Header picture source: Pexel
This article was not reviewed by the Monetary Authority of Singapore (MAS) or any other relevant authorities.
Sounds like a plan? Except… travelling would only happen in god-knows-when because covid-19 is still taking a world tour.
While finding a partner is still a cultural norm that we seem to be pressured to conform to, there is an increasing number of Singaporeans who are going against the current.
According to a 2018 HDB survey, single-person households (singles, widows, divorcees, seniors) made up 1 in 8 HDB households (11.9%) in 2018, as compared to 1 in 14 HDB households (7.1%) in 2003.
Correspondingly, there has been a rise in singlehood in Singapore.
Seems like some of us may be en route to becoming THAT rich auntie/ uncle huh?
As it is highly likely THAT rich auntie/ uncle also owns a house, let me share with you what are some things you should take note of when buying a house as a single person in Singapore!
1. Eligibility (For Public Housing)
In order for you to purchase a home as a single person, you’d have to be:
- At least 35 years old
While it may be a bummer that you are only eligible if you are at least 35 years old, this gives you time to save up and/ or who knows, you might meet a potential partner!
2. Eligible Housing Types
As a single person, there are only certain houses you could purchase!
|Housing Type||Size||Location||Waiting Time||Cost|
|2-room flexi BTO flat (Public Housing)||36m2 to 45m2||Only non-mature estates||At least 3 years||From $98,000 (based on May 2021 BTO launches)|
|Resale Flat (Public Housing)||Depending on the type of house (e.g. 4-room flat = 90m2)||No restrictions||As soon as you are done with the purchase||Lowest median for 3-room flat: $276,500 (Geylang) |
(based on 1Q 2021 Median Resale Prices)
|Condominium (Private Property)||Depending on the location of the condominium (e.g. Outside Central Region = 85m2)||No restrictions||As soon as you are done with the purchase OR if you are waiting for the condominium to be built||Lowest median for Outside Central Region new condominium: $1.1 million (based on 99.co)|
Engage a financial adviser here if you are still unsure which housing type to work towards with your current finances!