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[Beginners’ Guide] Buying A Property In Singapore

Get started on your property journey today with the help of this handy guide.

 

In Singapore, more than 90% of Singapore residents own their own homes. In a country with such high homeownership rate, it is of little surprise that property related discussions and questions are one of the key topics that people frequently talk about when it comes to personal finance.

Property ownership comes at a high cost, literally. With a small and dense population, it’s inevitable that land and building cost for properties in Singapore are going to be high. Hence, it’s important that you understand the basics of what you need to know before committing to a property purchase.

We have decided to compile relevant articles on DollarsAndSense.sg that we think are essential reading. We hope this helps make your journey towards becoming a property owner a little easier.

If you are entirely new to property, we recommend for you to read the articles in the links below in sequence, as they have been designed to educate you one step at a time. However, if there are specific areas that you want to find out more on, feel free to skip to the parts that are relevent to you.

# 1 Are You Buying For Homestay Or For Investing?

The first question is whether or not you are buying a property for your own stay, or for investment purposes. This question matters, as it ultimately determine the type of home size you need, the location you want and the flat types that you choose.

Your ideal home may not be a suitable investment property. Likewise, an ideal investment property may not be a suitable home that you want to live in. So you should always decide the intend behind your purchase.

Here are some useful articles that you can start off by reading.

What Are Your Property Needs For Every Life Stage In Singapore: Getting Married, Lifestyle Upgrade, Retirement Planning

Step-By-Step Guide To Buying Your First BTO Flat

Here Are 5 Advantages You Enjoy When Buying A BTO Flat

Why We Decided To Buy A Resale Flat

#2 How Much Cash For Downpayment Do You Need?

Next, you need to know the downpayment required. The amount that you can afford for your downpayment ultimately determines your budget. How much cash you need for your downpayment is also decided by other factors, such as whether you are taking a HDB loan or a bank loan.

HDB Or Bank Loan? Which Should You Be Taking When You Buy Your Home?

Here Is The Salary You Need To Earn To Afford These Homes In Singapore

How Much CPF Can You Use For Your Home?

#3 Taking A Property Loan

After paying your downpayment, you will need to take a property loan in order to fund the remainder of your purchase. If you buy a HDB flat, you can choose from a HDB loan or a bank loan. If you are buying a private property, you will need to take a bank loan.

Complete Guide To Taking A Property Bank Loan In Singapore

Why It Makes Sense To Always Take A HDB Loan With A Long Tenure?

Should Home Buyers Use Up Their CPFOA Completely Before Taking A HDB Loan?

Why Singaporeans Should Stop Using Their CPF Money To Pay Their HDB Home Mortgage

#4 Other Costs Of Buying And Owning A Property

Aside from the purchase price of the property, there are other associated costs of owning a property that you can’t afford to ignore. These include agent cost, resale levy and of course, renovation cost.

Why Your Home Is More Expensive Than You Think

How Much Does It Really Cost To Renovate A HDB Flat

Here’s Why Upgrading A HDB Flat Is More Expensive Than You Think

These Are 5 Hidden Cost That Your Renovation Contractor May Not Be Telling You

#5 Applying For HDB Grants

If you don’t already know, there are grants available for Singaporeans to tap on when buying a HDB flat. You should find out what these grants are, and whether you qualify for them.

Complete Guide Of HDB Grants That You Can Refer To.

If you are interested to read up more about property, here are some additional editorial insights we think you may find interesting.

Are You Really Making Money On Your Property Investments In Singapore?  

5 Ways To Calculate The Returns On Your Investment Property

Singapore’s Property Market: Is 2018 The Right Time To Start Investing In Private Properties Again?

Why Your Parents May Love Property Investments, And Why It May Not Work For You

 

DollarsAndSense.sg is a website that aims to provide interesting, bite-sized financial articles which are relevant to the average Singaporean. Subscribe to our free e-newsletter to receive exclusive content not available on our website. Follow us as well on Instagram @DNSsingapore to get your daily dose of finance knowledge through photos.