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HDB for Rental & Resale

Buying a house in Singapore is not a complex process as envisioned by many Singaporeans though there are various steps to owning a house. Being informed and knowledgeable about the current market price of resale and new houses in Singapore will do a favour for one who is looking out to purchase a house.

Some common issues faced by Singaporeans when buying a house are whether it is affordable and meet the means of the individual; the loan amount that one could borrow to purchase the house and the sources that could be referred to when buying a house.

The general advice potential buyers could heed is to buy a house when they have the means to own one and being aware of time when real estate market is bottoming out. This is the time when agents and developers find they’re unable to sell, and start lowering prices thus checking on the market history is an essential step as to gaining your profit and not losing out when buying a house.

There are few signs to show that you are ready to buy a house. Take note that the home loans in Singapore rarely have perpetual fixed rates and setting aside five months of your income would be an appropriate step to make so as to be able to regard it as an emergency fund. Fluctuations often occur and thus buyers should be aware of the floating rate from the initial loan.

Besides that, a booking fee of 1% is a compulsory process known as the principal approval when buying a house. The buyer would then be given up to 30 days to clear up the rest of the amount. Otherwise, the booking fee would be forfeited.

Another consideration that you could keep in mind is the CPF funds. Bearing in mind the future; if you intend to sell the house and downgrade to a cheaper or smaller house; then it you could consider to use up the CPF funds.

A bank could only finance 80% whereas HDB could finance up to 90% when buying a house in Singapore. This shows that the government is constantly supportive of Singaporeans owning a house they call their own. This means that you need at least 10% to settle as down payment.

Buying a house is one of the largest purchases one could ever make as a huge sum is involved. Ultimately; most landed property could cost few million dollars. Landed houses are low rise residential development. This could be categorized as bungalows, semi-detached or terraced house. The location, size, condition and amenities around the house contribute to the cost of the house.

There are often landed property that are put for sale for various reasons by the owners and one could buy a house with negotiable cost if the owner is in the urgency to sell the house. Otherwise, the house is put out for rental. Rental of the property house would fetch a good sum for the owner and thus some Singaporeans feel that buying a house in Singapore would be a good investment to make.
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