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3 Things First-Time Buyers Should Know
Buying your first home can feel overwhelming. Here are three key things every first-time buyer should understand before signing on the dotted line.
1. Eligibility
If you’re buying HDB, check:
- Citizenship (at least 1 Singaporean buyer).
- Income ceiling for grants.
- Minimum Occupation Period (MOP) rules.
If you’re buying private property, there are fewer restrictions — but affordability is the main factor.
2. Budgeting Beyond Price
The property price is only part of the cost. Don’t forget:
- Stamp Duty: A few percent of the purchase price.
- Legal Fees: Around $2,000–$3,000.
- Renovation & Furnishing: Can easily add tens of thousands.
- Monthly Maintenance Fees (for condos).
3. Think About Your Future Plans
Ask yourself:
- Are you planning to upgrade later?
- Do you see yourself renting it out in the future?
- Will this home still suit your lifestyle in 5–10 years?
Common Mistakes to Avoid
- Overstretching your budget.
- Ignoring exit strategy.
- Rushing without comparing financing options.
Key Takeaway
Don’t just buy what you can afford now. Buy what fits your future plans, so your property remains a blessing, not a burden.
