The rising cost of housing has become a global issue and young people are struggling to buy their own homes. This article discusses how this issue is affecting Singaporean youth.
The richer families may gift their next gen with a private property or help them with their initial downpayments, while the middle income families may help with the smaller deposit for a resale or BTO Hdb.
In Singapore, I’m thankful that the HDB ensures a steady supply of affordable public housing each year, but the private property prices are moving out of the reach of many.
One of my main groups of clients are Hdb upgraders and I have found that many families are slowly priced out of the upgrading dream.
Private property ownership may soon become the thing of the wealthier and older generation at the rate our housing prices are rising.
While the recent Budget 2023 (which I called a Robin Hood Budget) has introduced more taxes in terms of higher property tax paid annually and the buyer stamp duties for more expensive properties, the stark reality is that many families remain priced out of the private properties market.
For those who are not part of the Lucky Sperm Club (LSC) and not being able to enjoy any form of Parent Support Grants (PSG), the only way is to really work hard, save hard, plan hard and make sure every housing move is calculated for the maximum gains & benefits.
The right BTO purchase will allow you to gain the few hundred thousands downpayment required for your private property in the years ahead.
The right private property purchase will propel you into your bigger home investment or second property investment in your next move.
If you’re in your mid 30s or 40s and looking to upgrade your HDB into a private property, please feel free to reach out to me, we can discuss more in details.
