If the living room is the ‘face’ of a home, then the kitchen is where the heart is. After all, it is where we whip up home-cooked meals for our loved ones. Even if you don’t cook frequently, getting your layout right makes all the difference to the functionality and flow of your kitchen.
Check out these 6 kitchen layout ideas for some inspiration!
1. Kitchen Island
Interior Designer: Tidplus Design
Photo Credit: Qanvast
A very popular choice today, the island is a large work surface placed usually in the middle of the kitchen. If you entertain often, consider utilising the island as both a work and social area where family and friends can connect while meals are being prepared.
Psst! If you’re thinking of hacking your kitchen wall to make way for an island in your flat, bear in mind that any demolition or alteration of walls can only be carried out after obtaining HDB’s approval. This is to ensure that the renovations do not compromise the structural integrity of your flat.
2. Peninsula
Interior Designer: Zenith Arc
While an island is a standalone surface, a peninsula is attached to a wall or another structure. Think of the peninsula as a cousin of the island! As with the island, the peninsula offers a great opportunity for interactions during meal preparation.
3. Galley
Interior Designer: Yang’s Inspiration Design
The galley kitchen consists of two rows of cabinets facing each other. This type of layout offers greater storage space. Consider installing open shelves instead of upper cabinets above the galley, to avoid having an overly-cramped kitchen.
4. L-Shaped Kitchen
Interior Designer: Nitty Gritty Interior
Photo Credit: Qanvast
The L-shaped kitchen features cabinets on two perpendicular walls. This offers better accessibility, and you will not have to move back-and-forth, as everything is within reach.
5. U-Shaped Kitchen
Interior Designer: Zenith Arc
Other than providing plenty of storage space, the U-shaped kitchen allows for great workflow as you move about the kitchen. Most importantly, this layout is able to accommodate multiple chefs – great for families who bond over cooking.
6. Single-Wall Kitchen
Interior Designer: Bowerman Interior
Photo Credit: Qanvast
As its name suggests, this layout consists of cabinets installed against a single wall. You can opt for either upper and lower cabinets, or even open shelves. This straightforward layout is most suitable for owners who are looking for a simple and fuss-free kitchen.
Is there a specific kitchen layout that you prefer? Let us know in the comments below!
From terrazzo prints to two-toned walls, find out which popular interior design ideas are back and here to stay.
Looking to renovate or refresh your home décor this year? We’ve curated five trending interior design ideas for that extra jolt of inspiration!
1. Arches
From mirrors to recesses and entryways, curved arches are one of the interior design ideas that is making a comeback. The use of arches and curves provide a simple yet bold visual contrast to linear elements in the home, making it an easy way to make a statement in your home.
Recessed arches can help accentuate things and spaces you love. Fill them with shelving for your favourite showpieces or furniture, to create a cosy nook for reading or lounging.
Not ready to commit to a constructed archway? Consider playing with colours and wallpaper stickers to create the illusion of an archway.
Arched entryways can break the uniformity of a home’s interior
2. Rattan
Durable, eco-friendly and versatile, it is no surprise this popular interior design idea has made a comeback in interior design. Introducing rattan furniture and accessories (think bedheads, lampshades, mirrors) is an easy way to infuse a little retro and bohemian chic into any design scheme. Trust us, a little wicker can go a long way.
Peel and stick wall papers provide a convenient and affordable way to add a pop of colour and playfulness to any room. It’s also fantastic for the commitment-phobes who fancy a visual change-up every once in a while.
4. Two-Tone Walls
They say two is better than one! Two-tone walls create an impression of architectural details in an effortless and modern way. Playing around with the height of lines can also make spaces feel larger. For a more interesting look, try experimenting with non-horizontal lines, along with other interior design ideas!
5. Terrazzo
One of the interior design ideas inspired from the 1970s, Terrazo is definitely back in fashion. While it was mainly used in floor tiles in the past, the distinctive speckled design now covers a lot more spaces such as backsplashes, table counters, wallpaper, furnishings, rugs, and even smaller accessories. Like peel off wallpapers, it is a simple design element that adds playfulness to more muted interior spaces.
Living Room Design Ideas for Creating Flexible Living Spaces
Transform your home into a flexible living space with these interesting living room interior design ideas!
To create a brighter and airier communal area, an increasing number of home owners have adopted the open layout concept. Whether it’s removing partitions or using multifunctional furniture, here are some living room design ideas to transform your home into a flexible living space.
By removing the walls and opening up the interiors, the owners of this 2-room Flexi flat have transformed their home into a studio-like apartment. Instead of a conventional sofa, a sofa bed allows the common living area to be transformed into the bedroom come night time.
2. Indoor-Outdoor Vibes
If you’re a fan of Selling Sunset or an interior enthusiast in general, the term ‘indoor-outdoor’ would be a familiar concept and one of the living room design ideas that you can adopt for your home.
Take for instance this HDB flat in Bukit Panjang, where regular sliding doors have been replaced with foldable glass ones that open up to a balcony garden. Straddling between the living room and balcony is also a cafe-style setup for enjoying a nice cuppa. This helps to maximise every inch of the in-between space while allowing its home owners to soak in the outdoor vibes while remaining in the shade.
To make a visual statement, consider framing the balcony with an arched wall. The raised platform of the balcony also helps to demarcate the outdoor space without the use of partitions.
In a similar setup but one with retro vibes, this home opted for rotating wood-framed rattan doors and an emerald-tiled coffee counter for the balcony. Besides adding onto the aesthetics, these doors also allow for more natural ventilation while providing privacy.
You can expand the common living area by combining the adjacent room. When needed, the L-shaped partition of this home can be opened up completely as a single, continuous space. To create the illusion of an even bigger space, add floor-to-ceiling mirrors!
View this project on QanvastView this project on Qanvast
Another popular living room design idea is to extend the communal area by incorporating the balcony like the home pictured above. It’s something to consider, especially if you host often. Tip: opting for the same flooring offers a seamless transition.
Create a semi-private entertainment area by removing an L-shaped section of the bedroom walls. The result is a cosy demarcated space that affords sufficient privacy whilst being able to transition seamlessly into the larger communal space.
Take open concept living up a notch by merging the living room, bedroom and kitchen into a single space! For home owners who spend a lot of time in the kitchen, opt for sliding or bi-fold doors to contain the fumes when you showcase your culinary skills.
In addition to transforming the communal area into flexible living spaces, these living room design ideas also help with space maximisation – something handy to think about as you embark on your home renovation!
The article was adapted from a version first published by Qanvast.
Need help picking the right furniture for your dining room? We got you covered with these pro tips.
With so many shapes and sizes of dining tables, how do you pick the one that is just right for you and your home?
It is not all that complicated actually. Apart from choosing one that looks good, make sure that your dream dining table fits your space and gives enough seating and walking room. With these basic pointers in mind, here are the different dining table types you can consider. ?
The Regular
Rectangle-shaped tables are universally loved, both for its form and functionality. It works really well in a long and narrow room where more corridor space is needed for walking. They can be fitted into small spaces, even at corners, without dominating the room. A great way to save space!
(Photo courtesy of Li Shumei)
The Square
In contrast, square-shaped tables take up more space than you think it would. However, it can create a unique modern look, and enhances a pleasant intimacy between people, as everyone is seated side by side without a ‘head’ – democracy at work at the dining table!
The Round
Great for encouraging closeness and conversation among people, round-shaped tables are one of the best choices for dining as shared dishes are easy to reach. They also have no sharp corners to bump into! ?
Round tables are especially suitable for tight spaces. It can also fit in more people around it. Pedestal tables are even better, as they offer more legroom.
(Photo courtesy of Gary Kwong)
The Egg
A more traditional style of dining, oval-shaped tables can add a sense of homeliness to any meal, which creates a more relaxed atmosphere. People can also move freely, not having to worry about the sharp corners too!
The Seats
Once you have chosen your desired dining table, you can now decide on the chairs! Today, there are so many options when it comes to choosing your chairs. You do not have to buy a matching set. You can match the chair colours to other designs in your room, or bring a contrast in pattern and style that creates an elegance or element of fun in the room.
(Photo courtesy of Wong Seow Keong)
If you are looking for chairs that will eliminate the visual disturbance of multiple chair backs, or to free up some room space, do consider bench seating too, or acrylic chairs to lend visual lightness. Bench seats are also handy when you need to pack a couple of extra people around the dining table for special occasions! ?
The right lighting can do wonders to create a relaxing mood for your bedroom – find out how.
Since the invention of the light bulb, sleep has never been the same. We no longer go to sleep according to our circadian rhythms – we can turn night into day at the flick of a switch. Research has shown that exposure to light at the time when we are supposed to sleep can cause our internal clock to reset and eventually go haywire!
But there is help, yet.Apart from going to bed at the right time, you can literally change the mood of your bedroom by playing with the amount of light. We share 3 tips to turn your bedroom into a sleep sanctuary.
Softly illuminating
Track lighting is the quintessential feature of a modern home. It refers to light fixtures attached to a track that conceals the electrical conductors underneath. Often used to highlight unique features in a room – paintings or display shelves – these lights are highly functional and aesthetically pleasing.
Adding track lights seems counter-intuitive if you are going for the cosy feel, but the trick is to angle it properly. Rather than shining it straight on your bed, redirect the light fixture towards the wall instead. The effect you will get is soft light illuminating your bedroom.
To achieve the same lighting effect, another option is to install dimmers! These handy additions allow you to control the brightness of your light output by simply adjusting a switch. Besides being able to mimic soft accent lighting, dimmers can also reduce energy usage – ‘fading down’ the lights by 50% reduces the associated energy use by the same percentage. If you do decide to install them, do ensure that the dimmer switches are rated for the total wattage of the lights it controls.
Playing with blinds
Nothing brightens up a room like natural light. Sometimes, however, you want less of it and roller blinds are your answer to regulate the amount of light entering your bedroom.
The greatest thing about roller blinds is its versatility. Just by changing the material, you can achieve drastically different lighting effects.
If you enjoy sleeping in on the weekends, blackout blinds are perfect for you. Usually made out of thick material such as suede, these blinds can completely block off light to let you snooze in peace.
Alternatively, you can opt for zebra blinds. These have horizontal slates like venetian blinds, but made out of solid and sheer fabric that are alternated, thus giving it the striped look. The sheer parts dim the incoming light, creating that relaxing ambience in your bedroom.
Layered lights
If there is minimal natural light entering your bedroom, consider switching harsh ceiling lights with soft task and ambient lighting. ‘Soft’ lighting is basically interior designer talk for warm, yellow light. The secret is to layer your light sources, rather than just relying on overhead lights. Lamps, both standing and table lamps, are good supplementary light sources.
Another little tip is to use LED Edison bulbs – the upgraded, energy efficient version of the original Edison incandescent ones. These bare bulbs effortlessly evoke a vintage feel, thus are staples at our favourite, hole in the wall hipster cafes. But now, you too can replicate that cosiness in your own bedroom!
Lighting is a tricky and often overlooked detail in the design of bedrooms! So the next time you are thinking of revamping yours, make a mental note to consider these tips.
My Resale Flat Journey: A Change of Scenery After More Than 20 Years
Read about how the proximity housing grant helped Mr Bactarudin live near his family!
The post ‘My Resale Journey: A Change of Scenery After More Than 20 Years’ appeared first on the MoneySmart blog
After living in the West for more than two decades, Mr Bactarudin bin Launon and his wife decided it was time to move.
The couple, who previously lived in a 4-room flat in Jurong West, moved to a 3-room resale flat in Marsiling in January this year. This was in part motivated by the desire to stay closer to their daughter, and also better prepare for retirement by paying off their home loan.
For this final installment of our 3-part series profiling HDB resale flat buyers, we had a chat with Mr Bactarudin about his new home, his experiences as a resale flat buyer and his thoughts on owning a home in Singapore
About the Flat
Owner: Mr Bactarudin bin Launon, 70, married with a daughter who has moved out.
Location
Marsiling
Flat Price
$220,000 (after $20,000 Proximity Housing Grant)
Year of Purchase
2018
Flat Type & Size
3-room flat/ 76 sqm
Remaining Length of Lease
55 years (as of May 2019)
Monthly Mortgage Amount & Loan Tenure
Nil (fully paid after selling previous flat)
Renovation Cost
About $20,000
Mr Bactarudin and his wife greeted us in the living room of their newly-renovated flat at Marsiling Lane.
Mr Bactarudin, a security guard, was taking two weeks’ off work to recuperate after a fall.
While the couple appeared to have settled in well and seemed familiar with their new neighbourhood, they revealed that they had actually moved in just three months ago.
MoneySmart (MS): Thanks so much for having us here. We understand you used to live in Jurong West. Why did you decide to move to Marsiling?
Yes, we lived in Jurong West for 24 years before moving here. We sold our 4-room flat and rightsized to a 3-room flat.
MoneySmart Tip: Mr Bactarudin and his wife received a $20,000 Proximity Housing Grant, as they moved within 4 km of their daughter. Buyers who plan to take up the Proximity Housing Grant can check online whether the flat they intend to buy is within the 4km radius of their parents or children.
MS: Any reasons for not buying a smaller flat in Jurong?
Jurong is a big commercial area and I find things there becoming more expensive.
We also could not find a 3-room flat in the Jurong area for the same price as our current flat. Together with the fact that we could be closer to our daughter and grandchildren, getting this flat here in Marsiling at the price we bought it for was a natural decision.
MoneySmart Tip: To find out transacted resale prices sorted by different towns and flat types, buyers and sellers can access the median resale prices released every quarter.
MS: Having lived in the west for so long, how are you adapting to your new neighbourhood?
Based on my experience interacting with people, it’s almost the same. Depends on whether you take the initiative to greet them also, because we’re the newcomers here.
My neighbour here, who lives opposite us, talked to me first: “Uncle how are you, where you are from?” and so on. This was the first day after I moved in, and I was doing painting outside when they were leaving for work. The second day, I was once again doing painting outside and they started another conversation with me. I told them I moved here from Jurong, and then asked them more about themselves. That’s how we got to know each other.
MS: Are there any big differences between Marsiling and Jurong West?
I’m quite happy living here and find it comfortable.
Within the flat, I don’t see much difference between this and our old home. Outside the home, one main difference is having to walk further for makan.
The eating places in Jurong West were nearer to home. I could cross the road and have teh tarik. Over here in Marsiling, there is a supermarket, 7-11, and a wet/ dry market. It is further away and we will visit once in a while.
But most of the times, we cook at home so we don’t really go to these eateries that often.
MS: Did you get your current Marsiling resale flat through an agent or did you DIY the transaction?
We bought the flat through an agent who is a relative’s friend. They helped with everything. We just let them do everything. They found the price we wanted.
We viewed quite a few resale flats before making a decision. We did not move into this flat until our previous flat was sold.
MS: How did you finance the flat?
We didn’t take out a loan. The flat is fully paid for, so we do not need to pay any monthly instalments.
As I also needed money for my medical condition, selling the old flat and moving to a smaller one was a financial decision as well.
MS: What about the renovations?
We did our own renovations. I think we spent about $8,000.
His wife interjected that the renovations actually cost about $20,000.
We had to do a little bit of wiring. The bulk of the cost went into renovating the kitchen. We also spent on the flooring, sink, fittings, and buying furnishings.
MS: What are your thoughts on buying and owning a home in Singapore?
I’m from Singapore, this is my place, this is my country, this is where I was born.
Singapore is still where I would prefer to have a home to call my own. I recall some friends who bought a place outside Singapore – it may work for you if money is not an issue. But they were not familiar with the rules and the foreign environment. I have worries on what will happen to them if they don’t like it there and have to find another home if they want to return to Singapore.
My Resale Flat Journey: First Property is 30-Year Old Resale Flat
Thinking of buying a resale flat? Read about how Mr Wong found the right unit for him and his family!
The post ‘My Resale Journey: First Property is a 30-Year Old Resale Flat’ appeared first on the MoneySmart blog
Mr Wong, 32, and his wife, Madam Lai, 31, are on the cusp of moving into a resale flat in Jurong West with their child, as well as Madam Lai’s brother and sister-in-law.
The couple’s 5-room flat has just been renovated, and they are now putting the finishing touches to their new home.
In this second part of a 3-part series in which we present the stories of resale flat buyers, we spoke with Mr Wong on his new home and the process he went through to purchase his resale flat.
About The Flat
Owner: Mr Wong Bin Hao, 32, married with 1 kid
Location
Jurong West
Flat Price
$335,000 (after $40,000 housing grants)
Year of Purchase
2018
Flat Type & Size
5-room flat/ 121 sqm
Remaining Length of Lease
69 years (as of May 2019)
Monthly Mortgage Amount & Loan Tenure
About $1,600
18 years
Renovation Cost
About $35,000
When we visited Mr Wong’s flat at Jurong West Avenue 5, workmen were finishing up their final renovations.
But the flat already looked cosy and inviting, with a comfy couch and a pile of Hello Kitty cushions beckoning us as we entered.
MoneySmart (MS): Mr Wong, how did you and your wife decide to buy a flat in Jurong West?
My wife and I both work in the Jurong area. For a period of time, we rented in nearby neighbourhoods and moved around.
I have been living in Jurong West for about three to four years. I’ve always found this area quite lively and naturally, wanted to buy a home here.
MS: Besides the fact that it’s lively, what else about this place appealed to you?
My two-year-old kid goes to the childcare centre in this block. You can also see the playground from here so it’s perfect and convenient for us. There are some primary schools close by that my child can attend in the future.
There are also two malls nearby, Pioneer Mall and Gek Poh. When the future Jurong Region Line is up, we will be within walking distance to an MRT station, so I think it was worth the buy.
MS: You started out renting a flat. What made you decide to take the plunge and buy your own place?
For me, having that sense of ownership is important.
When you rent, you might need to move from time to time, like what happened to us in the past. I found it tiring to be moving from house to house every year or so.
Some landlords are also not prepared to accept tenants who keep different hours or lifestyles. At the start they may say everything is okay, then suddenly they become fussy and impose curfews on the tenants.
There are uncertainties when you rent a place with friends too – they may need to move elsewhere and you will need to find another flat mate.
When I rented a place, I had to pay the landlord rent in cash every month, and could not make use of my CPF savings. Now, I can pay my housing loan instalments using CPF, so I don’t really need to fork out cash. For all these reasons, I feel it is good to have my own flat.
MS: We understand that your flat is about 30 years old. Was its age a concern for you?
One reason why I bought a resale flat is that it is more spacious for my family. This flat is about 120 sqm and the kids have more space to run around. Sometimes my parents or my wife’s parents will visit. So it’s better to have more space.
We still have 69 years left on the lease which is good enough for us. Our children and future generations are likely to buy their own homes anyway, so we don’t need to worry about leaving this flat for them. As we are planning to use this flat as a home, I think it’s good enough. For the next generation, you don’t need to bother as the kids will buy their own homes.
Although this is an old estate, the area is well taken care of by the Town Council and HDB also carries out upgrading of the flats.
MoneySmart Tip: Use this online map service to get lease information, resale prices, and even season parking information for each housing block. You can filter through nearby amenities to see where to dine and shop.
MS: Do you see your flat as an investment?
When we were weighing the pros and cons of buying a 30-year-old flat compared to a newer one, we did think about this issue. However, we feel that a house is for the long-term and one that would see us through our old age. Instead of hoping to make a profit from moving houses, we would rather stay in one flat and finish paying our housing loan sooner, so that we can free up our finances for other things.
MS: How was the purchase process? Did you go through an agent or DIY?
We initially tried to DIY by using a property website, but later on we received calls from estate agents offering their services and we engaged an agent eventually. He asked us what sort of attributes we wanted in a flat, and helped us to look for suitable flats that were within our budget.
Everyone has different interests and needs, so it’s important to know what your own needs are, before you decide whether to engage an estate agent for your resale transaction.
MoneySmart Tip: We asked Mr Wong if he knows about HDB’s Resale Portal, and he says he doesn’t. The HDB Resale Portal could have guided him in the buying journey. It takes buyers and sellers through the buying and selling process in a step-by-step manner online and allows them to DIY their transaction if they choose not to engage an estate agent.
MS: How is your flat being financed?
We went for an HDB loan as we found it less complicated than going for a bank loan. For bank loans, the interest rate is a bit uncertain.
Although the HDB loan interest rate is currently higher than for bank loans, the difference is not that much after you do the math.
Initially we indicated that we wanted to settle the loan in 10 years. Then HDB called us to ask whether we wanted to reconsider. Based on our salary, they recommended an 18-year loan tenure so that we can buffer for things like employment changes or if we suddenly need cash for urgent reasons. They explained that we can make partial capital repayment or even redeem the loan earlier if our finances permit. We found the advice useful. My wife and I are planning to settle the loan earlier to incur less interest and save more for retirement.
MoneySmart Tip: Find out how you can make partial capital repayment or fully redeem your HDB loan and save on housing loan interest.
MS: Did you get to enjoy any grant?
We got the housing grant for first-time buyers, which was a really attractive sum. We initially set aside a bigger budget as we thought we would not be eligible for grants. So for us, getting the grant was a bonus.
We spent about $35,000 on renovations, mainly for works in the kitchen and for furnishings around the house. This includes $16,000 paid to our contractor, who was flexible to work with.
We did not hire interior design firms as we found their prices quite high. Since we wanted to save money, we thought it was better to work directly with contractors. For example, the rewiring cost quoted by the contractor was cheaper than market rate!
MS: Any advice for aspiring homebuyers?
You don’t really need to look for flats with fanciful fittings, because you will probably have to do your own renovations anyway. For example, even if the flat comes with nice flooring, the colour of the tiles may be uneven after the previous flat owner has removed all their furniture. So you might still need to replace the floor tiles.
MoneySmartTip: Planning your renovations for your HDB flat? Know what’s important to note and familiarise yourself with the guidelines.
Mr Ismail shares his experience of moving from one resale flat to another!
The post ‘My Resale Journey From West to East’ appeared first on the MoneySmart blog
This article was updated on 25 May 2021.
Conversations around public housing usually revolve around affordability, value, and financing. Beyond the dollars and cents, it’s hard to get a tangible sense of what owning a flat means to people, and the significance of having a home to call their own.
We spoke to different homeowners, specifically those who had bought resale flats, to get their thoughts about their home and flat buying journey. In the first of our 3-part series, we speak to Mr Ismail, who has lived on both sides of the island.
About The Flat
Owner: Mr Ismail bin Hamid, 41, Married with 4 kids
Location
Tampines
Flat Price
$410,000 (after $20,000 Proximity Housing Grant)
Year of Purchase
2018
Flat Type & Size
4-room flat/ 104 sqm
Remaining Length of Lease
63 years (as of Apr 2019)
Monthly mortgage amount & loan tenure
Nil (fully paid after selling previous flat)
Monthly mortgage amount & loan tenure
About $38,000
MoneySmart (MS): Mr Ismail, this is an amazing looking house. Tell us a little bit about why you chose to buy a flat here.
Mr Ismail: Tampines has been my home for the past 7 years. This flat is located 2 blocks away from where I grew up in, so this is a neighbourhood I am very familiar with. In fact, one of my primary school classmates still lives in the next block with his own family!
When I was growing up, there was only Bedok Interchange. There was no Tampines Interchange, and the Downtown Line certainly didn’t exist at that time, so you can imagine that getting around was very different from how it is now.
MS: Tell us a bit about your housing journey.
Mr Ismail: After I got married, my wife and I moved to Bukit Batok, which was near her family. It was a very different area from where I grew up, so that was something new. We then moved to a resale flat in Bukit Panjang. With convenience and proximity to family being a key consideration, we decided not to wait for a suitable BTO flat. At that time, the only available BTO flats were in Sengkang and Punggol, so we chose to buy a resale flat.
Due to family circumstances, we eventually moved back to the East, a few streets away from where we are currently staying now.
MoneySmart Tip: Interested flat buyers can get information on upcoming BTO projects 3 months before sales exercises for better planning. In the meantime, you can visit HDB InfoWEB for details on the upcoming BTO sales exercise.
MS: We also understand that you moved from a 5-room to a 4-room flat?
Mr Ismail: We felt that it was a much better idea to move to a 4-room flat because there was a lot of unused space in our previous 5-room flat. Even though we have four kids (aged 12, 9, 8, and 3), we felt that this current place suits our needs perfectly.
As you can see, the amenities around this place are great for our kids. We also considered the fact that there was a park that was very accessible and our kids wouldn’t have to cross any major roads to get there.
At this point, Mr Ismail’s wife also chimes in, highlighting the fact that the 4-room flat is much easier to clean than their previous home. They also managed to completely pay off their housing loan after moving, but more on that later.
MS: Tell us about your home buying process. Did you engage an agent or do it on your own?
Mr Ismail: We decided to go with an agent, and the reason was that our housing agent was also my friend from reservist! He also helped us to sell our previous home. I would say when it comes to engaging an agent, it definitely helps to have someone who knows his stuff.
It was an easy decision to buy our current home because we knew what we wanted, and the opportunity presented itself. I would say our only regret is that we missed out on a flat that is near the newly built Our Tampines Hub. There was nothing there at that point in time and we had no idea they were going to build an integrated community hub there!
MoneySmart Tip: Besides going through an agent, buyers and sellers can use the HDB Resale Portal to perform their own resale transactions. The portal will guide you on the buying journey and help you track the progress of your transaction. The resale process takes approximately 8 weeks to complete from the date of HDB’s acceptance of the resale application.
MS: How did you plan your finances? What were your goals or considerations?
Mr Ismail: For me, I chose to pay off this flat fully. I know it might seem a little “old school”, but we believe that we should just keep our money in CPF and use that for retirement.
For our previous homes, we also chose to take a loan from HDB. My wife works in a bank, so we understand that there are benefits and risks to taking a bank loan, and we ultimately settled on getting an HDB loan. Now that we’ve paid off this flat, we don’t have to worry about a mortgage anymore, and we can focus on planning for retirement.
MS: And what sort of grants did you get for your home?
Mr Ismail: At the start when we got our first place after we got married, we were eligible for a grant for first time buyers, and of course we were aware that we could get $20,000 in Proximity Housing Grant for this flat as we were moving near my parents.
MS: Your home looks really nice and comfortable. Did you have to renovate it a lot, and how much did you spend?
Mr Ismail: We spent about $38,000 on our renovations. We did have to do quite a bit of work, which included your regular maintenance such as repainting the place and redoing the flooring and doors. The main issue with the place was that the wiring wasn’t done properly so we had to redo everything because they were crossed all over the place. The kitchen was also rather old so we gave it a refresh.
MS: Can you share with us some thoughts around owning a home in Singapore?
Mr Ismail: For me, I never intended to buy a flat to profit from it. I plan to stay here with my wife till we pass on. Some people talk about leases expiring, but my perspective is that you are probably not even going to be alive when that lease expires, so why worry about it? As for my children, they will probably move out and buy a flat of their own, so I am not too worried about what happens with the lease.
There are many things that might change in the future which you have no idea about, so you plan for what you can. Other than that, I feel blessed to be able to say that I own a home, which is more than what many other people in other developed countries can say.
MS: Any other words of advice for homebuyers?
Mr Ismail: Go with what you are comfortable with. At the end of the day, you can overthink, but when you step into a neighbourhood, just ask yourself whether you feel like you belong there . Are you comfortable with the place and its surroundings? Is it a place you feel your children can grow up in?
Convenience is another factor. It might be more important for you to be near a supermarket than an MRT station. Whatever the case, understanding your needs is important. Small inconveniences can become a big deal over the course of a few years.
Wei Di shares some tips on buying a flat as a second-timer!
Buying a flat is a huge financial commitment (you already know that!) and getting a second flat is no easier. There are many things to consider, so read on to make sure you have everything covered before putting your money down for your second home.
Computing your estimated sale proceeds
Do you know how much proceeds you might receive from the sale of your existing flat? As the cash proceeds will form part of your budget for your next flat, having a realistic estimate is crucial to helping you calculate the amount you can afford to spend. Simple math!
With information such as your outstanding mortgage loan, CPF funds used including interest, resale levy (if applicable), and some of the other payments due, you can use HDB’s Sale Proceeds Calculator to get a ballpark estimate of the cash proceeds from the sale of your flat!
Resale levy
You do not have to worry about the resale levy, if you plan on getting a resale flat on the open market next.
The resale levy applies to those who plan to buy a new flat from HDB, but have previously received some form of subsidy for their first flat – be it through the purchase of a flat from HDB, or a resale flat with the CPF housing grants.
As new HDB flats are sold at a subsidised price, the resale levy is put in place to ensure that there is a fair allocation of public housing subsidies between first-timers and second-timers.
Grants available
Second-timer home buyers can also be eligible for housing grants! If you are buying a resale flat that is within 4 km of where your parents/ child currently stay, you may be eligible to apply for the Proximity Housing Grant, which aims to help more families live close to each other for mutual care and support.
If you are intending to take a second HDB loan, do note that your loan amount will factor in your CPF and cash proceeds from the sale of your flat. This is to ensure that you do not over-borrow!
The commercial interest rate will be applied to your HDB housing loan if you plan to sell your current flat only after buying your next flat. The interest rate will be converted to the concessionary rate only after you have sold your current flat, and used the proceeds to repay your housing loan.
Contra Facility
Want to sell your existing HDB flat and buy another flat at the same time? Consider applying for the Contra Facility, which allows you to use the cash and CPF proceeds from the sale of your existing flat to purchase your next flat, concurrently.
The Contra Facility can help you reduce the cash outlay needed for your next flat, the mortgage loan amount needed and the subsequent monthly repayments. If you are buying a new flat, you can collect the keys to your new flat and renovate it, while selling your existing flat!
We hope this article has made financial planning for your second HDB flat less daunting.
Buying or selling an HDB resale flat? Find out how to use the Resale Portal!
HDB resale flat buyers and sellers can now use the new HDB Resale Portal, launched on 1 January 2018.
The HDB Resale Portal streamlines all the resale of flats processes into a single platform, and provides a step-by-step guide for flat buyers and sellers throughout the resale transaction.
Using the HDB Resale Portal will benefit you in many ways:
– Shortens resale transaction time by up to 8 weeks
– Reduces manual entry of personal information
– Integrates all resale-related services
– Reduces number of appointments with HDB (Only 1 appointment required!)
With this portal, you can get instant results on your eligibility to buy a flat, housing grants, and HDB concessionary housing loan. Other important information, such as the Ethnic Integration Policy quota, upgrading status, upgrading costs billing status, and recent resale flat transactions nearby, have also been included in the HDB Resale Portal.
Here are the key steps to guide you in using the resale portal.
1. Register intent to buy/ sell
You must first register your intent to buy or sell a flat on the HDB Resale Portal. Your personal particulars will be automatically retrieved and populated from the Government’s MyInfo service.
2. Search for a flat and get an Option to Purchase (OTP)
Once you have found a resale flat within your budget, you will need to obtain an OTP from the seller. You have 21 days to exercise the OTP.
3. Choose the mode of financing
As a flat buyer, you will need to decide how you intend to finance the flat purchase. You can either use cash, CPF savings, or obtain a housing loan. If you wish to obtain an HDB housing loan, the HDB Resale Portal will guide you to apply for an HDB Eligibility Letter.
4. Request value of flat from HDB
If you are financing the flat purchase with your CPF savings and/or housing loan, you are required to submit a request to HDB to confirm the loan quantum and the amount of CPF savings you can use. You will pay HDB a processing fee of $120 (including GST).
Flat buyers can only submit a Request for Valuation after the seller has granted them an OTP. They will need to submit the Page 1 of the OTP and Request for Valuation, to HDB by the next working day after the OTP date.
If HDB requires valuation of the flat to be done, HDB’s appointed valuer will carry out the flat inspection within 3 working days after informing the seller. Flat buyers can check the flat’s valuation in the HDB Resale Portal within 10 working days from the inspection date.
5. Submit resale application
Both flat buyers and sellers must submit their respective portions of the resale application with the supporting documents to the HDB Resale Portal, after the OTP has been exercised. They will need to pay an administrative fee, depending on the flat type.
HDB will verify the information and notify the buyers and sellers of the application outcome, typically within 8 weeks.
6. Acknowledge resale documents
HDB will compute and prepare the documents for buyers and sellers to endorse in the HDB Resale Portal. Both parties must endorse the documents within 6 days.
7. Pay resale fee
Flat buyers and sellers are required to pay online for the legal and stamp fees using the HDB Resale Portal.
8. Wait for HDB’s approval
HDB will inform flat buyers and sellers once the application has been approved. The approval letter will be available on the HDB Resale Portal.
9. Attend completion appointment
Flats buyers and sellers must attend the Completion Appointment at HDB Hub to complete the resale transaction.
In summary, here are the steps for flat buyers and sellers:
