Just applied for a new BTO? While you might have been a bit taken aback by the recent delays in BTO construction, there’s most definitely a silver lining – the Housing Board is allowing home buyers to appeal to cancel their flat booking without penalties.
Of course, there are caveats to this – it only applies to homebuyers whose BTO flat construction has been affected by COVID-19 delays. And, it’s currently on a case-by-case basis, which means you might not be able to get the penalties waived. However, it’s still a much better option than forfeiting your option fee (from $500 - $2.000), and having to wait one year before being able to apply for another subsidized unit.
With COVID-19 having caused massive delays in construction globally, the question comes, should you still wait? Or rather, can you afford to wait? For many homeowners, these delays severely impacts and affects their plans, as the longer waiting time means they are often in need of a temporary home in the meantime. This has caused many homeowners to turn to the resale market instead, where there is little to no waiting time in comparison. And, with the rise in couples renovating their homes massively and even hiring interior design firms to completely revamp their flat, it’s no longer as necessary to get a brand new BTO, when you can turn your resale flat into the home of your dreams.
Just got engaged and considering whether to apply for a BTO? UnlockHome is here to help! We’ve guided many homeowners along their real estate journey, from BTO to Condo and beyond. At UnlockHome, we believe in providing you the absolute maximum value and service – all for just 1%. Check out our website at www.unlockhm.com for more!