王天财
Buyer's Guide
Buying a house is a dream for many – it is no wonder that most of us would have multiple questions on the whole process. From calculating what you can afford, the property type, its value over the years, procedures on buying the home, maintenance and so forth. Unfortunately, you may lack the time to explore and understand every single procedure or address all your concerns. Therefore, this is the comprehensive guide you can refer to get your dream home.
Tip #1 Know your Budget
It may sound obvious to know how much you can afford but calculating the prices of a home can be tricky. From figuring out your Approval in Principle, you also need to take into consideration stamp duties and procedural costs. If you are contemplating on a private home, you also need to factor in maintenance fees every month. Otherwise, for resale or HDB flats, you will also need renovation fees to varying extents depending on the status of your dream home.
It is best to reach out to an expert in the area – speak to a property agent well versed in optimising and calculating your budget. He will be able to do a Total Debt Servicing Ratio or Mortgage Servicing Ratio assessment with you thoroughly as well, so that you can make informed decision that will not overly burden your finances
Tip #2 Property Type
Now that you have your budget settled, it is time to know what type of house you want to consider. After all, HDB flats and Executive Condominiums (ECs) have more grants but also have income ceiling and restrictions as well. Whereas, other types of private homes will have greater flexibility, but will miss out on the grants and restricted loaning options. On the other hand, HDB resale flats will require more renovation, which might incur greater renovation costs.
Setting aside financial concerns, another huge factor would be what each property type can offer. For example, HDB flats might be slight larger (especially older HDB units), giving you more living space at a relatively more affordable rate. However, ECs and Condominiums give you excellent lifestyle facilities and community area.
Aside from that, once you have narrowed down your choice of property type, you will also need to determine the floor level, unit size and layout as well. Do you want a balcony or an open concept kitchen? Do you want a specific layout and features designed? These are things you will have to consider at this stage as well. If the views of the unit that you are eyeing for has unmatched beautiful views, make sure that the views are permanent by checking that there will not be any high-rise buildings being built in the area that could obstruct your views.
Tip #3 Lifestyle choice
An investment in your dream home also needs to take into consideration of the amenities and lifestyle options available in the area. For example, if you have young ones that are schooling, what are the schools within the 1km distance from your property? Are they the ones that you want to send your kids to? Or, if you have parents or family members that require constant medical attention, would you want to take up a unit that is close to major hospital or medical specialists? If your family have specific weekend interests and hobbies like cycling, then what are the locations that can accommodate this?
Other concerns include the dining options in the area, grocery stores, proximity to work and so forth. When testing these out, remember to go to the property location at different times of the day to test out the traffic, the travelling distance and time taken, the actual walking distance to MRT and time taken to reach (with shelter or without etc.) and more.
These will all be things that you can confirm with an experienced agent before the decision is made, so that he can help you weigh out your options against your preferences accurately.
Tip #3 Property Valuation
Property indicative valuation is another notable point after you have decided your property type and location. The next factor is to know the property valuation, so that you can place an advantageous buying price that is still reasonable.
It will also be an important supporting document when you request for bank loans, since it will directly relate to the utilization of cash, CPF and loans.
When considering prices, do consider a few factors. From wear & tear due to age, unit proximity to upcoming MRT stations, and upcoming district developments. If calculation and valuation analysis is not something you are entirely confident of, you can reach out to an expert in this field. Our experienced property agent will be able to do accurate and in-depth analysis so that you can put in an affordable but attractive buying price.
Tip #5 Property Status
Property indicative valuation is another notable point after you have decided your property type and location. The next factor is to know the property valuation, so that you can place an advantageous buying price that is still reasonable.
It will also be an important supporting document when you request for bank loans, since it will directly relate to the utilization of cash, CPF and loans.
When considering prices, do consider a few factors. From wear & tear due to age, unit proximity to upcoming MRT stations, and upcoming district developments. If calculation and valuation analysis is not something you are entirely confident of, you can reach out to an expert in this field. Our experienced property agent will be able to do accurate and in-depth analysis so that you can put in an affordable but attractive buying price.