There are many different housing options to choose from when deciding where to live next. From bungalows and townhouses to flats and condominiums, it can be impossible to arrive at a final decision. There are a number of factors you must consider when shopping around for your next forever home. HDB housing, or housing managed by the Housing and Development Board in Singapore, may be the answer to your property prayers.
Inexpensive
HDB housing is generally cheaper to buy than many standard housing options such as private condominiums and landed properties. However, there are several eligibility quotas you must meet in order to purchase an HDB resale property. These include age, occupation, and citizenship status. You may also qualify to be able to purchase your home directly for a reduced price. For example, the average price of a 5-bedroom HDB resale flat in Singapore is around $520,000 whereas a 5-bedroom private condominium can set you back over $2m. An HDB apartment is a solid investment for anyone living in Singapore regardless of age, gender, relationship status and budget.
Long-term security
The Minimum Occupation Period, or MOP, for HDB flats states that all occupants must remain a resident for a minimum of 5 years before reselling, renting, or purchasing another property. This prevents homeowners from purchasing an HDB flat for the purpose of making a quick profit. Whilst this may limit your housing options for 5 years, it also provides the financial and mental security of long-term housing. This can benefit buyers previously trapped in the cycle of short-term rented accommodation with the seemingly constant need to relocate and provide them with a permanent home. HDB flats can also benefit those looking to make a permanent move to a new city or a place to settle down and start a family.
Location
HDB flats tend to be located as close to a number of local amenities as possible. These usually include grocery and convenience stores, parks, childcare services, hospitals, and medical clinics. This eliminates the need for long or costly commutes and allows you to spend as much time as possible getting to know your local area. Most housing estates also contain sufficient transport links to allow you to travel to other parts of the city in less time and for a fraction of the price of most suburban transport routes. Many HDB estates also contain a number of sport and recreational facilities within walking distance such as pools, gyms and tennis courts. With so much on your doorstep, there really is no need to go elsewhere.
Government benefits
When you purchase an HDB flat, you are entitled to a number of grants and benefits. An estate agent that specialises in sales launch HDB may be able to source the perfect apartment for you and increase your chances of becoming eligible for a number of different government rebates and handouts. According to a recent survey, Singaporeans living in 1 and 2 bedroom HDB flats in 2020 received an average of $13,670 in government transfers. This is part of Singapore’s mission to redistribute wealth to its population and is mainly targeted at those living with lower incomes. Schemes like this one are the reason Singapore is home to the highest rate of homeownership in the world at a staggering 91%.
Low maintenance
HDB estates are subjected to a strict upkeep, maintenance, and renewal programme. With the outside taken care of, you only need to worry about the inside. Common areas such as corridors, green spaces and public lifts are regularly inspected for damage and repaired as necessary. This improves the overall appearance of the estate and attracts prospective buyers thinking about investing in HDB housing. Frequent upgrading programmes, such as the Neighbourhood Renewal Programme and the Lift Upgrading Programme, also ensures all apartments are kept up to date and in perfect working order for all new and existing occupants.
Safe and secure
HDB estates are generally much safer places to live than standard public housing. With all of your neighbours in close proximity, you are more likely to form lasting friendships. This creates a sense of community within the estate which can be beneficial for ex-pats or those relocating to the city for work. You can also relax knowing your property is likely to be watched closely by neighbouring occupants when you travel out of town. Most HDB housing estates must install surveillance cameras throughout common areas, walkways, and parking garages. This has been proven to significantly reduce levels of crime and improve feelings of overall safety and security within the estate.
With so many different housing options to choose from in Singapore, it can be difficult to choose which one is right for you. This article may give you some insight into the many benefits of investing in a HDB flat.