ABC of buying a property


Buying property is one of the most rewarding and stressful decisions for one, especially that of a first-time buyer. With some many issues to tackle with, like location, furnishings, size, transport, floor level, financing, etc etc, one can be quite stressed to how to start.

I will like to propose that buying a property is as easy as ABC: Always Be Clear. With heart and mind raging over decisions, as an experienced realtor serving buyers over all these years, I find the least stressful point of time is when buyers decide to take a step back and really be clear about what they need and want.

These are the top three factors I will recommend buyers to think about before committing even the first research of property choice.
1. Accessibility – location.
Location, location, location. This is the tagline following all property “experts”. Indeed property purchase is all about location – a simple word to illustrate a complex set of issues. Transportability, accessibility, floor level, schools, amenities, etc. As most motivational gurus asked, know what you want. Set your objectives, decide where you want to be. In property purchase, decide on a few locations to start with. It could be either the current location you have been staying, or a particular destination you are keen on. You may want to live near your parents/in-laws, or stay within the proximity of certain schools, or within walking distance to your workplace.

2. Big – size and interior
How big a home do you need? Many people wants a big house, with plenty of interior space. But have you thought of the maintenance, cleaning, and costs involved in upkeeping such a size? The bigger they are the more they need maintenance in terms of cost and time. Most of the times, for first- time buyers, a two bedroom apartment is good enough, especially for the newly weds or those thinking of starting a families soon. On the other hand, if one have many family members, like a multi-generational family, a much bigger space is required.

Also, how “nice” do you want the interior to look like? Do you want a brand new interior, or a vacant and basic unit? Do you intend to get a interior designer to produce the dream home? Decide on the interior of your choice will help you save time and efforts in finding the right home for you and your needs.

3. Cash – financing
Buying a home is probably the biggest financial commitment for most Singaporeans. It is a long-term commitment which should be carefully planned upfront.

Before you start looking for a home to buy, first work out what you can afford as well as find out what you need to pay for. What you can afford depends on your available cash, current income, existing debt obligations and expenses, available savings as well as the loan amount you are eligible for.

You should also set aside other cash for possible renovation, furniture and equipment. Buy within your means or else you will be like this buyer.

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