Buying a flat in Singapore can be a very confusing process if you don’t know how or where to start. To make it a smoother experience, below is a quick guide that you can follow. Purchasing an HBD in Singapore is a huge investment so you need to take your time in considering all of your options. There are so many factors that you must take into account like the location, your budget, your financing options, and the miscellaneous costs associated with the acquisition.
Planning Your Finances
This is the very first step in acquiring an HDB in the country. Of course, if you have cash to spare, you can always purchase the home in cash. However, for most people, they either take a bank loan or an HDB loan. Some buyers tend to go with a bank loan because it has a lower interest rate compared to an HDB loan. The caveat is that most bank loans will require you to pay at least 20% upfront and the rest in installments. On the other hand, an HDB loan usually has a higher interest rate but it requires only 10% in upfront payment. It’s also worth mentioning here that majority of banks loans havefloating interest rates while HDB loans are usually fixed.
Getting the Services of a Real Estate Agent
You can’t do everything on your own. Buying an HDB is a huge financial commitment and one mistake can lead to lost cash and resources. With that said, it’s highly recommended that you get the services of an experienced and knowledgeable real estate agent. He will serve as your guide in wading through your options and finding the best deal for your budget. He is also bringing his negotiation skills on the table. You have better chances of getting lower prices or a discount if you have an agent negotiating for you. Last but not the least, the agent will be there to help you avoid making mistakes that might cost you a lot of money.
Inspecting the Home
Many buyers often make the mistake of not personally inspecting the home or unit before signing the contract. This is especially rampant these days wherein a lot of the negotiations and deals are done online. The general rule is that before you put your signature on the contract, always see to it that you’ve inspected the unit at least twice. Check for any sign of decay like damp spots on the wall or graying on the ceiling. Also check the condition of electrical wirings. For the best inspection possible, you might consider getting the services of a proper home inspector or valuation professional.
Taking Into Account Expenses Associated with the Home
You are going to be paying more than just the monthly housing loan installments. You have to consider all the other expenses to determine if you can truly afford the home. These expenses include property taxes, conservancy charges, service charges, and utility bills. What you need to do is compute for your monthly cash flow before you commit to buying a flat. Underestimating your expenses can be disastrous in a way that you won’t be able to fulfill your monthly payments. To get your finances and cash flow in order, you might want to consult with a financial adviser or planner. He will help you assess your financial strengths and weaknesses with regards to your plan on buying a flat.
The bottomline here is that purchasing an HDB flat can be a daunting task. However, the process would be much easier and hassle-free if you follow the tips discussed above. Finding and buying a Singapore good HDB for sale doesn’t have to be that difficult. Make sure that you’ve considered all of your options and assessed all of the risks involved before you put your name on the dotted line.