Help for the first-time home buyer

Help for the first-time home buyer

For the first-time property buyer, purchasing a home can be a daunting task.

What kind of property should one be looking for? What can one expect to shell out in cash, and what loans are available?

Some 300 people who attended a recent My Paper seminar called EC (Executive Condominiums) and Mass-Market Condominiums: Buying your First Private Property, held at the Singapore Press Holdings auditorium, got insights into these issues.

The catchphrase in the industry globally is "location, location, location", but Mr Donald Ng, senior marketing manager at Qingjian Realty, the event's main sponsor, had another view.

He said that buying a property first - and ultimately - depends on the quality of one's financials.

"So, instead of looking for a property first, engage (the services of a) financial consultant. Work out the budget you have, to make sure your loan payment is a comfortable number relative to your income," he said.

Only then should you begin your search.

Here are four tips gleaned from the seminar on what you should consider before embarking on the search for that home.

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