Netizen: “For young people who bought $800K & 1M + resale HDB, do you intend to stay there forever?”

SINGAPORE: A local Reddit user was curious about the long-term plans of young people who bought resale HDB flats priced between S$800,000 and S$1 million.

“Or do you think that prices will still increase despite the decaying lease? I am genuinely curious (about) the thought process behind such a huge commitment,” wrote u/lovemyself123 on r/askSingapore on Monday (Sept 11).

One commenter wrote, “The surprising truth is that there are some who don’t even think about the investment aspect of buying a house, or don’t really bother with it. People buy an $800k 35-year-old maisonette knowing full well that they will incur a loss whenever it’s time to move.”

Others agreed. “My husband and I bought a 4-room flat as our first matrimonial home, and you’re right about the nice home now,” one woman shared.

“Rule of thumb is that when you buy a resale hdb you shouldn’t expect a profit, apart from standard yearly inflation,” observed another.

A Reddit user who bought an executive maisonette for S$900K five years ago wrote, “We didn’t buy the unit in hopes of making money but because we like the neighbourhood and the space it gives us.”

“Ultimately the houses are pricey, but as a getaway into the lifestyle we want, it is worth it. We don’t worry too much about the exit strategy, as we are fine staying in the flat long term,” another added.

“I’m one of those who did this. I didn’t buy with the intent to make a profit down the road. It’s more of as long as I didn’t lose money, it’s good enough. It’s more of the location that we like and this resale hdb is in central location aka prime flats in today’s lingo and it’s near my in-laws so that I can use some help for my kids,” a Reddit user shared.

Another wrote, “Not everything is about money. Some of us just want a nice home to live in – one big enough to justify splurging some amount to renovate, and one homely enough to enjoy the company of our loved ones. Price isn’t always a factor.”

/TISG

4-room resale flat in Telok Blangah sells for more than a million dollars