Speaker 1: Hey, welcome to the Money Talks podcast. It's Me Andrea Heng.
Speaker 1: We're on a season break now, but I thought, hey,
Speaker 1: why don't we bring you some of our more popular episodes.
Speaker 1: You might have missed this special series called This or that,
Speaker 1: which I love so much by the way, where I
Speaker 1: get my guests to weigh the pros and cons of
Speaker 1: two options. Now, property is always a hot topic here
Speaker 1: in Singapore and I too had to ask myself once,
Speaker 1: do I want to wait and buy a brand new
Speaker 1: BT O flat or just get a resale? My guest
Speaker 1: for this episode was Jo Anne Tay. She's a content
Speaker 1: creator on Instagram and Tik Tok under the handle house
Speaker 1: hunt with J That's Joo. She shed some light on
Speaker 1: what we should take into consideration before deciding to BT
Speaker 1: O or not. If you haven't already go to Spotify
Speaker 1: Apple or youtube music to follow us. And while you're there,
Speaker 1: please leave us a comment. Enjoy this episode.
Speaker 1: You're listening to AC N A podcast.
Speaker 1: Welcome back to Money Talks. I'm your host, Andrea Heng.
Speaker 1: Now on this series. This or that my guest weighs
Speaker 1: the pros and cons of two options. If you've missed
Speaker 1: the last episode where we discussed, if you should own
Speaker 1: or lease a car in Singapore, do give it a listen.
Speaker 1: Now on this episode, we're looking at public housing or
Speaker 1: H DB flats. Should I buy a brand new BT
Speaker 1: O flat or skip the wait and pay more for
Speaker 1: a resale flat. The longest waiting time for a new
Speaker 1: BT O flat that I've heard of is six years,
Speaker 1: six years, think about that. Ok. My own sibling gave
Speaker 1: up after two years and went straight to the resale market.
Speaker 1: Of course,
Speaker 1: a much higher price. Many new home buyers say the
Speaker 1: long wait time and the limited selection of BT O
Speaker 1: units are the key factors for turning to the resale
Speaker 1: market only to be hit by record prices there with
Speaker 1: more BT O flats coming up and resale prices appearing
Speaker 1: to hit a ceiling at least for now. What I
Speaker 1: want to know is should home buyers choose a BT
Speaker 1: O or a resale
Speaker 1: flat? And to help me with this question, I have
Speaker 1: real estate agent, Joan Tay Joanne is also a content
Speaker 1: creator on Instagram and tiktok under the handle house hunt
Speaker 1: with you. Welcome to Money Talks, Joan. Hi,
Speaker 2: Andrea. Nice to meet you here.
Speaker 1: Likewise. Ok. So Joan, how often do you as a
Speaker 1: real estate agent get home buyers who say they can't
Speaker 1: get a BT O flat? Hence, they need a resale flat.
Speaker 1: How frequently is that occurring?
Speaker 2: Just about every other week? I'll have someone come to
Speaker 2: me with this distressed situation. Yeah. Saying that they have
Speaker 2: been going through the BT O exercise for many, many,
Speaker 2: many times. And of course to, nobody's surprise they have
Speaker 2: given up on that dream and have to turn to
Speaker 2: the resale flat. Unfortunately.
Speaker 1: What's the longest wait time you've ever heard?
Speaker 2: I had someone who tried 10 times in the past
Speaker 2: three years,
Speaker 1: 10 times,
Speaker 2: still trying,
Speaker 1: still trying. Ok, 10 times and going. Ok. So is
Speaker 1: there a typical profile for the resale flat buyers who
Speaker 1: can't afford to wait? What are some of the reasons
Speaker 1: for needing a home? So urgently,
Speaker 2: most of them would have been already married, they would
Speaker 2: have some sort of family nucleus going, which explains why
Speaker 2: they need a space on their own. They need a
Speaker 2: flat or home to move into more immediately than
Speaker 2: someone that's younger. Still starting out on their career and
Speaker 2: things like that. It does matter at which stage of
Speaker 2: your life are you actually considering the purchase? So most
Speaker 2: of them who are turning into a resale flat are
Speaker 2: often in their 30 something, the younger ones who have
Speaker 2: a bit more runway in terms of their age,
Speaker 1: they can stay with mommy and daddy a little bit longer. Ok.
Speaker 1: That's a good plan. It is a good plan. Save
Speaker 1: on that mortgage. Let's talk about the resale flat prices
Speaker 1: that we're seeing
Speaker 1: and they've increased relentlessly. Despite those rising interest rates, I
Speaker 1: bought my own flat at almost a million.
Speaker 1: Although it's in a rather prime area. So what's driving
Speaker 1: this demand, what's making those prices stay up? I
Speaker 2: think it's the lack of immediate supply supply has been
Speaker 2: disrupted because COVID happened which nobody would have expected.
Speaker 1: Nobody asked for
Speaker 2: it. Yes, it's good for those people who already have
Speaker 2: the H DB because that's possibly the only time whereby
Speaker 2: you actually see your prices going up. Rationally speaking, it
Speaker 2: should not be, it should be going down according to
Speaker 2: the lease that you have left on your property.
Speaker 2: And because of this disruption, we also do notice that
Speaker 2: there's a change in lifestyle as well. Previously, we've seen
Speaker 2: a lot of people living in a multigeneration home whereby
Speaker 2: you know yourselves, you have your parents and you have
Speaker 2: your kids that are living with you. We are all
Speaker 2: taking care of each other after COVID for some apparent reason,
Speaker 2: maybe we can't stand each other as much.
Speaker 1: What did they, what do they say? Proximity breeds resentment
Speaker 1: or something like that or
Speaker 2: rather true because we are seeing households now
Speaker 2: actually moving out. They don't mind staying close to each
Speaker 2: other but not trying not to be in too much
Speaker 2: contact ever since COVID that basically tested how close our relationships.
Speaker 2: That's the ultimate stress
Speaker 1: test almost 24 hours, seven days a week in the
Speaker 1: same space and an H DB flat. I mean, if
Speaker 1: you're housing just a couple of, it's just the two
Speaker 1: of you in one flat,
Speaker 1: that's fine. That's already like, ok, I'll get on your nerves.
Speaker 1: You get on mine and then we'll be fine.
Speaker 1: But if there are multigenerational families out there living in
Speaker 1: an H DB flat, that's got to create a lot
Speaker 1: of stress points for anybody.
Speaker 2: Yeah. That's right. And I think the change in the
Speaker 2: lifestyle was much quicker than we imagined. And you know,
Speaker 2: from one household, we used to have like three generations
Speaker 2: living in it. Now one household is going out there
Speaker 2: to buy 23 different homes. Yeah. So that is what's
Speaker 2: actually causing the stress in terms of what we need
Speaker 2: immediately from the market. Yeah. And BT O may not
Speaker 2: be the
Speaker 2: the most sound choice when it comes to moving in immediately.
Speaker 2: You do have to wait a significantly long time and
Speaker 2: having to stay with your family. If that's actually an
Speaker 2: issue that has come up before then, of course, you
Speaker 2: will have to turn to the resale market.
Speaker 1: Ok. We're going to get into the pluses and the
Speaker 1: minuses of the BT O in just a bit. Now,
Speaker 1: the government did implement several measures to increase the attractiveness
Speaker 1: and the availability of BT O flats,
Speaker 1: right? And all the construction has been ramping up. I'm
Speaker 1: seeing a lot more H DB flats coming online from
Speaker 1: increasing supply to giving out more generous grants. Those are
Speaker 1: among the things that they're introducing to make BT O
Speaker 1: is more attractive. But are these things enough to move
Speaker 1: some of that resale demand to the BT O market?
Speaker 1: These
Speaker 2: two groups, the understanding that I have that they are
Speaker 2: going out there to buy BT O and resale are
Speaker 2: very different in terms of what they are looking for.
Speaker 2: Most of them who do not need, the immediate housing
Speaker 2: would turn to BT O because they are significantly more affordable.
Speaker 2: I wouldn't use the word cheaper anymore. It is no
Speaker 2: longer cheap. That has, we've all come to a consensus
Speaker 2: on that. When it comes to BT O, we do
Speaker 2: know that they are offered at a discount from the
Speaker 2: market and they are often at lower prices that what
Speaker 2: the already flat would come with. And of course, the
Speaker 2: ready flat in terms of resale will come with lower
Speaker 2: lease remaining. For example, it goes back to why you
Speaker 2: need the,
Speaker 2: let's say you're going into a resale, you do have
Speaker 2: to deal with a whole bunch of different issues like
Speaker 2: around it versus going into a BT O. And there's
Speaker 1: renovation to think about
Speaker 2: as well as a lot more than that. Actually, what
Speaker 2: people don't understand is that when you go into the
Speaker 2: resale market right now, especially if you're in your very
Speaker 2: young twenties or thirties, you have a young family, for example,
Speaker 2: the cost of, it does not just come from the
Speaker 2: flat itself. You do have to account for renovation, for example.
Speaker 2: And one of the things that we cannot
Speaker 2: is the COV, which is your cash over value, which
Speaker 2: a lot of people forget. And recently we do have
Speaker 2: someone paying about 100/1000 COV. On a certain flat, there
Speaker 2: is a
Speaker 1: 100 K COV in this market. Wow. I never thought
Speaker 1: I would hear that kind of COV amount anymore ever
Speaker 1: since the early two
Speaker 2: 1000. I'm glad I'm not the one representing the
Speaker 1: person. I guess it boils down to what you really
Speaker 1: want the unit for, what you really want the house for.
Speaker 1: And I guess if you can afford to wait, but
Speaker 1: how long is affordable in terms of that long wait. Right.
Speaker 1: Because even if you're a newly wed, you don't really
Speaker 1: want to stay at your in-laws place for too long
Speaker 1: before you jump ship, right?
Speaker 2: For BT O. It's really on affordability if you're just
Speaker 2: starting out in your early twenties, you know, and you're
Speaker 2: so certain that your partner is going to be with
Speaker 2: you all the way through. That's very important
Speaker 2: because that's one of the criteria of owning a, a
Speaker 2: BT O, right? You have to get married or at
Speaker 2: least a fiance fiance scheme. Yeah. Yeah. So then if
Speaker 2: you're so confident of that, then I feel like yes,
Speaker 2: you do have the runway to possibly wait it out.
Speaker 2: You might be just starting out in your career and
Speaker 2: things like that, things may take some time to actually
Speaker 2: shift and then eventually you settle into a new home
Speaker 2: and then I then think that's perfect timing and
Speaker 1: that waiting period allows you the time
Speaker 1: to save up for good furniture, proper renovation. So you're
Speaker 1: not rushing into it.
Speaker 2: You do know that there's light at the end of
Speaker 2: the tunnel, I guess, like, I feel like a million
Speaker 2: weight is four point
Speaker 1: four. Maybe not to the ones who had to go
Speaker 1: through COVID. That light at the end of the tunnel
Speaker 1: seem very far away. But I guess in today's context,
Speaker 1: it's a little bit
Speaker 1: bit different. So generally BT O flats are not cheaper,
Speaker 1: they're more affordable than resale flats, but the gap does
Speaker 1: seem to be narrowing. So let me give you a scenario.
Speaker 1: Take the February BT O launch a four room brand
Speaker 1: new flat at Farer Park Fields. I read costs up
Speaker 1: to $630,000.
Speaker 1: Now, that's comparable to a four room resale flat at
Speaker 1: Fairer Park Gardens. So not very far away in the
Speaker 1: same vicinity that resale flat is going for $613,000. It
Speaker 1: is 45 years old. So the question is, should a
Speaker 1: prospective home buyer be looking at a BT O flat
Speaker 1: or a resale flat in this scenario? OK. It's
Speaker 2: a bit of a predicament because I think
Speaker 2: both products are quite different. But the one thing that
Speaker 2: we have to take into consideration is of course, the
Speaker 2: balance lease that we're looking at when we look at
Speaker 2: the resale flat, one of the biggest challenge that I
Speaker 2: can't seem to figure out now is going to a
Speaker 2: resale flat at its peak at the moment, knowing that rationally,
Speaker 2: this should not be a price of a resale flat
Speaker 2: if a newly mop flat later on is going to
Speaker 2: be costing just as much. Right. Right.
Speaker 1: And so by peak, you mean peak price,
Speaker 2: correct? Yeah, that's right. So if we think about this
Speaker 2: five years down the road or 10 years down the road,
Speaker 2: when this particular BT O then becomes available on the market,
Speaker 2: it should be commanding more given that the resale flat
Speaker 2: has a lesser balance lease. So it's kind of like
Speaker 2: a future pricing versus what you're buying of today's resale market.
Speaker 2: In terms of comparison wise, it really depends on how
Speaker 2: much are you willing to pay for something to be ready?
Speaker 2: And in front of you,
Speaker 1: I guess, I guess that's the premium. Yes, it's the price.
Speaker 1: It's literally the price you pay for what you want.
Speaker 1: And if you want something now ie now meaning as
Speaker 1: for as short a time as you can afford versus ok,
Speaker 1: I'll wait a while, I'll pay the same amount, I'll
Speaker 1: wait a while longer. I get a brand new flat
Speaker 1: or an mop flat. It's younger, it has a longer runway.
Speaker 1: I can
Speaker 1: stay there longer. What becomes the considerations for a buyer
Speaker 1: in that situation to say, hey, how do I weigh
Speaker 1: this
Speaker 2: out? All right. I think first of all, you have
Speaker 2: to look at your age at what age are you
Speaker 2: entering this flat? And if you're still young, I think
Speaker 2: BT O is the way to go. But if you're
Speaker 2: already trending towards 30 something going to 40 where you
Speaker 2: are at the most income productive stage of your life,
Speaker 2: then it could be a BT O
Speaker 2: for you. I like that. Yeah. So, but when you
Speaker 2: go into a resale flat at the moment, there are
Speaker 2: some considerations which is that now that prices have peaked.
Speaker 2: It is likely that once the supply has caught up
Speaker 2: into the market, the prices of your flat may start
Speaker 2: to come down. If you do decide to then move
Speaker 2: on to another property, you might end up with a
Speaker 2: negative sale, which is, I think a lot of people,
Speaker 2: they have not put this into much thought or consideration
Speaker 2: before going to a resale flat. Now,
Speaker 1: I completely agree with you on that because when I
Speaker 1: made the decision to spend $800,000 on my very old
Speaker 1: H DB flat,
Speaker 1: I knew that this was the flat that I was
Speaker 1: going to retire in. I'm not going to move anymore.
Speaker 1: That was the only reason that would justify that price
Speaker 1: tag that willingness rather to pay that price tag. If
Speaker 1: like you said, if I was younger or if I
Speaker 1: had a family or kids, and I knew that there
Speaker 1: was a possibility of moving to another unit later on.
Speaker 1: I'm short changing myself. That's
Speaker 2: right. We don't
Speaker 2: the same way in terms of how we amass our wealth.
Speaker 2: If you do go into a resale flat, when your
Speaker 2: income is actually peaking in your career and things like that,
Speaker 2: the challenge later on would be that when you have
Speaker 2: the capacity to earn, you don't have the capacity to
Speaker 2: take on a longer loan tenure. Then that makes the
Speaker 2: difference when you're considering a jump in your lifestyle and
Speaker 2: things like that. Later on a lot of us say
Speaker 2: that this is going to be our last home. It
Speaker 2: doesn't matter,
Speaker 2: never say never right. Yeah, but you know, it's always
Speaker 2: good to have an option, you know, remaining open for
Speaker 2: you at the end of the day. Be it upon mop.
Speaker 2: You can then look back and say, hey, did I
Speaker 2: make a right decision when I entered this flat? Do
Speaker 2: I have enough cash? If I wanted to do something
Speaker 2: I needed an extra room? Do I need facilities? These
Speaker 2: are things that you can consider later
Speaker 1: on. Things in life happen. Life just throws things at
Speaker 1: you that you don't, for example, we don't know another COVID.
Speaker 1: Yeah or you know, someone falls ill one of you
Speaker 1: ill, physically disabled for life and you need more space
Speaker 1: to maneuver around. For example, you need a bigger flat
Speaker 1: for that, for example. So yeah, I mean, there are
Speaker 1: things that there are curveballs that life throws at you
Speaker 1: that you really cannot plan for. So would you say
Speaker 1: then that some level of forward planning was would be recommended?
Speaker 2: Yeah, so I always have this idea of this project
Speaker 2: Kampong Spirit. I always feel like going back to a
Speaker 2: H DB flat later on will make a lot more
Speaker 2: sense as an individual. So we start off maybe with
Speaker 2: a BT. And then after that, you have a first
Speaker 2: pot of goal because obviously you bought it as so
Speaker 2: called a discount. We don't know how much, but we
Speaker 2: know for sure that prices move up upon mop of
Speaker 2: a BT usually will get some proceeds that can help
Speaker 2: you in your next purchase. Be it whether you move
Speaker 2: into a EC, whether you move into private, that's something
Speaker 2: else to discuss at a point in time, how you're doing,
Speaker 2: go ahead a mess, your wealth for the next few years.
Speaker 2: Do what you like, come back to the,
Speaker 2: the whole resale flat that we're talking about today. The
Speaker 2: 45 years old resale flat, 20 years down the road
Speaker 2: when you're ready to retire, that lease would have been
Speaker 2: left with what 25 years do you then think it's
Speaker 2: a better idea to then sell off what you have,
Speaker 2: go back to H DB. Retire and then be able
Speaker 2: to enjoy what you have made over the lifespan of yours,
Speaker 2: working so hard and then retire in this H DB
Speaker 2: without any financial obligations. So, I think that's the end
Speaker 2: goal for what, like project composed.
Speaker 2: It's meant to be, you know, like it's ok to
Speaker 2: be uncomfortable and then comfortable later.
Speaker 1: Yeah, I call it short term pain for long term gain.
Speaker 2: Yeah. Yeah. Don't go for instant gratification. If you lay
Speaker 2: out this plan and then you look at your options
Speaker 2: at the moment, even for myself, that will be my angle.
Speaker 2: I don't mind retiring in H DB and then like,
Speaker 2: oh for sure. Yeah, that's a good space. Knock down
Speaker 2: the room, one big room doesn't
Speaker 1: matter. Me and my husband anyway.
Speaker 2: That's all. And then maybe all my neighbors who I
Speaker 2: sold this plan to.
Speaker 1: Yeah, that's, that's quite a genius plan. I have to say,
Speaker 1: like I said, right, this is the house for me.
Speaker 1: I'm done. I don't want to move anymore. And if
Speaker 1: you have that in mind, then I think you would
Speaker 1: make the best financial decision for your future, for your future.
Speaker 1: I think that's the most important thing to note.
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Speaker 1: Ok. So let's make things more even say a couple
Speaker 1: wants to move out immediately because reasons
Speaker 1: does it make financial sense then to do BT O
Speaker 1: plus rent while waiting? So presumably the renting will be
Speaker 1: during the waiting period or B buy a resale flat,
Speaker 1: move in immediately.
Speaker 2: I would do C or just leave off my parents
Speaker 2: for
Speaker 2: if I could. But for
Speaker 1: how long though, I mean, you're married, you're newly married.
Speaker 1: Not every episode of living with the in laws is
Speaker 1: a cheerful one. I mean, you're going to get in
Speaker 1: each others
Speaker 2: way. Every time we do a consultation, there's always one
Speaker 2: party that doesn't want to do that
Speaker 1: like, oh, no, no, no. But can we buy a house?
Speaker 1: So, so what's the best combo for a newly wed
Speaker 1: itching or really just eager to move out? Yeah,
Speaker 2: I think most important consideration is whether you have enough
Speaker 2: cash to actually move into resale because what we fail
Speaker 2: to plan is that
Speaker 2: when we go into a resale flat. There are a
Speaker 2: lot of costs involved in acquiring the flat. So COV
Speaker 2: is one thing that we are all expecting if you
Speaker 2: go into a four room. Now, five room now even
Speaker 2: a four room, which is one of the most highly
Speaker 2: contented space at the moment. Given the last cooling measures,
Speaker 2: we have more four rooms hitting $1 million
Speaker 2: than before. It then depends how much cash you have
Speaker 2: in terms of the cov the cash over valuation that
Speaker 2: you are about to pay for. And you do have
Speaker 2: to note that because it is a bigger space, older space,
Speaker 2: you have to account for renovation, which which could easily
Speaker 2: cost about 80 grand, 100 grand to do up something
Speaker 2: nice in a four
Speaker 1: bedroom. And if,
Speaker 1: if you buy a ready made or ready move in
Speaker 1: condition flat and the renovations are nice and you're not fussy,
Speaker 1: it's gonna come at a
Speaker 2: premium. Yeah, that's right. So if I were to consider,
Speaker 2: you know, this 120 to 100 and 50 K that
Speaker 2: you're going to spend on above what you are buying already,
Speaker 2: then does this translate to a better than go and
Speaker 2: rent out for two or three years? But
Speaker 2: given that today's rental is also at its peak, it
Speaker 2: then becomes very challenging because the average wait time for
Speaker 2: BT O is about 4.4 years, you're not going to
Speaker 2: spend $2000 anymore unless you're ok to do room rental.
Speaker 2: For example, I would do that with my parents and
Speaker 2: then just live in a room and lock myself in
Speaker 2: for the rest of the day option. C Yeah, but
Speaker 2: then again, if you're going out there to properly rent
Speaker 2: even A H DB four room flat, for example, they
Speaker 2: are already hitting about four K in non mature estate,
Speaker 2: non mature estate as we have some in Punggol, Seng Kang,
Speaker 2: like the four rooms and five rooms already hitting about
Speaker 2: five K to six K in terms of rent. So
Speaker 2: you times that across a span of maybe 12 months,
Speaker 2: four years,
Speaker 1: that's a lot of bleeding.
Speaker 2: Yes, correct. And that's pure financial loss because someone else
Speaker 2: is going to benefit
Speaker 1: from this. So you would say option C stay with
Speaker 1: your parents, your
Speaker 2: parents or if I have to, then yes, going to
Speaker 2: the resale market would be my next best option because
Speaker 2: like I said, it's whether you're willing to spend that
Speaker 2: money upfront and then
Speaker 2: at the place you want to live or are you
Speaker 2: then willing to wait out things a bit? And then
Speaker 2: of course, if you do have to go with option
Speaker 2: B in this case of a resale flat, do consider
Speaker 2: something that is newly mop. I was just
Speaker 1: about to say something that's younger, then at least you
Speaker 1: can turn it around later on if you decide to
Speaker 1: move to another
Speaker 2: place. So trading off the mature estate housing for something
Speaker 2: else that might have a bit of growth later, might
Speaker 2: be your best way to protect whatever wealth you have
Speaker 2: left
Speaker 2: after, you know, giving it
Speaker 1: a That's true. No, that's a good strategy honestly. Because again,
Speaker 1: short term pain for long term gain, if you're young
Speaker 1: and you're newlyweds, you really need to think about your
Speaker 1: future and where that money where that dollar is going
Speaker 1: to take you. Right.
Speaker 2: Yeah. And in that particular segment whereby you're still young
Speaker 2: and this is your first home. That's where a lot
Speaker 2: of people actually make mistakes because they don't actually have
Speaker 2: people advising them what to do on their BT O flats.
Speaker 2: There is no agent serving that market, unfortunately, because there's
Speaker 2: no money to be made by the agents. Right? Not
Speaker 2: until five years later, a lot of people often trend
Speaker 2: towards BT O. Right. Yeah. But actually going into a
Speaker 2: resale market with a newly mop flat
Speaker 1: and mop is a minimum occupation period. Am I right?
Speaker 2: Correct. So when someone actually just fulfilled the minimum occupation
Speaker 2: period and then buying off these flats with a brand
Speaker 2: new sort of like almost 90 over years lease does
Speaker 2: sound like a better decision
Speaker 2: than having to wait for a BT O flat for
Speaker 2: the next 4.4 years or six years in some, in
Speaker 2: some estates that we know four
Speaker 1: years, it may seem short to some. But when you
Speaker 1: compare it to the growth of a child from baby
Speaker 1: to a child. I mean, that's, that's huge growth. But
Speaker 1: say there are some young people, be it single or
Speaker 1: married
Speaker 1: or engaged. They still, for some reason they need to rent.
Speaker 1: What is your advice? What should they look out for
Speaker 1: and how should they manage that financially?
Speaker 2: So say for example, you are just two very young
Speaker 2: couple without kids, you're ok to travel, then go out
Speaker 2: somewhere maybe close to the new home that you're about
Speaker 2: to buy. Experience the neighborhood, live there for a while
Speaker 2: and get to know things around how to get around.
Speaker 2: I think
Speaker 2: that is a good and sound decision to make if
Speaker 2: connectivity is an issue for you, some of the clients
Speaker 2: that I know about a majority of them are actually
Speaker 2: moving for schools reasons. So if that is the case,
Speaker 2: then you really have to go out there and rent
Speaker 2: something within the vicinity of the schools that the kids
Speaker 2: are going to. So that's actually the other spectrum of
Speaker 2: buyers in the market now who are renting because of that.
Speaker 1: Yes, I know
Speaker 1: the number of people doing that. Now before we let
Speaker 1: you go, wanted to get your advice to home buyers.
Speaker 1: Given the current market,
Speaker 2: the current market is a very, very weird one because
Speaker 2: it's no longer rational. It's a crazy market. So it's,
Speaker 2: it's hard to be rational about it because there's so
Speaker 2: much emotions going in when you're buying your home. The
Speaker 2: best advice that I can give to anyone buying a
Speaker 2: home is to imagine who is going to buy this
Speaker 2: flat from you later on.
Speaker 2: Because that would be your exit strategy. If you can't
Speaker 2: imagine someone else who could live in there, then don't
Speaker 2: buy
Speaker 1: it. I could not agree more with you, Joanne. Like
Speaker 1: that is spot on sound advice from Joanne Tay there.
Speaker 1: If you're in the current market and a great end
Speaker 1: to our conversation. Home Suite H DB,
Speaker 1: it's become a question of the ability and willingness to
Speaker 1: wait versus paying top dollar for the right flat. And
Speaker 1: as construction delays fade, post pandemic and housing supply gets
Speaker 1: back in line with demand. Hopefully home buyers will have
Speaker 1: a wider selection of options for their housing needs. Thanks
Speaker 1: Joanne for helping us
Speaker 1: the options on this or that. And thanks to you,
Speaker 1: our listener. If you've enjoyed this episode of Money Talks,
Speaker 1: there's more content for you to enjoy. Simply follow us
Speaker 1: on Apple podcasts or Spotify, give us five stars or
Speaker 1: leave a review. The team behind Money Talks is Joanne Chan,
Speaker 1: Jacqueline Chan, Christina Robert Sa Wind and I'm Andrea Hing.