How to buy a resale flat

So, you'd like to buy a resale HDB flat-but where do you even start? Here's our handy guide to buying and financing your resale HDB flat.

- ASIH JENIE

Every country has its own unique housing culture. In Singapore, the public housing system makes it a particularly unique scene. Getting a Built-to-Order (BTO) flat has become a rite of passage for young couples, but it's not everyone's top choice. Some prospective owners prefer going down the resale road, opting for an older flat instead of a shiny, brand-new one.

If getting a BTO flat is already a difficult process, resale flats require even more legwork and plenty of research. To help you get a headstart on your resale journey, here's a crash course in viewing, choosing and financing a HDB resale flat.

The pros of buying a resale HDB flat

BTO flats will always be the most affordable option. However, the resale HDB flat has its own unique merits.

• Shorter waiting times: The resale procedure typically takes under three months to complete, while the waiting time for a BTO flat can stretch to five years from the date of application.

• No balloting nightmares: Finding the right resale HDB flat is a matter of agreement with the seller and satisfying HDB's eligibility criteria. There may be a bidding war, but there is no balloting or queuing.

• Generous floor plans: It's no secret that the square footage of HDB flats has been getting more compact in recent years, which makes older, more spacious resale HDB flats very appealing.

• Fewer restrictions: Only families and couples with at least one Singapore citizen can ballot for a BTO flat, while a resale flat can be owned by two permanent residents.