{"id":10482,"date":"2017-06-08T06:26:38","date_gmt":"2017-06-07T22:26:38","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=10482"},"modified":"2022-07-01T04:07:09","modified_gmt":"2022-06-30T20:07:09","slug":"home-options-singles","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/home-options-singles\/","title":{"rendered":"Home options for singles and single parent families"},"content":{"rendered":"
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\"Learn<\/p>\n

(Credits)<\/a><\/p>\n

There has been quite a lot of discussion recently about single parents who adopt their own children in a bid to qualify for housing options that have been subsidised by the government, for example, a government rental flat or to buy a new HDB flat directly from the government.<\/span><\/p>\n

A single person or single parent cannot rent or buy an HDB flat directly from the government if he or she is below 35 years of age<\/b><\/p>\n

To buy an HDB flat, whether directly from the HDB or on the resale market, the single person or single parent has to be at least 35 years old.<\/span><\/p>\n

To rent a government flat on the cheap requires the single parent and the child to be recognised by the authorities as a \u201cfamily unit\u201d before they can do so. In law, a child born out of wedlock may not be considered a \u201cchild\u201d which can be recognised to form part of a \u201cfamily unit\u201d with his or her biological mother or father for the purposes of being considered for an HDB flat (new build or rented).<\/span><\/p>\n

This means that a single person or single parent under the age of 35 years will have to resort to renting or buying a private property. \u00a0One would have thought that this may be out of reach for most people. But a search on 99.co\u2019s listings threw up some deals which may be affordable for singles or single parent families.<\/span><\/p>\n

Shared accommodation?<\/b><\/h3>\n

An article in the <\/span>Straits Times (5 June 2017)<\/span><\/a> suggested that single parents can consider shared homes. The article referred to examples in Japan where single parents rent accommodation which they then share with other single parents, thus not only splitting the cost of the apartment, but also some parenting duties. <\/span><\/p>\n

While some of us do not wish to ever repeat the hostel experience while at school and may balk at having to share a home with strangers, such shared accommodation can be useful as one parent can help to look after both sets of children if the other parent needs to run some errands or step out to get a haircut.<\/span><\/p>\n

Possible to rent an entire apartment for $1,500<\/b><\/p>\n

A search on <\/span>99.co<\/span><\/a> shows that a 2 bedroom 2 bath room HDB flat can be rented for about $1,500 in certain areas. Divided by 2, this is $750 per month \u2013 not a bad deal at all. <\/span><\/p>\n

For those who prefer more privacy and do not want to share their living space, an entire private condominium unit of about 500 square feet can also be rented for about $1,500 per month. These range from an apartment at City Plaza to a penthouse unit at Siglap V to The Skywoods at Upper Bukit Timah Road. <\/span><\/p>\n

If you are 35 years old and above, it is possible to buy a resale HDB flat for about $240,000<\/b><\/p>\n

For those single persons or single parents who are Singapore citizens, \u00a035 years old and above and whose income meets HDB\u2019s income ceiling for a new HDB flat, buying a new HDB flat or a resale HDB flat may be more logical as you can pay for the down payment and mortgage instalments from your CPF funds. <\/span><\/p>\n

A quick look on <\/span>99.co<\/span><\/a> show shows that 2 bedroom HDB resale flats can be had for about $240,000. \u00a0New 2-room flexi HDB flats (i.e. 1 bedroom and about 484 square feet) cost about the same as resale flats but are located in outlying areas and will require a wait of a few years while they are being built. Resale flats tend to be bigger, in better locations, and the best part is, you get to move in within a few months of buying the flat.<\/span><\/p>\n

If you take a HDB loan, you only need to pay a 10% down payment. All or most of this can come from your CPF Ordinary Account (OA) if you are taking a HDB loan provided you have enough money inside your OA. <\/span><\/p>\n

If you are taking a private bank loan because you do not qualify for an HDB loan, you will need to pay 10% of the purchase price in cash and higher interest rates. The monthly instalment, which will work out to a few hundred dollars, can be paid from your CPF funds.<\/p>\n

HDB grants<\/b><\/a><\/h3>\n

HDB gives out grants to Singles buying an HDB flat, whether a new one or a resale one, for the first time, subject to certain eligibility criteria (Please see HDB\u2019s website for more details). \u00a0There is the:<\/span><\/p>\n