Results of Nov 2015 Sale Of Balance Flats Exercise

We applied for the Nov 2015 Sale Of Balance Flats Exercise with HDB last year. After a long wait, finally today we received an email from HDB that our application is not successful due to our balloted queue position has far exceeded the flat supply. 

It was a great disappointment as we would very much like to upgrade to a bigger flat. This is especially after our gal was born, we felt that we run out of space even though our flat size was considered ok back then when we bought our current flat. 

Now as a second timer applicant, it seems like buying lottery to apply for BTO or balance flats with HDB. If we manage to get a good queue number, it is really like winning top prize. We prefer to utilise our 2nd chance buying direct from HDB instead of buying from the resale market as we prefer brand new flats. As 2nd timer, we need to pay a hefty resale levy and by adding to the purchase price, it is actually similar or even higher price as compared to the resale market for a unit in the same area. We regard the resale levy as a premium for buying new flats therefore we will continue to apply for other BTO or SOBF (Sales of Balance Flat) even though the prices not cheap and chances are very slim.  

Space is always not enough when there is a child in the house. We regretted not buying a 5-room or bigger flat previously when the prices were still low. We thought a 4 room would serve our purpose even if we have a child but we were so wrong. Having a child arrival to the family, not only we need to cater for the child bedroom but also playing and learning space. Therefore if we could do it all over again, we would choose to buy a bigger flat and stay in it till old age or until the last day we breathe. If in the future, we may not need so much space or when our gal got married and move out, we can always rent out the extra rooms or downgrade to a smaller unit. 

Therefore for newly weds or soon-to-be married couples who are planning to have kids, I would advice to buy a bigger flat if you can afford it. You will need the extra space even though it may not be too much difference. Buying a property is an important investment which needs detailed calculation on the affordability and sustainability.