BTO Result

[Edwinie]

Check out my new blog post.

Hippo Thoughts: Housing Affordibility

i did a simulation of owning a 5-room premium HDB flat (with flooring included in the price). Estimated price of $400,000 and the CPF according to my husband and my salary.

Realised that, yes, it's affordable! I can pay for it! BUT look at the remaining CPF balance of my husband and I combine, so far away from the minimum sum required by CPF (as of now, it's $123,000). And how old we will be when we finish paying a 30-year loan. can afford home, cannot afford retirement.

I'm considered middle income, meaning that i can afford a 5-room but very tight in cash because of the lack of subsidy for our income bracket.

my income is not low enough to be considered for majority of the subsidies.

so how? scrap through, scrimp and save. if i can't change the system, i'll change myself. but then, who says we cannot change the system when it is created by HUMANS?

ok, my simulation might have some flaws which i have overlooked. feel free to give constructive comments on my blog. =)

 

[Edwinie]

There are a lot of financial aids and scholarship available for those lower income. Sometimes we just don't know what are the options available.

Profits from HDB are kept as reserves and also redistributed to help those who really cannot afford housings.

People are getting resale because it is faster. Myself has also tried for more than 2 years

the last and only time our reserves was used was during the financial crisis in 2008 to tide us over. it was never redistributed. during GE rallies and opposition suggested redistributing our reserves for healthcare, housing, etc etc, our beloved PAP ministers said that opposition parties wants to 'raid' our reserves. I'm not too optimistic about this.

i can't afford resale and high COV. so BTO my only choice. >.<

 

[Triquetra]

the last and only time our reserves was used was during the financial crisis in 2008 to tide us over. it was never redistributed. during GE rallies and opposition suggested redistributing our reserves for healthcare, housing, etc etc, our beloved PAP ministers said that opposition parties wants to 'raid' our reserves. I'm not too optimistic about this.

i can't afford resale and high COV. so BTO my only choice. >.<

Not entire profits go to the reserve, remember there are subsidies and rebates set aside for those really needy people.
Sometimes I feel that it all boils down to our attitude towards the situation we face, we want cheap we want fast and when we don't get... we blame others. Some things can possibly work out if we compromise our budgets and expectations but somehow we want the best of both worlds.

If I want to get fast and affordable resale, I definitely have to go for a more ulu location. If I want a better location, I have to either get a smaller flat or forsake certain luxuries like holidays, restaurant dinings, more affordable childcare etc. If I want a bigger flat at a preferred location then I just have to wait