So you're ready to take the plunge and buy your first apartment? That's a great decision, but there are a lot of details that come along with it. If you want to take advantage of all available means to make buying an apartment as simple and painless as possible, this article has all the information you need.
This is probably the most straightforward option for buying your first home. When you're financially well-off and want to take advantage of lower home loan rates, getting a home loan in Singapore is one of the ways to get into home ownership. The type of home loan you can apply for depends on:
1) Amount that you need to borrow (LTV)
2) How long you can lock up your funds (tenure in years)
3) Your home ownership history and employment status
The home loan that is most suitable for you will depend on many factors, such as: the home's type, location and price.
If you haven't been living under a rock, then you probably already have an idea of what type of apartment you want. However, you should really know for sure if not to avoid wasting your time looking at places that don't suit your needs . It will also benefit the real estate agent as they can give you information that will be more relevant to what you are looking for in an apartment.
In doing your research, you will need to find a real estate agent or property manager. Generally speaking, the larger brokerage firms cover a more diverse area and have access to a wider range of properties than independents. Brokers and agents handle all aspects of selling and buying real estate, including:
The best way to find one is through personal referral. You can ask friends and colleagues for referrals. They may have had a good experience with an agent and can share their name.
Once you find an agent, they will give you access to the local multiple listing service (MLS), which is where home buyers and real estate agents go to find complete and up-to-date listings of properties for sale. It's important to check out the MLS before choosing an agent because you may find a better deal elsewhere if your favorite property isn't yet listed. An alternative option is to search online property listings, which are easy to find with just a quick Google search.
Another good idea is to consider getting advice from a mortgage broker, who can show you options and may even be able to get you a better deal with their relationship with the banks. They might also be able to help you qualify for additional loan discounts such as an LMI (Lenders Mortgage Insurance) premium deduction.
By following these simple steps for how to buy your first apartment, you can minimize time wasted searching and maximize the chances that you'll find a property that suits all of your personal needs within your budget. By shopping around online or via real estate agents, having your finances in order with a good mortgage broker, and being aware of the fees involved in buying a home, you will increase your chances for success when you buy your first apartment.
This article was published on 01/08/2022.