Maybe your flat is now a little roomy after the children have grown up and moved out, or you’re looking for a place that’s closer to them so you can help take care of the grandchildren. Or perhaps you‘re looking for a change in environment, a new home where you can enjoy your golden years. Whatever the reason, there are housing options, schemes, and grants that seniors can tap on when buying a flat. Here’s a senior’s guide to flat buying:
Housing Options for Seniors
For those looking for a cozy space that’s easy to maintain, you could consider a 2-room Flexi flat. If you and your spouse are aged 55 and above, you can also opt for a shorter lease. You can choose a lease of between 15 and 45 years in 5-year increments, as long as it covers you and your spouse up to the age of at least 95 years. The price of the flat will also be adjusted based on the lease chosen.
These senior-friendly short-lease flats come installed with grab bars. You can also opt for additional senior-friendly fittings in the flat under the Optional Components Scheme (OCS). These include built-in kitchen cabinets with induction hobs and cooker hood, kitchen sink, and a built-in wardrobe.
Schemes and Grants
Seniors can also tap on schemes and grants either to help improve their chances of being balloted for a new flat during sales exercises or to help finance the flat purchase.
If you are selling your current flat and buying a 3-room or smaller flat, you may be eligible for the Silver Housing Bonus. If eligible, you could receive a cash bonus of up to $30,000 when you top-up your CPF Retirement Account (RA) with your sales proceeds and join CPF LIFE, CPF’s life annuity scheme that provides monthly payouts for as long as you live.
If you’re buying a new flat, you may also qualify for one of our Priority Schemes, which improve your chances when balloting for a flat. If you are buying a new flat near your married children, you may qualify for the Married Child Priority Scheme. If you’re looking specifically to buy a 2-room Flexi flat that is either near your current flat to age-in-place in a familiar environment or near your married child, you may qualify for the Seniors Priority Scheme.
If you’re buying a resale flat near your children, you may qualify for the Proximity Housing Grant of $20,000.
From housing options designed with your needs in mind, to schemes and grants to help in your flat buying journey, there is plenty of support for seniors when buying a flat.