TL;DR – With a bit of innovation, it’s still possible to live comfortably.
The government dropped a bombshell on people looking for a new (second or even third) property. It raised the Additional Buyer’s Stamp Duty (ABSD) rates and tightened loan-to-value (LTV) limits on residential property purchases, in an effort to “cool the property market and keep price increases in line with economic fundamentals”.
The ABSD will be raised by 5 percentage points for citizens and permanent residents (PRs) buying second and subsequent homes, and by 10 percentage points for entities.
Also, LTV limits will be tightened by 5 percentage points for all housing loans granted by financial institutions. Before the change, individual borrowers were able to borrow up to 80 per cent, or 60 per cent if the loan tenure is more than 30 years or extends past age 65. With the adjustment, borrowers will now only be able to borrow 75 per cent, or 55 per cent if the loan tenure is more than 30 years or extends past age 65. (More here.)
The change in the LTV limits could mean that people looking to move into private properties might end up having to buy smaller units. While it might not sound ideal, it’s not the end of the world.
Currently, there are a number of innovative space efficient furniture in the market. Here are some of them that I really like.
Console that transforms into dining table
You don’t always need a dining table. So wouldn’t it be great if you have a dining table that you can hide away when you don’t need it? This console table has built-in extension storage is a space-saving dream piece. It hides a rotating support which houses the five extensions. With all the extensions, it can seat 14 people comfortably and even squeeze in more for a big gathering. As a small console size this measures at 19.69″ deep by 36.22″ wide, it’s perfectly sized for modern apartments but expandable to over 10.5 feet in length. Here’s the console in action:
Table from a drawer?
You don’t even have space to stow away a console when you don’t need a dining table. Are you out of options? No. There’s a way that you can hide your dining table in a drawer. Sounds like magic? This table may be mounted in a standard drawer compartment without the need for special fittings, guaranteeing maximum opening (approx. 1450 mm) and load-bearing characteristics, thanks to the use of integrated telescopic legs:
Is it a desk? Or a bed? Or both?
You might have to pack a few kids into one room. That’s not an easy feat to accomplish. Especially if you want to make sure that your kids have proper desks to do their work on. Is it an impossible feat? Definitely not. With this transformable Italian bed you can have both a full-size desk and a full size-single bed in the space of just a desk.
Coffee table that transforms into a work table
OK, this isn’t something strictly about saving space. But it’s still something quite innovative and useful. I like to watch TV while I “work”. That’s why I have a coffee table that transforms into a small work table that is just the right height for me when I sit on my couch. It’s something like this:
That transforms into this:
DIY Canned Food Cabinet
If you need a bit more storage space in your kitchen, but don’t want to spend too much money, you can consider making your own cabinet for your canned food cabinet:
It’s not a free-standing cabinet. It is fully supported by the wall on the left side and the refrigerator on the right side. And it sounds like a bit of work, but if you enjoy DIY, it might be a fun project to work on that can help you organise your kitchen.
Be innovative, save space
So, if the new property cooling measures mean you have to get a smaller apartment that you had hoped for, do not panic. With a bit of innovation, there are ways to fit everything you need comfortably into whatever space you have!
(Featured image via)