10 Things You Must Think About After Taking Your New BTO HDB Keys

Many of us would have thought that after taking our HDB keys the first thing is to think about our Renovations. There's a lot more to it, I'm a first-time HDB BTO applicant, same goes to first-time buying an HDB home. Here are notes for fellow readers who are as confused as me in the first place.


What's next after taking your HDB keys? You have got a week to check the condition and defects of your HDB's interiors. 

(1) Checking BTO HDB Defects:

Before you can get any renovation, you must first check your home for defects. It is important that you report any defects as soon as possible because once your contractor starts work, HDB will not rectify any defects for you. Read more, click here.

(2) Home Fire Insurance

You'll be prompt to purchase Fire Insurance before taking your HDB Keys, you may have chosen the basic. *Touchwood* Just in case, if any fire accident happened after you renovate your house. The basic Insurance only covers to return your house back to the original state when you first got your HDB home. It doesn't come with any furniture or reno compensation. Before your renovation starts, it's a good time to think about if you prefer a better compensation package.

(3) Renovating or not?Most people would at least renovate the Kitchen, and others may renovate the entire house with different forms of works. Some may need to apply for a license, you may check the list of things that you are not allowed to do with your HDB home, click here.

(4) Bank Renovation LoanRenovation is part and parcel of any Singaporean who are buying a first home. Having forked out so much money for your home and probably a recent wedding, many of us feel broke and looking for an option for the best renovation and so the bank loan with the lowest interest rates. The highest you can loan from any bank in Singapore is $30k or 6 times your monthly salary, whichever is lower. Loan tenure is usually 1 to 5 years depending on your selections and interest rate of 2.88 to 5.8%.

(5) ElectricianIf this is your first time trying to renovate your home, you may not know that Electrician comes separately from the quotation of what your Interior Designer presents to you. As for that, the Bank renovation loan doesn't cover your Electrician's quotation as well. Just remember to save extra to pay for knick-knacks like this that don't include in your Interior Designer's quotation.

(6) Upcoming Bills & ExpensesWhen you have a new home, that also means you have new bills. A few more to be exact, first and foremost Utilities; Electricity and PUB Bills, Town council bills, Property Tax as well as your future maintenance for upkeep of your home.

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Even before counting your monthly mortgage's return payment, above of these payments can possibly eat into your living expenses if you do not plan ahead for it. To avoid underestimating your costs, always set aside extra cash and monitor your expenses. When you do, you will find greater peace of mind.

Since you're here why not read, 10 Ways to Save Money
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♥ Thanks for reading as always!

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