Before Happily Ever After: Buying A Home

When buying a Singapore apartment for sale, there are several pre-purchase decisions one must take into consideration.

Location
Decide on a few locations taking into account things like the distance to work, schools, extended family, transportation and lifestyle needs. This will help you and your Singapore real estate agent narrow your search for a Singapore apartment for sale.

Size Of Property
Is your family likely to grow in the near future? Will there be adult children moving out soon?

Amenities
Consider amenities such as swimming pools, tennis courts, recreation clubs, shops, banks and markets in the immediate vicinity that will add to the quality of your life. Also, keep in mind that amenities close by will push the asking price of the property up. Will your budget be able handle this?

Financial Planning
Talking about budgets, think about how much you are willing to spend. Provide your Singapore real estate agent with accurate data regarding your financial status, and he or she will be able to help you formulate a proper financial plan. Also, talk to two or three banks and investigate the financial options that are open to you. Your personal banker will also be able to advise you on loan quantum available to you.

Viewing Etiquette
Bring a small notebook and take notes that will help you make an informed decision later. Put down the positive and negative points about the property. Most buyers pay too much attention to the interiors of the property and ignore the exterior surrounding areas. This is foolish as while one can always decorate the interiors, there is not much you can do about the exteriors! Keep your wits around you and do not be distracted away from cracked tiles, leaking ceilings and fittings that don’t work!

Make An Offer
Once you find a home that you like, ask your Singapore real estate agent the asking and market price for the Singapore apartment for sale. Your Singapore real estate agent should be able to help you to decide on an offer price that seems fair to you. If the seller of the Singapore apartment for sale is serious, you should soon receive a counter offer. Do not rush into a hasty decision but remember that the property might not be on the market forever!

Option Money/Deposit
Generally, the option money for private properties is 1% of the purchase price. For Singapore apartments for sale, such as HDB resale flats, the deposit will not exceed $5,000.

Ethnic Integration
It is also important to check with the HDB or your Singapore real estate agent if you are affected by HDB’s ethnic integration policy. Should the number of families of your ethnic group staying in the estate or that particular block of apartments exceed the prescribed limit, you will not be permitted to buy an apartment in that block unless the seller is from your ethnic group.

Commission
The Institute of Estate Agents (IEA) has finalised and published the recommended commission/fee for Singapore real estate agents online at www.iea.org.sg.

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