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.

10 tips for property virgins

  • Open gallery

    -Determine your reno space limit and how many options you have with the property

    -Maximise buyer potential with your renovations

  • Open gallery

    -Experience the space to determine functionality of the space.

    -Determine specific renovation areas and how much work you would like to do

  • Open gallery

    -Build equity or property value

    -Think about long-term longevity of the way your house looks and if it will look dated in 5 years' time.

  • Open gallery

    - Location determines price

    -Consider size versus dollar value per sq ft. If you have a budget, you need to sacrifice one for the other.

  • Open gallery

    - Seek price reduction

    -Ask for completion or repairs of unfinished work

    -The ball should be in your court

  • Open gallery

    -Give and take with your expectations

    -Be ready to moderate your preferences according to what you can get on the market

  • Open gallery

    -Money does not buy happiness, no matter how much you have

    -Consider lifestyle concessions you have to make for the house you are going to buy. Do not expect a perfect house.

    -Consider mortgage options with the house you are considering to buy

  • Open gallery

    -Work out your monthly expenses

    -Be honest with the amount of money you are going to spend a month, and what you are really willing to give up.

  • Open gallery

    - Avoid remorse the over purchase

    -Adopt a 'did your best' approach when it comes to the amount you agreed to pay

  • Open gallery

    -Take a step back and re-evaluate the deal

    -Ensure favourable interest rates and housing prices

    -Aim to match every dollar you spend with any increase in interest rates or prices

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.

Your daily good stuff - AsiaOne stories delivered straight to your inbox
By signing up, you agree to our Privacy policy and Terms and Conditions.