soon as they heard about it from a friend in 2020. While a 4-room unit would have been affordable and spacious enough for a family of three, having a large, seamless living room space was particularly important to the pair. Oftentimes, housing near different amenities, transport options, and schools is preferred for their convenience, and flats with these in the immediate vicinity usually come with heftier price tags. Investment is part of it, but only a very minor consideration compared to how comfortable we wanted it to be in terms of living here.” And with their preference for open layouts and spaces, downgrading seems out of the question. ShengBin shares that having ample space at home worked to their advantage during the COVID-19 pandemic whenwork-from-home (WFH)and home-based learning (HBL) became the norm. For Tan ShengBin, 35, and Qian Kun, 33, their rite of passage came 10 years ago when they knew they were ready to settle down.