Why you must consider buying HDB Resale flat.
If you are hoping to buy an HDB resale flat you have arrived at the right place. We will tell you everything that you need to know before you buy one of the HDB Resale flats.
HDB stands for the Housing development board in Singapore. HDB was entrusted with the challenging task of providing affordable housing to the citizens on Singapore in 1960 by the PAP government. The housing market in Singapore after the Second World War was very bad to say the least. Many people lived in slums and shanties though not by choice.
It was quite obvious that the private sector could not handle a project of such epic proportions; they could build only a limited number of homes each year. HDB set out to change the scenario and use the limited space available by building high rises. They did encounter some resistance in the beginning because people were skeptical about the intentions of the PAP government. Many thought that they would be evicted from their homes and end up on the streets. None of that however happened, HDB offered affordable housing to projected affected persons and the remaining space they sold on the open market through various schemes.
The efficiency and beauty of these homes have impressed everybody. In fact many nations around the world hope to replicate this scheme and build affordable housing for their citizens.
A HDB Resale flat isa a flat put up for sale by an owner who has occupied it for more than five years.
You can easily apply for an HDB Resale flat and buy an affordable home if you meet the criteria. You need to be at least 21 years old when you apply for an HDB Resale flat. You must also be a citizen of Singapore or a Singapore Permanent Resident.
When you buy a HDB Resale flat for sale you need to remember that you are expected to commit to live in the home for at least 5 years before you decide to sell it. After 5 years you are free to sell these flats at the market rate after paying HDB a resale levy.
Many citizens have bought HDB flats as investments for the future. Considering the pace at which realty rates are increasing you are assured to make a profit when you sell the flat in the future.
The HDB offers so many different amazing schemes that it would be a no brainer not to pick one of the HDB Resale flats for sale. There is no income group limit and if you do not have enough money you can use money from your Central provident Fund (CPF) to make a down