16 Nov 2016
Searching for the perfect home? As exhilarating the idea might be, these are some tips to consider, especially for young homebuyers.
- Do your family planning
Considering the number of family members in future and your family’s needs will make it much easier to estimate the amount of living space required. Plan for at least the next five to 10 years. Generally for young couples with one child, a three room HDB flat (or a two bedroom condominium unit) should suffice.
- Plan your finances
Draw up a rough budget to determine how much you can afford to set aside for your home. This will help to prevent overstretching of finances. Your housing budget is basically a combination of bank loan (that you are eligible for) + available CPF + cash.
Always check with the bank on the eligibility for a loan and discuss about the lending rules. If you are planning to have more children, do save capital as a buffer for unexpected situations and rainy days.
- Always visit the house of interest more than once
For buyers checking out existing properties, get a feel of the unit at different times of the day. For uncompleted properties, visit the site of the development instead. Try to spread your visits between weekdays and weekends, both in the day and at night to ensure that the home is suitable for you.
- Do your homework
Prior to committing to a purchase, always refer to latest transaction prices on the Housing and Development Board and Urban Redevelopment Authority’s website for public housing and private housing respectively. This will provide you with a rough gauge of prices in the market today.
- Your preference
Ultimately, it all boils down to individual preference when choosing a type of property to buy. Some prefer newly completed projects as it offers immediate occupation and less renovation work is required. Others may select an older unit due to the spaciousness. Thus, it is important that you buy a home that best fits your needs.
