Buyers Guide for Property

First-Time HDB Flat/Home Buyers - Common Mistakes Encountered

It is quite common that as their first time experience,

Buyers Don't:

Ask right questions when choosing servicing

2. Ask for clarification of HDB Checklist requirements
so as to better appreciate the sequence of events for
public housing transactions.

3. Ask enough questions of their lender and end up
missing out thebest possible mortage deal.

4. Act quickly enought to make a decision and
someone else buys the flat/house.

5. Get the right agent or salesperson who is willing to
help them through the home/HDB flat buying process.

6. Do enough to make their offer look appealing to a seller.

7. Think about resale before they buy.

Eight (8) Tips to Guide for Your Home Search

1. Research before you start your SEARCH
Decide what features you most want to have in a
home, what neighborhoods you prefer, and how
much you are willing to spend each month for

It is fine to be picky, but don't be unrealistic with
your expectiations. There is no such thing as a
perfect home and there is always pros and cons.
Use your list of priorities as a guide to evaluate each

3. Review your Finances before making the MOVE.
Review your credit situation and be sure you have
enough money to cover you down payment and
completion costs. Then, talk to a lender and get
prequalified for a mortage or looking at your loan
eligibility and repayment scheme that is offered
by HDB(publis housing). This will save you the
heartache later of falling in love with a house that
you cannot afford.

4. Do not ask too many people for opinions.
It will drive you crazy. Select one or two people to
turn to if you feel you need a second opinion, but be
ready to make the final decision on your own.

5. Decide WHEN you are moving.
When is your lease up? Are you allowed to sublet?
How tight is the rental market in your area? All of
these factors will help you determine when you
should move.

6. THINK long term.
Are you looking for an initial "nest" flat/home with
plans to move up ina few year, or do you hope to
stay in this home for a longer perod? This decision
may dictate what type of home you buy as well as
the type of mortage terms that will best suit you.

7. INSIST on a home/flat inspection.
If possible, get a warranty from the seller to cover
defects for one year.

8. Get help from a Accredited Agent/Salesperson.
Hire a real estate professional who specialises in
buyer representatoin. Unlike a listing agent, whose
first duty is to the seller, a buyer's representative is
working only for you.

MONEY not Enough!!! -
Review Your Finances Before Making the MOVE: To-Do List

1. Create a household budget.
Instead of creating a budget of what you did like to
spend, use receipts to create a budget that reflects
your actual spending habits over the last several months.

This approach will factor in unexpected expenses,
such as car repairs, as well as predictable costs such
as rent, utility bills, and groceries.

2. Reduce your debt.
Lenders generally look for a total debt load of a
certain percentage of income. This figure includes
your mortage. So you need to get monthly
payments on the rest of your installment debt- car
loans, student loans, and revolving balances on
credit cards - down to a lower percentage of your
net monthly income.

3. Look for ways to save.
You probably know how much you spend on rent
and utilities, but little expenses add up, too.

Try writing down everything you spend for one
month. You'll propably spot some great ways to
save, whether it's cutting out that mornign trip to
Starbucks or eating dinner at home more often.

4. Increase you income.
Now is the time to ask for a raise! If that's not
an option, you may want to consider taking on
a second job to get your income at a level high
enough to qualify for the home you want.

5. Save for a down payment.
Designate a certain amount of money each month
to put away in your savings account.

6. Keep your job.
While you don't need to be in the same job forever
to qualify for a home loan, having a resonable
stable job will put you in good credit standing.

7. Establish a good credit history.
Get a credit card and make payments by the due
date. Do the same for all your other bills, too. Pya off
the entire balance prompty.

Reasons to OWN Your Home!!

1. Tax and Goverment Incentives.
Grants by government for promoting of HDB
flat ownership, Property tax benefit and other

2. Appreciation.
Real estate has long-term, stable growth in value.

3. Equity.
Money paid for rent is money that you will never see
agein, but mortgage payments let you build equity
ownership interest in your home.

4. Savings.
Building equity in your home is a ready-made
savings plan.

5. Predictability.
Unlike rent, your fixed-mortage payments don't
rise over the years so your housing cost may
actually decline as you own the home longer.
However, keep in mind that propery taxes and
insurance cost will increase.

6. Freedom.
The home is yours. You can decorate any way you
want and benefit from your investment for as long
as you own the home.

7. Stability.
Remaining in one neighborhood for several years
gives you a chance to participate in community
activities, lets you and your family establish lasting
friendships, and offers your children the benefit of
educational continuity.

Buying in an Upbeat Market

Increase your chances of getting your dream flat/home in a competitive hosuing market, and lower your
chances of losing out to another buyer.

1. Get prequalified for a mortage.
You will be able to make a firm commitment to buy
and your offer will be more desirable to the seller.

2. Stay in close contact with your real estate agent/sales person
to fin out more about the newest listings.
Be ready to see a house as soon as it goes on the
market - if it's a great home, it will go fast.

3. Scout out new listings yourself.
Look at Web sites, browse your newspaper's real
estate classified section, and drive through the
neighborhood to spot for Sale signs. If you see a
flat/home you like, write down the address and the
name of the listing agent. Your real estate agent will
schedule a showing.

4. Be ready to make a decision.
Spend a lot of time in advance deciding what you
must have in a home so you won't be unsure when
your have a chance to make and offer.

5. Bid competitively.
You may not want to start out offering the absolute
highest price you can affore, but do not go too low
to get a deal. In an upbeat market, you will lose out.

6. Keep contingencies to a minimum.
Restrictions such as needing to sell your flat/home
before you move or wanting to delay the
closing until a certain date can make your offer
unappealing. In a tight market, you will probably
be able to sell your house rapidly. Or talk to your
lender about getting a bridging loan to cover both
mortages for a short period.

7. Do not get caught in a buying frenzy.
Just because ther's competition doesn't mean
you should just buy it. And even though you
want to make your offere attractive, do not neglet
inspections that help ensure that your house
is sound.

Pleasant Flat/Home Buying Experience without STRESS

Buying a home should be fun, not stressful. As you look for your dream home, keep in mind these tips for
making the process as peaceful as possible.

1. Use only ACCREDITED agent/salesperson
who you can connect with.

Home buying is not only a big financial
commitment, but also an emotional one. It's ciritical
that the Accredited Agent/Salesperson you choose
it both highly skilled and a good fit with your

2. Remember, there's no "RIGHT" time to buy, just
as there's no PERFECT time to sell.

If you find a home now, don't try to second-guess
interest rates or the housing market by waiting longer -
you risk losing out on the home of your dreams.

The housing market usually does not change fast
enough to make that much difference in price, a
good home would not stay on the market long.

3. Don't ask for too many opinions.
It's natural to want reassurance for such a big
decision, but too many ideas from too many people
will make it much harder to make a decision.

Focus on the wants and needs of your immediate
family - the people who will be living in the flat/home.

4. The reality that No flat/home is ever perfect.
Make a list of your top priorities and focus in on
things that are most important to your. Let the minor
ones go.

5. Don't try to be a Bargain Hunter out to KILL.
Negotiation is definitely a part of the real estate
process, but trying to "win" by getting an extra-low
price or by refusing to budge on your offer may cost
you the home you love. Negotiation is give and take.

6. Remember your flat/home does not exist in a vacuum.
Do not get so caught up in the physical aspects
of the house itself - room size, kitchen, etc. - that
you forget about important issues as noise level,
location to amenities, and other aspects that also
have a big impact on your quality of life.

7. PLAN ahead.
Do not wait until you have found a flat/home and
made an offer to a get approved for a mortgage,
home insurance, and consider a schedule for
moving. Presenting an offer contingent on a lot of
unresolved issues will make your bid much less
attractive to sellers.

8. Maintenance and repair costs in your post-flat/home
be included in the buying budget.

Even if you buy a new home, there will be costs.
Don't leave yourself short and let your home

9. Accept that a little buyer's remorse is
inevitable and will probably pass.

Buying a flat/home, especially for the first time, is
a big financial commitment. But it also yields big
benefits. Don't lose sight of why you wanted to buy a
flat/home and what made you fall in love with the
property you purchased.

10. Choose a home first because you love it; then
think about appreciation.

Flats/homes have appreciated over time, a
flat/home's most important role is to serve as a
comfortable, safe place to live.
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Adrian Hui 许光兴
Branch Division Director
CEA Licence No.:
L3002382K / R024786G
(+65) 9452 1353
(+65) 9452 1351