HDB Resale DIY Buying Guide 2019 (Incomplete)

10 Steps Summary Points

 

Summary

Where to Apply?

Duration

Cost

1. Use HDB Enquiry on Loan Estimate to find out the estimated amount of HDB Housing Loan you are eligible.

Online

Instant

Free

2. Decide if you want HDB or Bank Loan. Google to research or walk in to any bank branch and talk to a mortgage loan officer.

Google / Online / Branch

Free

3. Use HDB Map Services to scan around the locations you want, to see actual transacted prices recently that matches what you can afford.

Online

Instant

Free

4. List down on a spreadsheet the shortlisted block numbers with the recent transaction prices and floor numbers.

Online

Instant

Free

5. Search PropertyGuru for listings available for sale and add to your spreadsheet.

Online

Instant

Free

6. Arranging for first viewing 6-12 months before you intent to buy (window shopping warm-up to get you and your spouse familiar with the process)

 

Plan the date and time frame you and your spouse are available for viewing. Best to arrange 2 days before viewing. E.g. If Sat 9am-6pm available, call on Thu to schedule for Sat’s viewing.

 

Schedule back-to-back viewings 30-60 mins apart depending on how much time you need for each unit, and how many units you want to view per day. Don’t rush, and don’t tired out yourselves. Drink plenty of water as you need to talk to seller’s agent, home owners and neighbours, and keep walking around.

 

Plan the property viewing route for minimal movement. You don’t want to be running to and fro different block of flats.

 

At our peak, we did 8 viewings per day, 30 mins apart. 15 mins to view each unit, 15 mins buffer before the next viewing, or to give more time if we like a particular unit. We usually schedule viewings within the same block or next block of flats. Arrange for 1 hr break in between for toilet and meals.

 

Problem handling:
a. Seller agent ask if you have HLE? – Yes. How much loan you got? – Within the budget. When are you planning to buy? – Now. Some seller agents are gatekeepers who like to qualify valid customers.
b. Reach early or finish viewing early – Go on to the next one. Sometimes next unit’s agent may be there earlier.
c. Agent late – Check if next unit is available for viewing first, and go back to the previous unit later. Let the agent who is late wait. Some agents may simply give you the unit number and ask you to view yourself.
d. More problems? WhatsApp me.

 

Get more listings from SRX, 99.co, Ohmyhome, edgeprop, etc as you are able to handle more. PropertyGuru has the most listings in Singapore.

Online

6-12 mths

Free

7. Repeat steps 3-6 until you more or less know which area you want and what to expect.

Online

6-12 mths

Free

8. Register Intent To Buy (Instant) and apply for HLE (HDB Loan Eligibility takes 2 weeks upon documents submitted) once you are ready to buy.

Online

2 weeks

Free

9. Check the unit you are interested in on SRX X-value and Edge Fair Value and offer that price range. Seller will usually accept only when property is in the market for 3-9 mths and can’t meet their unrealistic expected value, and they have an urgency to sell. Prepare a non-refundable S$1,000 cheque to make a deposit for you offer.

 

Cheque should be in flat seller’s name. Ask seller agent for proof of ownership. Get seller agent’s name card and check if valid on https://www.cea.gov.sg/public-register. Get receipt from seller agent for your cheque deposit.

Online

3-9 mths

$1,000 cheque deposit

10. Seller accepts your offer and provides you an OTP (Option to Purchase). Go thru HDB Resale Portal Step 2 to 9 and you are done!

Online

2 mths

Various fees

 

Know your purpose – Why are you buying a HDB Resale? Why not BTO?

 

Common reasons for buying resale HDB instead of BTO due to eligibility:

  • – Both husband and wife are Singaporean PRs (Public Scheme)
  • – Single and above 35 years old (Single Singapore Citizen Scheme)
  • – Spouse not Singaporean (Non-Citizen Spouse Scheme)
  • Full list of HDB resale flat criterias

 

Common reasons for buying a house (purpose & value):

  • – Stay near work place / clients (reduce daily traveling time for work)
  • – Stay near schools for kids (reduce daily traveling time for kids / within school’s proximity distance)
  • – Stay near parents (take care of parents / parents help take care of kids / etc)
  • – Want to use as Home office (for work)
  • – Want to collect rental income (room or house rental)

 

This is to help you prioritize what to look out for during selection – price, proximity (location), amenities nearby. If you are buying with your fiance, spouse or family, it is important to discuss and agree on the common reason for buying before going ahead. Take your time to think through and have constructive and objective discussions over a few sessions. Do not rush.

 

Once you are clear of why you want to buy, next is to work out the location, budget and size to buy. View a few units to see what is the market like if you are unsure. There are no obligation to buy.

 

Attending HDB Resale talks or talk to a few Property Agent and find those that are non-pushy and willing to share and give non-biased advise or best to do both.

 

Types of resale HDB available

 

HDB Flat Types

2-Room Flexi

3-Room

4-Room

5-Room

3Gen

Executive Flat

Approx. floor area (square metres)

36 and 45

60 to 65

90

110

115

130

Total no. of bedrooms

1

2

3

3

4

3

Total no. of bathrooms

1

2

2

2

3

2

 

Average HDB resale prices from Jul to Sep 2018

 

Town

1-Room

2-Room

3-Room

4-Room

5-Room

Executive

Ang Mo Kio

*

$290,000

$440,000

$699,900

*

Bedok

*

$290,000

$405,000

$578,000

*

Bishan

*

$558,000

$741,500

*

Bukit Batok

$258,000

$378,400

$520,000

$623,500

Bukit Merah

*

*

$355,000

$660,000

$810,000

Bukit Panjang

*

*

$368,000

$450,000

$650,000

Bukit Timah

*

*

*

*

Central

*

$404,000

*

*

Choa Chu Kang

*

$268,000

$338,500

$400,000

$538,500

Clementi

*

$310,500

$504,000

$635,500

*

Geylang

*

$270,000

$472,500

*

*

Hougang

*

$283,000

$380,000

$491,000

$672,500

Jurong East

*

$281,000

$429,000

$552,500

*

Jurong West

*

$240,000

$350,000

$435,000

$535,500

Kallang/Whampoa

*

$300,000

$500,000

$699,900

*

Marine Parade

*

*

*

Pasir Ris

*

$405,000

$470,000

$625,000

Punggol

*

$356,500

$450,000

$438,000

$545,000

Queenstown

*

$355,000

$715,000

$849,000

*

Sembawang

*

*

$336,500

$390,000

$485,500

Sengkang

*

$337,500

$410,000

$445,000

$559,400

Serangoon

$307,500

$470,000

$487,000

$700,000

Tampines

*

$335,000

$425,000

$532,500

$668,400

Toa Payoh

*

$279,000

$615,000

$823,000

*

Woodlands

$260,000

$328,000

$407,000

$570,000

Yishun

*

$263,000

$350,000

$440,000

*

 

HDB Resale Portal – Step 1 – Register Intent to Buy and Apply HLE (HDB Loan Eligibility)

 

HDB Resale Portal – Step 1

Where to Apply?

Duration

Valid for

Cost

1a. Intent to Buy

Online
(Requires SingPass)

Instant

12 months
Reapply if you do not submit your resale application within 12 months.

Free

1b. HLE (HDB Loan Eligibility)

Online
(Requires SingPass)

2 weeks upon documents submission
(Required documents)

6 months
Extend by applying for a new HLE letter 1 week before expiry.

Free

 

HDB Resale Portal – Step 2 – Search for a suitable flat and get your OTP

 

View and shortlist suitable units

– Check buying eligibility (SPR / ethic ratio)
– Evaluate and shortlist the units and price the match your Budget and choice
– Decide on a unit
 

Are you familiar with the area you want to buy?
 

Frequently asked questions by Seller’s Property Agents

Do you have a HLE?
– Say yes regardless you have or not. You can view houses without a HLE, some property agents do not want unqualified leads to waste their time.

How are you financing a house (for higher value resale flats such as $800k & above)
– Say you are staying with your parents who will be sharing the cost. It is none of the agent’s business. They just want to qualify whether you have the ability to buy or not in order to allow you to view, or to do follow ups.

Do you have an agent (Buyer’s agent)? Offers to be your buying agent if you are not interested in this unit.
– Say I will consider it and move on.

First viewing
– External Surroundings checklist
– amenities?
– facing?
– layout?
– Neighbours?
– Fengshui (for those who needs)

2nd viewing – 18 Jul 2018, Wed
– Internal Unit checklist

Toilet
– water pressure (shower head & tap)
– water leakage
 

Estimate
– budgeting and timeline – how you will reno and furnish your house and how much it will cost
 

How to bargain
 

How to estimate valuation (without considering on existing renovation & fixtures)
– Actual Recent Resale Prices: HDB Resale Flat Prices / HDB Map Services
– Computed Property Value: SRX X-value / Edge Fair Value
 

How to make an offer
 

Make an offer – 19 Jul 2018, Thu
– match buyer’s price
– deposit $1,000
– seller provide OTP
 

HDB Resale Portal – Step 3 – Choose Mode of Financing

 

For most people, it will usually be a mixture of HDB or bank loan + CPF + Cash from savings.

HDB Resale Portal – Step 4 – Request for Value

 

HDB Resale Portal – Step 4

Where to Apply?

Duration

Valid for

Cost

Request for Value

Online
(Requires SingPass)

10 working days

3 months

$120

 

HDB Resale Portal – Step 5 – Submit Resale Application (Submit OTP)

– Buyer submit otp to hdb

Talk to reno guy

HDB Resale Portal – Step 6 – Acknowledge Resale Documents

HDB Resale Portal – Step 7 – Pay Fees (Legal and Stamp Fees for Resale transaction)

HDB Resale Portal – Step 8 – Wait for HDB Resale Application Approval

– where: via sms

Apply for water and electricity
Apply for citygas later
Can start renovation with HDB Indemnity form from seller for those who wish to start renovation earlier, subject to seller’s agreement

HDB Resale Portal – Step 9 – Attend Completion Appointment

– payment for cash overvaluation can be made at HDB Payment counter at HDB Toa Payoh Hub Level 3. Payment mode is cashier order, Nets or cash.
– meet sellers at HDB Hub to complete the transaction and collect your keys
– where: hdb online
– what: verify documents and collect keys from sellers

Done!