My Homebuying Journey as a Single Under 35!

I’ve been asked by many people (okay, it was three) about my homebuying journey, and it’s been something I wanted to talk about for the longest time!

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The process of buying a resale condo

ActivityPaymentPayment Mode
Get approval-in-principle loan (maximum 75% of property purchase price)
Make an offer to buy (i.e. Booking Fee)1% of property priceCash
Seller accepts, and buyer exercises the offer to buy (i.e. Option Fee)4% of property priceCash
Hire a conveyancing lawyer$2,000 to $3,000Cash or CPF
Pay Buyer’s Stamp Duty (and Additional Buyer’s Stamp Duty if applicable)1% on first $180,000
2% on first $180,000
3% on next $640,000
4% on amounts above $1 million
Cash or CPF
Balance of downpayment20% of property priceCash or CPF

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My advice for homebuyers

Get an approval-in-principle (AIP) loan
An AIP loan is checking with a bank whether you are eligible to take out a mortgage. If you make an offer to buy a property and subsequently can’t secure a mortgage for your loan, you have to forfeit your booking fee. 1% of a $1 million property is $10,000!

Use a comparison mortgage tool
Get the best mortgage package by comparing rate with a mortgage comparison tool. I have tied up with Redbrick to offer you homebuyers a free mortgage consultation.

They would even advise you on property matters beyond just mortgage comparison, which could be a useful second opinion to your property agent.

View multiple units
This probably goes without saying, but it takes a lot of effort and time especially if you are like me and aren’t that excited for property viewings.

I’m glad to have persisted and viewed enough units until I found something that I was happy with.

Stick to a budget
It’s easy to get carried away since buying an apartment is an exciting stage of life, but starting your new life in a new place wouldn’t be as enjoyable if you are beset with a crippling mortgage.

Don’t forget you will have more bills and expenses to take care of once you move out, so set a sensible budget and try to keep with it. I would generally recommend keeping your monthly mortgage within one-third of your income.

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