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This is more important than cost, location when buying a BTO

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By Rena

Buying a home is a big purchase. Most people talk about location, mortgages, prices and so on when purchasing a BTO. But after applying for one, getting it, and forgoing it during the wait, I can be certain that locations, prices and so on aren't the key factors.

I applied for a BTO and got to select one many many years back. It was those days when BTO just took about 3 years, but the one that we end up choosing had a 5- 6 year timeline because of its height and also location. In terms of the BTO that we had gotten (and of course forgone years back), it was great. Location - checked. Price - perfect (you can't get a 5- room flat any cheaper in that location than a BTO. LOL), Facing - perfect (no west sun, and so on).  

So what? How perfect it was in price, location, facing and so on, I didn't get it at the end of the day. 

The timeline didn't fit my life and after a few years o waiting, I was seriously not going to waste my time waiting for it. I have a plan, and that home that I bought doesn't fit my plan. 

For those who think that living with parents/ in-laws is okay, consider seriously whether when you have kids in tow, can you all still live peacefully under one roof. If you have kids during this period, is there space to house a helper (or even a confinement nanny) if you bunk in in others' home?

For those that are thinking of renting, why not get a resale flat now? Anyway, if the BTO has a 5-6 year timeline, you would have completed the MOP by then. And if you are still eligible to buy a BTO by then, then sell your resale flat. You could potentially have negative or near zero rent if you manage to sell at (or above) the price you buy at (adding in interest rate and renovation). Maybe still cheaper than renting. (I'm not property expert, so please don't take my word for it. Do your own research. )

I find it funny that many people revolve their plans around the timeline of the BTO flat. (I was one funny person anyway). But seriously, you have your own life, which you should plan based on your goals in life, not the timeline of your BTO that you happen to get. You choose something that follow your timeline.

 

At the end of the day, you can buy a car to make up for the location.   

You can earn more to make up for the cost (of course choose something within your budget).

In short, you can always earn back the money that you spent.

 

But...

You can never earn back TIME.




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