A home is a long-term commitment. Choosing a right-sized home that suits your household's needs, lifestyle and budget can keep your housing payments manageable over time.

It is also useful to consider how the purchase may affect your retirement savings and whether your loan payments can remain manageable as circumstances change.

Moving involves significant upfront costs (such as stamp duties, legal fees, renovation costs). If you are upgrading to a more expensive flat, you may also need to manage higher loan payments and property taxes.

With more of your income going towards housing, it is useful to consider whether you will still have enough for your daily needs, unexpected expenses and future retirement. 

See how James’ and Mary’s housing decision today will impact the amount of monthly payouts they will receive in their golden years.

It's important to consider not just your current income but also how it may change in future.

Think whether you can comfortably manage your monthly payments, bearing in mind possible job changes, income fluctuations, and the reduction in contribution that is allocated to your Ordinary Account as you get older. Plan for a home that you can continue to afford over the long term, so it remains a sound decision that supports both your housing and retirement needs.

You can use CPF savings for your home's downpayment and loan instalments (or mix with cash). Using CPF savings provides cash flexibility but you'll forgo up to 3.5%* risk-free interest in your Ordinary Account. Consider how much CPF savings to use today with your future retirement needs in mind.

*Subject to terms and conditions

Check your Home ownership dashboard for available savings that you can use from your CPF accounts, as well as the refund requirements upon sale of your current flat.

Sale proceeds from your current flat can be used to finance your next home, but not all may be available. If you're above 55 and haven't met the Full Retirement Sum, part of CPF housing refunds may go to your Retirement Account.

If you are purchasing a resale flat next, use our Housing Usage Calculator to estimate your CPF usage based on the remaining lease.

Apply for an HDB Flat Eligibility letter to find out if you can purchase a new or resale flat, as well as the amounts of CPF housing grants and HDB housing loan you are eligible for.

If you are purchasing a second subsidised flat, you may be required to pay a resale levy in cash. Additionally, if you are obtaining a second HDB housing loan, HDB's terms and conditions may apply.

Visit HDB's website to find out more about the resale levy payable and the second HDB housing loan.