As adults, we are always occupied and busy working, there would be no greater joy than to finally be able to purchase something from our hard-earned money. For adults like us, the list of things we want to afford is long. We want to buy those newly released sneakers, a new collection from our favorite clothing line, a car, and of course a house. One of everyone’s end goals or long-term plans is to be able to afford and secure a house that they can call their own. A house that is purchased from all the sweat one has poured into working. However, looking for a house that is the perfect match for you is not as easy as it looks. It is not like purchasing a pair of sneakers because you will not have the luxury of returning it once you realize that it is not what you wanted. With this, you have to be careful when selecting. There are many factors that we need to consider before finally signing that contract and getting the front door key. You would not want your hard-earned money to be spent on something you are not happy about. Therefore, in this article, we will discuss the 5 things you need to consider when purchasing a house in Singapore.
Loan
Yes, you have read that right. When you buy property in Singapore, you must consider getting a loan. Singapore house prices are too expensive, so unless you won the lottery yesterday, getting a loan should be in your options. You have two loan options when buying a house in Singapore. First is the HBD or Housing and Development Board loan and the other is the bank loan. There are pros and cons tied to both loans. For example, with an HBD loan, you can borrow up until 90% of the amount of the property you want to buy. Meaning you would not have to pay more than 10% upfront or as a downpayment. While bank loans offer lower interest rates (varies in the future) and longer tenure years. There are many other pros and cons to these two options. Be sure to read up everything you have to know before deciding which one to take.
Budget Allocation
Since we are already talking about loans, let us talk about your budget allocation. It goes without saying that your financial capacity would dictate everything else that goes towards the house of your dreams. It is important to actually know how much you can spend without compromising your other necessities. Singapore house prices would of course vary depending on the designs and other factors you like your house to have. Settling with what you can afford does not mean settling for anything less. We should set our expectations based on reality to avoid disappointments in the future. There is nothing wrong with admitting that this is what you can afford at the moment. Think long term and do not put everything else in your life on the line just to get a house that is beyond your buying capacity. There would be many different houses available that fit your taste and budget when you buy property in Singapore.
What you want
I know we all have that dream house stuck in our heads for as long as we could remember. It is important to know what you want as it would save you so much money and time in this process. A dream house differs from person to person. A family man might have a completely different idea of a dream house from a person who is single and is living alone. Therefore, knowing the exact details you want to have in your house is important. For example, how many bedrooms are you expecting? Would you be needing a large parking space? These are a few questions to ask yourself.
Another important thing you should factor into your decision is the house condition. Are you looking to buy a property in Singapore that is brand new or would a second-hand house suffice? And as you go through this process, have in mind the various Singapore house price options.
Get help from a realtor
If you find yourself overwhelmed with the many things to consider when trying to find the perfect house for you, you can always get help from a professional or a realtor. They can help you buy property in Singapore with ease. As they are considered experts in this field they should easily know the ABCs, making it easier for you, the buyer, to choose your perfect home. They also have the best knowledge on Singapore house prices, saving you the headache of finding what fits your budget. Make sure to only hire from real estate firms or agencies to avoid dishonest realtors.
Location and Accessibility
You must take into consideration the necessities available around the neighborhood. Do you need to be near an MRT, a bus station, or a taxi stand? Would you prefer to be closer to a gym and grocery store? These are the questions you should ask yourself so that your new neighborhood is something that still fits the lifestyle that you want. There are a lot of amenities and facilities that you should consider depending on your lifestyle. To name a few more– hospitals, shopping malls, supermarkets, cafes, etc.
Finding the perfect house
Landing the perfect house for you will not be an easy task. It would definitely be time-consuming. In SRX Property, we have listed everything you need to know to find that perfect dream house. From things to cinder when buying a house to things a good realtor must-have. Visit us today and be a step closer to that dream house.