HDB, short for Housing Development Board is a both Singapore government body that regulates public housing and also a term used by Singaporean and many living in Singapore to refer to its public housings (by right it should be HDB house but most call it just HDB).
Unlike other countries, in Singapore most people are buying and staying in a HDB houses.
New vs Resale HDB
While it’s always good to buy a brand new HDB, however there are regulations that regulate who can buy a new HDB. Two of them are you have to at least have one Singaporean buying and you must not have any private property inside/outside Singapore. On top of that, normally to get a brand new HDB, called BTO (Build To Order), interested buyers have to first bid and only if they get it, they need to wait for several years (between 3-5 years) for HDB to build the houses, that’s why they name it Build To Order. List of all regulations whether you are eligible for a brand new HDB can be found here. In case the link is broken, do visit http://www.hdb.gov.sg and find Buying a New Flat section.
For those who don’t meet the criteria to buy a new HDB and/or can’t wait or don’t want to wait and/or can’t afford private housing but still want to buy a house, the only option is to buy resale HDB.
Resale HDB also have its own regulations. Some of them are you have to be either Singaporean or Singapore Permanent Resident (SPR). For SPR apart that you need to first get married with another SPR, since 2013 Singapore government has this cooling measure where as SPR you need to wait 3 years to be eligible to buy a resale HDB. Here you can check the full detail who can buy a resale HDB and what are the criteria. In case the link is broken, do visit http://www.hdb.gov.sg and find Buying a Resale Flat section.
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Question that most of us having in our mind when thinking to buy a resale HDB is how long is the remaining years of lease of that HDB. In case you are not aware, almost all HDB comes with 99-year lease since the building was built. So if you plan to buy resale HDB that was built since 1980, today (2017) the remaining lease of that HDB is another 62 years.
Here’s how you can check the remaining lease of HDB / how to check what year the HDB was built
3. Find Resale flat Prices and tap on HDB Map Services.
On the link provided, you can find not only the HDB remaining years of lease and the year it was built, but also you can find the latest transaction price within the last 2 years.
And the great thing is…
The link provided is Singapore government website, and the data provided is by HDB and not any third parties, so the information you get is 100% accurate and correct. The best thing is that, all this info is totally FREE.
Unfortunately not many knows about the link and not many knows such accurate data exists for FREE, that’s why with my writing, hopefully more and more potential home buyers able to get this info which I hope eventually will help them to better make decision when buying HDB houses in Singapore. If you have relatives, friends, colleagues who have interest in buying HDB (new/resale), do help them by sharing this article to them.
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