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Here's What You Need To Know Before Your Purchase
Buying a property is a major decision for you and your family. Whether it’s an investment asset or for your own stay, find out how you can make a wise & informed purchase.
“Owning a home is a keystone of wealth, financial affluence and emotional security.”
1. Check Your Eligibility
There are 3 main types of properties in Singapore, namely HDB Flats, Private Properties and Executive Condominiums. To buy a HDB unit, you must be a Singapore Citizen (SC) or a Permanent Resident (PR).
As a SC/PR, you’re allowed to purchase any private properties such as Condo, Apartment, ECs and Landed Bungalows.
Foreigners can only purchase private properties and will need government approval to buy landed bungalows.
Do take note that there are age and marital status limitations for purchasing a flat. You should also keep a lookout for the benefits and restrictions when applying for available grants and loans.
2. Ask The Right Questions
Do your own research about the area and property you’re interested in. Find out which amenities are necessary for you, like being in walking distance to the MRT or bus-stop, food centres, etc.
Try to find out why the seller is selling. Are they upgrading or down-sizing? Is the property or location causing any problem? Are there any undesirable factors that are influencing their decision?
How much did the seller pay for his property? How long ago was this? What is the current prevailing price in this block or area?
Need Expert Advice On Buying A Property?
Navigating the route to homeownership can be difficult if you are unfamiliar with property jargon, strict regulations and timeline to follow.
We can simplify the process for you. From explaining home loan eligibility criteria to designing your space, we’ve got you covered.
3. Establish Your Time Line
When it comes to buying a property, timing can affect pricing. What is the seller’s time-frame? When are they expecting to move? Will it suit you? Will they need to extend their stay after your purchase? Try to keep the negotiations advantageous to you. Don’t be overtly eager to reveal your buying intention as the seller may not reduce their asking price. Find out the seller’s situation so as to assess your bargaining power.
4. Know The Buying Process
Engaging the right property agent can greatly smoothen your buying process, with the experience to guide you from start to end. For example, in the resale flat buying process, typically this is what happens:
✅ Property Viewing
✅ Register Intent To Buy
✅ Apply For HLE (if taking HDB Loan)
✅ Receive Option To Purchase (OTP)
✅ Apply For Valuation
✅ Apply For Bank Loan
✅ Engage Law Firm To Represent Buyer
✅ Exercise OTP within 21 Days
✅ Submit Resale Application within 7 Days
✅ Acknowledge Documents Online
✅ Complete With Balance Payment
Note that the buying process for Private Property and New Launch differs from buying a Resale HDB Flat.
5. Take your time to decide.
Don’t be hasty! Take your time to consider all your options. As the saying goes, good things come to those who wait. You don’t want to regret your decision. Make sure you get the property of your dream!
If you need advice on buying a property in Singapore, kindly reach me via call or WhatsApp at 9111 1676.
FAQs
Frequently Asked Questions
The minimum age is 21 years old to purchase a resale HDB flat as part of a family nucleus. This refers to your spouse and children, parents and siblings or if you’re widowed or divorced, with children under your custody.
If you’re single (unmarried or divorced), minimum age is 35. If you’re widowed or orphaned, the minimum age is 21.
Yes, if you’re a Singaporean Citizen of at least 35 years old, you can buy a HDB flat as a single.
There are certain criteria to be met depending on which scheme you are applying under.
Note: Single PRs are not eligible to buy HDB flats, only private property.
The cost of a home in Singapore depends on several factors.
First and foremost, the type of property (BTO, Resale, HDB, Condo, EC, Apartment, Landed).
A property’s value is also gauged based on maturity of the estate, proximity to amenities, property age and condition of the unit.
Additional expenses such as legal fees, stamp duties, maintenance fees, conservancy fees and home insurance also goes into the cost of being a home owner.
Private property owners interested in buying a BTO flat must sell off all their private properties at least 30 months before applying for a BTO flat.
If you’re intending to purchase a resale HDB flat, you must sell off all your private properties within 15 months of purchasing a resale HDB flat.
As a Singapore Citizen or PR, there is no limit to the number of private properties you can own.
UPGRADING
HDB owners who are interested in upgrading to a private property can do so after Minimum Occupancy Period (MOP) of 5 years.
INVESTING / RENTAL
If you want to own both HDB flat and private property, you must first purchase a HDB flat and occupy it for at least 5 years before investing in a private property and earn rental income from it.
To understand your property needs better, I will need more information such as your outstanding loan and financial assessment to advice you.
Kindly contact Gelvin Chng at (65) 91111676.
In full, the term is known as Additional Buyer’s Stamp Duty. This is a tax that is levied on top of Buyer’s Stamp Duty (ie. a tax that property buyers have to pay when they buy a property).
More details can be found on IRAS website here.
No, you do not need to pay any consultation fee.
As an experienced property agent, I strongly believe in building a clear and lasting relationship with my clients.
At Gelvin Chng Properties, I provide complimentary consultation with a personalised risk analysis report for you.
Kindly reach me at (65) 91111676.