fbpx

Tips for Buying Property | Buying Real Estate in Singapore

Investment | Property | Real Estate
by Priyadarshini 27 September 2022

Singapore’s current property situation isn’t exactly reassuring, as prices have been skyrocketing with no regard for cooling measures or the ongoing pandemic. On top of that, BTO delays are still affecting homebuyers, meaning you’ll have to wait even longer to get your keys. In this blog, we tell you some tips for buying property in Singapore.

Furthermore, as a result of the Fed’s interest rate hikes, Singapore’s interest rates are skyrocketing. That means everything from home loans to renovation loans, not to mention household items like furniture and utility bills, will become more expensive.

Tips for Buying Property in Singapore

Prepare your finances from the start

Financial planning begins long before you purchase a home. To begin, here are some steps you must take: Examine your bank and CPF balances to see how much you can pay in cash and CPF savings (involve your partner if you’re buying a home together). Calculate the maximum amount you can afford, taking into account the down payment, monthly payments, and any additional costs such as legal fees and stamp duty.

If you’re going to get a bank loan, apply for In Principal Approval (IPA) first to ensure your affordability before deciding on a house

Calculate your potential monthly installments for each property you have shortlisted, as well as your downpayment and cash portion. Investigate and compare home loans to find one with terms and interest rates that meet your requirements.

Speak with other homeowners and get an IPA – Tips for Buying Property in Singapore

If you’re a first-time home buyer, talking to others about their home-buying experiences can be extremely beneficial, especially in 2022, when there are so many unknowns and the pandemic isn’t even over. So ask your friends who have already taken the plunge and purchased a home. Examine their space or neighbourhood, learn more about renovation, and ask for recommendations for some of their favourite product and service providers.

When looking for your “dream home,” keep several budgets in mind

Remember that expectation does not equal reality when looking for your “dream home.” For what it’s worth, it’s better to remain flexible and open to the possibility of more than one budget, and to plan for multiple scenarios — you never know, you might fall in love with a place that’s a little more or less expensive than what you had originally anticipated.

Don’t forget about the ongoing expenses of home ownership!

Purchasing and renovating a home is only the beginning of your journey as a homeowner. You’ll also have to consider the ongoing costs of home ownership, such as electricity, water/gas/utilities, food, internet/broadband, TV subscription, maintenance (if required), cleaning supplies, hygiene supplies, and other household consumables. The amount you spend will be determined by the size of your home and your usage habits. A basic guide would be to set aside at least $500 to $1,000 per month.

Insurance | Credit Cards | Loans | Banking |

Tags:
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
Search