Steps to buy the best property for sale in Singapore - Jimmy Sum

Are you hunting for Property for Sale in Singapore? If true, you have landed on the appropriate spot. Buying a good property in Singapore is not a herculean task; you need to put more effort! Have a look at the following simple steps! 

1) Purchasing a home is frequently an emotional choice. That's great; just make sure it's also logical. Ask yourself if you need to buy a house and whether renting could be a better alternative.

2) Examine your present financial situation, including cash and CPF. It is worth noting that, according to the government's property measures, if you already have at least one loan due, your minimum cash expenditure will rise from 5% to 10%. Next, determine how much you can borrow while taking into account all of your outstanding bills. You can consult with a banker. Most banks will only lend up to a debt service ratio of 35-50 per cent (your total debt payments divided by your monthly income).

3) What are your present and future housing requirements? For example, a newlywed couple that purchases a studio or one-bedroom apartment may discover within a year or two that they require a two or three-bedroom apartment once a kid is on the way. If you could afford it, would you choose HDB or private property? Which locations or districts do you like to reside in? What features and modes of public transportation are you looking for?

4) You have the option of hiring a buyer's agent or doing it yourself. To obtain the most options, look at both offline (such as classified advertising in newspapers) and online (property websites) sources.

5) Check the Jimmy Sum's website for the most recent transacted prices on these projects. Compare pricing with neighboring developments. Contrast the sold prices with the asking prices. If you are purchasing for investment purposes, consider market rentals and rental returns. Remove any projects that do not appear appealing.

6) Using this more limited list of projects, schedule viewings of at least a few distinct units in each project. Taking photographs and making notes might help you recall what you saw. Visit each project at various times of the day and night to determine whether it is noisy or otherwise unpleasant. Reduce your list to the top few units and, if necessary, do a second inspection. Also, go through the virtual tour of property once! 

7) Don't overlook this crucial step! Before you make an offer, make sure you obtain an indicative appraisal from a bank and in-principle mortgage approval. To save time, you can approach the various banks directly or hire a mortgage broker. According to the new rules, if you currently have an ongoing loan, your Loan To Value (LTV) ceiling has been reduced from 80 per cent to 70 percent, requiring you to pay extra money.

8) Once you have the indicative values and at least one pre-approved mortgage from the banks, you may make an offer knowing you will be able to borrow the amount you require. There have been several sad examples of purchasers losing their deposits after discovering that banks will not fund their purchase. When negotiating the purchase price, it is good to have a variety of alternatives available so that you are not compelled to overpay due to a lack of possibilities.

9) If the seller accepts your bid, you will generally be required to put down a 1% deposit to obtain the Option To Purchase (OTP), and you will have 14 days to exercise it, at which point you will be required to pay an additional 4% of the purchase price. Make sure you have the necessary money on hand. Once you've received the OTP, work with your conveyancing lawyer and mortgage lender to finalise the formalities.

10) Before the completion date, examine the house to ensure that all agreed-upon fixtures and things are still present. Collect the keys and double-check that you have a complete set on the date. Congratulations! You have just purchased a new house. It's time to start thinking about renovations and furniture.