{"id":7749,"date":"2016-11-14T07:05:38","date_gmt":"2016-11-13T23:05:38","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=7749"},"modified":"2022-07-01T04:04:40","modified_gmt":"2022-06-30T20:04:40","slug":"buying-hdb-second-time","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/buying-hdb-second-time\/","title":{"rendered":"99.co’s guides: Things second-timer HDB homebuyers should know"},"content":{"rendered":"
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*This article has been updated on 2nd January 2019<\/p>\n

You\u2019re comfortably settled in your BTO flat where you\u2019ve finally gotten through the 5-year minimum occupation period (<\/span>MOP<\/b>), and you\u2019re wondering: what\u2019s the next step for second-timer HDB homebuyers like me?\u00a0<\/span>There\u2019s a myriad of property options open to you in Singapore, but if you\u2019re looking to step back into the public housing pool and purchase a new BTO flat or a resale flat, here\u2019s a few points worth considering before taking the proverbial dive.<\/span><\/p>\n

Should you commit yourself to another Minimum Occupation Period?<\/b><\/h2>\n

Whether you\u2019re buying a new BTO flat or a resale flat, bare in mind that you\u2019ll be committing yourself to yet another 5-year MOP. <\/span><\/p>\n

More than the inflexibility that this imposes on you and your family, the real danger lies in what happens if, god forbid, you find yourself unable, or ineligible, to hold on to the flat (for example, if you can no longer afford the monthly payments, or there\u2019s a change in your family nucleus rendering you ineligible to own the flat). <\/span><\/p>\n

If this happens within your new MOP, you\u2019re not legally entitled to sell or rent out the property, and you\u2019ll essentially be at HDB\u2019s mercy to decide whether they\u2019ll grant you a temporary exemption from the MOP, or require you to surrender the flat for a compensation they deem appropriate. <\/span><\/p>\n

It\u2019s tough to predict what will happen 5 years on, so be critical when weighing the benefits of a move against the potential risks for\u00a0second-timer HDB homebuyers.<\/span><\/p>\n

Should second-timer HDB homebuyers buy first, then sell? Or sell first, then buy?<\/b><\/h2>\n

This one\u2019s a real head-scratcher. <\/span><\/p>\n

With compelling pros and cons on either side, you might be hard-pressed to decide which option is the right one to go with.<\/span><\/p>\n

Buying first and selling after<\/b><\/span><\/h2>\n

Buying your flat first means you don\u2019t have to worry about scrambling to find a place to live before you have to move out of the flat. <\/span><\/p>\n

It is, however, a risky and expensive proposition.<\/span><\/p>\n