I am a 35-year-old man working as a sales executive in a multinational company. I have a wife and two young children. We live in a three-room flat in Bukit Batok, West Region, Singapore. We have been saving up for years to buy our own HDB flat, but the prices are so high that we can barely afford a two-room flat in a remote location. I feel stressed that I will have to work until I die to buy a decent home for my family.
I love my family and I want to provide them with a comfortable and secure living environment. I want them to have a place they can call their own, where they can grow and thrive. I want them to have access to good schools, healthcare, and amenities. I want them to have a sense of belonging and community. I want them to have a better life than I had.
But buying a HDB flat in Singapore is not easy. According to the Housing and Development Board (HDB), the average price of a resale four-room flat in Bukit Batok was S$425,000 in the third quarter of 2023. That means I would need to pay a downpayment of S$85,000 and a monthly mortgage of S$1,600 for 25 years. That is more than half of my monthly income of S$3,000. And that does not include other expenses such as utilities, food, transport, education, and medical bills.
I have applied for an HDB Flat Eligibility (HFE) letter to check my eligibility for flat purchase, CPF housing grants and an HDB housing loan. But I am not optimistic that I will qualify for any of them. I earn too much to be eligible for the Enhanced CPF Housing Grant (EHG) or the Special CPF Housing Grant (SHG), but not enough to afford a bigger flat. I have a poor credit history due to some bad investments in the past, so I doubt that I will get a favourable loan from HDB or any bank.
I also face a lot of competition from other buyers who are in the same situation as me or worse. There are not enough flats to meet the demand, especially for the newer and more popular ones. The waiting time for a Build-To-Order (BTO) flat can be as long as seven years. The resale market is also very competitive and volatile, with prices fluctuating depending on the location, condition, and availability of the flats. I have to constantly monitor the market and be ready to make an offer when I see a good opportunity. But I also have to be careful not to overpay or get scammed by unscrupulous sellers or agents.
On top of that, I have to deal with the stress of my job. I work long hours, sometimes up to 12 hours a day, to meet my sales targets and earn commissions. I have to travel frequently to meet clients and attend meetings. I have to cope with the pressure and expectations from my boss, colleagues, and customers. I have to face the challenges and uncertainties of the global economy and the changing business environment. I have to constantly upgrade my skills and knowledge to stay relevant and competitive.
I often feel exhausted, frustrated, and anxious. I have trouble sleeping at night, thinking about my financial problems and my future. I have no time or energy to enjoy my hobbies or socialise with my friends. I have no interest or passion in my work. I have no sense of purpose or meaning in my life.
I sometimes wonder if it is worth it to work so hard for a HDB flat. Is it really the ultimate goal and dream of every Singaporean? Is it really the best way to measure my success and happiness? Is it really the only option for me and my family?
I have read some articles and tips on how to deal with work stress and how to find new meaning in my job. I have also heard of some alternative housing options, such as co-living, co-housing, or renting a private property. But I am not sure if they are suitable or feasible for me and my family. I am afraid to make any drastic changes or take any risks. I am afraid to disappoint my family or lose their respect and love.
I don’t know what to do. I feel trapped and hopeless. I feel like I will work until I die to buy a HDB flat.