- Take note of sudden spikes in power and water bills
- Ask the condominium security if anything odd is happening
- Google your rental property address from time to time, and see what turns up
- Take note of increased maintenance
- Be on friendly terms with the neighbours
- During official inspections, keep an eye out for certain things
En bloc made simple!
Check out 99.co’s comprehensive infographic guide as to what happens from start to finish during the en bloc process.
Check out 99.co’s checklist for easy-to-follow steps!
1. Get In-Principle Approval from a bank.
2. Pay a non-refundable deposit to the OTP.
3. Within the validity period of the OTP (usually 14 days), you must exercise the Option.
4. Two weeks after exercising the Option, you have to pay the Buyer’s Stamp Duty (BSD) as well as the ABSD.
5. Within two months of exercising the Option, you must pay the remainder of the property price.
6. If you sell your flat within six months, apply to IRAS for a refund of the ABSD once the sale is transacted.
One way to waste a handsome salary: Buying a home you can barely afford and ending up starved of cash for other goals. Which is why, it pays to be mindful when working out your finances to ensure affordability in the long run when it comes to picking the right property to buy.
To make life easier for aspiring home owners, the Edge Property has come up with the math to provide the approximate salary that you should be earning in order to afford private property in locations within the prime districts, the city fringes, and suburban areas.
Pool together all your resources, buy a home, and become an overnight millionaire by selling it off years later—that is, in a nutshell, the Singaporean dream.
The promise of your flat funding your retirement is no doubt a key motivator to those who empty their CPF accounts and sign up for massive loans to buy a home. That all sounds reasonable enough, until you realise that most residential property in Singapore is on a 99-year lease.
Here are some things to know about HDB flats on 99-year leases:
- The Geylang lease expiration incident doesn’t necessarily mean the same will happen to HDB flats
The choice is yours to avoid buying an older flat or to sell your flat before it gets too old
The ability to own a flat might still have some value
It’s still important to plan ahead to get the most out of your flat
Executive condominiums sell like hotcakes because
- ECs are still the best value buys
- Resale price gaps are closing between executive condominiums and private condominiums
- The “drawbacks” of executive condominiums are completely irrelevant to most buyers
- Interest rate hikes have happened, and the market had decided they’re tolerable
Most Singaporeans can’t afford a regular condo with such qualities, so shoeboxes present a chance for them to dabble in a higher-end market. While the price per square foot is high, the small size makes the overall cost (the quantum) is affordable.
But is it actually a good deal?
Back in 2013, shoeboxes had good rental yields, often exceeding 4.4 per cent. But then again, 2013 was the heyday of Singapore’s property market, and just about any property – shoebox or not – boasted that kind of yield. In this regard, shoeboxes are often considered comparable to regular condo units. However, there are some subtle factors to consider:
- If you suddenly decide to settle down, you’ll need to sell
- Fancier shoebox units are highly vulnerable to economic downturns
- It’s very hard to sell shoeboxes in bad times
- While the number of shoebox units are capped, they’re hardly in short supply
In a perfect world, I’d be buying homes for a dollar and selling them off at a million each. But hey, this isn’t the land of make believe. We have property valuations to prevent people from overpricing their homes, and to prevent us from becoming the schmucks that buy those.
Here’s 4 things you didn’t know about property valuations:
- One is not enough
- Indicative bank valuations are not on par with proper reports from licensed appraisers
- Every. Little. Detail. Counts
- Your maintenance matters too
- Home loan lock-in period
- Home loan reference rate
- Early redemption of home loan
- Home loan interest reset date
- Home loan repricing/ refinancing fees
- Clawback of subsidies