A "low interest" loan shouldn't mean you have very little interest in paying it back!

    Tips for first home buyers

    When you decide to purchase your own home in Singapore, there are numerous aspects of the whole purchase that you need to consider. The fluctuating real-estate market can potentially lead you to make mistakes that you may regret later. Here is a list of tips that will surely help you make the correct choice when purchasing your new home:

    • Avoid opting for a cheap house against the choice of getting a convenient one

    • It is quite likely that you will have to make a choice between a bigger house on the outskirts of the city or a smaller one closer to your place of work. So, before you make any decision, there are various factors to consider. Would you need a bigger space in future or when you start a family? Are the support system located close to your in-laws or parents?

    • Choosing between BTO flats and resale flats

    • If you and your partner have taken a decision to purchase an HDB flat, you will have to choose between a BTO or resale flats. Although purchasing a BTO flat may seem to be a lot easier, a resale flat has a lot more benefits. The best part is that you will be able to negotiate with the seller. Another drawback of a BTO flat is the fact that the house is likely to be located in a non-mature market.

    • Apply for a loan after thorough research

    • Once you have made the decision of purchasing a home, you must get in-principle approval for your loan as early as possible. If you are opting for an HDB flat, the choice you have to make is between a bank home loan or an HDB concessionary loan. Your choice here should depend on whether you want a stable interest rate or the ones offered by banks that could be lower.

    • Do not hesitate to make an offer for a home that you like

    • If you have found a property that you like, do not hesitate to make an offer on it. Avoid getting too excited as the agent will probably raise the price. Keep yourself calm and look for other properties in the same category in the market to get better understanding of the prices. As soon as you are comfortable with the price, try to lower it slightly than what you are keen to pay.

    • Work on a realistic timeline

    • Purchasing a house in Singapore involves different people and typically takes a lot of time depending on the kind of property. In case the property is under construction, you are likely to go through an advanced payment scheme. Taking into consideration all these factors, you must work on a convincing timeline.

      Purchasing a new house, particularly when you do it for the first time, is one of the most important milestones in your life. Prepare for it appropriately, and you will soon have peace of mind and a house you can call your own.

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