“Buyer’s remorse?” – Middle-aged single man regrets purchasing resale HDB flat for S$1.1M

SINGAPORE: A 40-year-old man shared on social media that he’s starting to regret buying a resale HDB flat for S$1.1 million.

“[I am] single, never married, salaried employee. I had just completed the purchase of my resale HDB flat, which cost me SGD1.1M, and I am taking over the house next month,” he wrote on r/askSingapore, a Reddit forum, on Wednesday (Dec 11).

“A sudden feeling of remorse has fallen over me since signing of the completion process at the HDB Hub.”

The man explained in his post that he couldn’t shake the feeling that he might have overspent on the property and feels uncertain about what to expect as he prepares to move into the new house next month.

He also mentioned that the timing of the purchase added to his financial worries. December is usually when he allocates S$10,000 for overseas holiday shopping, a tradition he enjoys every year.

However, with the recent house purchase, he now feels a need to be more financially cautious. Reflecting on these emotions, he wondered whether this was simply ‘buyer’s remorse’ or a sign that he had made a mistake.

“Am I over worrying or is it what they call the buyer’s remorse? Have any one of you been in this similar situation like a sudden feeling of ‘maybe I should not have purchase it’ just simply appear etc.” he wrote.

“Don’t worry too much about it”

In the comments section, a few Redditors reassured him that experiencing buyer’s remorse after a big purchase is completely normal.

One Redditor said, “It’s more of a prudence feels, don’t worry too much about it. HDB is an asset, albeit depreciating, can always sell off next time. Just be cautious with expenses, like reno, furnitures, and further liabilities.”

Another commented, “Just buy what you like and enjoy life as long as you can afford it. You wont be able to bring them to the afterlife with you assuming you don’t have any kids.”

Some, however, expressed concerns about the high price he paid for the flat, questioning whether it was a sound financial decision.

One Redditor remarked, “1.1m ? You are part of the problem lol keep raising prices higher.”

Another wrote, “Erm, 1.1m to shoulder solely alone. Not a very prudent decision.”

Others suggested practical solutions to ease his financial burden. A few pointed out that since he’s single, he could consider renting out the other rooms in the flat to offset his mortgage payments.

According to The Straits Times, a record number of 328 resale flats were sold for over one million dollars in the third quarter.

Christine Sun, chief researcher and strategist at OrangeTee Group, shared that this brings the total number of million-dollar deals in the first three quarters of 2024 to 747, already surpassing the 469 recorded for all of 2023.

This quarter’s price hike is also the biggest since Q3 2022, when prices went up by 2.6%.

Read more: HDB resale flat prices rose 2.5% in Q3 2024 amid strong demand and limited supply

Featured image by Depositphotos (for illustration purposes only)