As you consider purchasing your next home, it is crucial that you are well-prepared and planned ahead for its purchase. To help navigate through the process more smoothly and avoid costly mistakes or regrets in selecting your perfect residence. This article provides steps on how to do just that.
The Continuum was built through an exciting collaboration with Hoi Hup Realty and Sunway and established in Singapore in 1983. Since that time, their property developer team has developed extensive expertise in various real estate fields. Over the last four years they have also actively acquired properties through government land sales as well as through an en bloc exercise.
Hoi Hup Realty have completed several developments prior to The Continuum Condo. They include Waterford Residence, The Continuum Showflat, Sophia Hills at Mount Sophia, Whitley Residences and Terra Hill at Pasir Panjang.
To Buy or Rent; That is the Question
Short-term rental may seem easier and faster, but long-term buyers must keep in mind the advantages that owning can offer them. Rent is paid up front without ever returning it; mortgage payments feature two components – principal repayment and interest payment – similar to renting in that they’re used as payments; however principal repayment increases equity that you could access should the need arise.
How Much Do You Have to Pay?
Are You Able to Afford a House? : Achieving affordability when purchasing private real estate goes beyond simply having cash in your bank account or CPF savings plan. As part of any private property purchase, an initial cash payment of five percent must be paid before proceeding to make payments towards your 20% downpayment via CPF savings plans – with outstanding loans rising this amount up to 10 percent of cash payments prior to using CPF funds for repayment of their balances.
Monthly debts should be carefully evaluated as they will impact how much a bank loans you. Most banks only lend 30-60 percent of your Debt Service Ratio (the total monthly debt payments divided by monthly income). You should also allocate funds for additional costs associated with purchasing property – stamp duty, conveyancing fees agent fees property taxes conservancy fees maintenance/conservancy fees as well as any miscellaneous costs such as conservation or maintenance fees as well as other miscellaneous costs are typically required when purchasing property.
What Type of Home? Location
Once you’ve calculated and saved up enough money, it’s time to explore possibilities. Budgeting is just part of it – an ideal home should meet all of your requirements, such as proximity to parents’ house and favorite spots of frequent visit, amenities offered and convenience of accessibility. Are you married and should take into consideration an apartment with two bedrooms or a three bedroom home even without children in it?
What type of property would best meet your needs? Do you prefer a house with land and its own garden, an exclusive small apartment complex or perhaps mid- or large-sized condominiums equipped with amenities?
Know Your Options
As soon as you know your budget and desired home style, the next step should be identifying options on the market that meet them. This involves researching your desired market; becoming familiar with its trends in prices, availability of new homes as well as secondary market transactions dimensions of apartments current trends in properties economic environment as a whole; etc. Informed decisions require knowledge about all these elements.
Research the Market
As everyone knows, supply and demand economics determine price. Price will impact supply and demand as growth in population either natural or due to migration increases demand and demographics shift as demographics change. Supply can be controlled by government through auctioning land as well as urban planning projects which construct housing units for public consumption while property developers adjust available units depending on buyer demands.
Understanding current investment trends is vital, however if buying your first home it should take priority over any investment returns. Just keep in mind to select an attractive property which will easily sell when the time comes for a change.
Time to See the House for Yourself!
Choose several great candidates from property listings and arrange to visit them. While home videos and virtual tours have become more and more popular, nothing beats having an in-person experience of visiting these homes, as ventilation, lighting and overall feel of each house cannot easily be conveyed via video. Also consider how your layout impacts how each area in the house functions together as well as if its arrangement makes sense and feels cozy to you – these aspects shouldn’t just be taken from videos alone!
Additionally, it is essential that the design of your estate be carefully considered – from entry into the car parking area through side gates leading to lift lobby, facilities and services are all points worth paying attention to. Are the neighbors or inhabitants aware of what’s going on on their property?
Indicative Valuations and Pre-approved Mortgage
Before making your choice, it is advisable to contact your bank and inquire what loans they can offer you (before telling an agent of property that you intend on purchasing something). In this way, your property advisor can assist in selecting an ideal loan plan and obtain an estimate from them on any properties being considered by getting in-principle approval of a mortgage from them. Please be aware that your LTV (Loan to Value) limit may drop from 75% down to 45% so make sure you keep sufficient savings aside in case an emergency arises!
It’s Time to Make an Offer They Can’t Refuse!
When purchasing real estate, be certain that the property is attractive enough that people cannot avoid it. Once you know you have enough cash available to you for purchasing the desired home, submit an offer with your agent only if your bank can support you without issue – many buyers have lost deposits after learning their banks refused them money for purchasing their dream home; be cautious and double-check all options are available before taking this step! It can be helpful to have multiple financial solutions ready in case an emergency arises; having options such as loans available is essential!
Sign on the Dotted Line
Assuming all goes according to plan and the seller accepts your bid and your offer, and your offer is accepted, 5 percent from the cost of your property must be paid in cash – one percent towards an Option to Purchase (OTP), and four percent in case it’s exercised. Once you receive and hold onto an OTP you must notify both your lawyer and mortgage banker to complete this process; then all that remains is signing the line! Your purchase is legal!
Give Me My Keys!
Once you exercised the option to purchase, your conveyancing lawyer will take the steps to transfer title over to you and transfer any necessary funds from bank to CPF in accordance with what was agreed upon during negotiations and negotiations. Typically this takes approximately 12 weeks or three months; additionally it would be wise to arrange an inspection to make sure everything runs according to plan with regard to negotiations between yourself and seller.