Singapore natives take great pride in the housing options that they have at their disposal. There are more than a million flats available to suit local needs, with these housing options in three estates and 23 towns. A majority of people who own property in Singapore have taken advantage of HDB flats for sale, leading to a high home ownership rate.
Why Public Housing Matters
In a place with a growing population and economy, public housing plays a vital role in filling people’s needs. One of the many advantages of a public housing option that is economical is ensuring all residents have the quality of life they expect from living on this island. Even though innovation matters, another major focus for housing authorities here is sustainability to keep with increasing growth.
Reasons for Offering HDB Housing
One of the major goals of offering public housing is making housing affordable for all Singapore residents. The constant expansion has helped lead to towns that easily provide for the needs of all residents. A major, positive result that has come about includes a greater sense of community, with diverse neighbours and a good sense of family ties.
Record Growth in Short Time
The greatest challenge that faces any location with a growing population is ensuring that everyone has access to a home that meets their basic needs. Many of the developments built during the 1940’s and 1950’s were not enough to handle the growth of the population. Squatter huts and rented cubicles made up the housing for many who required better conditions. From 1960 to 1963, over 30,000 new flats came into being to better suit the population’s needs.
How Public Housing Works
Because of public housing in Singapore, prospective homeowners have access to many options that allow them to have an ideal home. There are allocation and waiting list systems that ensure housing is available to a greater number of people. One aspect of the allocation system includes racial integration for minority groups for better social cohesion.
The average cost of housing accounts for far less of the household income than in many housing markets. Prospective buyers who want an HDB loan must have an eligibility letter that determines their ability to pay. There is also a protection scheme in place that keeps a homeowner’s dependents from losing the home if the homeowner becomes incapacitated or dies.
Buying an HDB flat is a great way to ensure that you and your family have a great place to live. The home will be yours to enjoy, and you won’t have to worry about whether your dependents will have a home if something happens to you. Taking advantage of the public housing options will help you get that perfect home.