Resale HDB Flat

From Financial Literacy Wiki

Resale HDB flat is an option for those that cannot afford to wait for several years for a new flat, or for the estate to develop the necessary facilities. These flats are at least five years old given the minimum staying period restriction imposed on owners of new HDB flats.

The resale flat is open to citizens and permanent residents. There is no income ceiling restriction on buyers. Singles are also allowed to purchase three room resale HDB flats provided they are at least 35 years old. Even those who are current owners of private properties can purchase a resale HDB flat as long as they reside in it. Which means you can rent out your private property to earn rental income while staying in a HDB flat.

The waiting time of getting a resale flat is approximately 3 months compared to getting a new HDB flat whichi is about three years. As a result, resale HDB flats are significantly more expensive than new HDB flats.