SINGAPORE: In a candid social media post, a 40-year-old man has opened up about the unforeseen regrets he is experiencing after purchasing a resale HDB flat for a staggering S$1.1 million.

"I’m single, never married, and I just completed my purchase for a resale HDB flat, set to move in next month," he shared on the r/askSingapore Reddit forum. "Ever since signing the documents at the HDB Hub, a wave of remorse has washed over me."

The man revealed that financial concerns started creeping in as he questioned whether he overpaid for the property. His decision, made during a month he typically allocates S$10,000 for holiday shopping, adds to his anxiety about newfound financial responsibilities.

While reflecting on his feelings, he sought reassurance from fellow Redditors, pondering if it was "buyer’s remorse" or a genuine mistake that would impact his financial future. "Am I being overly worried or is this normal? Have any of you faced sudden doubts after such a purchase?" he asked.

Supportive comments flooded in, with many users assuring him that feeling remorse after a large investment is completely natural. "It’s just your instinct kicking in. Don’t stress too much; HDBs are an asset, even if they depreciate," one user advised. "Be mindful of extra costs, but enjoy life and what you've worked for," another echoed, suggesting that material items aren't something to mourn if you can afford them.

However, not everyone was encouraging. Some Reddit users voiced their concerns regarding the hefty price tag he paid, questioning the wisdom behind such a decision, especially when shouldering the mortgage alone. "S$1.1 million? You’re definitely contributing to the rising property prices!" one commenter pointed out.

In an effort to alleviate his financial burden, several suggestions were proposed. Given his single status, one practical piece of advice was to consider renting out the extra rooms in his new flat to help cover mortgage payments.

Interestingly, this story unfolds against a backdrop of rising resale HDB prices in Singapore. According to the Straits Times, a record 328 resale flats were sold for over S$1 million in the third quarter of 2024, bringing the total to 747 for the year so far – surpassing last year's total considerably. This rise marks the most significant increase since Q3 2022, when prices surged by 2.6%.

With the real estate market showing no signs of slowing down, this man's experience serves as a cautionary tale for potential homebuyers facing similar decisions. Are you navigating the complexities of the housing market? Join the conversation and share your thoughts on this timely issue!