Cost of Starting a Family in Singapore
    
 
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  1. #1
    Junior Member Kimmy is on a distinguished road
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    Cost of Starting a Family in Singapore

    Hello brides and grooms, my hubby to be and i are planning about the costs to start a family in singapore, and i thought it would be great to share this with all you brides out there who are going to get married.

    Buying a House:
    BTO: On average, a BTO (Built To Order) house which is 4-5 room would cost between $300k to $550k. You would need to wait 4-5 years for it to be built.

    Resale: For 4-5 room, prices can range from $300k to $900k, depending on location. There are first timer grants, which is the CPF Housing grant of $30k if your combined income is not more than $8k and another $10k for living near parents. If your parents or you decide to move away within the minimum occupation period, you will have to pay back the $10k.
    For more info on CPF housing grant, read here.

    On top of the $40k grants, there is also an Additional Housing Grant available, varying on your income. Read more here.

    Eg. Monthly income is $6k. You intend to buy a $300k house, if you get max $40k grant, you only have to pay $260k. All these grants are only available for RESALE flats. They are not available for BTO, as BTO is considered subsidised housing price.

    Cash outlay for COV (Cash over Valuation) would $20-$40k.

    Renovation:
    Hacking and Retiling: About $15k+
    Total amount for Subcontracting work: $35-$40k

    Furniture:
    Electronic appliances, dining set, sofa, cupboards etc = $20k - $30k
    If custom make cupboards and fittings etc, it would be min $30k.

    All in all, to be sufficiently prepared for a new home, would cost you about $90k in cash. A couple who earns $2.5k each and has a total income of $5k per month, would need about 4 years to save up $90k. (Assuming $2k savings a month, for 12 months a year. Estimations are kept conservative, and not taking into consideration of pay raise, bonus, promotion etc.)

    Hope this helps all brides out there who are getting married and thinking about starting a family. Comments about the figures or questions are much welcome to make this thread more useful for brides.

  2. #2
    Senior Member carlise is on a distinguished road
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    thanks for sharing kimmy! very useful~

  3. #3
    Junior Member honeybee is on a distinguished road
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    thanks for the info kim. omg marriage need so much money. buy house $90k, have wedding another $90k. Going to go broke already.

  4. #4
    Member airmeli is on a distinguished road
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    I think that's the normal price rate. I was a bit shocked by the price. However, if you dun mind plain and simple. I believe you can settle with 25% reduction of 90K.

  5. #5
    Junior Member Aribanto is on a distinguished road
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    Thanks for sharing. Just to add, maybe need to consider legal fee also.
    If we buy resale, maybe can save the cost a bit by accepting whatever condition of the unit bought (if the unit's interior is still acceptable) and thus save renovation and furniture costs.

  6. #6
    Junior Member hellcross is on a distinguished road
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    This is really useful! Thanks so much for sharing!
    It's a really practical guide though, you didn't include fancy things like banquet and wedding photos

  7. #7
    Senior Member meilingg is on a distinguished road
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    Thanks kimmy! It's really helpful!

  8. #8
    Member retrodots is on a distinguished road
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    COV can also cost you more depending on the area and condition of the flat you are looking at...best is if the existing design of the flat is what you want and then can just consider the COV as the renovation costs as well. Furnishings and appliances can just buy the absolute essential and then slowly buy more along the way.

  9. #9
    Member poohbeary is on a distinguished road
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    yah lor...getting married in singapore is expensive...everything oso just $$$...but still once in a lifetime so muz still be happy about it lor!

  10. #10
    Senior Member rojak is on a distinguished road
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    Thanks kimmy! tt's a nice summary of $$$$ needed for housing! the amt might be more than 90k tho, if you include the downpayment needed for housing, be it BTO/resale. CPF is not always sufficient... gosh how to have so much cash on hand!?!

  11. #11
    Junior Member shopperholic is on a distinguished road
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    i oso wondering how people can be expected to hv so much cash on hand...by the time u r 30, u may hv taken further studies which will cost like 20k? unless every month u already earn 10-12k and can set aside 5k every month if not how to hv so much cash? =/

  12. #12
    Junior Member hoshi4star is on a distinguished road
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    its really cost alot...

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