When my husband and I bought our first home back in 2000, the age of the flat was not a big consideration. Convenience was key. Although Build-to-Order (BTO) flats were cheaper, we didn’t like the long wait and the locations offered. We viewed several four-room resale flats in Clementi but those 20-year-old flats were commanding $50,000 to $60,000 in Cash-Over-Valuation (COV). So, we headed to Jurong East, just one MRT stop away, and bingo! Our budget stretched to a five-room flat! We paid $334,000 (including $22,000 in COV) for a spacious 1,302sqf unit on a low floor.
A youngish 16-year-old flat then, the renovation, though unfashionable, was of good quality and still usable, so that saved us a pretty penny. Most of my family and friends had bought resale flats…