Buying Guide

Golden Rule of Buying a unit. . ."ASK whenever you are not sure rather than commit a painful MISTAKE"

There is never the 'right time' to sell or buy, it is all about knowing where to look for the right buyer or seller.

GRANTS AND ADDITIONAL FREEBIES

If you are eligible for housing grants, which can mean an extra $15k - $40k in grants, you will need to know the proper procedure to apply for it and the documents and conditons to get it.

If you choose to buy a HDB in the same estate as your parents (eg. Bishan-Bishan, Tampines-Tampines, Bedok-Bedok), or within a 2km radius (eg. Bishan-Toa Payoh, Simei-Tampines), you get an additional $10k on top of the $30k family grant.

There are pros to living near your parents. They can spend time with their future grandkids and help you babysit, and it would be more convenient to visit them.

Many buyers missed out on grants even though they are eligible for it. AHG (additional housing grants) is one of the common grants that many buyers are not aware of. Please check with your agent on the type of grants that you can apply for.


FINANCIAL BUDGET AND TIMELINE

In many a times, buyers tends to be 'wary' of agents and do not reveal enough of their financial budget, afraid that the agent will use it against their disadvantage. This is a very wrong mistake. Such buyers could be putting themselves into a very dangerous position and make a wrong commitment, only to realise that they do not have enough resources to purchase that particular unit. If only they had told the agent about their real financial budget, the agent would have advised them from placing that $1000 option or advising them the proper timeline.

Remember, agent are getting their 'pay' from you, hence, they are indirectly your 'employees'. No agents will be in the right state of mind to spent their time arranging viewings for you, with the intention of getting you into trouble and not getting their commission.

Good agents will always probe you question like "have you gotten your IPA (in principle approval from the banks) or HLE (HDB loan)? How are you financing for the purchase etc?" Some buyers are over-sensitive and felt that agents are 'probing into their confidential matters' where the agents are actually trying to help by qualifying and advising.

PRICE VS LOCATION
The same 4 room flat in one estate may be more expensive than a 5 room flat in other estate.

Eg.A $420k budget could get you a good renovated 4 room flat in woodlands, but only a small, original, 3 room flat in Holland or Chinatown.

Some people choose to live further away from town, where flat prices are cheaper, and instead choose to get a car to make up for the distance. Most would regard a flat as an asset, and a car as a liability, due to its high costs of maintenance. Do your calculations and choose what works best for you.

Even within the same estate, a high floor/ Corner unit will probably command a much higher COV (cash-over-value) than a low floor/ Corridor unit. A renovated unit will definitely command higher price than a original, leaky and run-down unit.

Distant to MRT, market and good schools are other factors that you must be prepared to pay more. Think from the perspective of a seller and you will realise why you will unlikely be able to find your $10k COV high floor/corner unit..

HDB POLICIES AND BANKING MATTERS

Housing rules are constantly changing. Once you sign on the dotted line, you are committed to a legal contract and you can't just play ignorance and walk away. Make sure your agent runs through the Buyer Checklist with you. If there is anything that you are not sure, most agents will be patient to answer all your doubts. If the agent is impatient with your doubts and questions, make sure you find one that you are more comfortable with. Agents will play a big part in helping you to get the house hassle-free and policies-compliant, they work for their commission.

Finding a house can a fun and educational process if you have the right candidate to help you. It can be hassel-free and quick. You can find your dream house within 2 weeks or you might end up seeing too many options and get confused. Have fun!!

spacer
agent image
agency logo
Ryan Seah
Associate Director
HUTTONS INTERNATIONAL PTE LTD
ryanseah.com@gmail.com
CEA Licence No.:
L3008937I / R029168H
+(65) 9276 2857